N EW S Financial Aid
From the Office for Student Financial Affairs Fall 2010-11
Before You Borrow, Consider This
Borrowing Smart in Today's Economy
When considering how to pay for college
in today's economic climate, there are more
reasons than ever before to choose carefully,
spend wisely, and save as much as possible.
This is especially true when it comes to
taking out student loans. As tuition rises
nationwide, more and more families are
turning to student loans to help finance
higher education. In the 2007-08 academic
year, more than 60% of undergraduates
borrowed money to get their degrees, and
their average debt was $23,186, according to
Mark Kantrowitz, publisher of Fastweb.com
Florida students have it somewhat better-
projectonstudentdebt.org estimates that
in 2007, 48% of Floridians graduated with
debt, the average of which was $18,621.
UF students may find themselves in slightly
better shape. The average debt carried
by UF graduates in 2007-08 was $ 15,318,
significantly below the national average.
The national loan default rate was 6.7% for
2007, while the UF student loan default rate
was 2.4% for 2007-08.
Regardless of how much debt students
might be carrying, careful loan management
is critical. Student aid experts have a lot of
advice for prospective borrowers.
Don't overborrow. Kantrowitz cautions
that borrowing more than $10,000 per
year is a probable sign of over-borrowing.
Additionally, try not to borrow an
amount for your entire education that is
more than your expected starting salary.
Average salaries from various fields can be
found in the U.S. Department of Labor's
Occupational Outlook Handbook, available
Borrow smart. Maximize aid from
scholarships, grants, and student
employment before considering student
loans. When loans are a must, borrow
federal first. Federal loans are cheaper, more
readily available, and have better terms
than private loans. Perkins and subsidized
Stafford loans should be considered before
unsubsidized Stafford and PLUS loans.
If unsubsidized loans are necessary, make
sure to at least pay the interest on the loan.
While the interest can be deferred until after
graduation by rolling it into the principal
(capitalization), this increases the size of the
loan, and consequently the length of time
necessary for repayment.
Live frugally. While the temptation is great
to spend loan money when you have it,
Kantrowitz reminds students that every
$100 spent with loan money will actually
cost $200 by the time the loan is repaid.
Students probably won't hear that kind of
straight talk from private lenders, whose
aggressive advertising might not mention
the long-term risks of excessive borrowing.
Kantrowitz reminds student borrowers
that independence and fiscal discipline are
absolutely critical, now more than ever.
Take Care. The financial implications of
student loans are huge. The damage that
can be done to an individual's credit rating
in the case of loan default can last for years.
The unintended consequences of over-
borrowing can last for much of a person's
working life. According to the Wall Street
Journal, a growing body of research is
indicating that the burden of loan payments
is causing many graduates to delay markers
of adulthood such as marriage, the purchase
of a home, and having children. Also, as
borrowing becomes more commonplace,
many experts believe that schools feel
justified in raising tuitions further, believing
that students will just borrow more.
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The Foundation for The Gator Nation
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Studentloans.gov Consolidates Many
Federal Loan Services
Student borrowers utilizing the
Federal Direct Loan program have
long been accustomed to using a
whole host of federal sites in order to
manage their direct loans. Students
use one site for requesting and
managing their PIN, while another
site is specifically
for entrance and
and yet another
and the sheer
made for a
In an effort to streamline the Direct
Loan process, the Department of
Education has done a great job of
consolidating access to the myriad of
student loan sites with one student
loan portal page-the aptly named
The UF financial aid office uses e-mail
to send official correspondence to
financial aid applicants and recipients.
SFA sends important financial aid
mail, including financial aid award
notices, follow-up letters, verification
notifications, newsletters, and
requests for additional documentation
directly to students' GatorLink e-mail
Studentloans.gov is designed to be a
kind of clearing house for information
regarding the federal Direct Loans
The site's most exciting feature is
the ability to apply for a PLUS loan
directly online. In prior years, SFA
had to collect and
Studenfloans o, process paper
The new process
the PLUS Loan
funds to be
quickly and with
Studentloans.gov is also a great
source of information and advice.
Using the site, borrowers can find
information about loan repayment
plans, loan discharge, and loan
forgiveness programs, as well as what
to do if making payments becomes
Students should verify that their
GatorLink e-mail address is correctly
configured to receive UF business
correspondence. Students should check
GatorLink e-mail often, at least daily,
to be sure they their financial aid
Students should also be sure to clean
out their inbox-an "over quota"
mailbox won't accept new e-mails.
Financial Aid In Your
Do you want quick, no-nonsense
financial aid information delivered
right to your .mp3 player or
computer? Then the SFA podcast
series is for you.
The SFA podcast series brings you
up-to-date tips, news, and updates
especially for Gators. Each episode
will cover topics of interest to
students receiving financial aid at
There are three ways to access these
* Listen to the stream directly using
the embedded audio player
* Subscribe to the podcast using
iTunes or a similar program
* Subscribe to the RSS feed using
a feed aggregator (many web
browsers do this automatically)
Once you've subscribed using
iTunes or your favorite RSS
aggregator, new episodes will
download automatically, ready
when you are.
The SFA podcast is located at
NEWS: Financial Aid for Gators
Watch for Financial Aid
E-mail / Check GatorLink
Financial Aid in the News
Pell Grants On the Rise
(Student Lending Analytics, 8/5/10)
According to the Federal Student Aid Data Center website,
the venerable Pell Grant program is showing remarkable
growth. Numbers from the 09-10 academic year have been
released, and they show that both average amounts and the
number of recipients are rising, yielding an overall growth
rate of 61,..
During 08-09, the average grant amount was $2,892. The
average grant amount in 09-10 rose by 31 ,., bringing the
average amount up to $3,566. That's a 2 ,. increase.
