Financial Aid Office of Student Financial Planning Columbia

Financial Aid Office of Student Financial Planning Columbia University School of Journalism Financial Aid Orientation 2009

http: //www. fafsa. gov/

FREE APPLICATION FOR FEDERAL STUDENT AID (FAFSA) Ø Ø Ø FAFSA is federal form required to award federal financial aid Select 2015 -2016 Form Documents needed to complete your FAFSA include: l Social Security Number, driver’s license, income tax returns, bank statements and investment records School Code - 002707 Request PIN (www. pin. ed. gov) to sign electronically FAFSA Follow-Up

Aid Options Available Ø Federal Perkins Loan Ø Federal Direct Unsubsidized Stafford Loan Ø Federal Direct Graduate PLUS Ø Private/Alternative Educational Loans Ø Federal Work Study Award

Federal Perkins Loan Ø Due to the potential termination of the Federal Perkins Loan program, your Master Promissory Note (MPN) and entrance counseling form must be completed no later than September 15, 2015 and funds disbursed no later than September 30, 2015. Ø If you are a first time borrower in the 2015 -2016 academic year, you will not be eligible to receive future Federal Perkins loan funds. If you received Federal Perkins loan funds in the 2014 -2015 academic year at the same school in which you will be enrolled in the 20152016 academic year, you may be eligible for future Federal Perkins loan funds.

Federal Perkins Loan Ø Ø Ø Ø Ø Awarded based on financial need Registered at least half time (6 credits) U. S. Citizen or eligible non-citizen Must meet Satisfactory Academic Progress requirements Must complete Federal Loan Entrance and Exit Interview Requirements Graduate students - up to $4, 000 per school year l Subsidized (Interest deferred while in school) Fixed interest rate of 5% No origination fees Grace period on repayment of 9 months from date of graduation or last date of half-time enrollment

Federal Direct Stafford Loans Ø Ø Ø Ø Registered at least half time (6 credits) U. S. Citizen or eligible non-citizen Must meet Satisfactory Academic Progress requirements Must complete Federal Loan Entrance and Exit Interview Requirements Graduate students - up to $20, 500 per school year l Unsubsidized only (Accrues interest upon disbursement) Fixed interest rate of 6. 21% Origination fees of 1. 073% Grace period on repayment of 6 months from date of graduation or last date of half-time enrollment.

Federal Direct Graduate PLUS Loans Ø Ø Ø Ø Ø Stafford Loan eligibility must be used first Registered at least half time (6 credits) U. S. Citizen or eligible non-citizen Must meet Satisfactory Academic Progress requirements Must complete Federal Loan Entrance and Exit Interview Requirements Fixed interest rate of 7. 21% 4. 292% loan origination fee Approval for loan based on credit decision Borrow up to “Unmet” need – cost of attendance minus financial aid awarded Interest accrues upon disbursement

Forms Required Ø Federal Direct Stafford and Graduate PLUS Loans l Master Promissory Note (MPN) • Can be completed electronically through Direct Loans (www. studentloans. gov) • Federal PIN (www. pin. ed. gov) needed to electronically sign MPN Ø Federal Perkins Loans • Promissory Note can be completed via SSOL (https: //ssol. columbia. edu)

Entrance Counseling Ø Entrance Counseling informs you of your rights and responsibilities as a federal loan borrower Ø Entrance Counseling is a federally required document when borrowing federal funds and must be completed prior to the disbursement of these funds Ø EI for Federal Perkins Loan can be completed online at https: //ssol. columbia. edu Ø EI for Federal Stafford/Graduate PLUS Loans can be completed online at: l www. Student. Loans. gov

Private/Alternative Educational Loan Ø Ø Ø Can be variable or fixed interest rate – varies by lender Approval based on credit decision Can borrow up to “unmet need” - cost of attendance minus other financial aid You must apply and complete a promissory note directly with your lender of choice A list of suggested lenders can be found here: http: //sfs. columbia. edu/grad-private-loans PLEASE NOTE: While the University has a suggested lender list, students have the right to borrow from any lender they choose.

Private/Alternative Educational Loan Ø International Students l l l Ineligible for Federal Aid May apply for a private educational loan with a credit-worthy US Citizen or Permanent Resident co-signer Approval based on credit decision Can borrow up to “unmet need” – cost of attendance minus other financial aid You must apply and complete a promissory note directly with a lender of your choice Suggested lenders for international students: http: //sfs. columbia. edu/grad -private-loans PLEASE NOTE: While the University has a suggested lender list, students have the right to borrow from any lender they choose.

Let’s Compare Loans FEDERAL DIRECT GRADUATE PLUS LOANS Ø 7. 21% fixed interest rate Ø 4. 292% origination fee Ø No grace period (can be deferred) Ø Can be consolidated with Federal Direct Stafford Loans Ø Credit Based PRIVATE/ALTERNATIVE EDUCATIONAL LOANS Ø Fixed or Variable interest rate Ø Most have both origination and repayment fees Ø Grace period varies by lender and in some cases, by program Ø Cannot be consolidated with Federal Direct Stafford Loans Ø Credit Based

Federal Work Study Award Ø Ø Ø Ø Employment program designed to help qualifying students pay for their education Registered at least half time (6 credits) U. S. Citizen or eligible non-citizen Must meet Satisfactory Academic Progress requirements Awarded based on financial need Funds are not credited directly to a student’s charges Earnings are paid to students as a pay check May earn up to $4, 000 per academic year

Time Line for Processing Federal Direct Stafford loans may take up to 10 business days to process Ø Graduate PLUS loans typically take 2 to 3 weeks to process Ø Loans typically disburse at the start of each semester Ø Alternative/Private Loans processing time varies depending on the lender Ø

Other helpful websites Ø Research outside scholarship opportunities: l http: //sfs. columbia. edu/grad-outside-awards Ø Department of Education’s summary on federal financial aid programs l http: //studentaid. ed. gov Ø Overview of financial aid programs at the University: l http: //sfs. columbia. edu/graduate-financial-aid

Student Financial Planning Ø 202 Kent Hall l Hours: • 9 - 5 Monday - Friday • No appointment necessary Ø Ph: (212) 854 – 7040 Ø Fax: (212) 854 – 2818 Ø Email: sfp@columbia. edu