Graduate Financial Aid Information Session Jennifer Baughn Associate Director - Graduate and Professional Programs Jennifer.Baughn@lmu.edu 310-338-2753

Agenda Location and office hours Applying for Aid & Eligibility Cost of Attendance budget Types of financial aid Loan requirements Person Records On Web Link (PROWL) Checklist Questions

Location & Office Hours Financial Aid Office Location & Office Hours Charles Von der Ahe, Suite 270 Monday - Friday 8am – 5pm Counseling by walk in and by appointment Email: finaid@lmu.edu Website: http://financialaid.lmu.edu Telephone: (310)338-2753 Fax: (310)338-2793

Applying For Aid Complete the Free Application for Federal Student Aid (FAFSA) www.fafsa.ed.gov School code 001234 Looks at “prior-prior” year tax information for FAFSA year now. Create FSA ID and password at fsaid.ed.gov Complete and submit your department’s scholarship application Check with your college for more information.

Federal Aid Eligibility To be eligible for Federal Financial Aid you must: Be a U.S. citizen or eligible noncitizen Have a valid social security number Be registered with selective service (male students) Enrolled at least half-time Maintain satisfactory academic progress

Estimated Cost of Attendance Tuition and Fees $15,668 (based on 6 units per term) *Your tuition fee may be different based on your program of study. Room and Board $17,634 Books and Supplies $1,917 Transportation $1,251 Personal & Misc. $2,997 Loan fees $220 Total estimated COA $39,857 *Above COA is for off campus students (not living with parents/relatives).

Graduate Aid Facts Graduate degree seeking students are considered ‘independent’ for financial aid purposes. Parental information is NOT required for Graduate degree students, but is required for dependent Non-Degree Credential Students No institutional aid for graduate students; only department aid and federal aid (loans/work study). Only required to demonstrate financial need in order to qualify for work study. Loans are not need based.

Types of Financial Aid Departmental Awards/Scholarships Check with your college for more information Federal Work Study Direct Unsubsidized Loan Graduate PLUS Loan Private Alternative Loan For School Teachers Federal Teach Grant Cal Grant TCP (Teaching Credential Program)

Federal Work Study Must demonstrate financial need COA – Expected Family Contribution (EFC) = Financial Need Submit a Revision Request form 2018/19 Award: $3,200/year Paid as wages directly to student

Direct Unsubsidized Loan Annual Maximums $20,500 Degree Seeking Students $12,500 Non-Degree Credential (Independent) $5,000 Non-Degree Credential (Dependent) Interest Rate for 18-19: 6.6% Origination Fee of 1.066% Interest begins to accrue once the loan is disbursed. Students have the option to pay the interest while in school Repayment begins 6 months after leaving school Direct Loan Master Promissory Note (MPN) and Entrance Counseling are required before disbursement www.StudentLoans.gov

Direct Graduate PLUS Loan Requires a credit check May borrow up to the COA minus other financial aid Interest Rate for 18-19: 7.6% Origination Fee of 4.264% Interest begins to accrue once the loan is disbursed. Students have the option to pay the interest while in school Repayment begins 6 months after leaving school Grad Plus Master Promissory Note (MPN) and Grad Plus Entrance Counseling are required before disbursement www.studentloans.gov

Entrance Loan Counseling and MPN

Private Alternative Loan Not guaranteed by the Federal government Requires a credit check. Some require a credit worthy co-signer May borrow up to the COA minus other financial aid Interest rate could be fixed or variable depending on your credit. Not eligible for federal loan consolidation. May not include a deferment option.

Federal TEACH Grant Students interested in receiving the Federal TEACH Grant should complete the two requirements below on www.StudentLoans.gov TEACH Grant Agreement to Serve TEACH Grant Counseling As a condition for receiving a TEACH Grant, you must sign a TEACH Grant Agreement to Serve in which you agree to (among other requirements) teach in a high-need field;  at an elementary school, secondary school, or educational service agency that serves students from low-income families; and  for at least four complete academic years within eight years after completing (or ceasing enrollment in) the course of study for which you received the grant. IMPORTANT: If you do not complete your service obligation, all TEACH Grant funds you received will be converted to a Direct Unsubsidized Loan. You must then repay this loan to the U.S. Department of Education, with interest charged from the date the TEACH Grant was disbursed. 

Federal TEACH Grant Counseling & Agreement to Serve

Cal Grant TCP and Veteran Benefits Cal Grant TCP (Teaching Credential Program) Received a Cal Grant Payment within the last 15 months. Continue to meet Cal Grant requirements. Complete and submit a form G-44 http://www.csac.ca.gov Veteran Benefits If you are a recipient of VA benefits submit your certificate of eligibility to the Office of the Registrar. They will complete your VA paperwork. LMU is proud to participate in the Yellow Ribbon program.

AmeriCorps If you plan to use your AmeriCorps funds to pay education costs, you must submit a voucher request via the MyAmericorp website https://my.americorps.gov/ Be sure to select “Educational Expenses”. LMU must approve requested amount before the award is processed AmeriCorps funds count as a resource toward your cost of attendance; may reduce your loan eligibility

My AmeriCorps

PROWL (Personal Records Online Web Link) View and accept your Financial Aid award View missing requirements View messages from the Financial Aid Office Check your Student Account balances. Register for Classes **The Financial Aid Office will only communicate with you via your LION email address and PROWL messaging

Checklist Once you receive notification of your financial aid award: Accept or decline loan awards on PROWL Sign up for Direct Deposit via the Student Account website Enroll at least half-time 3 units for degree seeking students, 6 units for Non-Degree Credentials Complete Direct Loan Promissory Note(s) Complete Loan Entrance Counseling Review PROWL and LION email regularly for messages from Financial Aid

Loan Resources www.Studentloans.gov Complete Entrance Loan Counseling Complete Master Promissory Note Complete Exit Counseling Complete TEACH Grant Agreement to Serve & TEACH Counseling NSLDS (National Student Loan Data System) www.nslds.ed.gov Provides an integrated view of all your Title IV loans and grants during their complete life cycle Verify in-School Deferment Loan forgiveness/cancellation opportunities for educators

QUESTIONS

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