Page 1


University of Rochester | Summer 2017


Helpful information for all students and parents

FINANCIAL AID NEWS | University of Rochester | Summer 2017



Samantha Veeder

University of Rochester | Summer 2017


A Letter from the Director


Cost of Attendance and Budgeting


University of Rochester Aid Awarding Policies

6 Loans and Borrowing Options 8

Outside Scholarships


The Bursar’s Office


Student Employment


Important Addresses and Phone Numbers


Amanda B. Carter, Shalena Clary, Mary Ellen Nugent SENIOR ASSISTANT DIRECTOR


Meghan Coyne, Shawn Denman SENIOR COUNSELORS

Patrick Hennessey, Tayler Kreutter, Christina Schmidt, Carrie Welch, Stephen Willhauck COUNSELORS

Meredith Doubleday, Ashley Rocca, Gala Tubera, OFFICE MANAGER


Patti LaRosa



(585) 275-3226 toll-free (800) 881-8234 FAX

(585) 756-7664 MAILING ADDRESS

The Financial Aid Office Wallis Hall PO Box 270261 Rochester, NY 14627-0261 EMAIL


FINANCIAL AID NEWS | University of Rochester | Summer 2017


DIRECTOR Samantha Veeder

Associate Dean of College Enrollment, Director of Financial Aid

Another academic year has come and gone and summer is officially here! We want to remind you that our office remains open throughout the summer as we finalize your financial aid award for the upcoming school year and work with the Bursar’s Office to apply your financial aid toward your fall billing statement. In addition, if you are taking summer classes and have questions about financial aid for summer enrollment, you may contact your financial aid counselor for assistance. As a reminder, our policy is to communicate directly to students using their University email address regarding their financial aid award. This includes follow-up regarding outstanding documents/requirements and financial aid awards. It is important that all application requirements—including promissory notes and entrance counseling requirements for student and parent loans— are completed by July 1 to ensure timely awarding and disbursing of your financial aid awards. Please log in to your FAOnline account and review your documents to ensure that all requirements are completed on time. This edition of Financial Aid News provides information on outside/private scholarships, student employment, cost of attendance and budgeting, borrowing options, answers to some common questions, and definitions of financial aid terms. We hope it is useful to you! In the fall when you arrive on campus, we will be sharing exciting news about our new financial literacy program called Salt. Salt is a program dedicated to helping you plan for, pay for, and repay the cost of your degree while preparing you for a successful financial future. Have a wonderful summer! We look forward to welcoming you back to campus in August. Meliora!

FINANCIAL AID NEWS | University of Rochester | Summer 2017




Residential Students


Off-Campus Students

Students Living with Parents

$51,090 $51,090 $51,090

Mandatory Fees (activity, health, transportation)







Books & Supplies




Personal Expenses




Room/Board Allowance

Transportation* Total

$300 $300 $300 $70,108



*Standard transportation listed. Higher travel allowances exist for international students and most out-of-state residents.

The Financial Aid Office determines standard Cost of Attendance budgets as a basis for awarding financial aid. These budgets reflect modest but adequate expense patterns of University of Rochester students based on research conducted by the Financial Aid Office. While individual expenses vary based on lifestyle, estimated costs are helpful in planning your own budget.

TUITION AND FEES Rates listed in the chart are for full-time credit hour load, defined as at least 12 credits per semester. Students who elect fewer than 12 credit hours are considered part-time students and should consult with a financial aid counselor.

BOOKS AND SUPPLIES Costs vary by program, course load, and classes selected. You may reduce your costs significantly by buying used books, renting books, or by using the University’s library and reserve book system.

