Money Matters Presented by: The Office of Student Financial Aid Services & The Office of the Bursar

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1 Money Matters Presented by: The Office of Student Financial Aid Services & The Office of the Bursar

2 Discussion Items Financial Aid Timeline Financial Aid and the Fee Bill Topics Student Loan Process Wrap Up

3 Financial Aid Timeline March April Receive, Review and Accept Aid You are here July Review fee bill and select payment options October- February Complete Free Application for Federal Student Aid (FAFSA) April - July Submit all requested documents in a timely manner

4 Financial Aid and the Fee Bill

5 Undergraduate Loans at a Glance Program Borrower Credit Check Required? Federal Direct Subsidized Stafford Loan Federal Direct Unsubsidized Stafford Loan Federal Direct PLUS Loans Private/Alternative Loans Students with financial need Interest Rate As of 7/1/17 Repayment Begins No 4.45% Six months after graduation Students No 4.45% Six months after graduation Parents Yes 7.00% Sixty days after second disbursement unless deferred Students with a creditworthy cosigner Yes Variable or fixed; usually depend on borrower and cosigner credit scores Varies by loan product

6 Applying for Federal Direct Stafford Loans The process for applying for Federal Direct Subsidized and Unsubsidized Stafford Loans is as follows: Via the Student Administration System, the student reviews and accepts all or any portion of the Federal Stafford loan(s) The student completes Master Promissory Note online The student completes Entrance Counseling online

7 Federal Direct Parent Loans for Undergraduate Students (PLUS) Applying for Federal Direct Plus Loans Student accepts PLUS eligibility through Student Administration Self Service Parent completes an online application and if approved a Promissory note via Online process became available on April 1st Credit check will be performed by the US Department of Education

8 Private/Alternative Student Loans Consider Federal Stafford and PLUS loans before applying for private loan Better Interest Rates Federal loan interest rates are fixed No credit checks for Stafford Loans Less-stringent credit criteria for PLUS Repayment Options Forbearance options

9 Other Important Notes Working on Campus Additional Scholarship Resources Appeals Special Circumstances FERPA Family Educational Rights and Privacy Act

10 Office of Student Financial Aid Services Open Monday Friday, 8:00AM 5:00PM EST Ways to contact our office: Telephone (860) In Person, no appointments necessary! Visit our website for more information

11 Who is the Office of the Bursar?

12 University Fee Bills Fall 2017 Bills are posted online and notifications are sent out in June Due Date: August 1, 2017 Spring 2018 Bills are posted online and notifications are sent out in late November Due Date: January 8, 2018

13 Waiving Health Insurance University Fee Bills

14 Student View

15 Authorized User View

16 Methods of Payment Electronic Check online Credit Card online (2.75% convenience fee) - VISA, Mastercard, Discover, American Express, JCB, BC Card, DinaCard, and Diner s Club Mail in a check Pay in person with check/cash 529 Plan Payment Payment Plan $100 enrollment fee, must re-enroll each semester Fall Semester: July 15 th, August 15 th, September 15 th, & October 15 th Spring Semester: December 15 th, January 15 th, February 15 th, & March 15 th

17 Refunds Refunds are written when: Financial Aid is processed and disbursed Enrollment matches financial aid package Fee bill is paid in full Parent Plus Loan Refunds- Written to whomever took out the loan, and mailed home Direct Deposit for Students!

18 Late Payments Hold on account Cannot enroll in courses, go to the gym, or request an official transcript Late fees (Up to $300 each semester)

19 Office of the Bursar The Office of the Bursar is open 12 months a year; Monday through Friday, 8am - 5pm. You may contact us by: - (bursar@uconn.edu) Telephone (860) In Person On a walk-in basis.

20 Office of the Bursar For news and important information from the Office of the Bursar Follow us on Follow us on Instagram uconnbursar Like us on Facebook UCONNBURSAR

21 Q & A