Office o f Student Financial Assistance (SFA)
How do I view m y Financial Aid Records? 2
Click on the “Financial Aid” tab 3
Click on the “Financial Aid Status” link 4
Accepting Award Offers 5
Satisfying Requirem ents 6
Satisfying Requirem ents 7 Verification of Parent IRS Tax Return Transcript Incom e Request Process
20 15-16 Estim ated Annual Cost of Attendance – WV Residents 8 Living on Cam pus Living with Parents Tuition and Fees $6,814 $6,814 Student Success Fee $100 $100 Program Fee $200 - $1,100 $200 - $1,100 Housing & Meals $9,832 $2,950 Housing & Meals $1,100 $1,100 Transportation $1,200 $2,000 Miscellaneous Expenses $1,078 $1,078 Aver. Fed. Dir. Loan Fee $70 $70 Total $20,394 - $21,294 $14,312 - $15,212
20 15-16 Estim ated Annual Cost of Attendance – Metro Residents 9 Living on Cam pus Living with Parents Tuition and Fees $11,958 $11,958 Student Success Fee $100 $100 Program Fee $200 - $1,700 $200 - $1,700 Housing & Meals $9,832 $2,950 Housing & Meals $1,100 $1,100 Transportation $1,200 $2,000 Miscellaneous Expenses $1,078 $1,078 Aver. Fed. Dir. Loan Fee $70 $70 Total $25,538 - $27,038 $19,456 - $20,956
20 15-16 Estim ated Annual Cost of Attendance – Non-residents 10 Living on Cam pus Living with Parents Tuition and Fees $15,602 $15,602 Student Success Fee $100 $100 Program Fee $200 - $1,700 $200 - $1,700 Housing & Meals $9,832 $2,950 Housing & Meals $1,100 $1,100 Transportation $1,200 $2,000 Miscellaneous Expenses $1,078 $1,078 Aver. Fed. Dir. Loan Fee $70 $70 Total $29,182 - $30,682 $20,150 - $24,600
How do I figure out how m uch I owe? 11
Loan & Paym ent Options Available to Help Pay for Educational Costs 12 Student Federal Direct Loan Subsidized Unsubsidized Parent Federal Direct PLUS Loan Private Educational Loan (visit www.marshall.edu/ go/ loans) OASIS Payment
Federal Direct Stafford Loan (FDL) 13 Subsidized FDL Student must demonstrate financial need Federal Government pays the interest while the student is enrolled at least half time Unsubsidized FDL Student is responsible for interest while enrolled and while in loan repayment FAO determines eligibility and originates FDL U.S. Department of Education is the lending institution 4.29% fixed interest rate for 2015-16 1.073% origination fee (ex. $5,500 FDL has a $59.01 origination fee cost – net loan disbursed is approx. ($5,440) Repayment begins 6 months after the student graduates or ceases to be enrolled at least half time
Federal Direct Stafford Loan (FDL) Annual Lim its 14 Dependent Base Am ount Additional Total Students Subsidized/ Unsubsidized (excluding Unsubsidized Loan Am ount students whose parents cannot borrow PLUS) 1 st Year (0 -29 $3,500 $2,000 $5,500 credit hours) 2 nd Year (30 – 59 $4,500 $2,000 $6,500 credit hours) 3 rd – 4 th Years (60 $5,500 $2,000 $7,500 or more credit hours) Aggregate $23,000 $31,000 Undergraduate Limits
Federal Direct Stafford Loan (FDL) 15 Independent Base Am ount Additional Total students and Subsidized/ Unsubsidized dependent Unsubsidized Loan Am ount students whose parents cannot borrow PLUS 1 st Year (0 -29 $3,500 $6,000 $9,500 credit hours) 2 nd Year (30 – 59 $4,500 $6,000 $10,500 credit hours) 3 rd – 4 th Years (60 $5,500 $7,000 $12,500 or more credit hours) Undergraduate $23,000 $57,500 Aggregate Limits
How Do I Borrow an FDL? 16 “Accept” all or a portion of your FDL offer(s) Remember: Subsidized is more favorable than Unsubsidized Visit www.studentloans.gov to complete FDL Entrance Loan Counseling FDL Master Promissory Note (You will need your FSA ID, Driver’s License Number, and two references)
FDL PLUS (Parent Loan) 17 USDE is the lending institution and makes the decision of approval or denial – applicant must be credit worthy FAO originates and determines maximum annual eligibility 6.84% fixed interest rate for 2015-16 4.292 origination fee (ex. $5,000 PLUS has $214.60 origination fee cost) Repayment begins 60 days after disbursement (may request deferment)
How do I borrow a FDL PLUS 18 Parent visits www.studentloans.gov to complete the PLUS Request Process Marshall University FAO will receive approval or denial If denied, student will be offered up to an additional $4,000 unsubsidized FDL, although parent may apply again with an endorser
Marshall University Paym ent Options 19 Visit www.marshall.edu/ bursar Click on Tuition & Payment tab Payment may be made by credit card (includes a convenience fee) or electronic check OASIS Payment Plan (3 payments with a 1% fee for two final payments)
Aid Refund Due to Credit Balance 20 Bursar Office via PNC Bank issues financial aid refunds beginning the first day of classes to students’ accounts whose financial aid is finalized 10 days prior to the start of the semester/ term Refund options: Deposit directly to PNC account Direct deposit to current bank account Receive a paper check by mail
How Do I Rem ain Eligible for Financial Aid? 21 File the FAFSA annually by April 15 Respond to requests for information and documentation promptly and within prescribed deadlines (log onto myMU often!) Maintain Satisfactory Academic Progress (SAP) for Financial Aid 2.0 MU & Overall GPA 67% Completion Ratio Maximum Time Frame – 150% (e.g., 180 attempted credit hours) Academic Probation/Suspension Understand terms & conditions of financial aid awards Summer Financial Aid requires additional application, visit www.marshall.edu/go/summeraid
MU & WV Scholarship & WV Grant Renewal Criteria 22 Program GPA after GPA after Annual Other Freshm an Sophom ore Credit Hour Year Year and Com pletion beyond Promise 2.75 3.0 30 Summer Scholarship & courses prior to enrollment Most MU do not count; Scholarships can make up deficiency summer prior to next academic year WV Higher 2.0 2.0 24 Must be met Education in fall/ spring Grant semesters only
Effects of Withdrawal on Financial Aid 23 Change in enrollment status may impact eligibility for certain funds Failure to attend class may require the cancelation of previously disbursed funds Total Withdrawal on or before the 60% point in time of an academic term may require an adjustment of previously disbursed financial aid Withdrawing from courses excessively may affect future financial aid eligibility due to Satisfactory Academic Progress Policy rules Pell, WV Grant, Promise, and other programs have lifetime limits
Special Circum stances 24 Occasionally, family circumstances change, which could lead to increased eligibility for aid. Examples include income loss or reduction due to: Unemployment Disability Divorce Death Appeal Due to Income Reduction Form is available at www.marshall.edu/sfa, click on Forms & Applications tab
Student Financial Assistance Contact Inform ation 22 Office Location: Old Main, Room 116 Phone: (304) 696-3162 Fax: (304) 696-3242 Email: sfa@marshall.edu Website: www.marshall.edu/sfa Facebook: www.marshall.edu/sfafacebook
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