PERSONAL EXPENSES/MISCELLANEOUS This category represents every other student expense — meals not covered under the standard meal plan contract, cell phones, clothes, personal hygiene, entertainment, etc. This is the most variable and personal component of any student’s budget. The financial aid budget allows about $540 per semester. Remember: Personal spending can make or break a budget! 4

FINANCIAL AID NEWS | University of Rochester | Summer 2017

ROOM AND BOARD (HOUSING COSTS) Housing costs will vary significantly based on your living arrangements. University residence halls offer a variety of room types and meal plans. The Financial Aid Office uses an estimated standard double occupancy rate in the budget to determine aid eligibility. Off-campus housing: The Rochester community offers many housing options for those who are able to live off campus. The financial aid budget allows for off-campus rent and food costs. You should carefully evaluate your costs and speak with your financial aid counselor if you choose to live off campus.

STUDENT LOAN FEES If a Federal Direct Stafford Loan is included in your aid package or if your parents borrow a Federal PLUS loan, an additional allowance can be made in your student expense budget for required loan origination fees.

OTHER ADJUSTMENTS TO THE STUDENT EXPENSE BUDGET The Financial Aid Office has some discretion in developing a realistic budget for an independent student’s particular situation. If you are an independent student, the budget in your financial aid award may reflect adjustments to the standard budget to accommodate your circumstances.



In general, you are eligible to receive financial aid at the University of Rochester for a total of eight semesters. If you are approved for a ninth semester of enrollment at the College, you may also receive financial aid. However, a separate appeal is required and we cannot guarantee approval.

If you have questions concerning your financial aid award, contact the Financial Aid Office. You must submit an appeal for reconsideration of an award to the Financial Aid Office using the Appeal Request Form along with a detailed letter explaining the situation and supporting documentation. The information should address changes in circumstances, unusual expenses, special situations, or additional information not already presented in the financial aid application.

You may continue to receive financial aid at the University of Rochester, provided you meet the following requirements: • A financial aid renewal application must be filed by March 15 of the prior academic year. Additional information, including the FAFSA, CSS/Financial Aid PROFILE Form, income tax returns, and other documentation may also be required. The Financial Aid Office will distribute information about renewal application procedures near the end of the fall semester. • Continued demonstration of financial need, as evidenced by information submitted in the renewal application. • Satisfactory academic progress, as evidenced by your ability to continue enrollment at the University of Rochester and by your successful maintenance of the minimum expectations for federal, state, and institutional Satisfactory Academic Progress (SAP). Students academic records are reviewed each semester at the Academic Action Meeting in accordance with the academic standards defined in the Undergraduate Student Handbook.

Submitting a financial aid appeal does not guarantee that your counselor will be able to offer additional need-based aid. Your counselor will be happy to discuss other financing options with you, including additional non-need based loans. Because appeals are not guaranteed to be approved, you must still pay any bills owed at the time an appeal is submitted. Few families have simple financial situations. We are happy to review any special circumstances that could affect your family’s ability to pay for college. Circumstances considered include: • Loss of income (wages, benefits, etc.) because of involuntary unemployment or change in health • High unreimbursed medical and/or dental expenses • Financial loss due to bankruptcy, foreclosure, or natural disaster

FINANCIAL AID NEWS | University of Rochester | Summer 2017


LOANS AND BORROWING OPTIONS FEDERAL DIRECT STAFFORD LOAN There are both subsidized and unsubsidized Federal Direct Stafford Loans for students. According to federal regulations, the amount of subsidized loan that you may borrow is limited to the difference between your student expense budget and the sum of your family contribution, benefits, and any other financial aid you receive. Unsubsidized loans only take into consideration benefits and other aid, including subsidized loans. The interest rate on subsidized Federal Direct Stafford Loans is fixed for the life of the loan. Payment of principal and interest begins after a six-month grace period. Interest rates will be determined each June for new loans for the upcoming award year, which runs July 1–June 30 (4.45% for 2017–2018). The interest rate on unsubsidized loans is also fixed. However, the borrower bears interest charges from the date the loan is disbursed. Interest on unsubsidized loans may either be paid as it accrues or be deferred and capitalized (i.e., added to the loan principal) while you are in school and for a grace period of six months after graduation or termination of studies. Payment of principal (and interest, if it has been deferred) begins after the grace period. The usual repayment period is ten years, although a monthly minimum payment of $50 is required.

