understanding your financial aid award · 2017-02-20 · • federal parent plus loans – 6.31%...
TRANSCRIPT
![Page 1: Understanding Your Financial Aid Award · 2017-02-20 · • Federal Parent PLUS Loans – 6.31% Interest Rate • Alternative Loans • Payment Plans – 4-payment plan ($50 enrollment](https://reader034.vdocument.in/reader034/viewer/2022042407/5f212458fef5ba2fa22d36dd/html5/thumbnails/1.jpg)
Understanding Your Financial Aid Award
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Award Letter
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Award Letter
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Your EFC
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Gift Aid
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Student Loans
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Student Loans
Federal Direct Stafford Subsidized Loans3.76% for new federal loans
Interest does NOT accrue during enrollment.
Subsidized Loan Limits for 2016-2017First-Years $3,500Sophomores $4,500Juniors $5,500Seniors $5,500
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Student Loans
Federal Direct Stafford Unsubsidized Loans (Not need based)
3.76% for new federal loans
Interest DOES accrue during enrollment.Loan values are subject to annual limits less the subsidized loan.
Unsubsidized Loan Limits for 2016-2017First-Years $5,500Sophomores $6,500Juniors $7,500Seniors $7,500
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Additional Financial Resources
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Employment
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Total Financial Aid
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Estimated Cost of Attendance (COA)
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Estimated Cost of Attendance (COA)
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• Federal Parent PLUS Loans– 6.31% Interest Rate
• Alternative Loans
• Payment Plans– 4-payment plan ($50 enrollment fee)– 5-payment plan ($35 enrollment fee)
Options to Finance the Remaining Annual Cost
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• Verification is the process of validating FAFSA Data
• Turn in any requested documents as soon as possible
• Financial aid will not appear on your bill until all documents are returned and reviewed
Verification
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Paying Your Bill
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• Guest Access allows us to share a student’s information with other people.
• Request Guest Access using the link in your Enrollment Checklist in MyMichiganTech
Guest Access
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• Create a budget• Manage student loans• Use credit cards wisely• Watch out for identity theft• Beware of Scholarship Scams • Do not pay for FAFSA
mtu.edu/finaid/aid/literacy
Be financially savvy!