david geffen school of medicine at ucla financial aid 101 gloria pinedo financial aid director...
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David Geffen School of MedicineDavid Geffen School of MedicineAt UCLAAt UCLA
Financial Aid 101Financial Aid 101
Gloria PinedoFinancial Aid Director
Student and Resident Financial ServicesOrientation 2013
Before We Get Started…Before We Get Started…
Office Location: 17-253 West, CHSOffice Number: (310) 825-4181Email: [email protected]: www.medstudent.ucla.edu/
Click “Offices” and “Financial Aid”Counselors:
◦Vanessa Ornelas, 1st and 2nd Year Students(310) 794-5476 [email protected]
◦Patrick Julian, 3rd and 4th Year Students(310) 794-5482 [email protected]
Financial Aid ApplicationFinancial Aid Application DGSOM Financial Aid Application Email
Entering Students – NO DEADLINES Continuing Students – deadlines in March / April
Application Options:A. 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 AwardingNeed 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
AwardingAwardingHow we award your financial aid (in this order):
1. Gift aid (if eligible)2. Campus based loans (if eligible)3. Direct Unsubsidized4. 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)Electronic Financial Aid Notification (eFAN)
Your “official” financial aid award letter
You’re emailed when an eFAN is available to complete and sign on-line
Access your 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…
Direct LoanDirect LoanMaster Promissory Note (MPN)Master 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”6. If you’ve been awarded Grad PLUS, you’ll need to
complete an additional MPN for Grad PLUS
Complete your Campus-based Complete your Campus-based Loan Promissory NoteLoan Promissory Note
Perkins Loan Prom Note and DocumentationCan 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 PaperworkMailed to you from Student Loan Services (SLS)
◦ Complete and sign all paperwork◦ Co-signer’s signature needs to be notarized*◦ Return in envelope to SLS or FAO (17-253 West CHS
* Campus Notaries: www.directory.ucla.edu/notary.php
Complete your Loan Entrance Complete your Loan Entrance Counseling Session (iGRAD)Counseling Session (iGRAD)
Must be done before loans will disburseIt’s a Federal requirementIt’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…Financial Aid Disburses…
Into your UCLA Bruinbill accountEach semester (fall and spring)To pay tuition and fees and other debt owed to the schoolYou can view your Bruinbill on URSA at: www.ursa.ucla.edu
Financial Aid Refund…Financial Aid Refund…
Left over aid after tuition and fees (and other debts on Bruinbill) are paid in full
Used to pay for rent (Weyburn), food, books, computer, etc.
Can get to you 2 ways:◦ BruinDirect into your personal bank account
Set up BruinDirect on-line via your Bruinbill ◦ Check mailed to your current address
Update your address via URSA - www.ursa.ucla.edu
Maintaining EligibilityMaintaining Eligibility To continue receiving financial aid and to maintain eligibility, you must:
◦ Reapply annually and meet application deadlines.◦ Demonstrate financial need.◦ Not be in default on federal student loans, and not owe a refund on any state or
federal educational grant. ◦ Be enrolled in at least half-time status (DGSOM students are considered full-
time).◦ Maintain Satisfactory Academic Progress (SAP)
Pass all coursework / exams and progress to the next year (qualitative measure). Complete your program within the normative time frame (quantitative measure).
If you drop below ½ time status or go on leave during the school year, you will be billed for “unearned” financial aid (a federal regulation: Return to Title IV).
If you fail to make SAP, you will be on financial aid probation and your aid suspended until you have remediated and are back on track to complete the degree.◦ Or appeal the suspension to receive aid during probation.◦ During suspension or if the appeal is denied, you are ineligible for all federal
and University aid but may apply for Private Loan Funds. View both our SAP and R2T4 Policies on our website under “Maintaining
Eligibility”
Bruinbill AutopayBruinbill AutopayNot Recommended for Financial Aid Not Recommended for Financial Aid
RecipientsRecipients
“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 charges posted anytime throughout the semester
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.
Standard StudentStandard StudentFinancial Aid BudgetFinancial Aid Budget
Total “cost of attendance”
Maximum amount of financial aid for the school year
Assigned based on:◦ Year in school – 1st, 2nd, 3rd, 4th year◦ Where you’ll 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…◦ Cost averages - derived from student surveys and cost analysis -
such as rent , utilities, food, clothing, etc.
If Your Financial Aid Is Not EnoughIf Your Financial Aid Is Not EnoughRequest in writing additional Direct Loan
◦Unsubsidized and Grad PLUS◦Can borrow up to the Student Budget or annual loan
limit, whichever is lessRequest 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◦For additional scholarship funding to reduce
borrowing◦If your spouse or parents’ income, assets or
household have changed since applying for aid
Research and Apply forResearch and Apply forOutside ScholarshipsOutside Scholarships
Will supplement your need-based scholarship and reduce borrowing
Look at “Pennies From Heaven” on our website (our compilation of outside agencies)
Watch for emails from Patrick about outside scholarship opportunities
Search the web for free scholarship information
Advance Against Financial Aid Related ExpensesAdvance Against Financial Aid Related ExpensesAKA Emergency Loan (E-Loan)AKA Emergency Loan (E-Loan)
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 to cover tuition and fees on a case
by case basis) 2-part application process:
1. Complete E-Loan Application at FAO: 17-253 West CHS2. Take signed application to Student Loan Office: A227
Murphy Hall Later e-loan is posted on Bruinbill to be paid:
◦ Automatically when financial aid disburses◦ By you on line or in person if aid didn’t pay automatically
In-School Student Loan DefermentIn-School Student Loan Deferment Postpones repayment on past Stafford/Direct, Perkins, 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: 17-253 West CHS3.We’ll certify and sign/stamp it4.You mail it to the loan servicer
Automatic deferment via the “Clearinghouse”◦ UCLA updates DOE/servicers quarterly when fees are paid in full
When in doubt, call your loan servicer to verify deferment status
Establishing CA ResidencyEstablishing CA ResidencyFor Tuition PurposesFor Tuition Purposes
UCLA Campus Residence Deputy◦ UCLA Registrar's Office
1113 Murphy HallBox 951429Los Angeles CA 90095-1429(310) 825-3447
◦ E-mail: [email protected]◦ Hours: Monday–Friday, 9 am to 4 pm Pacific Time
Student’s Perspective – Caleb Wilson Class of 2016
QuestionsQuestions??
Welcome to DGSOMFeel free to stop by anytime!