The maximum amount of an unsubsidized loan that may be borrowed is the difference between the annual limits cited below and the amount of any subsidized loan. In addition, an unsubsidized loan is regarded as replacing a part (or all) of your family contribution and, therefore, cannot exceed that amount (reduced by any parent loan). There is a 1.069% federal origination fee charged by the federal government on Federal Direct Stafford Loans disbursed on or after October 1, 2017. This amount will be deducted from the loan before the remainder of the loan is credited to the student account. You must complete and electronically sign a “Loan Agreement (Master Promissory Note)” and complete entrance counseling online with the US Department of Education before a loan may be disbursed as a credit to your student account. Loans in subsequent years do not require a new promissory note. The loan will be disbursed in two installments.

“ Evaluate each borrowing option based on your personal needs.”

Undergraduate Students Dependent1 Independent2 Annual Limit

Max Subsidized

Annual Limit

Max Subsidized

1st Year





2nd Year





3rd Year and Beyond









Total Loan Debt Limit

1. Except those whose parents are unable to borrow a PLUS loan. 2. These limits also apply to dependent students whose parents are unable to borrow a PLUS loan. 3. The aggregate borrowing maximums for graduate students include loans for undergraduate study.


FINANCIAL AID NEWS | University of Rochester | Summer 2017

Graduate Students

Annual Limit

Max Subsidized

$20,500 for each year



FEDERAL PERKINS LOAN This federal program provides loans for students with demonstrated financial need. It is administered directly by the University of Rochester. A student may borrow as much as $5,500 a year; a total of no more than $27,500 may be borrowed as an undergraduate. The interest rate is 5%. There is no repayment required and no interest charged while you are in college and for nine months after graduation or termination of studies. The repayment period may be as long as ten years, although a monthly minimum payment of $40 is required. There are provisions for deferment of repayment for graduate school or study in an approved graduate fellowship program, as well as for periods during which you are engaged in service that qualifies for cancellation of part of your loan.

There are certain requirements to qualify for the PLUS loan and the federal processor will access your credit report as part of the application process. Because credit reports are valid for a limited time, applications for the 2017– 2018 should be completed no earlier than June 1, 2017. Applicants must complete the FAFSA before eligibility for the PLUS loan can be determined. You must reapply each year. The maximum amount that can be borrowed each year is the Cost of Attendance minus all other financial aid awarded. For Example:

“What you borrow today you

Cost of Attendance


Total Financial Aid Awards


PLUS Loan Eligibility

must pay back later—with interest.”


PRIVATE LOANS PLUS LOANS FOR PARENTS Direct PLUS Loans are part of the federal Direct Loan Program, which makes loans directly from the US Department of Education. Graduate students and parents of undergraduates must apply for PLUS loans separately if they need additional funds to cover costs. Eligibility is not based on need and borrowers may obtain up to the amount of Cost of Attendance minus any other financial assistance received. The Direct PLUS Loan may be of interest to students/ parents who: • Are not eligible for other aid. • Have unusual costs above the standard student expense budgets. • Have remaining financial need after other forms of aid are awarded. • Wish to borrow all or part of their Expected Family Contribution.

If you need additional financing to meet your educational costs, visit loan/#tab4 for information about private loans. Before applying for a private alternative loan, it is recommended that you research lenders to compare interest rates, repayment information, deferment options, etc. Private lenders set the terms for the loans, resulting in different criteria for both loan eligibility and loan rates. The University of Rochester does not recommend any specific lenders. However, we provide a list of lenders for educational purposes only and it contains names of lenders and products that have been commonly used by University of Rochester students in the past few years. View this list at You are not required to select a lender from the Elm Select list and we will process an application from any lender that you choose.

