Money Matters:
Part 1: Financial Aid Process for First Year Students
Presented by:
University Scholarships & Financial Aid Services (USFAS)
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Money Matters Session Goals
Two part presentation:
• University Scholarships & Financial Aid Services (USFAS)
Goal-Help you understand the financial aid process at USF, provide
tools for your students to monitor their application and explain how
they receive aid
• University Controllers Office (Student Financial Services)
Goal-Help you understand what your student owes, when and how
to pay
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Agenda-Money Matters Part 1
• USFAS website to understand the financial aid process, policies and more…
• Using OASIS to find answers and monitor your student’s financial aid
status…
• Florida Bright Futures
• Deferments
• Tools to help students budget for college costs
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Agenda-Money Matters Part 2
• Presented by Student Financial Services
– Using OASIS to see what your student owes and how to pay the bill
– Important Payment Information
– How Financial Aid Pays Your Student’s Bill
– Florida Pre-Paid
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www.usf.edu/finaid
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2011-2012 Estimated Cost of Attendance (fall and spring)
Based on 2010-2011 Costs
Tuition……………………………………..............................................$5,200 (15 credi t hours/semester)
Room/Board…………………………………………………………………….…$9,000
Books……………………………………………………………………………….…$1,500
Personal……………………………………………………………………… …….$2,500
Transportation……………………………………………………………………$1,600
Total for Florida Residents………………………………………………….$19,800
Non-Resident Tuition Fee…………………………………………………..$10,810
Total for Non-Residents………………………………………………………$30,610
*Tuition rate is currently $170.80 per credit hour plus $37 flat fee per semester
*Non-resident fee is currently $531.11 per credit hour plus $37 flat fee per semester
*Final tuition rates will be available late July 2011
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OASIS: Answers your
student’s questions 24/7!
www.usf.edu/oasis
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OASIS Main Menu
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Financial Aid Year Selection Menu
Select the aid year you wish to view: 1011 for summer, 1112 for fall/spring
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Financial Aid Main Menu
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Florida Bright Futures Scholarships
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Florida Bright Futures
New for 2011-2012!
All Bright Futures recipients must complete the Free
Application for Federal Student Aid (FAFSA)
www.fafsa.gov
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Florida Bright Futures (continued)
• Florida Academic Scholars- $101 per credit hour
• Florida Medallion Scholarship- $76 per credit hour
• Gold Seal Vocational Scholars- $76 per credit hour
• Your student will receive Bright Futures even if they have other
types of aid that pay tuition & fees, including Florida Pre-Paid
plans
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Florida Bright Futures, continued
Students must repay the university for
any courses dropped or withdrawn
from that were paid with Bright
Futures funds
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Florida Bright Futures, continued
• Example: Academic Scholars recipient
– If student is registered for 15 credit hours;
– Academic Scholars will pay (15x101=) $1,515;
– If one 3 credit hour course is dropped, the
student will owe USF (3x101=) $303; AND
– Will not meet renewal requirements for the
next school year until USF has been repaid
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Report Funds From Other Sources
• Financial aid must be reduced if the student
receives more aid than the cost of attendance
• If your student expects funds not listed on the
award notice, notify us immediately using the
‘Additional Resources’ tab in OASIS
• Students will receive an email reminder in June
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Tuition & Fee Deferments
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Why a Tuition Deferment is
Important
• Tuition is due at the end of the fifth day of
classes each term
• Financial aid is paid on the sixth day of classes
after your student’s enrollment is confirmed
• Without a tuition deferment, the tuition
payment would be late & the student’s classes
would be cancelled
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Tuition Deferments
Tuition Deferments for financial aid recipients
– Automatically provided if the student has Bright Futures
and/or a USF scholarship or if a FAFSA is on file by the
deadline announced on the USFAS website
– Prevents cancellation for non-payment
– After registration, check OASIS; remember check each term
– Temporarily prevents a late payment fee
– Provides temporary extension to pay tuition
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HOUSING DEFERMENTS
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Housing Deferments
– Automatically provided for in-state residents if the student
has $4,750 in financial aid for the semester
– Automatically provided for non-Florida residents if the
student has $12,200 in financial aid for the semester
– After your student receives their room assignment, check
OASIS to see if the student qualifies
– Allows your student to move in without paying the first
month’s rent
– Provides temporary extension to pay housing charges
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MEAL PLAN DEFERMENTS
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Meal Plan Deferments
– Automatically provided for in-state residents if the student has $6,875 in
financial aid for the semester
– Automatically provided for non-Florida residents if the student has
$14,200 in financial aid for the semester
– After your student receives their room assignment and has completed
the meal plan contract, check OASIS to see if the student qualifies
– If the student is eligible for the meal plan deferment, a $50 administrative
fee is due by August 3, 2011, paid to USF Dining in MSC 1502 or online at
www.usfdining.com
– Provides temporary extension to pay meal plan charges for the semester
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Take 15!..credit hours each
semester
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Did you know that….
• every semester a student extends their enrollment, he/she will be adding
about $9,900 to the cost of their degrees!
• …if your student withdraws from one 3 hour course each semester, he/she
will have to enroll for at least one more year at a cost of $20,000!
• …in addition to the cost of the degree, your student will lose wages of
$41,000 per year (median income for 2006 college graduates per the
National Center for Educational Statistics).
• …if your student completes two-thirds or less of the courses attempted, it
will take two additional years to graduate and two years of lost wages. The
price tag: $120,000!
Talk with your student so they understand
the financial implications before dropping a class!
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Things for your student to
consider as they enroll in classes
Staying eligible for aid means:
not enrolling in classes that are not needed for his/her degree
program
having a 2.0 GPA by the time he/she is in junior standing
completing at least 67% of the courses in which he/she enroll
attaining a bachelor’s degree in less than 180 hours attempted
FINISH WHAT THEY START!
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Impact of Enrollment Decisions
• Repaying Bright Futures for dropped courses
• Reaching the 120 credit hour limit on Bright Futures and
not having a degree
• Being able to enroll but losing aid for low completion
ratio (67%) or low GPA (less than a 2.0)
• Paying excess hours charges for credit hours attempted
over 144
• Paying repeat course surcharges if a course is taken for
a third time
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Be a Smart Borrower
• Financial aid awards may include student loans
which have:
– Low interest rates
– Deferred repayments
• Borrow only what is needed!
• Use our cost calculators!
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Cost Calculators
Use our cost
calculators to
determine actual
costs and budget
wisely!
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Financial Literacy 101
• Required course for all first time college students
• Complete the module before school starts in the fall
• Access via BlackBoard-`Life Skills for Student Success’
• Designed to give students basic financial management
information
– Credit card use
– Financial aid (including student loans)
– Budgeting
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Next Steps
• Make sure your student registers for classes!
• Complete any outstanding unsatisfied financial aid requirements
• Read and accept T&C and accept awards
• Complete the online MPN & online Entrance Counseling if loans are accepted
• Make sure your student pays close attention to emails and keep his/her email
address current in OASIS
• Sign up for eDeposit in OASIS
• Notify UCO of 3rd party payments (others paying tuition on the student’s behalf)
• Make sure the student pays his/her bill by the deadline if not receiving a deferment
• Review this presentation on our website (www.usf.edu/finaid)
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THANK YOU!
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