2019 Pirates Aboard Day Presentation
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This document provides information for students about financial aid from ECU's Office of Student Financial Aid. It outlines the timeline and steps for applying for and receiving different types of financial aid, including federal direct loans, PLUS loans, and private loans. The presentation agenda reviews how to read award notices, estimated costs, important due dates, details about loan options, and contact information for the financial aid office. Key deadlines include completing the FAFSA by January, accepting awards by June, and paying bills by August 7th. The document provides guidance on applying for and receiving federal direct loans, PLUS loans, and private loans.
2019 Pirates Aboard Day Presentation
- 1. Office of Student Financial Aid Pirates Aboard Day 2019
- 2. Today’s Agenda • How to Read Your Award Notice • So How Much is This Going to Cost? • When is Everything Due? • So Tell Me About These Loans… • Final Thoughts • Q & A
- 5. October – January Complete FAFSA Complete Scholarship Applications February – April Submit Documents Review Award Offers May –June Accept Awards and make deposits July 8 (First Fall Bills) Review Bill and Financial Aid Payment Deadline August 7 Financial Aid Timeline
- 6. Program Borrower Credit Check? Interest Rate as of 7/1/2018 Repayment Begins Federal Direct Subsidized Stafford Loan Students with financial need No 5.045% Six months after leaving school Federal Direct Unsubsidized Stafford Loan Students No 5.045% Six months after leaving school Federal Direct Plus Loans Parents Yes 7.595% Sixty days after second disbursement unless deferred Private Loans Students with creditworthy cosigner Yes Variable or fixed; depends on borrower and cosigner credit scores Varies by loan product Undergraduate Loans at a Glance
- 7. Applying for Federal Direct Stafford Loans The student completes the Master Promissory Note online at https://studentloans.gov Via PiratePort, the student reviews and accepts all or any portion of the Federal Direct Stafford Loans The student completes the Entrance Counseling online at https://studentloans.gov The Financial Aid Office will electronically receive this information within 3 – 5 business days Step 1 Step 2 Step 3 Step 4
- 8. Applying for Federal PLUS Loans Credit check will be performed by the US Department of Education Parent completes an online application at https://studentloans.gov If approved, Parent completes a Promissory Note via https://studentloans.gov. If denied, Parent may seek endorser or additional loan funds available in student’s name. The Financial Aid Office will receive the results within 3 – 5 business days. The PLUS loan process can take 10 – 14 business days to complete once received. Step 1 Step 2 Step 3 Step 4
- 9. Private/Alternative Student Loans Credit check will be performed by the Lender. Student completes application online with chosen educational lender. Most students will require a creditworthy cosigner. If approved, the Financial Aid Office will receive a “certification request” from the lender 14 days after application is completed. The Financial Aid Office will certify the loan eligibility for the student. The Private/Alternative Loan process can take 14 days from the date the office receives the request. Based on regulations, this process takes 30 days. Step 1 Step 2 Step 3 Step 4
- 10. Final Thoughts • Fall E-Bills – July 8th (weekly) • Payment Due – August 7th • Outside Scholarships? – Complete Additional Aid Form • Specific Questions – Cashier – Payment Options, Payments from Outside Sources, Billing Issues, Deposits – Financial Aid – Loans, Award Letter, Missing Information Requirements, Professional Judgment Issues Offices Open until 1:00 today. Old Cafeteria Complex
- 11. Contact Information • ECU Student Financial Aid • Mail Stop 510 • 2103 Old Cafeteria Complex • Greenville NC 27858 • Fax – 252-328-4347 • Phone – 252-328-6610 • Email – FAQUES@ECU.EDU