Whether you\u27re a current college student, current educator, or a community member, this session will help cover the basics of financial aid programs and also discuss TEACH grant programs and federal loan forgiveness programs

Peiffer, Kristin

Sullivan, Jennifer

English

University of Northern Iowa

University of Northern Iowa UNI ScholarWorks Science Education Update Conference Documents Science Education Update Conference 4-5-2019 Navigating the Financial Aid Process Jennifer Sullivan University of Northern Iowa Kristin Peiffer University of Northern Iowa Copyright ©2019 Jennifer Sullivan and Kristin Peiffer Follow this and additional works at: https://scholarworks.uni.edu/sciedconf_documents  Part of the Science and Mathematics Education Commons Let us know how access to this document benefits you Recommended Citation Sullivan, Jennifer and Peiffer, Kristin, "Navigating the Financial Aid Process" (2019). Science Education Update Conference Documents. 18. https://scholarworks.uni.edu/sciedconf_documents/18 This Slideshow is brought to you for free and open access by the Science Education Update Conference at UNI ScholarWorks. It has been accepted for inclusion in Science Education Update Conference Documents by an authorized administrator of UNI ScholarWorks. For more information, please contact scholarworks@uni.edu. Navigating the Financial Aid ProcessUniversity of Northern IowaOffice of Financial Aid & ScholarshipsJennifer SullivanFinancial Aid Counselorjennifer.sullivan@uni.eduKristin PeifferAssistant Director of Scholarshipskristin.peiffer@uni.edu$114,140,034Total financial aid disbursed in 2017-18$23,174Average debt at graduationIowa’s most affordable university!$26,140,068Scholarships awarded in 2017-18Financial Literacy Efforts◈ Private Education Loan Counseling◈ Transfer Financial Success Counseling◈ Exit Counseling Sessions◈ Financial Literacy RequirementFAFSAFree Application for Federal Student Aid ◈ Determines eligibility for federal, state, and institutional aid◈ EFC: Expected Family Contribution◈ Complete online at fafsa.ed.gov◈ Available October 1st each year◈ Complete as early as possible to maximize your eligibility!Types of Financial Aid● FREE money● Need-basedGrantsPell Grant, Institutional grants● FREE Money● UNI Scholarship ApplicationScholarshipsLots of opportunities!● Part-time employment● Need-basedWork-StudyDo not need work-study to work on campus!● MUST be repaid● Federal & Private optionsLoansBorrow responsibly!◈ UNI Scholarship Application open July 1st -January 15th◈ Many opportunities—not just for freshmen!◈ Scholarship databases⬩ CareerOneStop.org⬩ Fastweb.com◈ RaiseMe Scholarships⬩ Get scholarships in high school for good grades, taking challenging coursework, or volunteeringScholarshipsState Aid Resources◈ IowaCollegeAid.gov◈ Iowa Financial Aid Application⬩ Opens October 1st⬩ Provides Iowans with an opportunity to apply for scholarships, grants, and loan repayment programsTEACH Grant#6 in the nationFor administering TEACH Grant25.1% conversion rateVs. national average of 63%$14.3 millionReceived by 2,021 UNI students215 studentsHave completed service obligationTEACH Grant Overview◈ Increases number of highly qualified teachers in low-income schools◈ To qualify you must:⬩ Have a declared major or minor in high-need field⬩ ACT/SAT above 75th percentile OR 3.25 cumulative GPA◈ Managed by FedLoan Servicing◈ UNI requires in-person counselingTEACH Grant Requirements◈ Must teach full-time for at least 4 years (within 8 years of completing program)◈ At a low-income school (Annual Directory)◈ In a high need fieldA 2nd bachelor’s degree does not qualify for TEACHHigh-Need FieldsFederal Level◈ Math◈ Science◈ Foreign Language◈ Bilingual Education◈ English Language Acquisition◈ Special EducationState of Iowa◈ Teacher LibrarianNOTES◈ Must teach over half your time in high need field (esp. important for Elementary Education)◈ If high need field drops off, can still teach in that field◈ Endorsements are not eligibleDocumentation◈ Within 120 days of completing program, you MUST notify FedLoan Servicing of your progress◈ For each year you are teaching⬦ Must provide documentation of employment◈ For each year not employed⬦ Must notify FedLoan Servicing that you intend to satisfy service obligation◈ Forms available through FedLoan ServicingTEACH Grant Conversion◈ If terms and conditions not met, will convert to a Direct Unsubsidized Loan◈ Interest charged from date of disbursement◈ 6 month grace period, same repayment plans as federal loansTwo changes beginning in 2019. MyFedLoan.orgFederal Loan RepaymentTime-Driven◈ Standard◈ Graduated◈ ExtendedIncome-Driven◈ Revised Pay as You Earn◈ Pay as You Earn◈ Income-Based◈ Income-Contingent◈ Income-SensitiveRepayment PlansRepayment Estimator Tool: studentloans.gov◈ May receive up to $5,000 forgiven⬩ Teach for 5 consecutive years in a low-income school◈ May receive up to $17,500 forgiven⬩ Teach for 5 consecutive years:⬩ In a low-income school, and⬩ High need field (math, science, special education)Teacher Loan ForgivenessPayments must be on time. Contact loan servicer once you’ve met the requirements.◈ Forgives remaining balance of eligible direct loans after:⬩ 120 on-time payments⬩ Under qualifying repayment plan (income-driven)⬩ While working full-time for a qualifying employer◈ Examples: government organizations, not-for-profit (tax-exempt OR public service)Public Service Loan ForgivenessContact your loan servicer to apply.Financial LiteracyMoney Management◈ Students should be active participants in the financial aid process◈ Establish a monthly budget⬩ Choose a method that works for you!◈ If you need to borrow, please borrow wisely!Financial Literacy Month◈ Donuts & Dollars | April 1st◈ Decorate Your Dollars | April 9th◈ Investing: The Game of Life | April 10th◈ Adulting | April 16th◈ Grad Cap Decorating | April 18thRegister online: finaid.uni.edu/finlitmonthApril is Financial Literacy Month! Celebrate with us!Contact InformationOffice of Financial Aid & Scholarships105 Gilchrist HallPhone: 319-273-2700Email: fin-aid@uni.eduFollow us on Facebook, Twitter, and Instagram!Questions?

Navigating the Financial Aid Process

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