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David Geffen School of Medicine At UCLA Financial Aid Basics

David Geffen School of Medicine At UCLA Financial Aid Basics. Gloria Pinedo Associate Director Student Financial Services Office Foundations 2011. Before We Get Started…. We are located at 12-109 CHS Office number is (310) 825-4181 Email is fao@mednet.ucla.edu

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David Geffen School of Medicine At UCLA Financial Aid Basics

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  1. David Geffen School of MedicineAt UCLAFinancial Aid Basics Gloria PinedoAssociate Director Student Financial Services Office Foundations 2011

  2. 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: • Rebecca Eskins 1st and 2nd Year Classes (310) 794-5476 reskins@mednet.ucla.edu • Patrick Julian 3rd and 4th Year Classes (310) 794-5482 pjulian@mednet.ucla.edu

  3. Financial Aid Application • 2011-12 Financial Aid Application Email • Entering Students – NO DEADLINES • Continuing Students – deadlines in March / April • Application Options A. SOM Scholarship, and Federal Direct Loans B. Direct Loans Only • Check status on MyFAO: • www.fao.ucla.eduand click on MyFAO to login to Document Tracking • Missing forms can be downloaded from the Document Tracking • Complete application → Need Analysis and Awarding

  4. 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

  5. Need Analysis and Awarding How we award your financial aid (in this order): • Gift aid (if eligible) • Campus based loans (if eligible) • Direct Subsidized • Direct Unsubsidized • Grad PLUS * Total package of aid cannot exceed the Student Financial Aid Budget Direct Loans are initially awarded in the amounts requested on your Institutional Application (IA) • Subsidized • $8,500 annual max • Unsubsidized, whichever is less: • Amount requested on IA, or • $34,222 annual max, or • Up to the budget You will accept, decline and/or reduce these awards when you complete and sign your eFAN (award letter)

  6. 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 MyFAO: www.fao.ucla.edu - click on MyFAO to login • You are required to accept 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…

  7. Complete your Direct LoanMaster Promissory Note (MPN) To complete your DL MPN: • Go to: www.studentloans.gov • Click on "Sign In" • Enter your SSN, first two letters of your last name, birth date, and FAFSA pin • Click on "Complete MPN" • Click on Subsidized/Unsubsidized to complete the MPN • If you’ve been awarded Grad PLUS, you’ll need to complete an additional MPN for Grad PLUS

  8. Complete your Campus-based Loan Promissory Note Perkins Loan Prom Note and Documentation • Can be completed on line at www.loans.ucla.edu/epnote.html • Carefully read and follow the instructions • Problems, call SLS 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)

  9. 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 Sub and Unsub, Perkins, Grad PLUS) • Once completed, the Loan Office will flag the system to release your loan funds

  10. Financial Aid Disburses… • Into your UCLA Bruinbill account (formerly called BAR) • Each semester • To pay tuition and fees and other debt owed to the school • You can view your Bruinbill on URSA at: www.ursa.ucla.edu

  11. Financial Aid Refund… • Is the left over aid aftertuition and fees (and other debts on Bruinbill) are paid in full • Can be equal to the entire amount of aid for the semester, if there is no debt on Bruinbill • Is used to pay for rent, food, books, computer, etc. • Can get to you 2 ways: • Bruin Direct into your personal bank account • For Bruin Direct, go to http://www.sfs.finance.ucla.edu/ • A check mailed to your current address, which can be updated via URSA

  12. 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.

  13. If Your Financial Aid Is Not Enough • Request in writing additional Direct Loan • Will usually be Unsubsidized • 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

  14. 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

  15. Advance Against Financial Aid Related ExpensesAKA Emergency Loan (E-Loan) • An advance against your financial aid until it disburses • Interest-free Loan • Available usually a week before instruction begins or on a case-by-case basis if aid is delayed • For up to $2,000 or Fees + $2,000 • 2-part application process: • Complete E-Loan Application at FAO: 12-109 CHS • Take signed application to Student Loans: A227 Murphy Hall • Later e-loan is posted on BAR to be paid automatically when financial aid disburses

  16. In-School Student Loan Deferment • Postpones repayment on your Stafford / Direct, Perkins, and PLUS loans • Requires that you’re enrolled / attending school at least halftime status • Defers repayment on both interest and principal • May apply to your university and/or private loans • To get one: • Print a deferment form • Complete your portion and bring to the FAO: 12-109 CHS • We’ll certify and sign/stamp it • You mail it to your 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

  17. Important Information • MyFAOwww.fao.ucla.educlick on MyFAO to log in • To check the status of your FA Application • To view, complete, sign & print your eFAN • URSAwww.ursa.ucla.edu • Change your address • View / pay your Bruinbill (formerly BAR) • UCLA Registrarwww.registrar.ucla.edu/fees • View annual tuition and fee breakdown • Student Loan Services A227 Murphy (310) 825-9864 • Perkins / Univ. Loan paperwork questions • Graduate Student Health Insurance (GSHIP) (310) 794-5613 www.studenthealth.ucla.edu/ • Main Cashier 1125 Murphy (310) 825-2201 • Pay Bruinbill / tuition and fees in-person • Residence Deputy 1113 Murphy (310) 825-3447 • CA residency for tuition purposes • Student Accounting 1121 Murphy (310) 825-9194 • Bruinbill / Bruin Direct Issues • Financial aid refund check pick-up • Veterans Affairs / Vet Benefits 1113 Murphy (310) 825-5391 www.registrar.ucla.edu/faq/veteranfaq.htm

  18. From Student Financial Services (FAO)… We would like to say, “THANK YOU” for coming And Welcome!! Feel free to stop by anytime We’re here to help!!

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