Springboard To Success

2 Not Financially Cleared? Food Card won’t work The only thing you can do in the library Can’t use any facilities Can’t work on campus Classes will be dropped Can’t live in university housing

3 Financial Clearance (cont’d) Financial clearance is achieved by: –Paying the term charges in full or –Making the minimum payment, thus enrolling in the Installment Payment Plan ($20 charge) or –Having sufficient financial aid to cover at least 25% of charges

4 Types of Financial Aid Scholarships Grants Loans (Subsidized, Unsubsidized, Parent PLUS) Student Employment (RSE, FWS).

5 Scholarships Apply with scholarship provider, i.e., Rotary, church, school, work, union Check scholarship search services – – Also have very good article on scams

6 Grants All are need-based If student eligible, will be included on award letter

7 Loans Subsidized –Student loan –Guaranteed –Does not accrue interest while in school –Repayment begins 6 months after leaving school

8 Loans cont’d: Unsubsidized –Student loan –Guaranteed –Starts accruing interest while in school –Repayment of principal begins 6 months after leaving school –Interest payment bill sent quarterly – interest rate: 6.80%

9 Dept. of Ed. Loan Maximums Dependent Freshman - $2625 Sophomore - $3500 Junior - $5500 Senior - $5500 Maximum amount across fall, spring, and summer Independent Freshman - $6625 Sophomore - $7500 Junior - $10,500 Senior - $10,500 Maximum amount across fall, spring, and summer

10 Loans cont’d: Parent PLUS –In parent’s name –Not guaranteed, must be credit-worthy –Repayment begins 60 days after second disbursement (about March 1) – interest rate: 7.90%

11 Loans cont’d: Alternative Loans—Student loans provided by private lenders. –Application process varies –Rates vary For list of reputable lenders go to → Types of Financial Aid → Loans → Alternative Loans. Click on any lender and you will be linked to their website.

12 Finding a campus job Use Student Job Finder on the internet Job Finder lists available campus jobs. You can access SJF once registered and financially cleared. Go to Find a job in SJF, notify employer of your interest, interview for job. Minimum wage for most jobs - $6.50/hour Maximum 20 hours/week Direct deposit of checks

13 How to Apply for Financial Aid

14 FAFSA SAR/ISIR Verification Packaging Award Letter EMPN/Loan Counseling Aid credited to student’s account - excess refunded The Process

15 How Do I Get the Money in My Bursar Account? Sign Award letter and turn into Financial Aid Office First-Time Borrowers at SIUE must complete empn. First-Time Borrowers must complete Entrance Loan Counseling → Links → Quick Links

16 How is Financial Aid Determined? Minus Student’s budget FAFSA’s EFC (Expected Family Contribution) Equals Need

17 Maintaining FA eligibility Renew FAFSA every spring Meet renewal requirements for specific program awards. Enroll for minimum of 6 hours Remain classified as a degree candidate. Meet SIUE academic standards. Meet financial aid academic progress requirements.

18 Most Commonly Heard Excuse I didn’t receive it –Usually because blocked –Make sure your will accept messages from the Department of Education and SIUE –Check your SIUE account often

19 –Financial aid documents requested/rec’d –Financial aid award letter –Financial aid offered, paid –E-bill from Bursar’s Office; authorize up to 5 additional people to receive e-bill –Current balance due on account –Addresses on record; option to change local, billing and addresses –Grades and academic record information

20 FERPA Family Educational Rights and Privacy Act FERPA gives parents certain rights with respect to their children's education records. These rights transfer to the student when he or she reaches the age of 18 or attends a school beyond the high school level. Students to whom the rights have transferred are "eligible students."

21 FERPA, cont’d: Rights have transferred to your student All university records belong to the student Parents no longer have access Ask your student

22 How to Find Financial Aid Office Walk-In –2308 Rendleman Hall Telephone –(618) Fax –(618) Web address –

23 Congratulations and Welcome to –Southern Illinois University Edwardsville

Just ask for assistance! We are here to help your son or daughter graduate from SIUE!