Admitted student programs for 13 14 class
- 2. Topics To Be Discussed • Financial Aid Award Types of Assistance • Student Employment Process • Billing System
- 4. CWRU Financial Aid Award • If student applied, a comprehensive award letter was included in Admission packet • Scholarships are included in the letter of Admission • If you have received an estimated award based on the CSS Profile, a revised award will be sent at the time the FAFSA is received • It’s not too late to submit your FAFSA and CSS Profile
- 5. Types of Assistance • Scholarship • Grant • Loan • Work-Study
- 6. Scholarships and Grants • Money that does not have to be paid back • Scholarships are awarded on the strength of the application • Need is a component for grant assistance
- 7. Loans • Money students and/or parents borrow to help pay educational expenses • Repayment usually begins after education is finished • Only borrow what is really needed • Educational loans are an investment in the future
- 8. Federal Direct Loans • Subsidized Direct (need) - fixed interest rate of 6.8% as of July 1, 2013 • Unsubsidized Direct (non-need) - fixed interest rate of 6.8% • Origination fee of 1.051% deducted at the time of disbursement • Repayment begins after 6-month grace period
- 9. Federal Direct Loan Limits • Base annual loan limits (combined subsidized and unsubsidized): • $5,500 for 1st year undergraduates with no more than $3,500 Subsidized • $6,500 for 2nd year undergraduates with no more than $4,500 Subsidized • $7,500 for each remaining undergraduate year with no more than $5,500 Subsidized
- 10. Federal Direct Parent (PLUS) Loans • Unsubsidized loan program for parents of dependent undergraduate students • Annual loan limit: COA minus other aid • Fixed interest rate 7.9% - Loan origination fees of 4.204% assessed on principal amount • Credit-based; if not approved, student is eligible for additional Direct Unsubsidized Loan • Repayment, upon request, can be deferred until after the student graduates or drops below half-time
- 11. Federal Perkins Loans • Student loan; need-based; subsidized • Eligibility determined by CWRU • Nine-month grace period
- 12. Other Financing Options • Outside Scholarships • Alternative Financing • Financial aid counselors can discuss alternative financing options with families
- 13. Verification • The school is required to determine the accuracy of the information reported on the FAFSA • If you are selected for verification additional documentation will be requested including a Tax Transcript from the IRS or by using the IRS Data Retrieval Tool • Verification may change your financial aid award
- 14. Moving Forward • Applying for financial aid is an annual process • FAFSA and required documents must be submitted by May 15th for continuing students • IRS Data Retrieval Tool
- 16. Federal Work-Study • A Federally funded need-based program – employment helps meet financial need • Funds are not applied to direct costs • Student wages are subsidized by the Federal Government up to the student’s earnings limit • Encourages students to participate in community service activities • Federal Work-Study is an optional program
- 17. Benefits of Working • Networking opportunities • Financial gain • Career exploration • Connection with the University community • Non Work Study positions • Almost 2/3rds of all student employment positions do not require work-study
- 18. 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)
- 19. Once you decide to work… Step 1: Paperwork • Employment Application • W-4: Federal Withholding Exemption Certificate • I-9: Employment Eligibility Verification • IT-4: State Withholding Exemption Certificate
- 20. Step 2: Finding a Job • Work-Study Job Fair • Job postings located on-line at http://jobbss.case.edu • Word of mouth
- 21. Student Information System (SIS)
- 22. 2013-14 Budget Tuition $41,420 Fees (UG) $381 Room & Board $12,898 Book Allowance (UG) $1,200* Personal Allowance $1,350* Transportation $100-2,000* Nursing Fees $572 Nursing Books/Supplies $1,600* Matriculation Fee $480 *Non-billable item
- 23. Student Information System (SIS) • Registration/Academic Record • View Pending Financial Aid • View Bill/Make Payments • Set up an Authorized User Account • Health Fee Waiver – A waiver must be submitted each semester if the student is covered by another plan
- 24. Pending Aid • Students will be able to view their pending aid from the University. It will not include: • Outside Scholarships • Federal Work-Study • Federal Direct PLUS Loans • Private Loans Please verify with the Financial Aid Office that all required documents are complete.
