Office of Student Financial Aid 1 Finding Out What You Owe Paying Tuition How Much Will It Cost...

Office of Student Financial Aid

1

Finding Out What You Owe

Paying Tuition

How Much Will It Cost

Sources of Money

Managing Student Finances


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Office Of Student Financial Aid

105 SCHMITZ HALLBox 355880

Phone: 206-543-6101Email: [email protected]

www.washington.edu/students/osfa/

Student Fiscal Services129 SCHMITZ HALL

Box 355870Phone: 206-543-4694

Email: [email protected]/students/sfs/


E-Billing: E-Billing: The official UWThe official UW Bill Bill

•Email notification (don’t forget to forward your email)

•View bill on line (MyUW)(MyUW)

•Download and print a copy

•Authorize individuals to have online, phone and in-person access to your tuition information

•Links to payment methods


LATE FEES$50 to $249.99 $50$250 and over $120

Students will have holds on registration and transcripts until the

past due balance is paid.

The tuition payment is due The tuition payment is due on the 3rd Friday of the on the 3rd Friday of the

QuarterQuarter


Must make selection and/or any changes by 7th calendar day of the Quarter

Student InsuranceStudent Insurancehttp://depts.washington.edu/ovpsa/insurance.html


TuitionTuition Forfeitures/ScheduleForfeitures/Schedule ChangesChanges

8th to the 30th calendar day:

• $20 Add/drop fee which covers a 24 hour period• New tuition rate plus half the difference between the old and new

rate

Changes must be made by the 7th calendar day of the Quarter in order to avoid financial penalties

After the 30th calendar day: • $20 Add/drop fee which covers a 24 hour period• Full tuition rate


You may pay by check or You may pay by check or cash…cash…


https://sdb.admin.washington.edu/parents/ccpay.asp

There will be a convenience fee for each transaction

Student or a 3Student or a 3rdrd Party May Pay by Credit Party May Pay by Credit CardCard


Aid DisbursementAid Disbursement

Perkins LoanStudent Signs Master Promissory Note

Online: MyUW - Financial Aid Status

Federal Direct Parent Loanfor Undergraduate Students (PLUS)

1. Respond to the Letter from SFS Requesting Information

2. Sign the Master Promissory Note Online: dlenote.ed.gov

Stafford LoanStudent Signs Master Promissory Note

Online: dlenote.ed.gov


Outside SponsorsOutside SponsorsIf you are receiving funds from:

•Hometown Organizations•Employers•ROTC or other Government Agencies•GET Program

Checks and/or contracts are sent to Student Fiscal Services

Correspondence Check Payments

University of Washington University of Washington

Student Fiscal Services Student Fiscal Services

129 Schmitz Hall PO Box 24967

Box 355871 Seattle, WA 98124-1967

Seattle, WA 98195-5871


Short Term LoansShort Term LoansMaximum available is $2500 (undergrad); $3200 (graduate/professional)

Apply to tuition or receive cash

MyUW’s Personal Services – click on “Short Term Loan Application”


Disbursement of Financial Disbursement of Financial Aid: Loans, Scholarships & Aid: Loans, Scholarships &

GrantsGrants

Generally, tuition and fees are paid first

Depending on the stipulations of the sponsor, the balance may be available to the student.


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Financial Aid


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How Much Will It Cost?

ACADEMIC COSTS PER YEARTuition Non-Resident

Books and Supplies

Room & Board

Personal Expenses

Health Insurance

Transportation

Parking

*Residence hall contract – gold meal plan (double occupancy).

**2008-09 rates (est.)

$23,210

$1,035

$8,640 (7,488*)

$2,265

$1,419

$396

$1,122**


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FAFSA

• Must file the FAFSA each year to be considered for financial aid

• FAFSA must be filed after January 1st

• The application must be dated as received by the federal processor by February 28 for priority consideration

• The receipt date reflects when the servicer processes and stamps your application

• Transmit your application (or mail the form) no later than February 15

• Continuing student award letters - notices emailed in late spring/early summer

Free Application for Federal Student Aid


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Employment & Work StudyEmployment & Work Studyhttp://www.washington.edu/admin/hr/jobs/

student_empl_links.html


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Stafford Loans• Student is the borrower• Current interest rate beginning 7/1/08 –

6.0% fixed subsidized, 6.8% unsubsidized• Repayment begins 6 months after student

drops below ½ time, leaves school or graduates

• Deferment – a period in which repayment of the principal balance is postponed (www.dlssonline.com)

• Sign online at http://dlenote.ed.gov/


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Sub vs. Unsubsidized Stafford

