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

3. 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?

4. What is Financial Aid? Scholarships Grants Loans
Employment Opportunities

5. 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

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

7. 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 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

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

9. 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

10. 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
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

11. 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

12. Need Varies Based on Cost1 1 X 2 Y 3 Z
EFC
Cost of Attendance
(Variable)
Expected Family Contribution (Constant)
Need
(Variable)

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

14. 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 academic year
February 1st Deadline

15. Private Scholarship Search
Free Internet scholarship search engines:
FastWeb
Scholarship Foundation of St. Louis
FinAid on the Web
College Board
Wired Scholar
GoCollege

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

17. 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.

18. 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 )
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*

19. 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!

20. 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 )
Variable
Tied into Prime or Libor Index
Is there an origination fee?
Yes – 4.272% (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? No
Yes, in most cases
Is the loan based on credit?
Yes If denied, the student is awarded $4,000 unsub loan
Yes

21. 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!

22. Visit our Online Financial Education Center:
Let Us Help You!
Visit our Online Financial Education Center:
2016 FAFSA Workshops
January 10th, 24th, 31st
February 14th, 28th
2016 FAFSA Chats
January 20th
February 11th, 23rd

23. Thank You! Contact us 1.800.758.3678 (Toll Free) 314.977.2350 (Main)
(Fax)
( )