FINANCIAL LITERACY

College can be expensive, but there is help!

 In 2018 the average student graduated with a B.A. or B.S.
having around $29,800 of loan debt.
 According to U.S. News the average loan borrower takes
about 21 years to pay off their bachelor’s degree.
 Scholarships
 Grants
 Loans (Federal)
 Loans (Private)
 Scholarships are usually achievement based
 Academic, athletics, music, etc.

 Grants
 Need based
 Take student’s financial status into consideration
 Have to be repaid
 Direct Subsidized Loans are loans made to eligible undergraduate students
who demonstrate financial need to help cover the costs of higher education
at a college or career school. (No interest while in school)
 Direct Unsubsidized Loans are loans made to eligible undergraduate,
graduate, and professional students, but in this case, the student does not
have to demonstrate financial need to be eligible for the loan.
 Direct PLUS Loans are loans made to graduate or professional students and
parents of dependent undergraduate students to help pay for education
expenses not covered by other financial aid.
 Not provided from the institution
 From a bank or credit union
 May have higher interest rates
 May have to be paid back immediately
 Know what you are responsible for when it comes to your
loans
 Visit the loan website and understand your options
 Research Interest rates
 Know your repayment options
 10 years? 15? 20?
 Income basked repayment, graduated repayment, etc.
(https://studentaid.ed.gov/sa/repay-loans/understand/plans)
 Deferment
 Agreement between student and lender that student may reduce or postpone
repayment of a student loan for a designated period. There are various types of
deferments with varying requirements/limitations.

 Forbearance
 Agreement between student and lender that student may reduce or postpone
repayment of a student loan for a designated period. Student is still responsible for
paying interest on loan.

 Default
 Occurs when you do not make a scheduled payment on loan for a period of at least 270
days. Will be displayed on credit report – making it difficult to take out more loans and
negatively impacting your credit score. Loans are then sold to a debt collection agency,
meaning more fees added to your loan.
 If you filled out the FAFSA, you will need to reapply for aid through
FAFSA.gov each year. The process is easier after the first time
you’ve filed.
 Every year you’re getting aid, keep an eye on what you are
borrowing.
 How many loans did you take out?
 What are their interest rates?
 Are they private loans? Federal loans?
 UNO will post the amount of aid you are eligible to receive on
your MavLink account. You will then need to accept or decline
the aid.
 Federal Loans
 Most loans have a six-month grace period
 Starts after you graduate, drop out or drop below half-time
 This gives you time to find a job and develop a repayment plan
 Private Loans
 Differ based on the company
 May have to start paying immediately after the loan is taken out
 May have a grace period
 There are 8 different Federal Repayment Plans
 Standard Repayment Plan
 Graduated Repayment Plan
 Extended Repayment Plan
 Revised Pay As You Earn Repayment Plan (REPAYE)
 Pay As You Earn Repayment Plan (PAYE)
 Income-Based Repayment Plan (IBR)
 Income-Contingent Repayment Plan (ICR)
 Income-Sensitive Repayment Plan
 Study each option
 Choose one that fits your life and financial situation
 Ask questions
 Know as much about your loans as possible
 Visit the Federal Student Aid website
 Speak to a representative
 Know how long your grace period is before you must begin
paying
 Use that time to develop a plan
 Visit Success Academy and the Academic & Career
Development Center for employment help and resources
APPLY FOR SCHOLARSHIPS NOW!
 Visit UNO’s Financial Support and Scholarships website
Fill out the General Scholarship application form on MavLink. After filling out the
General Scholarship application, scholarships that you are eligible to apply for
through UNO will appear. Be sure to check scholarship deadlines!

 Success Academy Scholarship

You could earn up to $2,000 each semester of your first year at UNO by completing
the Success Academy scholarship requirements! Schedule a meeting with Alli,
Tara, Cristina, or Aaron today to learn more and fill out the scholarship contract.

 FastWeb.com
A public website encouraged by the Financial Support & Scholarships office, will
allow you to create a student profile and be matched to scholarships. The site has
over 1.5 million scholarships in their database and has many different scholarship
types and requirements based on interests, skills, and more.
 Tuition is due on the 23rd of each month and can be paid in full starting on
September 23, 2020.
 “Each unpaid billing is subject to late payment fees. A maximum of four late
payment fees can be assessed during a single semester.”
Holds are placed on student accounts for outstanding balances. This may prevent
you from enrolling in classes, accessing transcripts, and more.
A $25-$50 late fee (depending on the amount still owed) is processed for each
due date that a balance is still due.
 Students may enroll in a Maverick Payment Plan to stay ahead of payments
 Payments can be made through MavLink, by mail, or in the Cashiering & Student
Accounts Office (109 Eppley Administration Building)
 Dropping a class or not attending class could result in loss of financial aid . Be sure
to talk to a Success Academy staff member before withdrawing from any class!

https://www.unomaha.edu/accounting-services/cashiering-and-student-accounts/tuition-fees-and-refunds/late-payment-fees.php
 Be wise with your money
 Understand your loans before you accept them
 Begin to develop a savings
 Begin to build your credit
 Know how much aid you need
 Be smart about any excess loan money you receive
Net Price Calculator
Your expenses may change each year depending where you live, books you need,
and much more. The Net Price Calculator will give a quick glance of about how much
various expenses will be for the year.

Estimated Cost and Out of Pocket Worksheet

Download the “Estimated Cost and Out of Pocket Calculator” from the “Additional
Resources” section of the Financial Support & Scholarships website. This tool will
allow you to break down each cost and estimate how much is left to pay after
scholarships, grants, and loans.
Even if you have your tuition fully covered, you may need to pay for housing, books,
parking, meal plan and more.
 MavCents Interactive Budgeting Tool
Download the “Interactive Budgeting Tool” from the MavCents website.
Expenses in and out of school add up fast, especially when you are managing work,
school, and more.
The Interactive Budgeting Tool will allow you to input how much income you have
each month, monthly expenses, and leftover budget.
 There are many things to keep in mind when looking at your financial aid and
personal expenses. Be sure to talk to someone in Success Academy and/or
Financial Support & Scholarships if you have questions or need some guidance.

Financial Support & Scholarships

Eppley Administration Building, 103
402-554-2327
unofinaid@unomaha.edu

Cashiering & Student Accounts

Eppley Administration Building, 109
402-554-2324
unocsa@unomaha.edu