MONEY MATTERS

New Student

Orientation 2013

Let’s Talk Money

The Importance of Grants, Scholarships, Work

and Loans for UW Students

• Processed 13,309 FAFSAs

• Provided some form of financial assistance to 11,316 UW students

• Provided $105,452,402 in all types of financial aid

• Awarded $55,121,388 in scholarships and grants

• Students earned $598,865 in work-study opportunities

• Students borrowed $49.7 million in student loans (UG/GR)

UW Students Need to Know

• How to make good decisions related to budgeting, college resources and costs, financial obligations, and borrowing. These money matters directly impact academic success!

Financial Aid Topics

• Budgeting• Resources to Pay for College• Types of Financial Aid

-- Scholarships, Grants, Work, Loans• How to Pay Tuition• How to Get Refunds • How to Remain Eligible for the Money• Dates and Deadlines

Preparing a Budget• Take a serious look at your finances• Be COMPLETELY honest with yourself • Is staying out of debt a TOP PRIORITY?• How much money do you have saved up?• How much money can you make while

attending school? Working over the summer?

• How much are family members willing to help you with?

Budgeting Tips

• No magic formula for keeping costs down• Preparation---both academic and financial• Planning---research funding---extra time in school is money

lost---use tax credits if you don’t qualify for grants• Choices---high cost program or graduate school, attend FT

and work PT or reverse• Work---school is a job---earn scholarships• Sacrifices---lifestyle now or later

• A penny saved is STILL a penny earned

Expenses* Income**

*Expenses may be fixed or variable; expenses occur yearly or monthly

**Income may be annual or monthly

Tuition and Fees Grants

Room and Board Scholarships

Books and Supplies Work-study

Clothing and Personal Items College Savings Plan

Child Care – If applicable Family Assistance

Gas / Car Maintenance /Ins. Individual Income (net)

Miscellaneous: Medical, Laundry, Entertainment, etc.

Student loans

Total Expenses: Total Income:

Paying For CollegeFederal Aid – FAFSA Application• Grants• Loans (student and parent)

Based on need or creditEmployment• Work Study• Student Employment• InternshipsOutside Resources• Organization Scholarships• Veteran’s Benefits• Employer Benefits• Family Assistance---SAVINGS!

State Scholarships• Hathaway

3 levels of awardsInstitutional• Scholarships – apply early!!

Need-based awardsAcademic AchievementTalent AssistantshipsDonor FundedDepartmental

• Short term loans

Applying for Federal Student Aid

• Students are encouraged to apply early so their money is available at the beginning of each fall semester

•Get PIN at www.pin.ed.gov (keep this for all years in college)•File taxes and wait a few weeks . . .•File FAFSA at www.fafsa.ed.gov •Use the new IRS Data Retrieval process

• Electronic Award Notices (On WyoWeb)•Keep checking - Note changes if you received update notices•A Red Flag indicates something is needed

Federal Financial Aid

What are the differences among the different types of Federal Financial Aid?

Grants Loans Work Study

For students showing greatest need from FAFSA data

Less strict income requirements to qualify

Need-based program

No repayment Require repayment with interest

Payment for work

PELL/SEOG Federal Direct (subsidized, unsubsidized and parent PLUS

Limited number of positions and $$ available

Student Employment• Great experience & references

• Many opportunities for part-time employment

• Approximately 3,000 jobs on and off campus

• Didn’t receive Work Study? There are other employment opportunities

• Use summer work to offset costs during the semesters

Studies show that students who work up to 20 hours per week while going to school have grades similar to those who do not work.

– Inside Higher Ed , June, 2009

Student LoansMaximize all other sources before borrowing to

pay for college. Know the facts before taking on

unnecessary debt. Know what you owe!Loan Amount $20,000 $30,000 $40,000

Interest 6.8% 6.8% 6.8%

Number of Payments (10 years)

120 120 120

Monthly Payment

$230.16 $345.24 $460.32

Salary needed $27,620 $41,428 $55, 238

Interest paid $7,619 $11,429 $15,239

Know the Terms of your Loans

• Do you need a short-term loan or a long-term loan?

