Financial Aid 101 Valerie Jensen Coordinator, New Students 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? Financial Aid Timeline

What is Financial Aid? Scholarships Grants Loans Employment Opportunities

How Do I Apply? FAFSA 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: FAFSA on the Web will become available on January 1, 2015

When Should I Apply? The FAFSA should be completed between January 1 and March 1 of student’s senior year of high school. 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? PIN Registration FAFSA on the Web Worksheet Forecast your EFC Net price calculators

PIN Registration Web site: You can get your PIN before you file the FAFSA Student and parent will each need PINs Will be used by student and parents throughout aid process, including subsequent school years

FAFSA Practice Tools 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 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 EFC X Y Z 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 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

Private Scholarship Search Free Internet scholarship search engines: FastWebwww.fastweb.comwww.fastweb.com Scholarship Foundationwww.sfstl.org of St. Louiswww.sfstl.org FinAid on the Webwww.finaid.orgwww.finaid.org College Boardwww.collegeboard.comwww.collegeboard.com Wired Scholarwww.wiredscholar.comwww.wiredscholar.com GoCollegewww.gocollege.comwww.gocollege.com Saint Louis Universityfinaid.slu.edu/scholarshipsfinaid.slu.edu/scholarships

Avoid Being Scammed To check the legitimacy of scholarship search services or individuals, for information about financial aid scams, and tips to avoid being scammed, visit these websites: U.S. Department of Education: Federal Trade Commission: Better Business Bureau:

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.

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

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 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

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!

Let us help you! Plan to attend a FAFSA Workshop on SLU’s campus January 11, 25, 28, February 8, 15 and March 8 Online Chats January 21, February 3 and 12

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