THE OHIO STATE UNIVERSITY. in Veterinary Medicine!

(1)

THE OHIO STATE UNIVERSITY

W l

C

did

f

h Cl

f 2013

Welcomes Candidates for the Class of 2013

in Veterinary Medicine!

(2)

IMFORMATION CONCERNING

FINANCIAL AID

• Presented by The Office of Student

Financial Aid, The Ohio State

University.

• Financial Aid Contact for students in

h

ll

f

i

di i

the College of Veterinary Medicine:

Jane E. Woodland. Office hours in the

College of Veterinary Medicine:

12:00 – 5:00 every Wednesday,

excluding holidays Veterinary

excluding holidays, Veterinary

Medicine Academic Building (VMAB),

second floor.

• E‐mail:

woodland.4@osu.edu

(3)

TOPICS TO BE COVERED

• Applying for Federal Financial Aid

pp y g

• Types of Financial Aid.

• Student Budget.

• Typical Financial Aid Awards

• Important Web Sites.

• Frequently Asked Questions

• Frequently Asked Questions.

• Time for Questions.

NOTE: All information on Direct Loans is taken from their

(4)

APPLYING FOR FEDERAL

FINANCIAL AID

(

)

• Apply for a Personal Identification Number (PIN) at

www.pin.ed.gov

as

soon as possible.

• Complete the FAFSA in January or as soon afterward as possible even if

you have not yet made a decision to attend OSU.

y

• If all eligibility is met, and FAFSA information is received by the University,

you WILL be awarded financial aid.

• Financial Aid Award Notifications will be sent out by The Office of Student

Financial Aid by July 1

st

_{to the Class of 2013}

Financial Aid by July 1

st

_{to the Class of 2013.}

• Provide parent information if applying for Health Professions Student Loan

(Optional). This is a low interest loan that will be explained later in the

(5)

TYPES OF FEDERAL

FINANCIAL AID

• SCHOLARSHIPS/GRANTS

– Scholarships and Grants are “Gift Aid” that do not have to be paid back. Th OSU S h l hi f d i – The OSU Scholarship for students in the College of Veterinary Medicine is taken from Institutional funds, but awarded based on income information from the FAFSA. Note: N t ll S h l hi /G t Not all Scholarships/Grants are Federal.

• FEDERAL WORK STUDY

A d d th h Th Offi f – Awarded through The Office of Financial Aid and based on “need” determined by completing FAFSA each year. Must also be requested by the student.

(6)

FEDERAL DIRECT LOANS

(St ff d L

)

(Stafford Loans)

SUBSIDIZED LOANS

• UNSUBSIDIZED LOANS

A d d b d i f b

• SUBSIDIZED LOANS

• Awarded based on need by completing FAFSA. • Does not have to be paid back until 6 months after graduation

– Awarded based on info by completing FAFSA.

– Does not have to be paid back until 6 months after graduation or

withdrawal from University. Payments can be postponed if until 6 months after graduation or withdrawal from University. Can be deferred if serving in a Residency or Internship after Graduation. • Must be enrolled at least half Payments can be postponed if serving in a Residency or Internship after Graduation. – Must be enrolled at least half time for loan to stay in deferment.

– Interest DOES accrue from date of time in an accredited institution for loan to remain in deferment. • Interest does NOT accrue if enrolled at least half time. • Interest rate fixed at 6.8 for l di b d ft J l 1 Interest DOES accrue from date of disbursement. – Interest rate is FIXED at 6.8 for all loans disbursed after July 1, 2006. – MAXIMUM AWARDED PER YEAR TO PROFESSIONAL STUDENTS IS $32,000 loans disbursed after July 1, 2006. • MAXIMUM AWARDED PER YEAR IS $8500 per FEDERAL GUIDELINES! $ , PER FEDERAL GUIDELINES! This includes $12,000 in Unsubsidized Loan Monies and $20,000 in Additional Unsubsidized Loan.

(7)

FEDERAL GRAD/PLUS LOAN

• The Direct Graduate PLUS Loan is a federal loan available to

graduate and graduate/professional students

graduate and graduate/professional students.

• Must be enrolled at least half time.

• Interest rate fixed at 7.9, and does require a credit check.

• Can be awarded up to Cost of Attendance

Can be awarded up to Cost of Attendance.

• Interest begins accruing at disbursement. A 4% origination fee will

be deducted from each disbursement. Repayment begins 60 days

after the final disbursement. Deferment is an automatic process

provided you remain enrolled at least half time For more

provided you remain enrolled at least half time. For more

information on repayment, visit the Direct Loan website at

www.dlssonline.com.