• Should you borrow a federal loan or a private loan?

• Are the interest rates variable or fixed?• Are there origination fees?• Are there penalties for prepayment?• Am I able to consolidate this loan with other

loans?

Know the Repayment Provisions• Do you understand federal / private loan benefits?• Do you know about extended repayment options

for higher loan balances?• Are there any loan cancellation or loan

forgiveness provisions?– Have you heard about teacher loan cancellation

provisions?– Do you know about public service repayment

forgiveness provisions? Income-based or income-contingent repayment provisions?

– Military service may provide for loan forgiveness

Student Financial Information

See-- WWW.STUDENTLOANS.GOV for Financial Awareness Counseling Tool

See-- WWW.NSLDS.ED.GOV repay info under “Tour” / “Exit Counseling”

WWW.UWYO.EDU/FINANCIALWELLNESS

UW Student Loan Borrowers

• 58% of undergraduate students do not borrow any student loans

• For those that borrow, their average debt at the time of graduation is $20,571

• UW ranked 47 out of 50 for lowest student loan debt among 50 Comparator Universities

• Source: The Institute for College Access and Success, College InSight, http://www.college-insight.org 2009-2010 Graduation Senior Debt

Paying Your Bill• Payments are accepted in the Cashiers Office, by mail, online, or over the

phone

• Cash, Check, Money Order, Cashier’s Check-Credit Card (MasterCard, VISA)

• If you are not able to make a payment by its due date, contact the Accounts Receivable Office to make arrangements for payment.

Cashiers office – 170 Knight Hall - 766-2313 or 1-800-370-3188

Accounts Receivable – 250 Knight Hall – 766-6232 or 1-800-370-3188

UW Cowboy Card – Have you heard of it?https://uwcowboycard.higheroneaccount.com

UW Cowboy Card• This is how your financial refund will be processed

• If students fail to set up their UW Cowboy Card through HigherOne, a paper check will be mailed to the student in approximately 2 to 3 weeks

• Federal Work Study aid must be earned and is paid twice each month by check

• Some aid, such as short-term loans, veteran’s educational benefits and certain scholarships from private donors, is distributed by check from issuing organization.

Keep Your Grants and Scholarships

• Meet Application Deadlines• Enrollment Requirements – FT or PT• Minimum GPA---pass your classes!• Always check with Financial Aid before

you withdraw from a class• Plan your semesters– do not take extra

courses or repeat courses

Keeping Your Scholarships• Minimum hour requirements• Minimum grade point average requirements• Continued eligibility determined after spring semester

• Check with Financial Aid office or website for requirements of your scholarship

Always check with Financial Aid before withdrawing from a class

Keeping Federal Financial Aid Satisfactory Academic Progress Must pass and complete 67% of coursework attempted

Check with Financial Aid before withdrawing from a class

Maintain a 2.00 cumulative GPA Can not exceed 180 credits in pursuit of

undergraduate degree Monitored at end of each semester

Important Financial Aid DatesMid July – Fall semester tuition, fees, room and board, and if

applicable, student health insurance are billed to students’ accounts (bill available on WyoWeb)

August 26, 2013 – Classes begin. Fees are now non-refundable

Early September, 2013 – All fall semester outstanding balances of university charges are due, unless the Installment Payment Plan has been arranged.

September 5, 2013 – Last day to drop without financial penalty.

September 9, 2013 – End of drop/add period. Last day to waive mandatory health insurance.

Student Financial Aid Office

Knight Hall, Room 174 ** finaid@uwyo.edu

Please stop by while on campus to answer your questions or check on the status of

your application and awards.

Open 7:30 am to 4:30 pm throughout the summer.

Questions?

Thank you for attending!

UWYO.EDU/SFA