Title: Financial aid news
Full Citation
Permanent Link: http://ufdc.ufl.edu/UF00087108/00017
 Material Information
Title: Financial aid news
Series Title: Financial aid news
Physical Description: Serial
Language: English
Creator: Office for Student Financial Affairs, University of Florida
Publisher: University of Florida Office for Student Financial Affairs
Place of Publication: Gainesville, Fla.
Publication Date: Summer 2005
 Record Information
Bibliographic ID: UF00087108
Volume ID: VID00017
Source Institution: University of Florida
Rights Management: All rights reserved by the source institution and holding location.


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U n i v e r s i t y o f F o r i d a f i c e fo r S t u d e n t
Summer 2005

F i n a n cia A f f a i r s
04-05, volume 3

Apply for Scholarships
you don't have to go on TV to qualify!
The Scholar, a reality television series, features Apply as far in adv
high school seniors from underprivileged Be complete and coi
backgrounds competing for scholarship your application ma
money. Fortunately, students don't have to be
on a TV show to qualify for a scholarship. For Ao selg ad
someone else read ;
many, simply applying is all it will take. application before
According to a June 8, 2005 article in
Business Week, "Aspiring students don't have Don't talk yourself c
to be top athletes or scholars to get as much of a chance
scholarships and grants. But they do have to Get a large calendar
apply themselves." Read more at: deadlines; look at it
www.businessweek.com/bwdaily/dnflash/ scholarship file with
jun2005 / nf2005068_3083_db085.htm. transcripts, and per
Meanwhile, the following tips will give you NEVER get discour
some basic guidelines for applying. personally. Universi
* Use free online scholarship searches. every deserving stu
limited dollars mak
* Apply to as many sources as possible.
Always apply for need-based aid first. Look at scholarship
TIME JOB. If you sp
* If you meet basic requirements, APPLY! and receive a 1,00
Don't apply for scholarships with made $100 PER HO
qualifications you don't match.

Free Scholarship Searches SFA Scholarship
fastWEB: www.fastweb.com SFA maintains an onl
through our Student
SRN Express: www.srnexpress.com Criser Hall. Applicati
Criser Hall. Applicati
College Board Scholarship Search: are often available in
www.collegeboard.com/pay can also contact donc
or Web site listed. Go
Lunch-Money: www.lunch-money.com or Wb site lste.
SFA cannot guarantee results from sources listed here. board.html

2005-06 Student SFA E-Mail
Loan Interest Rates SFA now uses e-mail
communicate with ai
Rise July 1 All important finance
including financial ai
In unwelcome news for borrowers, interest letters, notifications o
rates for Federal Direct Stafford loans will rise for additional docun
significantly in 2005-06. For students in to students' GatorLii
repayment, Stafford rates will rise from 3.37% Check your Gator
(for 2004-05) to 5.3%. PLUS rates will rise from receive important fin
4.17% to 6.1%. Stafford loan rates for students and be sure your Gat
in school, within the six-month grace period, or correctly configured I
in deferment will increase from 2.77% to 4.7%. correspondence. Not
Federal Consolidation loan repayment rates is GatorLink email will
the weighted average of all loans, campus email address
configurations, go to:

dance as possible.
ncise, but also creative, in
grammatical errors; have
and proofread your
you send it off.
ut of applying. You have
to get an award as others.
Sand plot application
every day. Set up a
copies of your letters,
sonal statements.
aged or take rejection
ties would love to give
dent a scholarship, but
e this impossible.
application as a PART-
)end ten hours applying
Sscholarship... you

ine scholarship board
Resource Center in S-107
ons for listed scholarships
the Resource Center. You
irs directly at the address
u programs /scholarship

as our primary way to
d applicants and recipients.
ial aid announcements,
d award notices, follow-up
f verification, and requests
mentation, are sent directly
nk e-mail addresses.
Link e-mail daily to
ancial aid correspondence;
orLink e-mail address is
to receive UF business
e: As of 10/01/05,
not be forwarded to non-
ses. To check GatorLink

June 30, 2005
Pell Grant 2004-05 Application
July 1, 2005
Summer A Short-Term Loan
Repayment Deadline
July 22, 2005
Summer A/B/C Deferred Fee
Payment Deadline
August 1, 2005
Summer B/C Short-Term Loan
Repayment Deadline
August 24, 2005
Fall Classes Begin
October 15, 2005
Last day to be considered for
Fall 2005 Federal Direct Loans


