​Making the financial aid process easier

As a first-generation student at the University of Wisconsin-Stevens Point, Samantha Northup had questions about filling out the financial aid forms to help her finance her education.

“In hindsight I wish I had read more about it so I would have known more about my options,” Northup said. “I would have applied for more scholarships and had more opportunities for aid.”

Now a senior majoring in health care administration, the Waterford native works in the UW-Stevens Point Financial Aid Office and helps answer the questions of students and parents who call and visit the office. Her supervisor, Financial Aid Director Mandy Slowinski, says early preparation can make borrowing for college more manageable for both students and parents.

“Education is an investment,” Slowinski said. “Preparing for that investment should begin early, long before it’s time to start college. The more you hear about it, the more informed you’ll become. Hopefully that results in better decisions in the long run.”

Here are five things to know to successfully begin the financial aid process:

1) A student’s financial need is determined from the income and asset information entered by the family on the Free Application for Federal Student Aid (FAFSA). That information is analyzed according to a federal formula to determine the financial strength of the family and is referred to as the Expected Family Contribution. This expected contribution is subtracted from the cost of education at the school the student plans to attend. The resulting figure is the federal government’s definition of a student’s demonstrated financial need, and the Financial Aid office helps students address that need.

UW-Stevens Point takes part in the College Goal Wisconsin, a free event held in November and January at locations across the state to help families complete the FAFSA and answer any questions about higher education grants and loans.

2) Several online tools are available to help students and their families prepare for the financial aid process. Two helpful sites are linked at UW-Stevens Point’s site, www.uwsp.edu/finaid: GradReady, which offers financial tips for students including budgets, paying bills, using credit cards and repaying students loans, and the federal Net Price Calculator. Another is FAFSA4Caster.com, a federal website that estimates eligibility for financial aid.

3) UW-Stevens Point’s Financial Aid Office can help with special circumstances. Students dealing with special family circumstances such as a job loss, death, divorce or extreme medical expenses have help through the Unusual Circumstances Form. About 400 UW-Stevens Point students use this each year to help the Financial Aid Office determine if more aid can be offered.

4) Seek out scholarships, too. This is an important factor in paying for college, yet too often, scholarships go unclaimed, Slowinski said. Many options are available for students including merit and non-merit based awards.

“Think about searching for and applying for scholarships as a part-time job for a few hours a week,” she said. “If you put in the time, you may find it’s worth the effort.”

5) Learn about loan options and repayment. It is important students understand their responsibilities as borrowers. The federal government requires students review loan information before obtaining their first student loan (entrance loan counseling) and again when they leave school (exit loan counseling).

High school students would benefit from attending workshops about financial aid options well before they apply at colleges and universities. Experts in the UW-Stevens Point Financial Aid Office are available for community presentations at local schools and for small groups. Financial aid advisers are also available for in-person or telephone appointments if the need arises.

Help with financial aid may continue after college graduation as students choose from several federal repayment options. The standard plan offers fixed monthly payments over 10 years. The graduated plan offers lower payments at first, with gradual increases over the years. Other plans consider income and family size when creating a payment plan. There are also plans that forgive loans of those who work for government organizations or nonprofits after 10 years of qualifying payments.

”Students need to understand their responsibility in knowing what they owe and what happens when they graduate,” Northup said. “My advice is to keep asking questions. UW-Stevens Point’s Financial Aid Office is open five days a week, and someone is always here to answer your questions and help you.”