|
Helpful Hints for Completing the FAFSA
- The University of Memphis Federal School Code is 003509.
- Read all instructions carefully and do not skip any questions or sections unless instructed to do so.
- Report taxes paid, not taxes withheld.
- Do NOT leave the drug question blank. You must answer this question.
- If you have never completed a FAFSA before, print the signature page for you and your parent (if dependent) to sign it. Return the signed pages to the Central Processing System at the address listed on the forms. If you are a continuing student is has completed the FASFAA on-line before, use the PIN you received from the federal processor to sign the FAFSA when you have completed it on-line.
- The school may request other documents from you once they receive the results of your FAFSA.
- For more help on completing the FAFSA, please follow this link to the Department of Education's website devoted to assisting you in completing the FAFSA.
Common Mistakes When Applying for Financial Aid
- Tax forms are NOT signed. EVERY document submitted to the Office of Student Financial Aid should be signed by the student and parent of dependent students - this includes tax forms.
- W-2 statements are submitted instead of the 1040EZ, 1040A, or 1040 tax forms.
- Items, sections or signatures are left blank on the verification or worksheet forms.
- Required items or sections are left blank on the FAFSA. Signatures are missing on the FAFSA.
- Social Security Number omitted from documents. Your SSN is also your Student ID and ALL documents submitted should have your SSN included.
Maintaining Your Financial Aid Eligibility
- Keep your mailing address current. You can update your address through SPECTRUM.
- Do NOT drop classes. Work closely with your Academic Advisor and only register for the number of classes you can handle each semester.
- Maintain Satisfactory
Academic Progress.
- Avoid default on a student loan or repayment of a grant.
- Apply early for financial aid each year - See When
to Apply.
- Turn in any missing documents to the Student Financial Aid Office promptly.
- Set up a financial aid file and keep copies of all documents for your records.
- Keep your Federal PIN
in a safe place, since it is your identifier to access personal
information in various U.S. Department of Education systems.
Financial Aid Checklist
- Apply for admission to The University
of Memphis. Financial aid awards are only offered
to students who have been admitted as a degree seeking student
to the university.
- Complete U.S. taxes early each year so the FAFSA can be completed early. Keep copies of the tax returns in case they are needed later.
- File the FAFSA
as early as possible after January 1.
- Return any requested documents to the Financial Aid Office in a timely manner.
- Review you on-line award (available on SPECTRUM) and decline any award(s) you do not wish to receive. NOTE: If you want to decline only a partial amount of any type of aid, you must sumbit a written request to the Financial Aid Office.
- Use the automated processes as much as possible. Our Financial
Aid website can answer most general questions. You
also can access your financial aid status and award information
through SPECTRUM. Log on using your student ID (SSN) and university
PIN. Under the Financial Aid heading, select Financial Aid Summary. By default, award information for the current award year is displayed. You can change award years by choosing
the Award Information by Year option. NOTE : Financial Aid Award Information for Fall 2007 will NOT be available until the end of March 2007. The Student Requirements section will indicate if you are missing any financial aid documents for a particular award year.
Debt Management
- Budget your financial aid monies carefully during the year.
- Make informed choices about the amount of educational debt you can incur to obtain your degree.
- Understand the impact of student debt on your future lifestyle.
- Explore alternatives to borrowing.
- Explore ways to decrease your expenses always thinking before you buy something.
- Understand credit. Know that student loans are obligations that must be repaid.
- Successful repayment of your student loans begins after your grace period, once you cease to be at least a half-time student. If you transfer schools, be sure to get a deferment on your prior student loans. It does not happen automatically.
- Plan for repayment as soon as you receive your first student loan.
Managing Your Money Better
- Don't live a lifestyle you can't afford.
- Budget your money just as carefully as your time; get on a monthly budget and stick to it.
- Save a little each month (even if it is only $5.00) and plan for the future.
- Keep accurate, well organized records of all your bills and expenses.
- Establish and maintain a strong credit history. Request annual statements of your credit report.
- Borrow the minimum amount you need.
- Be a well-informed borrower.
- Pay your credit cards in full each month. Use your credit cards only for emergencies.
- Limit the number of credit cards.
- Be realistic on how much money you will earn right out of college.
- It has been said, "If you live like a professional while you are in school, you will live like a student once you have graduated."
Suggestions on How to Cut Expenses
- Find a roommate to share housing and other living expenses.
- Consider reducing entertainment expenses, such as dining out.
- Use coupons on grocery and department store purchases and watch for sales.
- Refrain from taking on further consumer debt, such as more credit cards.
- Consider eliminating items from your monthly budget that are not a necessity like cell phones or pagers.
- Evaluate your expenditures every few months to see where your money is being spent, where you can cut back, and when you need to stop spending.
|
|