* Financial Aid in the News
* Trends in Student Indebtedness
* 3 Steps to Get Your Loan
* Financial Aid Q & A
* How to Apply for a Student Job
* Verification Tips
* Verification Forms on the Web
* Florida Bright Futures Info
* Withdrawal for Students Called
to Active Military Service
* Toll-Free Federal Student Aid Info
* Receiving Outside Aid
* You Can Still Apply for
Fall '05 Aid
* Financial Aid Addresses &
Phone Numbers
* Satellite Aid Offices

Divis i o n of Student Affa i rs

Ed ucati ng Leade rs for a

Global Community


Consolidation Loan Legislation
(News from NASFAA, 07/08/05)
Congressional leaders have announced a
proposal for new options and greater
flexibility to student loan borrowers who
repay federal consolidation loans, by
providing a variable OR a fixed interest
rate when borrowers consolidate
multiple loans. Read more at:
http:/ /www.nasfaa.org/publications/20

Some Students Will Face Aid
Eligibility Woes in 05-06
(CNN/Money, 6/13/05)
'When determining financial aid eligibility,

the federal government allows families to
deduct some of what they pay in state taxes
from their income. Income is the most
heavily weighted factor the government uses
to determine financial need," CNN/Money
reports. "Rules that reduce that allowance go
into effect this coming school year." Read
more at: http:/ /money.cnn.com/2005/
06/06/pf/ college / financial_aid / index.htm

Special Report on Saving for College
(Business Week, 6/07/05)
Business Week has published a special
section of savings for college, with
articles such as Higher Ed's High
Finance, Multiple Choice in College
Savings, Easing the Loan Payback Pain,
A Lesson in Saving for College, and

more. Read more at:
http: / /businessweek.com/bwdaily/


W ho is borrowing these days, and
how much are they borrowing?
According to two
recent national What are the ran
studies, student a student job in c
debt has risen
significantly over the last four to five
years, and as of 2002 more than 70% of
students believed their student loans
were very important in giving them
access to higher education.
One UF borrowing trend over the last
five years is that undergraduate students
have been incurring significantly less
debt, bucking the national trend. The
average UF undergraduate student loan
debt incurred fell from $15,587 in 1998-99
to $13,868 in 2003-04. UF undergraduates
borrow the most through the Federal
Direct Stafford Loan program, about $128
million annually. In 2003-04 students
borrowed an average of $12,550 in
Stafford funds, down by $1,828 from six
years earlier. It is worth noting that
during these same years Stafford interest
rates fell significantly, from 8.25% to
3.42%. In 2003-03 the interest rate had
fallen to it's lowest percentage, at 2.82%.
Stafford interest rates are rising again, up
to 4.7% for 2005-06.
This apparent paradox, the rising costs
but a downward trend in UF
undergraduate borrowing, can be
partially attributed to the increased funds
available to Florida undergraduates

C <

through the Florida Bright Futures
Program instituted in 1997-98.
cations of choosing may also be
ition to loans? choosing to
borrow less in
part because of UF's loan confirmation
process that alerts them to their total loan
indebtedness each term before they
accept new loans.
At UF students not only have the
option of choosing whether or not to
incur loans, they also may choose to work
or not work. What are the ramifications of
this choice?
SFA statistics reveal that choosing to
work while in school, for instance
through the Federal Work-Study
program, can significantly lower a
student's total loan debt. In 2004, of 364
undergraduate students at UF who
worked through Federal Work-Study
borrowed $3,169,842, for an average loan
indebtedness of $8,708. In the same
reporting period, 500 students who chose
not to work borrowed $5,547,091, for an
average loan indebtedness of $11,094.
Accordingly, if you aren't currently
working you may want to reconsider and
choose this option.
Despite increased borrowing trends
among like institutions, undergraduates
at UF have been able to keep their debts
to manageable amounts.


