FINANCIAL AIDThe Next Step

Presenters

Kristie Lillibridge Office of University Financial Aid/Student Employment

Adam DiIulioOffice of University Financial Aid/External Loans

Topics To Be Discussed

• Federal Work Study Program and the Student Employment Process

• Student Information System (SIS)• Student Loan Programs

• Federal Loans• Private Loans

• Loan Application Process

Federal Work Study• Federal Work Study is an optional program• A Federally funded need-based program included in

the student’s financial aid package• Is not applied to direct costs• Priority in the job placement process

• Work-Study Job Fair – September 5, 2012• Earnings are excluded from upcoming year’s student

contribution• Students not eligible for FWS can still work on campus • Documents needed for the Employment Application

Basic Pay Information

• Campus minimum wage is $9.20 per hour• Students are paid twice a month• Direct deposit is the preferred method of payment • Maximum hours a student can work per week = 20

Average is 8 to 10 hours per week• May work up to 40 hours per week during long

breaks (i.e. Winter break and Summer)• http://jobbss.case.edu

Student Information System (SIS)

www.case.edu/sis

Student Center

• Academic and Financial Information• Payment Deadlines:

•Fall semester: October 5, 2012•Spring semester: March 8, 2013

• Finances •Account Activity•Payments•Pending Financial Aid•Other Financial

Student Center

•Set up an authorized user account for access to:•Student Finances•Academic Info•Student Center

• Authorized user with financials access can view the bill, billing history, account activity, pending aid and can make an online payment

• The university automatically charges a health fee

Paying For College

Financial Planning with your Student• Planning for four years• Communicate the importance of:

• Credit Score• Credit Card• Budgeting• Etc.

• Encourage your students to attend the financial literacy presentation Thursday at 10am in Nord 400

Financing Your Education

•What are your options after you have exhausted the following?• Savings • Assistance from Parents/Other(s)• Scholarships• State and Federal Grants, if eligible• Work-Study, if eligible

Subsidized/Unsubsidized Direct Student Loans

• Subsidized program – need-based• Unsubsidized program – not need based• Both programs require the filing of the FAFSA as a

prerequisite step• Student is the borrower and is solely responsible for

repayment • Repayment starts six months after leaving CWRU or if the

student drops below half-time status

Direct Loan Application Process• Loan instructions were mailed in June directing

students to the www.studentloans.gov

• Master Promissory Note (MPN) - The MPN will permit Direct Loan borrowing in subsequent years.

• Entrance Interview provides information on the borrower’s rights and responsibilities.

Federal Perkins Loan

• Student loan; need-based; subsidized• Limited dollar program for colleges• Has a nine-month grace period prior to start of repayment• The student will receive an e-mail from ECSI to their CWRU

e-mail account with a link to www.ecsi.net to e-sign their promissory note. The loan must be accepted by the student to receive this e-mail.

Parent PLUS Loan• Federal Loan, not subsidized, not need-based• Amount cannot exceed cost of attendance minus other aid• PLUS Loans do not show up under pending aid in SIS• Parents will log onto www.studentloans.gov to complete:

• Parent PLUS application• MPN

• PLUS Loans are disbursed at the beginning of each semester; please apply for the full amount you anticipate needing for the academic year

• Only the disbursed amount starts accruing interest• Credit based loan – may be eligible for additional

Unsubsidized Direct Loan if denied

Private Loans

• Lender List at financialaid.case.edu• Private Loans usually have additional steps and can

take between 2-4 weeks to disburse• Loan proceeds will be disbursed to the student’s

account after classes have begun and all requirements fulfilled

• Other bank loans (i.e. Home Equity Line of Credit)

Managing Your Loans

• Read, understand, and save all loan documentation.• While in school, use SIS Student Center to view your

tuition account history. • Federal loans will be viewable on www.nslds.ed.gov

and all loans on your credit report. • Contact a Financial Aid Counselor with any questions

on your award or student loans.

Contact InformationOffice of University Financial Aid

Yost Hall 417A216-368-4530financialaid@case.edu

Office of External LoansYost Hall 417216-368-6153faloans@case.edu

Office of Student EmploymentYost Hall 410A216-368-4533stu-emp@case.edu

BURSAR: Student Accounts Receivable Yost Hall 115216-368-2226bursar@case.edu