The number of recipients rose as well during in the 09-10
academic year-from 6.3 million in 08-09 to 8.2 million in
09-10, a 30% increase.
Here at UF, Pell awards are reflecting the national trend.
While SFA awarded $26.5 million to 7,851 students during
the 2008-09 academic year, the 09-10 academic year saw a
huge rise in Pell money awarded to students. SFA awarded
$46 million to 9,573 students.
With the maximum award for 10-11 increasing from $5,350
to $5,550, it seems the upward trend will continue.
Need A Job?
Employment Options @ UF
New Push for Private Student Loans
According to Mark Kantrowitz, Publisher of Finaid.org,
private lenders are ramping up efforts to attract student
borrowers. After the federal government terminated a
program that had allowed private lenders to underwrite
federal student loans, many banks are anxious to make up
the lost revenue.
SunTrust, WellsFargo, as well as smaller community banks and
credit unions are all beginning to offer student loan products.
Kantrowitz warns that as private banks attempt to drum
up more business, students should expect to see increased
advertising directly targeting them.
Smartmoney.com reminds students that private loans often
have less advantageous terms and higher price tags than do
federal student loans. Students are strongly encouraged to
maximize federal and state aid before considering private
loans. Most private loans have variable interest rates and do
not allow repayment to be deferred until after graduation,
making them much less advantageous than federal loans.
Students awarded employment as
part of their financial aid package
must find a job in order to receive the
employment portion of their aid.
Employment comes in two varieties,
Federal Work Study (FWS) and Other
Personnel Services (OPS). FWS is
based on need, while OPS is not.
On Campus Jobs
All FWS and OPS jobs on campus are
posted through UF's main job site,
Students not yet employed by UF
* Go to "Jobs at UF" at http:/ /jobs.
* Click on "View Job Postings/Apply
* Under "Job Categories," check
* 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 already UF
employees should enter "Jobs at
UF" through myUFL instead of
through jobs.ufl.edu. On the myUFL
menu, select "My Self Service" and
then "Jobs at UF" Then follow the
The Career Resource Center offers
local businesses and private
employers the opportunity to post
part-time jobs for University of
Florida (UF) students. Students can
check the listings by using their Gator
Career Link Account at Career Link at
the Career Resource Center, http:/
For more in-depth information
about employment for students at
the University of Florida, see the
employment page at SFA's website,
Sign Up for Direct
Students can sign up for direct deposit
of their financial aid on ISIS at http:/
Under "Financial Services," choose
"EFT Sign Up." Authorization takes
effect immediately. Sign up at any time
during the semester.
Alternatively, students can sign up
using the myUFL system, under "My
Campus Finances." Choose "Student
Direct Deposit is not available for the
PLUS Loan Program, or for savings
accounts. For more information, visit
University Financial Services in S-113
Criser Hall, or call (352) 392-0737.
NEWS: Financial Aid for Gators
UNIVERSITY of Making Payments at UF
U FLORIDA Payment Methods & Non-Institutional Fees
The Foundation for The Gator Nation
Office for Student Financial Affairs
S-107 Criser Hall, P. O. Box 114025
Gainesville, FL 32611-4025
NEWS Financial Aid for Gators 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: Harry Monkhorst
NEWS Financial Aid for Gators is available
in other formats for students with documented,
print-related disabilities. Students who are
speech- or hearing-impaired can contact the
Florida Relay Service.
Dial 711 or 1-800-955-8771 (TTY)
Online at http://www.ftri.org/FloridaRelay.
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.
WAYS TO PAY
Students should remember that over-
the-counter cashiering services are not
available at UFS. Students can pay fees
using the following methods:
* Electronic Funds Transfer (EFT), using
"Make A Payment" within myUFL
* Online credit card payments via
myUFL (a 2.6% service fee is
charged, Visa cards are not accepted)
* GatorParent, via myUFL
* Personal check, cashier's check, or
money order (secure drop box or USPS)
* Cash is not accepted.
* Visa is not accepted.
* Foreign checks are accepted.
* UFS will pay oldest debts first.
October 15, 2010
UF Homecoming, Office Closed
November 11, 2010
Veterans Day, Office Closed
November 15, 2010
Short Term Loans Due for Fall
November 19, 2010
Fall Deferred Fee Payment Deadline
November 25-26, 2010
Thanksgiving, Office Closed
December 24-January 2, 2011
Christmas Holiday, Office Closed
January 3, 2011
2010-2011 Financial Aid Applications
UF must obtain the permission of
students to allow federal aid to be
used to pay non-institutional charges.
Non-institutional charges may include
books, meal plans, laser prints, health
care services, parking decals, parking
tickets, and the like.
Students grant their permission to UF
using ISIS, http:/ /www.isis.ufl.edu.
On ISIS, students will see a page under
"Financial Services" called "View
Student Permissions." This is where
students can authorize payment of all
From there, students will be directed
to myUFL, where they should choose
"Access Permission Forms."
Student Aid Number
Florida Bright Futures
For information about application,
renewal requirements, reinstatements,
restorations, appeals, summer awards,
and other topics, go to the
Send questions by e-mail:
Send mail to:
Florida Department of Education
Turlington Building, Suite 1514
325 West Gaines Street
Tallahassee, FL 32399-0400
Toll-Free Hotline: 1-888-827-2004
College of Dentistry
Dental Tower, D3-#19E
Health Sciences Center
O 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 Graduate Business
Carol Huber Eileen Parris Professions; Nursing; Pharmacy; & Programs/MBA
164 Holland Hall M-128 Health Sciences Veterinary Medicine Connie Reed
(352) 273-0620 Center HPNP Bldg. Hough 203
(352) 273-7939 G208 Student Services Ctr. (353) 273-4960
NEWS: Financial Aid for Gators
U.S. Department of Education
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Way to College," and more