New Student Orientation 2009

Who qualifies for aid? What is the FAFSA? What other forms are needed to

complete the process? What is “Cost of Attendance”? Different types of aid What is VERIFICATION? How is financial aid processed? What if we don’t have enough to cover

all expenses? What is my role as a student/parent? How to access your aid information

Must be admitted into a degree-seeking program

Must maintain satisfactory academic progress

Must be a U.S. citizen or eligible non-citizen

In most cases, must be enrolled in at least half time (6 credit hours)

Free Application for Federal Student Aid (FAFSA)

First step in the financial aid process Application for grants, loans, HOPE

Lottery Scholarship, college work study

Requires income tax information from prior year

Must be done every year, preferably on-line at: www.fafsa.ed.gov

Recommend early application (by February 15th) for the best financial aid package

The University of Memphis’ school code: 003509

You and your student’s income tax information (if applicable)

Check Spectrum/myMemphis regularly to see if other documents are required https://myspectrum.memphis.edu

SIGN and submit required forms to Student Financial Aid Office

If file is incomplete, NO AID will be processed

Otherwise known as “budget” or COA This is the amount of estimated expenses a

student may incur for an academic year Allows for tuition, room/board, books, travel,

misc. Based on career, residency, and housing

status Career – undergraduate, graduate, law Residency – in-state, out-of-state Housing – at home, on campus, off campus

Your total financial aid package, including scholarships, cannot exceed your COA

Grants – all are need-based Federal Pell Grant – has a yearly amount;

awarded in 3-hour increments Tennessee Student Assistance Corporation

(TSAC) Grant – runs out by February 15th each year; minimum enrollment of 6 hours required

Federal Supplemental Educational Opportunity Grant (FSEOG) – only $250/semester; very limited funds

Academic Competitive Grant (ACG) – must complete a rigorous secondary school program; available to freshmen and sophomores

National Science & Mathematics Access to Retain Talent (SMART) Grant – for students majoring in science, math, engineering, or foreign language; available to juniors and seniors

Student loans – must be repaid; minimum enrollment of 6 credit hours; requires completion of Master Promissory Note (MPN) and Entrance Counseling/Interview Subsidized loan – need-based; interest-

free while in school Unsubsidized loan – not based on need;

interest-bearing while in school Perkins Loan – need-based; limited

amount of funding; 5% interest rate; 2.5 cumulative GPA required

Note: Undergraduate student loan indebtedness upon graduation averages approximately $20,517

College Work Study – need-based; part time job on campus; student is paid bi-weekly; this is not money up front

HOPE Lottery Scholarship Other aid:

Parent Loan for Undergraduate Students (PLUS) – credit check required; repayment begins 60 days after second disbursement; if credit is denied, FAFSA must be completed

Other aid: Academic Scholarships – based on merit;

may or may not require FAFSA Private Scholarships Student Fee Discount for Spouse or

Dependent Child of Employees (obtain form from Benefits Section of Human Resource Department)

Regular student employment Alternative loan – private lending

institutions

Note: More information about the different types of aid programs can be found on our website at: www.memphis.edu/financialaid

Process to “VERIFY” information on FAFSA matches what is on actual tax return.

Students selected by Federal Processing Center Required to verify at least 30% of financial aid population Documents requested can include, but are not limited to

Federal Verification Forms, and student and/or parent tax returns

Once all documents are completed and signed, submit them to Financial Aid Office for processing.

Processing can be as soon as 24 hours with no corrections, and as long as 5 business days with corrections

Must be completed before any aid can be processed

FAFSA must be completed, preferably by February 15th

University receives results within 3 to 5 business days If no additional requirements, aid is processed; if

additional documents needed, they will be listed in Spectrum/myMemphis

Aid is processed for 2 semesters – Fall and Spring If eligible, student is awarded grants and scholarships

first Award is based on “interested in being considered for

work study or student loans” Funds “sit” in the system until fee payment period Financial Aid Office releases aid to the Bursar’s Office for

fee payment Bursar’s Office will deduct what student owes for

tuition/fees and/or dorm Bursar’s Office will release excess funds to student, if any

Fee payment methods for the balance are available through the Bursar’s Office website:http://bf.memphis.edu/finance/bursar/

Commute -vs- dorm? Re-assess your expenses. Where else can

you cut? Alternative loan – private lending

institutions, as a last resort

STUDENT PARENT Get paperwork done

AND submitted as soon as you are aware

Be aware of deadlines Check

Spectrum/myMemphis as often as possible for updates to your account

READ YOUR EMAIL from key offices, as it will contain important information

Keep parent(s) informed of status

Get paperwork done AND involve your student in the process

Be aware of deadlines Have your child get to

know certain people in key offices

Build a relationship with your child

Under the Family Educational Rights and Privacy Act (FERPA), we cannot release information to parent

Go to home page: www.memphis.edu Click on Spectrum/myMemphis, then

log in Click on the Account$ tab Financial Aid Requirements

Red flag – hyperlink to a form that we need from student or click on the yellow box to read the message

Green check mark – item received/completed Financial Aid Awards link

Select the Aid Year 2009-2010, then Submit Click on the Award Overview tab

Student Financial Aid103 Wilder Tower

(901) 678-4825 Phone(901) 678-3590 Fax

http://www.memphis.edu/financialaid/

Scholarship Office107 Wilder Tower

(901) 678-3213 Phone(901) 678-5621 Fax

http://www.memphis.edu/scholarships/

Student Employment103 Wilder Tower

(901) 678-5774 Phone(901) 678-5902 Fax

http://www.memphis.edu/financialaid/segeinfo.php

Questions??