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Parent Handbook - Parents Association - University of Connecticut

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16<br />

Financial Matters<br />

Financial Aid<br />

Application for all need-based financial aid<br />

programs begins with submission <strong>of</strong> the FAFSA<br />

(Free Application for Federal Student Aid),<br />

available online at www.fafsa.ed.gov. The FAFSA<br />

is the only application UConn requires for the<br />

awarding <strong>of</strong> federal, state, and <strong>University</strong> funds<br />

for the academic year. If your student is receiving<br />

financial aid this year (2012-2013), you may<br />

already be familiar with this process.<br />

Beginning in the Fall 2009 semester, the<br />

<strong>University</strong> started participating exclusively in the<br />

(William D. Ford) Federal Direct Loan program,<br />

in which borrowers obtain loan funds directly<br />

from the U.S. Department <strong>of</strong> Education. All<br />

Federal Stafford Loan and Federal PLUS Loan<br />

borrowers need to complete a Master Promissory<br />

Note (MPN) for this program. Additional<br />

information is available at financialaid.uconn.<br />

edu/directfaq. An excellent detailed source <strong>of</strong><br />

information regarding federal aid programs and<br />

the financial aid process at UConn can be found<br />

online at www.financialaid.uconn.edu.<br />

Personal Finances<br />

Paying for books, phone bills, laundry, toiletries,<br />

and entertainment expenditures are only a few <strong>of</strong><br />

the possible expenses a student may incur. Family<br />

discussions, prior to the student’s arrival on<br />

campus, concerning how these expenses will be<br />

handled (e.g., allowance, student savings, campus<br />

employment, etc.) tend to ease the financial<br />

adjustments a student must make. A little<br />

foresight and planning beforehand can reduce a lot<br />

<strong>of</strong> future anxiety. It is recommended that you and<br />

your student work together to establish a budget to<br />

control college spending.<br />

The amount <strong>of</strong> money a student needs varies<br />

depending on personal spending habits. Book<br />

costs for a semester vary from a total <strong>of</strong> $300 to<br />

$800 and may be dependent upon the student’s<br />

major, school/college, and the number <strong>of</strong> courses<br />

taken. Money may also be needed for things like<br />

laundry detergent, personal toiletry items, and<br />

haircuts. Meal plans are included in the fee bill,<br />

however take-out at <strong>of</strong>f-campus restaurants is<br />

becoming an important part <strong>of</strong> a college student’s<br />

budget. Other costs may be associated with<br />

joining some UConn clubs or organizations.<br />

Expenses vary with the student and this is why<br />

access to a local bank is recommended.

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