P. 1
Student_finance_ handout

Student_finance_ handout

|Views: 46|Likes:
Published by Martin Kilburn

More info:

Published by: Martin Kilburn on Apr 19, 2011
Copyright:Attribution Non-commercial


Read on Scribd mobile: iPhone, iPad and Android.
download as PDF, TXT or read online from Scribd
See more
See less





Using Federal Financial Aid

Federal financial aid is determined by a number of factors.
1. Financial need:
Financial Need is based on the following formula: Cost of Education (Direct and Indirect Costs) – Expected Family Contribution (EFC) = Financial Need Direct Costs: Indirect Costs: EFC: Tuition, fees, books and supplies. Transportation, personal expenses, and room and board. Expected Family Contribution is determined by a federally defined formula using information you provide on your Free Application for Federal Student Aid (FAFSA).

need more Help? A DeVry Student Finance Advisor is available to answer your questions or talk about additional financing options. Feel free to call us at any time during the process:


To best determine your eligibility, it is important that you inform DeVry Student Finance of recent changes to your family’s financial situation (loss of job or income, change in marital status, death of a family member, etc.) in writing with as much detail as possible.

2. eligibility For Federal programs:
In order to qualify for federal financial assistance, you must: Enroll as a degree-seeking student. Be a U.S. citizen or an eligible noncitizen. Demonstrate financial need requirements. Make satisfactory academic progress. Not be in default on a federal educational loan. Not owe a refund on a federal educational grant. Register with Selective Service (if you are a male born on or after January 1, 1960, over 18 years of age and not currently in the armed forces).


3. dependency status:
The federal government has established how dependency status is determined for federal financial aid purposes. If a student is considered a dependent, his or her parents’ income and asset information must be included on the FAFSA. This information will be used in addition to the student’s income and asset information to determine the Expected Family Contribution (EFC). The following questions will determine if you are an independent or dependent student. yES/No
Were you born before January 1, 1983? At the beginning of the 2006-2007 school year, will you be working on a master’s or doctorate program? As of today, are you married? Do you have children who receive more than half of their support from you? Do you have a dependent (other than your children or spouse) who lives with you and who receives more than half of their support from you, now and through June 30, 2007? Are (a) both of your parents deceased, or (b) are you, or were you until age 18, a ward of the court? Are you a veteran of the U.S. Armed Forces? If you answered yES to ANy of these questions, you are independent and do not need to include your parents’ financial information. If you answered No to ALL of these questions, you are dependent and must include your parents’ financial information, too.

edu/state_aid. Recipients are typically required to: Go to finance.html#scholarships additional resources: Federal WorK study (FWs) program: Provides part-time work for students on or off campus. DeVry will invoice the appropriate agency or base on a semester basis.devry. federal or state government or other outside sources that does NoT need to be repaid. TypES oF grANTS AND SChoLArShIpS: Federal pell grants: Grants for undergraduate students (who have not earned a prior bachelor’s degree) range from $400 to $4. There are criteria you must meet in order to qualify. state-Funded programs: Many states have grant and scholarship programs that provide funding to attend a location within the state of legal residence.Types of Financial Assistance grants and scHolarsHips Aid provided by DeVry.edu/resources_web_links.jsp#1 for more information. For more information. For scholarship consideration. no more funds are awarded for the year. and provide proof of residency. educard® : DeVry’s interest-bearing installment loan program for students attending DeVry.html for program details. visit DeVry’s Student Finance Web site at: finance. Veterans and military beneFits: Many students are eligible for GI Bill benefits and/or tuition assistance based on their prior or current military service. number of hours enrolled and the Federal Pell Grant regulations.edu/tuition/scholarship-details. contact your Student Finance Office. outside scHolarsHips: Many outside scholarships are available from various sources. regardless of their financing plan. NOTE: The first EDUCARD® payment is due at the time of registration. Wages are paid directly to the student through a combination of federal and institutional or agency funds. 2006-07 SEOG grants range from $500 to $800 per semester for those who qualify. .050 for the academic year. students are encouraged to apply for admission as soon as possible. Federal supplemental educational opportunity grants (seog): Grants for undergraduate students (who have not earned a prior bachelor’s degree) who show exceptional need. The actual amount of the grant is based on the cost of the education. EDUCARD ® provides an affordable monthly payment option for educational expenses including tuition. depending on the aid program. Military students may be eligible for tuition assistance through their branch of service or stationed base.500 scholarships valued at $75 million each year for students who meet specified criteria. The federal government provides the school with a limited pool of money. Please refer to DeVry’s Scholarship brochure or Web site under the tuition/scholarship section. DeVry currently participates in state-funded programs in the following states: ARIzONA CAlIFORNIA COlORADO FlORIDA GEORGIA IllINOIS MINNESOTA NEW JERSEy NEW yORk OhIO PENNSylVANIA VERMONT WAShINGTON students who demonstrate financial need or have successfully achieved certain academic qualifications. When the funds are exhausted. All students receive a DeVry EDUCARD ® student account.devry. www.devry. For more information on outside scholarships. deVry scHolarsHips: DeVry offers 7. books and supplies.

