STUDENT LOANS

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Finding Out What You Owe Paying Tuition How
Much Will It Cost Sources of Money Managing
Student Finances
Managing the Maze
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Student Fiscal Services 129 SCHMITZ HALL Box
355870 Phone [phone] Email
sfshelp_at_u.washington.edu www.washington.edu/studen
ts/sfs/
Office Of Student Financial Aid 105 SCHMITZ
HALL Box 355880 Phone [phone] Email
osfa_at_u.washington.edu www.washington.edu/students/
osfa/
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E-Billing The official UW Bill

• Email notification (dont forget to forward your
  email)
• View bill on line (MyUW)
• Download and print a copy
• Authorize individuals to have online, phone and
  in-person access to your tuition information
• Links to payment methods

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The tuition payment is due on the 3rd Friday of
the Quarter
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Student Insurance
http//depts.washington.edu/ovpsa/insurance.html

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

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

• 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

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

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You may pay by check or cash
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Student or a 3rd Party May Pay by Credit Card
https//sdb.admin.washington.edu/parents/ccpay.asp
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Aid Disbursement
Stafford Loan Student Signs Master Promissory
Note Online dlenote.ed.gov
Perkins Loan Student Signs Master Promissory Note
Online MyUW - Financial Aid Status

• Federal Direct Parent Loan
• for Undergraduate Students (PLUS)
• Respond to the Letter from SFS Requesting
  Information
• Sign the Master Promissory Note Online
  dlenote.ed.gov

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Outside Sponsors

• If 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
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Short Term Loans
Maximum available is 2500 (undergrad) 3200
(graduate/professional) Apply to tuition or
receive cash MyUWs Personal Services click on
Short Term Loan Application
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Disbursement of Financial Aid Loans,
Scholarships Grants

• 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 YEAR
Tuition Non-Resident Books and Supplies Room
Board Personal Expenses Health Insurance Transport
ation Parking
23,210 1,035 8,640 (7,488) 2,265 1,419 396
1,122
Residence hall contract gold meal plan (double
occupancy). 2008-09 rates (est.)
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FAFSA
Free Application for Federal Student Aid

• 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

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Employment Work Study
http//www.washington.edu/admin/hr/jobs/student_em
pl_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 youre enrolled at least half
  time
• Funds electronically transferred to the students
  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 Disbursement
Stafford Loan Student Signs Master Promissory
Note Online dlenote.ed.gov
Perkins Loan Student Signs Master Promissory Note
Online MyUW - Financial Aid Status

• Federal Direct Parent Loan
• for Undergraduate Students (PLUS)
• Respond to the Letter from SFS Requesting
  Information
• Sign the Master Promissory Note Online
  dlenote.ed.gov

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Short Term Loans
Maximum available is 2500 (undergrad) 3200
(graduate/professional) Apply to tuition or
receive cash MyUWs Personal Services click on
Short Term Loan Application
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Scholarships
UW 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 Aid Loans,
Scholarships Grants

• 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 ways
1. Direct Deposit into the students bank
account To set up log on to http//myuw.washingt
on.edu Go to Direct Deposit Transfer under
Student Personal Services
2. Through the US mail to the students address
A request needs to be made a day in advance of
mailing web www.washington.edu/students/sfs/ ema
il sfshelp_at_u.washington.edu telephone (206)
543-4694

In-person pick up of checks is not available
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For information read IRS publication 515 IRS web
site http//www.irs.gov/
UW tax web site www.washington.edu/students/
sfs/sao/maintax.html Tax Questions for Student
Fiscal Services Email taxquest_at_u.washington.edu
Managing Your Finances
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Money 101 Managing 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! sfscust_at_u.washington.edu http//www.w
ashington.edu/students/sfs/outreach/index.html
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OVERAWARDS

• 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 Guide
http//www.washington.edu/parents/
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Residency Requirements
www.washington.edu/students/reg/residency.html
To 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.
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Student Fiscal Services 129 SCHMITZ HALL Box
355870 Phone [phone] Email
sfshelp_at_u.washington.edu www.washington.edu/studen
ts/sfs/
Office Of Student Financial Aid 105 SCHMITZ
HALL Box 355880 Phone [phone] Email
osfa_at_u.washington.edu www.washington.edu/students/
osfa/