- 25. Billing & Payments Billing • CWRU utilizes a paperless billing system. Notification that Fall invoices are available will be emailed to the student’s CWRU email account soon after the student has registered. • Tuition Management System Making a Payment • E-check or savings deduction • Discover Card (Fee of 1.77% of payment amount will be added to transaction) • Online payments are reflected immediately and banking account information can be saved for future use. • Payments will also be accepted via mail
- 26. Contact Information •Office of University Financial Aid 216-368-4530 financialaid@case.edu •Office of External Loans 216-368-6153 faloans@case.edu •Office of Student Employment 216-368-4533 stu-emp@case.edu •BURSAR: Student Accounts Receivable 216-368-2226 bursar@case.edu
Editor's Notes
- #6: What will you see in that award letter, one or more of these items
- #13: If you haven’t already looked for outside scholarships, its important to look now for anything you can apply for; don’t pay for an outside scholarshipEducational private loan options – help you get the solution that works best for you.
- #14: Random selection from the government; If you are selected for verification the request for information will be emailed to the student soon- If there are discrepancies in information, the university may select the student for verification- Any necessary corrections will be submitted to the Federal processorStudent and CWRU will receive updated FAFSA results electronically We encourage families to submit their information soon so that any changes are known well before May 1
- #17: Taxable just as any other earnings would beCWRU has a lot of community service opportunities where students can participate in activities and be paid for them. Allowsstudents to work without being penalized on the FAFSA for having earnings
- #18: Also if your son/daughter has never had a job in the past it is a great way to expose them to the work environment and take advantage of the supervisors who will mentor them.There are many jobs available however the student may not find exactly what type of job they want. Flexibility Financial Gain: Earnings provide students with funds to purchase books, supplies, use for living expenses and to help reduce borrowing if they choose to use the earnings towards their tuition billOffice Assistant, AV Technician, Lab Animal Care, Lab Assistants, Athletic Trainer, General job in the gym, Life Guard, Computer Lab Monitor, Lab Tech/web design, library, Research, Tutoring, Observer (school newspaper) writer/editor, Tour Guides and many Community Service opportunitiesTo name a few: Cleveland Clinic – Research Assistant, University Hospitals, Rainbow Babies and Children’s Hospital, Pediatrics, Labs in UHBotanical GardensNatural History MuseumArt MuseumChildren’s MuseumSeverance Hall
- #19: Supervisors may advertise they need 20 hours per week, however they will hire as many students as it takes to fill those 20 hours.
- #20: If the student has work study in their package, a packet will be sent to their home in early AugustProper forms of Identification must be presented to SE office. Federal guidelines prohibit us from accepting scanned or photo copied documents
- #21: Work-Study Job Fair – week of orientation for 1st year studentsContactthe supervisor to arrange an interview. Take your schedule so they know what days/times you will be availablePriority: Job Fair is also a networking tool and provides an opportunity to meet department supervisors and find out about what kind of jobs they offer. Can be hired on the spot. If not, all jobs are posted on-line. The link is on the financial aid web site under “student employment”
- #23: Direct – tuition, fees, room & board*Indirect – books, personal and transportation allowancesFinancial aid is applied directly to direct costs with the exception of Federal Work StudyRoom and board is based upon double room occupancy and a standard meal plan for freshmenDeposit of $500 pays towards Fall bill (Matric fee + $20)
- #24: Define SIS; Explain the various things that a student/parent can do in SIS Health insurance will be charged each semester. If your son/daughter has health insurance through a parents plan, they will need to remember to waive it each semester.
- #25: Bills will be due on or before the first day of classes. Only consider the net payment if you plan on taking out all of the loans that are listed on the package.Pending Aid is listed as an option in SISItems which have credit checks or do not come from the university are not listed as Pending AidFederal Work Study never pays to a student’s account but rather earned through a paycheck (more to follow)
- #26: CWRU e-mail account – stress the importance of checking the messages because everything electronic is sent to that accountTMS - $55 fee (enrollment and administrative) to sign up each year; 10 monthly payments starting in July and ending in AprilFall bills go out in the middle of July.
- #27: Through May 1, our office will be open for phone calls until 8PMThis concludes our presentation and now we would like to open it up for any questions you may have.