Financial AidDepartment of Financial Aid,

Student Employment & Military Education Benefits

Paying for College:Paying for College:

Financial aid was created as the BRIDGE to Higher education.

All the information gathered on the FAFSA is to develop an

understanding of the household information

4 Steps To Financial Aid:

• Apply• Award• Accept• Disburse

Apply

FAFSA.gov

Apply EVERY year After January 1st

Application Processing1.FAFSA is submitted and processed by Federal Department of Education2.UWM retrieves the info (1-2 weeks)3. UWM sends notification of award - OR - request missing/inaccurate information (3-5 weeks)

- Verification process: Average of 6 weeks

- Admission Match (Name, DOB, SSN)

“TO DO” Items

AWARD

What is Financial Aid?

- Gift Aid (Grants and Scholarships) - Federal Work Study- Loans

Federal Direct Loans

SubsidizedNon-interest

bearingwhile in school

Interest rates 2011-2012:

3.4% Sub and $3500 FR max

6.8% Unsub and $2000 FR max

$5500 total maximum loan as Freshman

Unsubsidized

Interest bearing while in school

Accept

Each student must “Accept” any work study or loan awards they plan to use through their PAWS

account.

Self-Service

Third Party Access• Allows Parents to view Student information• Parents Cannot Accept Funds

Master Promissory Note (MPN) & Entrance Loan

Counseling (ELC):

www.studentloans.gov

Additional Options

Direct PLUS (interest 7.9% fixed)

Alternative Education Loans (interest varies)

Which is better?

Apply for both from our website:www4.uwm.edu/financialaid

Disbursement

1)“Accept” any work study and loan awards through PAWS account Self-Service feature

2)Report Credit Level if less than 12 credits

3) Complete a Master Promissory Note & Entrance Loan counseling from Website4) Report any additional funding (i.e.

Scholarships)

To Ensure On-time Disbursement:

Payment of Financial Aid

August 27th

1st disbursement of financial aid occurs

August 30th

TUITION DUE: If no financial aid offered by due date, must pay AT LEAST $200 tuition deposit

Payment of Financial Aid, cont.

Tuition and/or housing is paid first; excess cash is mailed

Determining Balance Due:

Tuition/Housing – Aid = Balance Due

Positive Balance = balance dueNegative Balance = Excess $$$

Unusual Circumstances

Examples: Divorce, unemployment, death, high medical expenses

Call or set up an appointment with an advisor to discuss

Don’t wait to pay your tuition!

Academic Progress• Students must maintain

academic progress to continue to receive federal aid– Pace = attempted credits vs.

completed credits– Students are eligible to receive

aid for up to 180 credits in their undergraduate academic career

RECAP:RECAP:- Submit any required documents to financial aid office- View financial aid award via PAWS account accept awards- Complete MPN and ELC for Direct loans- Apply for additional loans if desired or needed- Remember to re-submit the FAFSA each year between January 1st and March 1st

Questions?

Thank You for your time!

Mellencamp Hall, Room 162P.O. Box 469Milwaukee, WI 53201-0469414 229-4541 phone414 229-5699 faxwww4.uwm.edu/financialaidfinaid@uwm.edu