8% for loans disbursed after July 1. or the stepparent whose information was included on the student’s FAFSA. Interest rate is fixed at 8. Your academic success does not affect this obligation. Once you graduate. Once the student graduates. you will have a nine-month grace period before repayment begins. loan amounts are based on the number of credit hours earned toward your DeVry degree. Repayment begins 60 days after the loan is fully disbursed. including deferment options. $1.500 $10. leave school or enroll for less than 6 credit hours per semester.750 $2. Parent may borrow up to a maximum of the student’s unmet costs (cost minus aid per academic year). Borrowers typically have up to 10 years to repay the loan. 2006. Unsubsidized Loan: The borrower is responsible for paying interest on the loan once the loan is disbursed to the student’s account. home equity or retirement fund loans.edu/alternative_loans. Federal parent plus loans: Unsubsidized loan specifically for the parents of dependent students.750 $2. but payments can be deferred. Independent Students: Eligible for a maximum combined Stafford loan (subsidized and/or unsubsidized) in the amount of: Maximum/Semester Maximum/Academic year Freshman: Sophomore: Junior and Senior: $3.625 $3.313 $3. priVate loans: loans provided by outside resources. Private loans through banks and credit unions. Federal perKins loans: low-interest subsidized loans awarded to students who demonstrate exceptional need. Eligibility for a subsidized Stafford loan is based on need. 5% fixed interest rate. you will have a six-month grace period before repayment begins. either of the student’s adoptive parents. TypES oF EDUCATIoNAL LoANS: Federal staFFord loans: low-interest loans that offer in-school deferment provided the student is enrolled at least 6 credit hours per semester. NOTE: If you obtain a loan. Private educational loans through DeVry’s preferred lenders offer competitive interest rates and borrower benefits. Over 80% of DeVry students take out some sort of loan to finance their education. leaves school or enrolls for less than 6 credit hours per semester.500 Interest rates are fixed at 6. Once you graduate. The lender will perform a credit check on the parent to establish creditworthiness.html for loan and borrower benefit comparison charts.750 $5. Qualification may be based on need and in some cases a credit check may be required. the borrower will have a grace period and then must assume responsibility for paying interest on the loan. The parent borrower must be: either of the student’s biological parents.devry. A DeVry education is an investment that will pay off for years to come. Deferred Loan payments: A period of time when the borrower is not required to make principal payments provided they meet certain conditions. 2006. Check with specific lenders for details. .625 $7.500 DEFINITIoNS: Subsidized Loan: The government pays interest on the loan while the student is in school.5% for loans disbursed after July 1.000 per semester for the 2006-07 award year. leave school or enroll for less than 6 credit hours per semester. Visit DeVry’s Student Finance Web site at finance. Dependent Students: Eligible for a maximum combined Stafford loan (subsidized and/or unsubsidized) in the amount of: Maximum/Semester Maximum/Academic year Freshman: Sophomore: Junior and Senior: $1.500 $5.loans Aid that must be repaid once you have graduated or stopped attending school.250 $6.313 $1. you are legally obligated to repay the loan.