FINANCIAL AID NEWS | University of Rochester | Summer 2017


OUTSIDE SCHOLARSHIPS Are you receiving an outside scholarship or are you looking for more scholarships to apply for? Did you know there are outside scholarship deadlines that happen yearround, and not just from March through June? Search for outside scholarships at Our scholarship page is divided into seperate sections: 1. The first section, “Policy,” explains how outside scholarships are applied to a student’s financial aid. Outside Scholarships Policy The strength of the candidates who apply to the University often makes our applicants excellent candidates for outside scholarships. The amount of the outside scholarships received will reduce the workstudy and loan awards before reducing university needbased grants. The combination of outside awards and Rochester-packaged awards may not exceed a student’s institutional need or cost of attendance. 2. The second section, “Search Engines,” will assist you in searching for scholarships beyond the University. Many of these sites will request that you set up a profile, and will then notify you of scholarships that match your criteria. This will save you a lot of time. 3. The last two sections list scholarships that have deadlines for the current month and the next month. These companies have reached out to us seeking applicants from the University of Rochester.


FINANCIAL AID NEWS | University of Rochester | Summer 2017

When you receive notification of an outside scholarship, please send a copy of the letter to your financial aid counselor. Once we receive that letter, we will add it to your financial aid package and allow it to anticipate toward your bill. We may need to adjust your current financial aid package, but it will replace self-help first (work-study and student loans) and then need-based grants and University aid. It cannot be used to replace a part of your family contribution; it must be part of your financial aid package in accordance with federal regulations and University Policies. Once you receive the scholarship check, please send that to the Bursar’s Office at Bursar’s Office, PO Box 270037, 330 Meliora Hall, Rochester, NY 14627. For more information on outside scholarships, please review the Financial Aid Handbook on our website. If you have specific questions about your situation and scholarships you have received, please reach out to your financial aid counselor. COMING SOON: During Orientation and Meliora Weekend, we will be unveiling a new financial literacy program, which also has an awesome scholarship search tool! Stay tuned for more info as we get closer to our launch date.  

Continue reading for helpful tips and information from select offices on campus!


The Bursar’s Office is responsible for billing and cashiering operations. They collect, calculate, and bill all tuition and associated fees for students at the University. They partner with many different offices to bill fees such as lab fees, international student fees, study abroad fees, health fees and insurance, Orientation, etc. Through their partnership with the Financial Aid Office, they anticipate and display financial aid on your student account and billing statement. Billing statements are generated once a month and cover all activity on your account over the last 30 days.

Sample bill:

Billing statements can be viewed in the Bursar’s Office portal, UR ePAY. The top of your monthly statement will always reflect an ending balance from the previous month’s statement. This will either be blank or reflect an existing credit or charge on your account. In the example on the right, this student had a credit balance from the previous month. The Bursar’s Office was able to refund this credit to the student a few days after they received their billing statement. Although the student received a refund for fall, they are being charged for the spring semester’s tuition and fees. They now have a balance on their account that is being covered by anticipated financial aid. If this student has completed their aid application and documentation, and once the semester has begun, they will be eligible for another refund for $458.00.

FINANCIAL AID NEWS | University of Rochester | Summer 2017


STUDENT EMPLOYMENT The University of Rochester’s Student Employment Office exists to provide the support necessary to allow University of Rochester students to engage in non-benefited hourly employment through the University. The office manages the hourly employment process for all students matriculated in degree-granting programs.

