Annual Reminder – Costs & Financial Aid

A few years back, the State of Wisconsin passed Act 284 which in short requires every institution of higher education in the state to send an annual notice to every current student that includes the following:

• loans borrowed
  • total debt
  • applicable interest rates
  • standard repayment terms
  • estimated monthly payments
  • Projected amounts – total interest, and total interest and principle over the term of the loan.
• Estimated cost of attendance
• Cumulative amounts of State, Federal, and Institutional Grants
• Resources to learn more about financial wellness

At UW–Madison, just over half of our students submit the FAFSA – so to make sure we’re covering our entire audience, our team annually sends two communications in early August. First, there’s the actual email notice that goes to students who have received any type of financial aid.  This communication is student-specific and outlines the details mentioned above in easily readable charts.  Though the details aren’t perfect and are just estimated based on the information we have at the time it’s sent – it’s a great way for students to reflect on their costs and start planning for their future budget needs. The other email that all students get, no matter their financial aid history with our office is our Resources of Interest.  This breaks down several resources for students, even if they don’t plan to apply for financial aid, and ways our team can help, from the estimated cost of attendance to our success services and basic needs support to the GradReady, Student Jobs, and WiSH website portals.  We also make sure to throw in a good reminder that even in August, it’s still not too late to submit the FAFSA!