2015 FAFSA Workshop Valerie Jensen Coordinator, New Students and Outreach Office of Student Financial Services

What is Financial Aid? Scholarships Grants Loans Employment Opportunities

Where do I Apply? Web site: FAFSA on the Web became available on January 1, 2015

Why file the FAFSA? It determines your eligibility for federal, state & institutional aid It takes less than one hour to complete Consider it an insurance policy – If something were to change, financial aid offices may reconsider your need and would need the FAFSA You may demonstrate higher need at different schools due to varying costs of attendance You can’t know if you qualify until you try!

Who is eligible to file? Must be enrolled or accepted for enrollment in an eligible program of study Must be pursuing a degree, certificate, or other credential Must be a U.S. citizen or eligible noncitizen Must be registered with the Selective Service (if male) May have eligibility suspended or terminated due to being convicted of a drug-related offense

Who is eligible to file? Must have a valid Social Security Number (SSN) May not be in default on a federal student loan Must not owe an overpayment of federal grant or loan funds Must make satisfactory academic progress (as defined by school) to retain eligibility Maintain a cumulative 2.0 GPA Complete 67% of classes attempted

What does the FAFSA do? Evaluates student parent and income assets to compute your family’s Expected Family Contribution (EFC) EFC is a constant for all schools that use the FAFSA to make aid decisions Federal Methodology is the formula developed by Congress to determine your EFC (not individual schools) Includes provisions and exceptions for your family and cost-of-living

Need Varies Based on Cost EFC X Y Z Cost of Attendance (Variable) Expected Family Contribution (Constant) Need (Variable)

Saint Louis University Merit-Based Scholarship Opportunities Merit-based $3,000 to $16,000 Based upon ACT/SAT scores, GPA Presidential Scholarship Full Tuition December 1 st Deadline Martin Luther King Scholarship Stackable award for academic year February 1 st Deadline

Different Types of Federal Aid Eligibility is determined by FAFSA results – Pell Grant – Federal Supplemental Educational Opportunity Grant (FSEOG) – Federal Work Study (FWS) – Perkins Loan

Federal Work-Study FWS is an opportunity for students to earn money at an hourly wage. FWS is not immediately applied to a student’s account. FWS jobs tend to be very flexible and accommodating with student schedules. Undergraduate, graduate, and professional students may be eligible to earn FWS. Employment may be on or off campus.

Perkins/Direct Loans PerkinsDirect Subsidized Loan Direct Unsubsidized Loan How much can I borrow? Up to $5,500 SLU awards new students up to $2,000 $3,500$5,500* *Less any borrowing of the Direct Subsidized Loan Is it based on need?Yes No What is the interest rate? Fixed 5%Fixed 4.66% When do I begin repayment? 9 months after graduation or below ½ time status 6 months after graduation or below ½ time status Future AmountsUp to $5,500$4,500 for So year $5,500 for Jr year $5,500 for Sr year $6,500 for So year* $7,500 for Jr year* $7,500 for Sr year* *Less any borrowing of the Direct Subsidized Loan

Parent Loan vs. Private Student Loan Parent PLUS LoanPrivate/Alternative Loan Who is the borrower?ParentStudent What is the interest rate?Fixed 7.21% (for )Variable Tied into Prime or Libor Index Is there an origination fee?Yes – 4.292% (for )Varies by lender When is the loan repaid?60 days after disbursement. Forbearance options may be available to defer payments 6 months after graduation or below ½ time status How much can I borrow?Up to the cost of attendance minus any other aid received Aggregate limits may apply Do I need a co-signer?NoYes, in most cases Is the loan based on credit?Yes If denied, the student is awarded $4,000 unsub loan Yes

Let’s take a look at the FAFSA!

What do I need to get started? Student and Parent PIN number (pin.ed.gov) Your tax documents for 2014 (Federal tax return, W-2s, bank statements, financial records, etc…) Estimating? You will need your 2013 tax documents Less than one hour of time Know which schools you want to receive your FAFSA results

Let’s file a FAFSA!

What happens next? 1.You receive a Student Aid Report (SAR) from federal processor 2.Review SAR for important information and accuracy of data 3.Colleges you listed receive an Institutional Student Information Record (ISIR) 4.Colleges match admission records with financial aid applications and determine aid eligibility 5.Colleges prepare notices of financial aid eligibility to admitted students who have completed all required financial aid forms

Award Letter Lists scholarships, grants, loans, and work opportunities based upon FAFSA Sent out by schools in early March

Timeline for Senior Year August-December 2014Admission Applications and College Visits By December 2014Apply for your PINs January-March 2015Submit FAFSA March 2015Receive your Award Letter May 1, 2015Submit Deposits and Accept Financial Aid May-August 2015Finalize Payment Arrangements, Enroll, Move-In!

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