• There is no aggregate maximum loan limit for this loan.

• For more information, please visit the U.S. Department of

Education's web page about PLUS Loans for graduate and

graduate/professional students at

studentaid.ed.gov

.

(8)

FEDERAL HEALTH PROFESSIONS

STUDENT LOAN

–

Referred to as HPSL.

d d b

d

–

VetMed students are NOT

d

Awarded based on

“need”

by completing the FAFSA each

year.

• Must provide parent

required to provide parent

information on the FAFSA .

However, Federal Guidelines

require parent info for the

Must provide parent

information even though an

Independent Student!

• Interest and payments

deferred 12 months after

require parent info for the

HPSL and for certain

scholarships.

graduation or withdrawal.

• Interest rate fixed at 5%.

• Federal Loan, but paid back

to OSU.

• Must be FULL time to receive

this loan.

(9)

TYPES OF NON‐FEDERAL

FINANCIAL AID

• Alternative Loans – Apply on line through banks. – School must still certify loans in most cases. – Does not require the FAFSA.q – Examples of Alternative Loan Lenders can be found at www.sfa.osu.edu/loans. – Note: VME students do not need to apply for an alternative loan since they are eligible to apply for the Grad/Plus loan. • Student Employment – Paid by specific employer. – Does not require the FAFSA. • Outside or External Scholarships • Outside or External Scholarships – Awarded by outside Agencies. – May or may not require the FAFSA based on criteria set by Donors. – Scholarships Awarded by College of Veterinary Medicine Veterinary Medicine • Criteria determined by College.

(10)

COST OF ATTENDANCE

• Financial Aid can NEVER exceed the Cost of Attendance, also

f

d

“

d

”

referred to as “ Student Budget”.

• Cost of Attendance includes: Tuition, Fees, Books and

Supplies, Living Expenses, and Miscellaneous Charges and

can be increased through appeal. Talk to your Financial Aid

Contact.

• ALL RESIDENT 1

ST

_{YEAR VME STUDENTS in the Class of 2012 BEGAN WITH THE}

SAME BUDGET: 40,934. ALL NR 1

st

_{YEAR STUDENTS BEGIN WITH THE BUDGET:}

72,776. (The Cost of Attendance has not yet been determined for the Class of

,

(

y

2013).

(11)

BUDGET BREAKDOWN

Cl

f 2012 (1

st

)

Class of 2012 (1

st

year)

• Tuition: 23,598 • Housing/Meals: 7632 (Total) • Rent: 4,464 • Utilities: 576 • Phone: 360 G i 2232 • Groceries: 2232 • • Books and Supplies: 2900 • Misc Living Expenses for G/P for 9 months: 6804 (Total) • Laundry: 216 • Clothing 1044 • Clothing: 1044 • Transportation: 1836 • Health Insurance: 1548 • Misc. Personal: 2160 • TOTAL Budget/Cost of Attendance: $ 40,934 • * This figure assumes the student is living with one or more roommates and sharing costs. • BUDGET BREAKDOWN FOR VET MED (RANK 1, NON‐RESIDENTS) • Same as above, except Tuition equals: $ 55,440 • TOTAL Cost of Attendance for Non‐Resident: $ 72,776$ ,

(12)

TYPICAL AWARD PACKAGES FOR THE

CLASS OF 2012

• Ohio Resident who completed FAFSA and provided parent income information and

• Ohio Resident who completed FAFSA and did NOT provide parent income and did provided parent income information and requested Work Study on the FAFSA: – OSU Scholarship in VME: 1,500* – Subsidized Stafford Loan: 8,500 did NOT provide parent income and did NOT request Work Study: • OSU Scholarship in VME: 1,500* • Subsidized Stafford Loan: 8,500 , – Unsub Stafford Loan: 12,000 – Federal Work Study: 1,500 – Health Professions Loan: 1,200 – Additional Unsub Loan: 16,234 , • Unsub Stafford Loan: 12,000 • Additional Unsub Loan: 18,934 , • TOTAL AID AWARDED: 40,934 • Cost of Attendance: 40,934 • Total Cost of Attendance was met! • TOTAL AID AWARDED: 40,934 • Cost of Attendance: 40,934 • Total Cost of Attendance was met! • Note: The 1500 scholarship is based on student’s income and availability of funds. If not awarded, student will receive 1500 more in loans • Note: The 1500 scholarship is based on student’s income and based on availability of funds. If not awarded, student will receive 1500 more in loans. more in loans.

