UNIVERSITY OF
NORTHERN
IOWA
SPRING 2011
OFFICE OF STUDENT FINANCIAL AID
PROWLING FOR CA$H
FINANCIAL LITERACY MONTH
As part of our ongoing effort to educate students about their
personal finances, the Office of Student Financial Aid has
designed events and activities throughout the month of April
in celebration of Financial Literacy Month.
The headline event during the month is the “Find Your
Finances” scavenger hunt. This scavenger hunt asks you to
complete 12 tasks related to finances such as accessing credit
reports, meeting with a financial aid counselor to make a
budget, and tracking your student loan borrowing. Five
$100 scholarships will be awarded to the top five
place winners. More information regarding registration
can be found at www.uni.edu/finaid. This event is for
students only.
In This Issue
● Financial Literacy
Month
● Summer Financial Aid
● 2011-2012 Award
Update
● I’ve Been Awarded,
Now What?
● New TEACH Grant
Eligible Majors
A ―Food and Finances‖ speakers series will be offered throughout the month and is
open to students, faculty, and staff. These informational sessions will take place from
12:00-12:50 on the dates listed below. Grab your lunch and us at one or more of these
workshops. Each workshop will conclude with food and t-shirt prizes.
Wed, April 6: Think Big: Purchasing a Car and Home
Patrick Smith, Wells Fargo, Maucker Oak Room
Tuesday, April 12: Job Benefits and Negotiating Pay
Lori Hoffman, UNI Human Resources, Maucker Oak Room
Wednesday, April 13: Psychology of Money
Brenda Bass, CSBS Associate Dean, CME Room 109
Wednesday, April 20: Planning for the Future
Kelly Christensen, Principal Financial, Maucker Oak Room
For a complete list of events and to register, visit
www.uni.edu/finaid. Registration is required for
events. We hope that you are able to join us in learning
more about your financial future!
SUMMER FINANCIAL AID
The summer session is considered the final term of the
financial aid award year. Federal aid programs have a
maximum amount of aid that can be received in an academic
year. For example, a dependent freshman with 0-29 semester
hours may borrow only $5,500 in Direct Loans for the entire
academic year (12 months - fall, spring and summer).
Therefore, summer aid is limited. If you would like an estimate
of your summer financial aid, you may contact the Office of
Student Financial Aid.
To Be Eligible for Summer Financial Aid a Student Must:
● Submit the 2010-2011 Free Application for Federal Student Aid (FAFSA)
by June 1.
● Complete the 2011 Summer Financial Aid Application at www.uni.edu/finaid.
● Enroll at least half-time during the summer—five credits for undergraduate
students and four credits for graduate students.
NOTE: Audited courses, guided independent study and Camp Adventure do not
count toward enrollment for financial aid.
● Be admitted to a program leading to a degree. Non-degree students are
ineligible for financial aid.
● Not be on Financial Aid Academic Progress Suspension or Registrar
Academic Suspension.
● Not be in default on any educational loan and not owe any refund on a grant
or loan at any institution.
Different Ways Students can
Finance Summer Courses
● Additional Pell grant
● Increased loan eligibility due to
grade level change at the completion of the spring semester
● Unused funding from fall/spring
semesters
● TEACH grant
● Employment
● Additional loan possibilities such
as private education loans
When Are Summer Funds
Dispersed?
● Financial aid is credited to
students’ accounts the week prior
to the beginning of their first
summer course. If excess funds
remain in their account, a refund
will be direct deposited into their
designated bank account.
● If a student drops or withdraws
from classes after receiving funds
or if they receive additional funds
that were not reported when they
applied, they may be required to
repay all or a portion of their funds.
SUMMER CONSORTIUM AGREEMENT
(STUDYING AT ANOTHER INSTITUTION)
Consortium agreements should be completed if you are attending more than one
institution part-time, but need to be considered full-time for financial aid or
insurance purposes.
During any fall or spring semester, you must be enrolled at the University of
Northern Iowa for equal or greater credits than you are enrolled at your host
institution in order to meet the requirements of the agreement. This requirement is
waived during the summer since you may be taking courses at a community college
or another institution closer to your hometown where you will be spending their
summer. Consortiums during the academic year are limited to ONE throughout your
undergraduate career. However, summer consortiums are not subject to this limit.
If you are considering enrolling at another institution during fall or spring semester
while also attending UNI or enrolling at another institution only for the summer, you
should stop in the Office of Student Financial Aid to meet with a peer counselor about
completing a consortium agreement.
SUMMER STUDY ABROAD
If you are interested in studying abroad during the summer and need financial aid,
you should call the Office of Student Financial Aid to set up an appointment with a
Financial Aid Counselor. The Study Abroad Office will provide a Program Cost Sheet
that you should bring to the meeting. It is also helpful if you have had a chance to
discuss with your parents how they plan to fund the Study Abroad experience (e.g.
savings, loans, etc.). If you have not yet borrowed all of your fall/spring student loans,
you will have remaining loan eligibility that can be used during the summer. In
addition, there may be some limited grant monies available for summer enrollment.