Federal Direct Stafford Loan
borrowers must complete the
following steps before their loans can
be disbursed. Step 1 must be completed
each semester you receive a loan. Steps

2 and 3 must be completed only once.
1. Complete the UF Direct Loan
Confirmation Process!
Each term you must confirm you will
accept loans awarded to you before your
funds can be disbursed. Go to ISIS at:
www.isis.ufl.edu; choose "Financial
Services" and then "Financial Aid Direct
Loan Confirmation."
2. Complete a Federal Electronic
Master Promissory Note!
Complete a Master Promissory Note
(MPN), the legal document Federal
Direct Loan borrowers must sign
agreeing to pay back their loans. Go to
the Federal Electronic Promissory Note
Web Site at: http://dlenote.ed.gov.
3. Complete Federal Direct Loan
Entrance Counseling!
First-time borrowers must complete an
online entrance orientation session
before their loan funds can be
disbursed. Go to ISIS at:
www.isis.ufl.edu; choose "Financial
Services," then choose "Direct Loan
Entrance Counseling."

UF Federal School Code

Financial Aid NEWS
Summer 2005


Q. I participate in the Florida Prepaid
College Program, do I need to inform
anyone at UF?
A. No, University Financial Services will
automatically bill Florida Prepaid after
the end of drop-add.
Q. Where can I get a copy of my financial
aid award letter?
A. Students are encouraged to use ISIS to
print a copy of their award letter. You
do not have to come to the Financial
Aid Office to get this.
Q. How do I sign up for Direct Deposit of
Financial Aid?
A. Go on-line to www.isis.ufl.edu, and
under Services under Financial
Services select "EFT Sign Up." It will

take approximately ten days to
activate direct deposit. Once activated,
any disbursement from financial aid
will be direct deposited to your
checking account. If you are a current
direct deposit recipient and you have
changed banks and/or accounts,
please update your information via
Q. I have a scholarship check that is made
out jointly to me and UF What do I
need to do?
A. You will need to endorse the check
and return it to SFA. Student Financial
Affairs is located in S107 Criser Hall.
Hours are 8:00 am-5:00 pm, M-F;
phone: (352) 392-1275.


To search for student jobs, use the online
job lists at the following two locations.
1. For off-campus jobs, go to:
http:/ /www.sfa.ufl.edu/job.html.. This
job list includes off-campus jobs posted by
community agencies, including Federal
Community Service, and non-need-based,
off-campus jobs.
2. For on-campus jobs use the main UF
job listings at http://jobs.ufl.edu/. This
interactive site lists all on-campus Federal
Work-Study and OPS positions.
Students not yet employed by UF should
use the following procedure:
* Go to "Jobs at UF" at: http:/ /jobs.ufl.edu

Be organized, respond quickly
If you are asked by Student Financial
Affairs (that's us!) to verify information
you supplied on your FAFSA by providing
documentation, be sure to respond
quickly. If you wait until you arrive at
school in the fall to bring in the
documents, your financial aid may be
significantly delayed.
The best approach is: don't panic, just
be organized. When you receive a request
for documents, get the materials together
and mail them to SFA.
We recommend that you keep track of
your financial aid file status on ISIS. When
you sign on to ISIS and select "Financial
Aid 2005-06," and then, "Financial Aid
Status," you can find out if your file is

Click on "View Job Postings/Apply for
Under "Job Categories," check "Student
Click "Search"
Select Jobs that interest you and click
"Apply for Jobs in Basket."
Either Sign In or Register.
Fill out the required fields. Follow
instructions and Submit Your Resume
to complete the application process.
Students who are current UF employees
should go to "Jobs at UF" through myUFL
at: my.ufl.edu. On the myUFL Menu select
"My Self Service" and then "Jobs at UF."
Follow the instructions above.


Verification Forms
on the WEB
SFA's Web site may also prove useful for
accessing printable, downloadable
verification forms. If your adviser
suggests it, you can print forms from our
site at:
http: //www.sfa.ufl.edu/pub/forms.html

complete, or what documents are still
needed to complete your application.
Local IRS offices cannot provide tax
return copies or transcripts. To get
photocopies of your IRS forms: call 1-800-
829-1040. Select Option 2. The federal IRS
site is http:/ /www.irs.gov.