collect financial documents and complete the enclosed FaFsa Worksheet. go to www. you will receive an e-mail notification of your aid eligibility.ed. Be sure to gather all of the required information indicated on the front of the Worksheet before you begin this process.edu/quiz. determine dependency status.s.html and follow the on-screen instructions: “Click here to register.453. Il 62864-0066.866. If you do not have a pIN when filing your FAFSA: print and sign the signature page. complete Federal stafford loan entrance Quiz. complete the 2006-2007 FaFsa online at www. you will need two complete references. If applicable.devry.gov. 3.ed. review this checklist with a deVry student Finance advisor. Write the lender’s Name below: lender’s Name: 8.pin. interest-bearing payment program for paying for DeVry tuition and books in monthly installments. too.devry.edu.html. (Dependent students must have one parent sign it. Organizing your financial information on the Worksheet will reduce the amount of time needed to complete your FAFSA. Enter your Student loan lender that you selected in Step 7.pin. The FAFSA Worksheet is designed to help prepare you for the completion of the FAFSA on the Web. x need more Help? ? If you have already completed a 2006-2007 FAFSA for another school: click on “Make Corrections to a Processed FAFSA” and add DeVry’s school code – 010727.) mail the page to: Federal Student Aid Programs. Go to finance. print the FAFSA Confirmation page for your records. NOTE: Please include either your DeVry Student Identification Number or your Social Security Number at the top of each page submitted.devry. If you are a dependent student. x f click complete online portions of the application process 4. Choose “loan Applications” from the Quick links section to complete your MPN with your lender of choice.gov.ed. regardless of their financing plans. If dependent. If you do not already have a PIN (Personal Identification Number).x contact get financial documents and information together x 1. EDUCARD® provides an affordable. 1. Click on “My Financial Aid” and then the “Apply Online” tab: Complete your Federal Aid Authorizations.3879 DeVry’S FeDeral School coDe muSt be incluDeD on the FaFSa 010727 f complete follow up with an Advisor. department of education pin at www. Students need to have an EDUCARD® student account. 6. Appointment date and time: f collect 2. Fax completed agreement to 877-45-deVry (453-3879) or mail in the enclosed envelope. After completing your FAFSA online. P. see definition of “parent” on the FAFSA Worksheet. complete the Federal stafford loan master promissory note (mpn). complete the additional requirements at my. DeVry has partnered with three leaders in the student loan industry. or fax a copy of your blue Student Aid Report to DeVry at 877.edu. enter your Other Sources of Funding.3879. Vernon. Feel free to call us at any time during the process: 7. complete the enclosed deVry educard® agreement. Mt. loan comparison charts for rates and borrower benefits can be found in the Quick links section to assist you with lender selection.O.533. Check off the boxes as you complete each of the items listed below. Box 4696. Go to “My DeVry Student Portal” at my. 5. apply for EDUCArD® and return necessary forms 9. including address and phone number. Appointment date and time: x 10. please review your awards with a student Finance advisor.edu/home.fafsa.gov and follow the on-screen instructions. apply for a u. Use the “Dependency Questions” on the first inside panel to determine if you are an independent or a dependent student.student Finance checklist Follow these steps to develop a plan to finance your DeVry education. both you and one of your parents will need a PIN to electronically sign your FAFSA.devry. Go to finance. .” Write your User Name here: Write your Password here: A DeVry Student Finance Advisor can review these steps with you or talk about additional financing options.

Feel free to call us at any time during the process: 1. ©2006 DeVry University.2575 fsahelp.gov One Tower lane Oakbrook Terrace. national origin or disability and affords students all rights.3879 u. DeVry complies with Section 504 of the Rehabilitation Act of 1973 and the Americans with Disabilities Act of 1990 and does not discriminate on the basis of disability.433.4. All rights reserved. employment services and opportunities generally available at the campuses. age.866. department of education The help line: 800.FED.AID (800. programs.3879 finance.devry.557.533.nondiscrimination policy DeVry is an educational institution that admits academically qualified students without regard to gender. Additional information about this policy or about assistance in accommodating individual needs is available from: General Counsel DeVry University One Tower lane Oakbrook Terrace.533.edu DeVry University operates as DeVry Institute of Technology in New york. 02109203 4/06 66M . privileges.3243) Student loan Ombudsman: 877. Illinois 60181-4624 need more Help? ? A DeVry Student Finance Advisor can review additional financing options with you.ed. Illinois 60181-4624 • 866. race.s.

effort and financial resources you contribute to your education are among the most important investments you will ever make. We will also ask you to complete the enclosed Free Application for Federal Student Aid (FAFSA) Worksheet. The time. This prep work will start you on the path to a DeVry education with your very own financial plan. DeVry’s philosophy is that no student should be denied an education because of financial need. Students may APPLY. Please read this handy guide first – and at any time. Get started f finance. There is a checklist to complete inside this booklet. unless you are using financial assistance.edu Follow the steps inside to apply for financial aid. QUALIFY and ACCEPT assistance from various programs including: Federal and state grants Federal and private loans Scholarships Work study programs Veterans and military benefits Employer tuition reimbursement DeVry’s EDUCARD® monthly installment plan Your tuition for each semester is due at the time of registration.Introductory Guide READ THIS How will I pay for my education? it is your guide to FIRST — FINANCIAL AID Over 85% of DeVry students use some form of financial assistance to help cover the cost of their education. . Your personalized financial plan may consist of: Student self-help Family assistance Outside financial assistance DeVry participates in several financial assistance programs. you may contact a helpful DeVry Student Finance Advisor for assistance. We will help you develop a personalized financial plan so you can reach your educational and career goals.devry.

You're Reading a Free Preview

/*********** DO NOT ALTER ANYTHING BELOW THIS LINE ! ************/ var s_code=s.t();if(s_code)document.write(s_code)//-->