(13)

TYPICAL AWARD PACKAGES FOR THE

CLASS OF 2012

• Non Resident who completed FAFSA and provided parent income and requested

• Non Resident who completed FAFSA and did NOT provide parent income and did provided parent income and requested Work Study on the FAFSA: – OSU Scholarship in VME: 10,000* – Subsidized Stafford Loan: 8,500 – Unsub Stafford Loan: 12,000 did NOT provide parent income and did NOT request Work Study: • OSU Scholarship in VME: 10,000* • Subsidized Stafford Loan: 8,500 • Unsub Stafford Loan: 12,000 , – Federal Work Study: 1,500 – Health Professions Loan: 1,200 – Additional Unsub Loan: 20,000 – Grad/Plus Loan: 19,576 , • Additional Unsub Loan: 20,000 • Grad/Plus Loan: 22,276 / , • TOTAL AID AWARDED: 72,776 • Cost of Attendance: 72,776 • Total Cost of Attendance was met! • TOTAL AID AWARDED: 72,776 • Cost of Attendance: 72,776 • Total Cost of Attendance was met! • *This scholarship is based on availability of • *This scholarship is awarded based on availability of funds and is not guaranteed. • Note: The Grad/Plus loan requires a credit check. p y funds and is not guaranteed. • Note: The Grad/Plus loan requires a credit check.

(14)

HOW MUCH WILL I HAVE FOR LIVING

EXPENSES?

If you complete the FAFSA and submit all necessary paperwork, you will be awarded financial id C f A d aid up to your Cost of Attendance. Tuition is charged 3 times each year for Autumn, Winter, and Spring. Tuition and fees are taken out FIRST from your financial aid, and any overages are sent to your direct deposit account. Here is an example: Ima Buckeye has been awarded 40,932 for the entire year in financial aid or 13,533 per term. His/her tuition for the entire year (3 terms) is 24,000 or 8,000 per term. The tuition charge for Autumn is 8,000 and Ima has accepted 13,533 in financial aid, so he/she has an overage. The same thing will happen again in December for Winter term, and in March for Spring term.

Financial aid for Autumn:

13,533

Tuition: 8,000

M

l ft

over:

5 533*

Money left

over: 5,533*

This overage will go to a direct deposit account 8‐10 days before the start of

each term, and can be used for rent, books, etc.

(15)

IMPORTANT WEB SITES

• Questions on how Financial Aid works for OSU: www.sfa.osu.edu

• Questions on how Financial Aid works for OSU and VetMedQuestions on how Financial Aid works for OSU and VetMed:: www vet ohio‐state eduwww.vet.ohio state.edu • Questions on how Financial Aid works for ALL Colleges and Universities in the USA:

www.studentaid.ed.gov

• Questions concerning your Statement of Account: www.treasurer.ohio‐state.edu. • Questions on Residency Issues: www.ureg.ohio‐state.edu.

• Questions on Federal Student Loans:www dl ed gov or call • Questions on Federal Student Loans: www.dl.ed.gov or call

– 1‐800‐848‐0983. • Questions on Deferments, Forbearance, Cancellation: www.dl.ed.gov – (1‐800‐848‐0983). • Questions on your personal Financial Aid Award (to be used AFTER you receive your financial aid award f ) f d / notification): www.sfa.osu.edu/status • Questions on your personal Stafford Loan and Grad/Plus loan history:: www.nslds.ed.gov • 1‐800‐557‐7392). • Questions on Student Health Insurance: www.buckeyelink.osu.edu. • Questions concerning Direct Deposit: Q g p www.treasurer.ohio‐state.edu. • For examples of loan repayment amounts: www.finaid.org/calculators.

(16)

FREQUENTLY ASKED

QUESTIONS

• I am an independent student. Why

are you asking me for my parents’

information on the FAFSA?

– Providing parent info on the FAFSA is OPTIONAL! It i l i d if

• What does it cost to attend The

College of Veterinary Medicine at

OSU?

– The Cost of Attendance (COA) was 40 934 f Ohi R id t f th OPTIONAL! It is only required if you wish to apply for the HPSL! .

• Will I be awarded enough financial

aid while in VetMed?

– YES! If you complete the FAFSA each

40,934 for Ohio Residents for the Class of 2012. The Cost for NR students was 72,776.

• Will I have money for living

expenses?