JOBLINK JobLink is the online employment system available to students to search for an on-campus job, create an employment profile, and upload cover letters, CVs, or resumes. This is not the only avenue departments use to recruit applicants; we encourage students to seek out opportunities across the campus by visiting areas of interest for potential employment. JobLink also contains a Resource Library to assist with student employment. JobLink will become available to incoming students just prior to Orientation. Student employment positions are broken down into six categories, which reflect the general nature of the role: • Office Assistant • Program Assistant • Research Assistant • Service Assistant • Technical Assistant

FEDERAL WORK STUDY (FWS) IS A FEDERALLY FUNDED, CAMPUS-BASED STUDENT AID PROGRAM. • Eligibility for campus-based financial aid, including FWS, is determined by the Financial Aid Office based on the information filed on your financial aid application. • The amount of your FWS award depends on the extent of your financial need and available funds. • Students are granted an annual dollar amount, which is the maximum earning that you are eligible to earn while receiving the government subsidy. These earnings are paid to you through bi-weekly payroll. • The awarded amount is subject to change, should you receive other financial aid at a later point. • There is no FWS during the summer employment period. • You may earn more than this amount, but the excess amount will be paid in full by the employing department.


FINANCIAL AID NEWS | University of Rochester | Summer 2017

BENEFITS OF STUDENT EMPLOYMENT WHILE ATTENDING SCHOOL A part-time student employment job can help you become a better student and prepare you for your future career. Over one third of Rochester undergraduates hold oncampus jobs, and nearly half of these students have multiple jobs. • Studies show that students who work up to 20 hours a week do just as well or even better academically than those who don’t. Working only 12–15 hours a week (as most students do) shouldn’t affect your grades. • Studies also show that students who work on campus are more likely to persist in their studies. Through your job, you’ll become better acquainted with faculty, staff, and other students. • Student employment work allows you to: o Hone time-management skills necessary for academic success. o Reduce your need for student loans and debt. o Gain career-related experience as you clarify goals, acquire skills and self-confidence, and build a network of contacts. • Rochester graduates consistently share that part-time employment was their most common and valued source of career-related experience, and they often attribute post-graduation success to their work experience.

IMPORTANT ADDRESSES AND PHONE NUMBERS HEALTH INSURANCE The University of Rochester requires that all students either participate in the College’s health insurance plan or have comparable medical coverage. If you are covered by an existing policy that meets University standards, you may waive University-sponsored insurance. All incoming full-time students must indicate their preference by completing the online Health Insurance Enrollment/ Waiver process every year. The link is in the pink box on the University Health Service home page at uhs. Undergraduate students should complete this process by July 1 to avoid being charged for health insurance on the July billing statement.

ONLINE OPEN ENROLLMENT INSURANCE PROCESS All current full-time students must complete the online insurance process yearly to indicate whether they are staying on their own insurance or enrolling in the University-sponsored plan. The recommended completion date is June 30 to assure correct billing on the first tuition statement for the year. Visit or contact with questions.

MEAL PLAN INFORMATION Meal Plan Start and End Dates: Fall semester: 08/23/17–12/22/17 Spring semester: 01/12/18–05/20/18 Meal Plan Change Periods: Fall semester: 09/11/17–09/16/17 ($25.00 modification fee applies) Open Spring: 10/23/17–10/28/17; 11/27/17–11/29/17 (free modification periods) Late spring: 01/22/18–01/26/18 ($25.00 modification fee applies) Visit or contact rcdining@services. for questions.

Financial Aid Office (585) 275-3226 Toll Free: (800) 881-8234 Fax: (585) 756-7664 Twitter: @URFinAid Tumblr: Student Employment (585) 275-3226 Bursar’s Office (585) 275-3931 Office of Admissions (585) 275-3221 Office for Residential Life and Housing Services (585) 275-3166 Office of the Registrar (585) 275-8131 RELATED SERVICE AGENCIES US Department of Education Federal Student Aid 1-800-433-3242 National Student Loan Data System (NSLDS) Information about your Direct Loan Servicer and loan details List of loan servicers Federal Student Aid Online promissory note and entrance counseling Exit counseling Loan consolidation PLUS loan application FINANCIAL AID NEWS | University of Rochester | Summer 2017


Financial Aid News | Summer 2017