David Geffen School of MedicineAt UCLA

Financial Aid BasicsGloria Pinedo

Financial Aid DirectorStudent and Resident Financial Services

Orientation 2012

Before We Get Started… We are located at 12-109 CHS Office number is (310) 825-4181 Email is fao@mednet.ucla.edu Our website is: www.medstudent.ucla.edu/ and click

on “Financial Aid” Counselors:

Vanessa Ornelas 1st and 2nd Year Classes

(310) 794-5476 vornelas@mednet.ucla.edu

Patrick Julian 3rd and 4th Year Classes

(310) 794-5482 pjulian@mednet.ucla.edu

Financial Aid Application

2012-13 Financial Aid Application Email Entering Students – NO DEADLINES Continuing Students – deadlines in March / April

Application OptionsA. SOM Scholarship, and Federal Direct LoansB. Direct Loans Only

Check status on MyFAO: www.fao.ucla.edu and click on MyFAO to login to

Document Tracking Missing forms can be downloaded from Document

Tracking Complete application → Need Analysis and Awarding

Need Analysis and Awarding

How need is calculated go to: www.medstudent.ucla.edu, click on “Financial Aid” and then

“Understanding Need Analysis”

Need-based scholarships, loans and Direct Loans are awarded: To those that provided parent and student information

and are deemed eligible

“Direct Loans only” are awarded: To those that provided student info only Or, were ineligible for need-based scholarship

Need Analysis and AwardingHow we award your financial aid (in this order):

1. Gift aid (if eligible)

2. Campus based loans (if eligible)

3. Direct Unsubsidized

4. Grad PLUS

* Total package of aid cannot exceed the Financial Aid Budget

Direct Loan award amounts: Unsubsidized, whichever is less:

Amount requested on Institutional Application, or $42,722 / $44,944 annual max, or Up to the budget

Grad PLUS: Up to the budget, after annual Unsub is awarded

Electronic Financial Aid Notification (eFAN)

Your “official” financial aid award letter You are emailed when an eFAN is available to

complete and sign on-line Access your 2012-13 eFAN(s) at www.fao.ucla.edu -

click on MyFAO to login Accept, reduce, or decline each award, and

electronically sign your eFAN; loans will not disburse unless accepted

Each time your award package changes, a revised eFAN will be available to complete and sign

In addition, the following is required before your loans will disburse…

Complete your Direct LoanMaster Promissory Note

(MPN)To complete your DL MPN:1. Go to: www.studentloans.gov 2. Click on "Sign In" 3. Enter your SSN, first two letters of your last name,

birth date, and FAFSA pin 4. Click on "Complete MPN" 5. Click on Subsidized/Unsubsidized to complete the

MPN6. If you’ve been awarded Grad PLUS, you’ll need to

complete an additional MPN for Grad PLUS

Complete your Campus-based Loan Promissory Note

Perkins Loan Prom Note and Documentation Can be completed on line at

http://www.loans.ucla.edu/epnote.html Carefully read and follow the instructions Problems, call Student Loans Services at (310) 825-9864

University Loan Prom Note and Paperwork Mailed to you from Student Loan Services (SLS)

Complete and sign all paperwork Return in envelope to SLS or to FAO (12-109 CHS)

Before your loans will disburse…

Complete your Loan Entrance / Debt Management Session It’s a Federal requirement

It’s done on-line at: www.loans.ucla.edu/dms.html

Complete all sections (Direct Loan Unsub, Perkins, Grad PLUS)

Once completed, the SLS Office will flag the system to release your loan funds

Financial Aid Disburses…

Into your UCLA Bruinbill account Each semester (fall and spring) To pay tuition and fees and other debt owed to

the school You can view your Bruinbill on URSA at:

www.ursa.ucla.edu

Financial Aid Refund… Is the left over aid after tuition and fees (and other

debts on Bruinbill) are paid in full Is used to pay for rent (Weyburn), food, books,

computer, etc. Can get to you 2 ways:

BruinDirect into your personal bank account To sign up for BruinDirect, go to

http://www.sfs.finance.ucla.edu/ A check mailed to your current address, which

can be updated via URSA - www.ursa.ucla.edu

Bruinbill AutopayNot Recommended for Financial Aid

Recipients “Autopay” debits (once a month) your personal

bank account to pay charges posted on your Bruinbill Account

To work, there has to be enough funding in your personal bank account to cover the debit(s)

Financial aid recipients should NOT sign up for Autopay mainly because the tuition and fee bill can be posted weeks before aid is allowed to disburse – causing an overdraft and bank fees on your bank account.

Standard StudentFinancial Aid Budget

Total cost of attendance and maximum amount of financial aid you can receive for the school year

Is assigned based on: Year in school – 1st year, 2nd year, 3rd year, etc. Where you will live during the school year

Off Campus – in an apartment or Weyburn Commuter - with parents

Includes education and living costs for the student only, not dependents

Covers costs incurred during the enrollment period only

Developed using: Set costs - such as tuition, fees, books, parking, Hep B vaccines, etc. Cost averages - derived from annual student survey - such as rent, utilities,

food, clothing, etc.

If Your Financial Aid Is Not Enough

Request in writing additional Direct Loan Unsubsidized and Grad PLUS Can borrow up to the Student Budget or annual loan limit,

whichever is less Request an allowable increase to the Student Budget

Medical/Dental expenses not covered by insurance Childcare expenses when the other parent works Add-ons to the budget are covered by loan

Appeal in writing for reevaluation of your financial need If your spouse or parents’ income, assets or household

have changed since applying for aid Revisions to the financial aid package are in September

Research and Apply for Outside Scholarships Will supplement your need-based scholarship

and reduce Direct Loan requirement Look at “Pennies From Heaven” on our

website (our compilation of outside agencies) Watch for emails from the FAO about outside

scholarship opportunities Search the web for free scholarship

information

Advance Against Financial Aid Related Expenses

AKA Emergency Loan (E-Loan) An advance against your financial aid until it disburses Interest-free Loan Available 1 week before financial aid disburses for the

term, or on a case-by-case basis if aid is delayed For up to $2,000 or Fees + $2,000 2-part application process:

1. Complete E-Loan Application at FAO: 12-109 CHS

2. Take signed application to Student Loan Office: A227 Murphy Hall

Later e-loan is posted on BAR to be paid automatically when financial aid disburses

In-School Student Loan Deferment Postpones repayment on your Stafford / Direct, Perkins, and

PLUS loans Requires that you’re enrolled / attending med school Defers repayment and interest does not accrue on “sub” loans May apply to your university and/or private loans To get one:

1. Print a deferment form2. Complete your portion and bring to the FAO: 12-109 CHS3. We’ll certify and sign/stamp it4. You mail it to the loan servicer

Via the “clearinghouse”, UCLA updates DOE/servicers when you’ve paid fees in full, which automatically puts your loans into deferment

When in doubt, call your loan servicer to verify deferment status

Questions?

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