However, for most students financial aid for summer Study Abroad will consist of
additional Parent PLUS loan eligibility and/or private education loans.
In order to be eligible for federal loans during the summer, you must be enrolled at
least half-time (5 hours for undergraduates, 4 hours for graduates). However, there
are private education lenders who will make loans to students who are enrolled less
than half-time. Once you are enrolled in Study Abroad for summer, you should
complete and submit the Summer Financial Aid Application
found on the Office of Student Financial Aid homepage
www.uni.edu/finaid/.
It is especially important for students who are studying
abroad to insure that you have set up Direct Deposit for your
financial aid refund checks since you may already be abroad
when your refund credits to your account. If Direct Deposit is
not set up, your refund check will be held at the Cashier’s
Office which may be very inconvenient since you will not
likely be on campus to pick it up.
2011-2012 AWARD UPDATE
If you have already filed your 2011-2012 FAFSA, mid-to-late April, you will receive an
email to your UNI email account from the Office of Student Financial Aid notifying you
that your award has been created. The email will direct you on how to view your award
and accept or decline any offered aid through the Student Center tab on MyUNIverse.
I’ve Received My Award, Now What?
You have just received your online Financial Aid Award– now how do you make sense
of it? Your award may include multiple financial aid options, including loan eligibility,
to assist with the cost of attending UNI. Please utilize the following tips when reviewing
your award.
Parents and students are encouraged to discuss the overall plan for financing
your education. Who is going to contribute to paying the bill and to what degree?
Answering this critical question will assist greatly in determining the best available
financial aid options for you. Once a decision has been made, you can begin to
determine how much aid to accept
Total Estimated Cost of Attendance
$
from your award.
It’s also advisable to first
consider the direct expenses that
will be owed to UNI (tuition, fees,
room and board) and make sure
enough aid is accepted to cover
those expenses. When determining
the actual amount of financial aid to
accept, remember to factor in savings
or out-of-pocket dollars your family
may contribute. Utilize the table to the
right to assist you and your family in
determining the best way to pay for
college.
It may sound obvious, but you
and your parents should only
borrow what you need. Financial
aid is available to assist in covering
indirect expenses (books,
transportation, and personal
expenses). You and your parents may
realize you do not need to accept the
entire offer to cover these costs,
especially if it means additional loans.
Eligible loan dollars that aren’t initially
accepted are always available
throughout the remainder of the
academic year if needed.
Awards listed on your award that are NOT Loans
Grants
UNI Scholarships
-
Outside Scholarships
-
Balance of estimated expenses that need to be paid
=
Amount you and your family can contribute
Parents
Student (savings or earnings)
-
Work-study earnings (see your award)
-
Other sources (gifts, grandparents, etc)
-
The “Bottom Line”
(What you and your family will need to borrow in student
loans)
Need-Based Loans
These loans do not accrue interest while you are in school
Perkins Loans
Subsidized Federal Direct Loan
-
Other Loans
These loans accrue interest while you are in school, thus
increasing either your current expenses or your debt after
graduation
Unsubsidized Federal Direct Loan
Parent PLUS Federal Direct Loan
-
Private Education Loan (financial aid counseling required)
-
Balance Remaining for the 2011-2012 Academic Year
=*
*If you still have a balance, reevaluate the above figures to
determine how your expenses will be covered. If your
balance is negative, a refund will be initiated. Determine if
you need this entire amount or if your loan amounts can be
lowered.
New TEACH GRANT Majors Announced
The Office of Student Financial Aid has recently identified two additional majors and
one additional minor that qualify as TEACH Grant fields. The majors are Early
Childhood Education and Health Education, and the minor is Health
Education. If you have a major and/or minor in a TEACH eligible field, and want
to learn more about the TEACH Grant, call the Office of Student Financial Aid at
273-2700 or visit www.uni.edu/finaid.
Office of Student Financial Aid
Student Employees
Front row: Kelsi Jontz, Emily Schippers, Kristi Wiltgen, Betsy Meany, Alysha Ricke
2nd row: Kelsy Staudacher, Lynnae McNamee, Rylie Carlson, Katie Angwin, Cassie Tegeler, Michael Perez
3rd row: Megan Boomershine, Mackenzee Quarnstrom, Heather Lorenz, Elizabeth Haupt, Nicole Streets
4th row: Holly Kockler, Liz Hoium, Dakotah Reed, Eric Carlson, Danielle Stuck, Malcolm Thomas
Not pictured: Beth Shaver, Stephanie Erenberger, Jaclyn Weith, Janae Riley, Kacie Swanson, Hannah Pearson
Important Dates
April 1 - 22: Financial Literacy Month (see full list of events on page 1)
Mid-Late April: 2011-2012 Awarding Begins
May 3: Summer Aid Disperses for Students Taking Summer Classes Beginning in May
May 31: Summer Aid Disperses for Students Taking Summer Classes Beginning in June
June 1: 2010-2011 FAFSA due for any student wishing to receive summer aid
June 28: Summer Aid Disperses for Student Taking Summer Classes Beginning in July
July 22: Last opportunity to submit summer financial aid application.