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STAR 2013

The information below corresponds to the each slide of the STAR Presentation and provides helpful resources. This information may be updated from the handout that was provided to you at the Paying for Purdue session. 

  1. Welcome (Download the joint presentation between the Bursar's Office and Financial Aid Office)

  2. Today’s Topics

  3. Viewing Financial Aid on myPurdue:  https://mypurdue.purdue.edu  a) Click the Financial tab, b) Select “Award for Aid year” under the quick Links, c) Select 2013-14 from the drop-down menu,  d) Click submit, e) select the desired option from center tab.  Note:  if the students aid information changes, myPurdue will be revised

  4. Scholarships & Grants are called “Gift Aid”.  Detailed info: www.purdue.edu/dfa/sandg/index.php  

  5. Scholarship & Grant tips: a) Do well academically, b) identify opportunities and complete scholarship applications, c) get involved in school/department organizations, d) continue searching for private scholarships.  University-wide merit scholarships are renewable based on specific GPA criteria.  Detailed info: www.purdue.edu/admissions/undergrad/costs/merit_scholarships.html

  6. Information on identifying private scholarships, applications, reporting private scholarships, identifying scams, etc., can be found at www.purdue.edu/dfa/sandg/private.php.  Students might also search at www.finaid.org  and www.fastweb.com.  Families should not pay for scholarship search services

  7. Report all private scholarships or other donor assistance from outside sources.  See detailed information at http://www.purdue.edu/dfa/sandg/reporting.php.Note: If you are notified of additional private scholarships later, log in to your myPurdue account to report those 

  8. Scholarships credit your bill once received and processed by the Bursar’s Office.  If you receive your scholarship as a paper check:  a) Endorse co-payable checks, b) write PUID on check, c) Do not mail private scholarship checks with bill.  Details at http://www.purdue.edu/bursar/payments/outside_awards.html
  9. Student Loan Debt: Sensationalized news stories often don't represent the vast majority
  10. Education loans should only be one part of a total financing strategy  Repayments generally don’t start until after the student graduates, or drops below half-time status (6 hrs. undergrads/4 hrs. grad students) Federal loans have 10-25 year repayment options.  More info at www.studentloans.gov  Note:  Default- Contrary to popular belief, defaulting on student loans is not ignored by colleges, banks, or the federal government.  Default can adversely affect credit and lead to prosecution

  11. Purdue Loans/Federal Perkins Loans:  Student borrower;  5% fixed interest rate; Student signs promissory note at www.ecsi.net/prom3P using the FAFSA PIN; 6-9 month grace period on repayment/interest.  Detailed info (for Perkins Loans): www.purdue.edu/dfa/loans/perkins.php, (for Purdue Loans): www.purdue.edu/dfa/loans/puloans.php

  12. Federal Stafford Loans: Student is borrower; Federal government is lender; 6.8% fixed interest rate; Loan fees apply; 6 month grace period; Detailed info: www.purdue.edu/dfa/loans/stafford.php

  13. Accepting Aid on myPurdue:  Loans and/or Federal Work-Study must be accepted.  Students may accept full/partial awards.  Note: Parents should not use a student password to accept/decline aid on myPurdue 

  14. Federal PLUS Loan:  Creditworthy parent is borrower; Federal government is lender; 7.9% fixed interest rate; apply at www.studentloans.gov ; parent signs w/ parent FAFSA PIN; Note:  Only borrow what you need.  Detailed info: www.purdue.edu/dfa/loans/plus.php

  15. Private loans:  There are a variety of institutions such as banks, credit unions, and lenders that offer private loans; choose carefully.  Helpful info at www.purdue.edu/dfa/loans/altloans.php. Compare loan options athttp://www.purdue.edu/dfa/loans/financing.php.

  16. Federal Work-Study: Students become eligible for FWS based upon a) their request for FWS on the FAFSA and 2) the income info submitted on the FAFSA.  Students must look for jobs, jobs are not assigned.   Detailed info: http://www.purdue.edu/dfa/stuemp/stuinfo.php

  17. Students can offset some of their educational costs through working.  Students do not have to be FWS eligible to find jobs.  Search for jobs at http://www.purdue.edu/dfa/stuemp/stuinfo.php

  18. The Center for Career Opportunities www.cco.purdue.edu helps undergrads w/ finding internships, w/ resume assistance, etc.   The co-op office helps students find co-op experiences after the freshman year.  Detailed info:  www.engineering.purdue.edu/ProPractice

  19. Families should form a strategy to pay for college.  Purdue bills on a semester by semester basis so explore options like the installment plan.  Detailed info: www.purdue.edu/dfa/options.php

  20. Cost Worksheet (Download blank copy)

  21. Parent Tips:  Have a “money talk” with your student;  discuss budgets, borrowing, credit card use, etc.; file the FAFSA annually before March 1st; discuss special circumstances like a job loss, death of spouse, or large medical expense w/ DFA 

  22. Helpful  literacy websites:  www.purdue.edu/mymoney and www.cashcourse.org

  23. Student Tips:  READ ALL EMAILS from @purdue.edu (Financial Aid, Bursar, Registrar, etc.); Develop a budget; visit www.purdue.edu/dfa often for helpful info

  24. Financial Aid requirements:  Financial aid is dependent on enrollment and course participation.  Detailed info:   http://www.purdue.edu/dfa/policies/add_drop_classes.php.  Students must meet satisfactory academic progress standards to remain eligible for financial aid.  Detailed info:www.purdue.edu/dfa/policies/sap.php

  25. Action Steps:  Review the Award Notice Checklist page.  Review Purdue Financial Aid policies, procedures, terms, www.purdue.edu/dfa/policies/

  26. Visit www.purdue.edu/dfa/contact.php  for contact information