Office of Student Financial Services Financial Aid 101 Valerie Jensen Assistant Director, Counseling and Outreach Office of Student Financial Services

What’s happening tonight? What is financial aid? When and how do I apply? What is an Expected Family Contribution? What is an Award Letter? What is the financial aid timeline?

What is Financial Aid? Scholarships Grants Loans Employment Opportunities

How Do I Apply? FAFSA CSS/Profile Free Application for Federal Student Aid Calculates student’s Expected Family Contribution (EFC) CSS/Profile Required by some colleges and universities Requests additional information Involves a fee

Where do I Apply? Web site: www.fafsa.gov 2016-2017 FAFSA on the Web will become available on January 1, 2016 2017-2018 FAFSA on the Web will become available on October 1, 2016

When Should I Apply? The 2016-17 FAFSA should be completed between January 1 and March 1 of student’s senior year of high school. The 2017-18 FAFSA can be completed as early as October 1 Most need-based aid awarded on “first-come, first-served” basis Plan to submit FAFSA before each school’s priority deadline FAFSA must be completed each year the student is enrolled

What Can I Do Now? Create FSA IDs FAFSA on the Web Worksheet Forecast your EFC Net price calculators

Federal Student Aid ID Web site: www.fsaid.ed.gov You can get your FSA ID before you file the FAFSA Student and parent will each need an FSA ID Will be used by student and parents throughout aid process, including subsequent school years

FAFSA Practice Tools 2015-2016 FAFSA on the Web Worksheet Four page booklet containing FAFSA instructions Four Sections Student Info Student Dependency Status Parent Financial Information Student Financial Information FAFSA4Caster www.fafsa.gov Forecasts a ballpark figure of what EFC may be Allows families to become familiar with FAFSA Net Price Calculator Each school required to have within 2 clicks of homepage Gives better idea of what you’ll pay at each school

How is the EFC calculated? Federal methodology is the formula created by Congress to determine the EFC Determined by the Dept of Education, not the individual schools Uses student and parent income and assets Includes provisions and exceptions for your family and cost-of-living

Need Varies Based on Cost 1 1 X 2 Y 3 Z EFC Cost of Attendance (Variable) Expected Family Contribution (Constant) Need (Variable)

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

Saint Louis University Merit-Based Scholarship Opportunities $3,000 to $18,000 Based upon ACT/SAT scores, GPA Presidential Scholarship Full Tuition December 1st Deadline Martin Luther King Scholarship Stackable award for 2016-2017 academic year February 1st Deadline

Private Scholarship Search Free Internet scholarship search engines: FastWeb www.fastweb.com Scholarship Foundation www.sfstl.org of St. Louis FinAid on the Web www.finaid.org College Board www.collegeboard.com Wired Scholar www.wiredscholar.com GoCollege www.gocollege.com

Different Types of Federal Aid Pell Grant Supplemental Educational Opportunity Grant (FSEOG) Federal Work Study

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.

Direct Subsidized Loan Direct Unsubsidized Loan Direct Loans Direct Subsidized Loan Direct Unsubsidized Loan How much can I borrow? $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 4.29% (for 2015-16) When do I begin repayment? 6 months after graduation or below ½ time status Future Amounts $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*

Tackling your remaining balance Payment Plans Most schools offer at least one type of payment plan Parent PLUS loan Federally guaranteed Credit-based Private/Alternative Loans Do some research now!

Parent Loan vs. Private Student Loan Parent PLUS Loan Private/Alternative Loan Who is the borrower? Parent Student What is the interest rate? Fixed 6.84% (for 2015-16) Variable --------------------- Tied into Prime or Libor Index Is there an origination fee? Yes – 4.272% (for 2015-16) 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? No Yes, in most cases Is the loan based on credit? Yes If denied, the student is awarded $4,000 unsub loan Yes

Timeline for Class of 2016 August-December Admission Applications and College Visits By December Create FSA IDs January-March Submit FAFSA March Receive your Award Letter May 1 Submit Deposits and Accept Financial Aid May-August Finalize Payment Arrangements, Enroll, Move-In!

Visit our Online Financial Education Center: Let Us Help You! Visit our Online Financial Education Center: www.slu.edu/student-financial-services/online-financial-education-center 2016 FAFSA Workshops January 10th, 24th, 31st February 14th, 28th 2016 FAFSA Chats January 20th February 11th, 23rd

Thank You! Contact us 1.800.758.3678 (Toll Free) 314.977.2350 (Main) 314.977.3437 (Fax) sfs@slu.edu (Email) http://finaid.slu.edu http://slu.financialaidtv.com