Slide 1
To help you with your financial success, DeVry University offers a variety of services to support you in making responsible financial decisions through your education. In the next 27 minutes, we will show you a detailed walk-through of tools and resources readily available for you to access.
Slide 2
One of the first things you must do every year is renew your FAFSA, which is the Free Application for Federal Student Aid. If you or your parents have not filed your taxes yet, consider completing the FAFSA based on estimates knowing you will need to update once tax returns are filed. As the name implies, the Free Application for Federal Student Aid does not require a fee. Please be cautious of sites that require a fee to apply for federal student aid.
Go to www.fafsa.ed.gov to complete the FAFSA online.
It is important to apply early because DeVry is allotted a certain amount of certain federal grants—Federal Supplemental Educational Opportunity Grants (FSEOGs) and Federal Perkins Loan funding—that are awarded to students who meet the eligibility requirements on a prioritization based on (1) the date we receive your FAFSA application and (2) lowest to highest Expected Family Contribution, which is a measure of your family's financial strength.
From a money management perspective, you want to take advantage of scholarship and grant programs, and then consider loan programs. Remember to ONLY borrow what you need.
Slide 3
While you are enrolled, it is important to know what constitutes a year at DeVry University, particularly from a financial perspective. The FAFSA award year runs from July 1st thru June 30th. The FAFSA award year is aligned with our academic calendar, which consists of three semesters. Each semester is then broken down into two eight-week sessions. Depending on the student's cycle, the summer semester may begin in May of each year, or July.
In order to be eligible for most types of financial aid, you need to be enrolled in at least six credit hours per semester.
Your grace period will begin if you have federal student loans (Federal Direct or Perkins) and you drop below six credit hours within a semester. If this occurs, you will receive an e-mail from us asking you to complete Exit Counseling online at http://www.nslds.ed.gov/nslds_SA/SaEcWelcome.do. We will reach out to you to assist with any questions as you go through the Exit Counseling process and provide additional repayment guidance.
Exit Counseling is a federal requirement that is one of your responsibilities as a federal student loan borrower. It is a review of your rights and responsibilities, the consequences of dropping below half-time, repayment strategies, and more.
If you anticipate that or need to drop or withdraw from class, please contact your Student Support Advisor to discuss the potential impact to your financial aid eligibility and your student account. Please be sure to speak with us to strategize around your specific situation and to help guide you by providing options.
Staying enrolled for at least six credits per semester will help in allowing you to continue receiving financial aid and will defer your loan repayment and help you achieve the ultimate goal of earning your degree!
Slide 4
Borrowing ONLY what you need is essential in managing your educational debt. View this video and familiarize yourself with financial aid basics that will help you as you navigate through your student lifecycle.
Slide 5
Next, let's discuss the topic of course withdrawals. It is important to know that there are alternatives to withdrawing from class and that the first step is to ask for help as early as possible. Whether you are having trouble understanding the material, getting to class on time, or dealing with extenuating circumstances, you have options. Before you withdraw from class, or just stop attending, contact the instructor and ask for her or his advice. Contact your student support or academic advisor. He or she may have had another student in the same situation in the past and can give you alternatives. If there are extenuating circumstances, like a severe illness or death in the family, you may be able to take an Incomplete and finish the coursework in the first half of the following session.
Finally, you can utilize our ASPIRE program.
Slide 6
Let's discuss some reasons why a drop or withdrawal can impact you and what you may want to consider before taking action:
Remember, if you drop below half time, you will receive a request to complete exit counseling to understand your rights as a student loan borrower. If you have Perkins loans, you will also be asked to complete Perkins Exit Counseling.
Slide 7
Sometimes, due to personal and even professional circumstances, students have to drop or withdraw from classes.
It is important you know that after a certain amount of time into the semester, you will be responsible for 100% of your tuition charges. So be aware of these timeframes if you must withdraw. Each student situation is different, so it is important that you contact your Student Support Advisor to discuss possible impacts to tuition refunds and financial aid eligibility before you drop or withdraw.
It is important to know the tuition refunds in this chart are based on 100% withdrawal from school, meaning if you withdrew from just one course, but are still enrolled in others within that semester, you may not qualify for a tuition refund.
This is especially important from a financial perspective. You should see your Student Support or Academic Advisor first if you are thinking of dropping a class or withdrawing from school. She or he can discuss financing options to assist you in making a decision regarding staying in school. DeVry wants to help you achieve your academic goals. Keep in mind you will need to pay back the loan money once borrowed whether you complete the program/degree or not. Remember, as we discussed earlier, if you withdraw, you will receive an e-mail from us asking you to complete Exit Counseling online at www.nslds.ed.gov. We will reach out to you to assist with any questions as you go through the Exit Counseling process and provide additional repayment guidance.
Exit Counseling is a federal requirement that is one of your responsibilities as a federal student loan borrower. It is a review of your rights and responsibilities, the consequences of dropping below half-time, repayment strategies, and more.
Slide 8
Now let's discuss credit balance payments and what they mean to you. When you receive a credit balance payment from your financial aid, what do you think of? Hopefully, you think that you need to save this for future educational related expenses. Why?
You will have to pay loan balances back so if you use loans and receive a credit balance payment, anything you spend them on is really on credit. The financial aid that you receive, specifically federal student loans, is supposed to be used for educational expenses. Any money you spend from your refund—say, that pizza you bought last night—might be accruing interest. So avoid unnecessary spending and use your credit balance payment wisely.
The loan money included in your refund counts toward your aggregate limit, and once you reach that limit, you can't borrow anymore unless you pay it off. This could limit your funding as you continue to pursue your degree and will increase your debt, creating a higher student loan payment as a result.
Some suggestions: maximize your aid by taking as many classes as you can.
Focus on borrowing only what you need.
[End of Transcript]