– YES! If you complete the FAFSA each year, you will be awarded enough financial aid to cover your entire Cost of Attendance (COA)!

• I know I make too much income to be

d d fi

i l id

h

ld

p

– YES! The typical first year student received about 5,000 for living expenses in the Fall of 2008.

• Should I get my federal loans through

i

di

(OS ’ S

i

)

awarded financial aid. Why should I

apply?

– Federal Loans ARE financial aid. Many students think that only scholarships are financial aid You

Direct Lending (OSU’s Servicer), or go

to a bank?

– Since OSU is a Direct Lending School, you must go through Direct Lending. There is NO need to go to a bank for scholarships are financial aid. You

WILL be awarded enough loans to cover your entire COA.

There is NO need to go to a bank for any funding while in VetMed.

(17)

APPEAL QUESTIONS!

• I do not think that I will be able to pay my rent with the

f

l d ll

d

f

l

h

d ?

financial aid allotted to me for living expenses. What can I do?

–

You can appeal for an increase in your student budget under certain

circumstances. These include, but are not limited to, car repairs that

are not routine maintenance, medical expenses not covered by

insurance,

rent paid for living alone

, and the purchase of a

computer (one time while at OSU). These appeals are considered on

an individual basis and you must see your financial aid counselor or

email her at

woodland 4@osu edu

email her at

woodland.4@osu.edu

.

• Remember: You can never be awarded more than your cost of

tt

d

(18)

FINANCIAL AID CHECKLIST

• If you are planning on using federal financial aid (Stafford Loans, certain scholarships, work study Health Professions Student Loan or Grad/Plus loan) to help finance your education study, Health Professions Student Loan, or Grad/Plus loan) to help finance your education, you must do the following:

• Apply for a PIN at www.pin.ed.gov in January.

– Complete the FAFSA at p www.fafsa.ed.govf f g in January or soon after. (Do not leave any y f ( y blanks on the FAFSA! Doing so will delay your financial aid award).

– Provide parent income information (OPTIONAL!) for the HPSL.

– Set up your OSU email account as soon as possible in order to receive communications from the Financial Aid Office.

P id t d d t ti ASAP if t d b th Fi i l Aid Offi

– Provide any requested documentation ASAP if requested by the Financial Aid Office.

– Email any Financial Aid questions to woodland.4@osu.edu

– Expect your Financial Aid Notification in late June.

– When you receive your financial aid award, follow instructions for accepting loans, completing all promissory notes and entrance counselling

completing all promissory notes and entrance counselling.

• NOTE: You can always apply for federal financial aid later in the year if you find that you need it later. You can also accept any loans later that you initially declined. Email your financial aid contact.

(19)

FINANCIAL AID

• 1) How much does it cost to attend CVM at OSU? The total cost of attendance (COA) this year is 40 934 for residents and 72 766 for Non‐Residents This includes tuition fees books year is 40,934 for residents, and 72,766 for Non Residents. This includes tuition, fees, books, rent, and misc. This amount increases about 10% each year. • 2) How much financial aid is awarded? You will be awarded up to your COA. • 3) What is a typical VetMed financial aid award? Please see the examples. • 4) When do I repay my loans? Repayment on Stafford loans does not begin until six months ) p y y p y g after graduation. Repayment on the Grad/plus begins 60 days after you graduate. They can be deferred during an Internship or Residency. • 5) If I do not apply for financial aid now, can I do so later in the year? Yes. You can apply for federal financial aid any time during the school year.

• 6) Do I have to accept all of my loans? No Many accept just enough for tuition • 6) Do I have to accept all of my loans? No. Many accept just enough for tuition.. • 7) How do I gain Residency? Check the Registrar’s site at www.ureg.ohio‐state.edu

• 8) How do I pay fees? The University will take tuition and fees first from your financial aid. Overages go to direct deposit accounts which you will set up in August.

• 9) When will I get my money for rent, books, etc.? Direct deposits go to accounts about 59) When will I get my money for rent, books, etc.? Direct deposits go to accounts about 5 days before classes each quarter. Fall disbursements go September 17th_. • 10) How much will I get back for rent, books, etc.? The average first year student gets back around 5500 per quarter or 16,500, for nine months. • 11) If I have more questions, do I contact the main Financial Aid Office? NO. I AM in the i Fi i l Aid Offi d t f j b i t i V tM d t d t Di t main Financial Aid Office, and part of my job is to service VetMed students. Direct your Financial Aid questions to me at woodland.4@osu.edu