• Subsidized Loan– Need based– Interest paid by government while student

attending school ½ time or more• Unsubsidized Loan

– Non-need based– Government does not pay interest– Students have option of paying interest while

attending school or have it added to the principal


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PLUSParent Loan for Undergraduate Students• Non- need based• 7.90% interest rate • Repayment begins 60 days after the final

loan disbursement for the period of enrollment for which your parent borrowed or a deferment may be requested while you’re enrolled at least half time

• Funds electronically transferred to the student’s account unless parent indicates otherwise


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PLUS Denial

• If the PLUS loan is denied by the Direct Loan Program, the student may be eligible for up to $4000/$5000 in additional Unsubsidized Stafford Loan– Additional amount depends upon class code

limit and unmet cost of attendance– Written confirmation from the parents that

they will not try to re-apply for the PLUS must be provided to the OSFA before the additional loan can be authorized


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Aid DisbursementAid Disbursement

Perkins LoanStudent Signs Master Promissory Note

Online: MyUW - Financial Aid Status

Federal Direct Parent Loanfor Undergraduate Students (PLUS)

1. Respond to the Letter from SFS Requesting Information

2. Sign the Master Promissory Note Online: dlenote.ed.gov

Stafford LoanStudent Signs Master Promissory Note

Online: dlenote.ed.gov


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Short Term LoansShort Term LoansMaximum available is $2500 (undergrad); $3200 (graduate/professional)

Apply to tuition or receive cash

MyUW’s Personal Services – click on “Short Term Loan Application”


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ScholarshipsScholarshipsUW Scholarships Office – website and list-serv

http://www.washington.edu/students/ugrad/scholar/

Possible sources for scholarships:• The Office of Student Financial Aid• The Undergraduate Scholarship Office• Academic Advisors• Professors/Departments• Hometown Organizations• Employers• ROTC• Library Reference Sections

Timeline: Plan ahead and meet with mentors during Summer and Autumn Quarters, keeping in mind that deadlines generally occur during Winter Quarter and interviews in the Spring.


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Disbursement of Financial Disbursement of Financial Aid: Loans, Scholarships & Aid: Loans, Scholarships &

GrantsGrants

Generally, tuition and fees are paid first

Depending on the stipulations of the sponsor, the balance may be available to the student.


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Managing Student Finances


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Student can receive aid 2 Student can receive aid 2 ways ways

1. Direct Deposit into the student’s bank account

To set up – log on to http://myuw.washington.eduGo to Direct Deposit Transfer under “Student Personal Services”

In-person pick up of checks is not available

2. Through the US mail to the student’s address A request needs to be made a day in advance of mailing:

web: www.washington.edu/students/sfs/email: [email protected]: (206) 543-4694


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UW tax web site:www.washington.edu/students/sfs/sao/maintax.html

Tax Questions for Student Fiscal ServicesEmail: [email protected]

Managing Your Finances

For information read IRS publication 515

IRS web site:http://www.irs.gov/


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Money 101Managing Your Finances

Did you know that the average undergraduate owes $3,262 on credit cards? Loan debt can burden students early on. ‘Money 101’ can help! These interactive workshops focuses on several aspects of responsible money management including: credit reports, fraud, credit cards, earnings & savings, budgets and investments.

Contact us! [email protected]://www.washington.edu/students/sfs/outreach/index.html


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Official Withdrawal• student notifies the University that he/she will no longer attend any

classes• the institution determines that they will not permit the student to

continue enrollment

Unofficial Withdrawal• student does not officially withdraw but does not continue attending

classes throughout the quarter • if a student does not pass any classes, he/she is assumed to have

unofficially withdrawn

Over Awarded Financial Aid• student receives more financial aid than he/she is eligible to receive

Financial Aid Disbursement


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Parent Guidehttp://www.washington.edu/parents/


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Residency RequirementsTo be classified or reclassified as a resident, for tuition and fee purposes, a student must establish a bona fide domicile in the state of Washington primarily for purposes other than educational for the period of one year immediately prior to classification as a resident.

A nonresident student who is enrolled for more than 6 credits a quarter will be presumed to be in the state of Washington for primarily educational purposes.

www.washington.edu/students/reg/residency.html


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Student Fiscal Services

129 SCHMITZ HALL

Box 355870

Phone: 206-543-4694

Email: [email protected]

www.washington.edu/students/sfs/

Office Of Student Financial Aid

105 SCHMITZ HALL

Box 355880

Phone: 206-543-6101

Email: [email protected]

www.washington.edu/students/osfa/

Office of Student Financial Aid 1 Finding Out What You Owe Paying Tuition How Much Will It Cost...

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