Florida Bright Futures
For current information about
application, renewal requirements,
reinstatements, appeals, summer awards,
and other topics, go to the
Florida Department of
Education (FDEP)
Web site at:
Send questions by e-mail to:
Send mail to:
Florida Department of Education
Turlington Building, Suite 1514
325 West Gaines Street
Tallahassee, FL 32399
Toll-Free Hotline:1-888-827-2004
General Info:1-800-366-3475

Financial Aid 101

Withdrawal Procedures for
Students Called to Active
Military Service
Are you a student called up for active
military service? Before leaving UF,
you should visit the Dean of Students
Office (DSO) in 207 Peabody Hall to
initiate your withdrawal. If it is
impossible for you to withdraw in
person, call DSO at 392-1261 to notify
them of your withdrawal. If time
permits, you should contact your
professors to let them know you are
reporting to active duty. For more
information about withdrawal, please
go to DSO in 207 Peabody Hall.
UF general withdrawal information is
available on the SFA Web site at:
DSO, Student Financial Affairs
(SFA), University Financial Services
(UFS), and the Office of the University
Registrar have put together a brochure
to assist students with this transition.
The brochure, which includes
information on withdrawal, fee refunds,
forbearance or deferments of repayment
of student loans, and re-enrollment, is
available at each of these offices as well
as on the Web. Go to the following Web
location and select "Brochures":
www.ufsa.ufl.edu/sfa/pub /

Financial Aid NEWS
Summer 2005

Office for Student Financial Affairs
S-107 Criser Hall, P. O. Box 114025
Gainesville, FL 32611-4025
(352) 392-1275

Financial Aid NEWS is produced once a
semester by the Information/Publication
Services section of the Office for Student
Financial Affairs, to inform students about
financial aid programs and services that help
UF students meet educational costs.
Director: Karen Fooks
Editor: Susan Mickelberry
Financial Aid NEWS is available in other
formats for students with documented, print-
related disabilities. Contact Student Financial
Affairs' telephone line for students with
disabilities: (352) 392-1272 (V/TDD); Florida
Relay Service: Dial 711; or 1 (800) 392-3008
(TDD). Online at: www.sfa.ufl.edu
The University of Florida is committed to equal
treatment of students without regard to race,
creed, color, religion, age, disability, sex,
sexual orientation, marital status, national
origin, political opinions or affiliations, or
veteran status.

Federal Student Aid Info
Use the federal toll-free number-
(1-800-433-3243)-for application status
checks, duplicate Student Aid Reports
(SAR), changes to institutions listed on
the SAR, and other federal aid info.

Receiving Outside Aid
You must notify us immediately of all aid
you receive from sources outside our office
(such as fellowships, fee waivers, and
outside scholarships). If you notify us late
you may have to repay financial aid when
you can't afford to. Report all outside aid
on the Additional Aid Form enclosed with
your Financial Aid Award Letter, or print
one from the Forms section of our Web site
at: www.ufsa.ufl.edu/sfa/
pub /onlinepub.html


for Fall '05 Aid
If you need financial aid for fall 2005,
apply immediately! We encourage you
to apply online using FAFSA on the
Web available with complete
instructions at: www.fafsa.ed.gov.
Applying online is faster, and the
application has built-in edits to help
prevent application errors. FAFSA on
the Web also has an application status
check so you can track the status of
your FAFSA after you apply. Gator Aid
Application Guides for 2005-06 are
available at SFA in S-107 Criser Hall.
Students can apply online in the SFA
Resource Center in the SFA lobby.

U.S. Department of Education
Student Aid Information Center
P. O. Box 84
Washington DC 20044-0084
(800) 433-3243
(800) 730-8913 (TDD)
Federal Direct Loan Servicing Center
1 (800) 848-0979; 1 (800) 730-8913 (TTY)
(choose FAQ)
Federal Direct Loan Consolidation
1 (800) 557-7392; 1 (800) 557-7395 (TDD)
"Don't Get Scammed", Myths About
Financial Aid" and more, free at
http: / /studentaided.gov/PORTALSWeb
App /students /english /publications.jsp

Satellite Aid
College of Dentistry
Tom Kolb
Dental Tower, D3-#17A
Health Sciences Center
(352) 846-1384

Offices Main Office: Student Financial Affairs S-107 Criser Hall P. O. Box 114025 Gainesville, FL 32611-4025 (352) 392-1275
College of Law College of Medicine Public Health and Health Masters in Business
Carol Huber Eileen Parris Professions; Nursing; Pharmacy; Administration (MBA)
164 Holland Hall M-128 Health Sciences & Veterinary Medicme Erica Beard
(352) 392-0421 Center H dee P-102-I Peabody Hall
(352)392 Center HPNP Bldg.
(352) 392-7800 G208 Student Services Ctr. (353) 392-1275 (ext.3386)
(352) 273-6202

Financial Aid NEWS
Summer 2005

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