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1 Student Financial Services Financing Your Legal Education Fall Open House 2012.

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Presentation on theme: "1 Student Financial Services Financing Your Legal Education Fall Open House 2012."— Presentation transcript:

1 1 Student Financial Services Financing Your Legal Education Fall Open House 2012

2 2 Student Financial Services Who we are Kathleen Koch – Assistant Dean Lynette Splinter – Director Paula Nagel – Associate Director Eric Bender – Records Specialist/Evaluator Natasha Murphy – Program Coordinator Susan Murphy – Computer Specialist Office hours Monday, Thursday  9:00 am – 6:00 pm Tuesday, Wednesday, Friday  9:00 am – 4:30 pm How to reach us Tel.: (206) 398-4250 Fax: (206) 398-4058 E-mail: Web:

3 3 What we’re going to cover Information about the cost of attendance Steps in the financial aid process Resources for paying for law school How to prepare financially for law school Question & Answer Time

4 4 What is the student budget? 2012-13 Cost of Attendance Full-time9 months12 months Tuition$39,810$39,810 Books/Supplies$1,192$1,192 Room$11,313$15,084 Board$3,033$4,044 Personal Expenses$3,132$4,176 Transportation$2,088$2,784 Loan Fees$97$97 SBA Fees$74 $74 Matriculation Fee$100$100 Total$60,839$67,361

5 5 So… now how do I pay for it? Own resources Financial aid Scholarships Employment Loans Outside Resources Outside scholarships Tuition remission (employer tuition programs) Family help VA benefits

6 6 Scholarships Free Money! At-Entry Scholarships are awarded based on admission information and do not require a separate application. Range from $2,500 to $22,500 and renewable based on the conditions of the scholarship. Full tuition awards, require a separate application: Scholars for Justice full tuition scholarship. See for more information. Adolf A. Berle, Jr. full tuition scholarship. See for more information. Native American Law full tuition scholarship. See for more information. Community Service Stipend: $3000 for first year based on prior participation in AmeriCorps, City Year, Peace Corps, VISTA, Teach for America or Jesuit Volunteer Corps. Requires documentation of qualifying service. Year-end Achievement Scholarships Based on class rank after the first and second years. Range from $1,000 to $18,000.

7 7 Employment On-campus Employment Employment opportunities available through Federal Work Study or non-Work Study positions. Hourly wages currently range from $9.45 to $11.70 Job Fair held in the fall to meet and set up interviews with different departments in the law school. Outside Employment Student option to work during law school. Hours limited to 20 hours per week if attending full-time per ABA regulations. Part-time students can work up to 40 hours per week.

8 8 Student Loans Federal Direct Stafford Loan $20,500 annual maximum Interest rate fixed at 6.8% Interest accrues but may be deferred until repayment Repayment begins 6 months after graduation (or dropping below ½ time enrollment). Stafford loan qualifies for Income Based Repayment and Public Interest Loan Forgiveness options. Federal Perkins Loan Need Based up to $2,000 Interest rate fixed at 5% No interest accrues while in school and during 9 month grace period Alternative Loans Credit Based Up to the Cost of Attendance less other financial aid Fixed interest rate of 7.9% for Federal Graduate PLUS Loan. Normally a variable interest rate for private loans. Graduate PLUS loan qualifies for Income Based Repayment and Public Interest Loan Forgiveness options.

9 9 Outside Resources Outside Scholarships Also listed in the student newspaper (PR) Announced on The Docket ( Tuition Remission Employers may have programs that pay all or part of tuition, such as Boeing or Microsoft.

10 10 Outside Resources Family help VA Benefits Registrar’s Office is the contact for setting up the VA benefits with the Veteran’s Administration. Make sure that you inform Student Financial Services about any outside funding you receive.

11 11 Financial Aid Process Complete the FAFSA online, after 01/01/13 and by 02/15/13 for consideration for all funding. www.fafsa.govSU School code is 003790 If applying to other schools, always check for deadlines and application process with each school. Award Letters mailed about 3 weeks after admission letter, but not before the middle of March. FAFSA must be completed and processed. Review comments on SAR. Additional information may be requested by the processor or our office. Review award letter, respond to any requests for more information and ask questions.

12 12 Repeat the process again Must complete the FAFSA/Renewal FAFSA each year to be considered for financial aid. Very important to complete all necessary forms by the priority deadline of February 15th to be considered for need-based programs for second and third years and to receive an on time award letter.

13 13 Keep Records Read all correspondence from the lenders. Update information, such as new address, etc. Check that the loan is not in repayment before scheduled. Get a binder to keep all the paperwork in for each academic year. It can be as simple or complex as you like. By having all the paperwork in one place, it is easier to correct any problems and keep track of your borrowing.

14 14 What are my next steps? Plan your budget – how much do you really need? Go through your expenses and bills to figure out your monthly budget. Add 10% for an emergency fund. Pay off any current debt or at least pay it down as much as you can. Focus on reducing discretionary expenses, such as food and entertainment. Prepare to live like a student. Computer costs, with proper documentation, may be included.

15 15 Check Your Credit Request a credit report Federal law allows 1 free annual credit report from each of the credit bureaus. You can obtain this information at the federally sponsored website –

16 16 Important Information – complete online FAFSA – complete the MPN - complete loan entrance counseling – general financial aid information and outside scholarship links – free scholarship search – law school website – general financial information and calculators – obtain free annual credit report from all agencies

17 17 Q & A

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