1. Empowering Students to Make Sound Financial Decisions Presented by Linda Williams Senior Financial Counselor Southeast Missouri State University

2. Empowerment To give ability to To enable or permit A poll conducted by Sallie Mae – 65% of surveyed students planning to attend college, did not name grants as a source of financial aid – 71% did not name loans as a source of financial aid – 72% did not name scholarships as a source of financial aid

3. How Can We Help?? Encourage students to ask questions Be patient when those questions are asked Understand students' emotions – Fear of the unknown – Anxiety that situation will never be resolved – Anger at not feeling in control of the situation Encourage students to communicate with family members Provide options or offer a plan, but do NOT make the decision for them Give students the tools they need to succeed and show them how to use those tools Talk to students in a non-threatening environment

4. Taking Control of Your Student Account Presented to UI100 Southeast Missouri State University

5. Topics For Discussion  The Financial Aid Process  Borrowing Responsibly  Satisfactory Academic Progress  Scholarships  Creating a Plan  Communication  Question and Answer

6. Overview of the Financial Aid Process (video provided by www.studentaid.gov)

7. Borrowing Responsibly (video provided by www.studentaid.gov)

8. Borrowing Responsibly  Subsidized loans- Interest is not charged while borrowers are enrolled in school at least half time (6 hours)  Current interest rate 4.66%  Unsubsidized loans- Interest is charged throughout the life of the loan  Current interest rate 4.66% (for undergrad)  Parent Plus loan- Loan in the parents’ names. Parents are responsible for repayment  Current interest rate 7.21%

9. Borrowing vs Paying Out of Pocket  $1337.50 (15 meal plan) x8 (semesters) $10,700 (unsubsidized loan)  $10,700 @ 4.66% with a Standard Repayment plan of 120 months  $13,431 (total paid with interest based on studentloans.gov loan calculator) ***If you over borrow and receive a refund, that refund can be returned to SFS and applied back to your original loan amount***

10. Satisfactory Academic Progress  Federal regulations mandate that every Title IV school has a policy establishing satisfactory academic progress (SAP)for students receiving financial aid  Progress is reviewed after every semester 1.2.0 cumulative gpa by the end of 4 th semester (Grad students 3.0) 2.A minimum 1.75 gpa at the end of each semester is required prior to the 4 th semester 3.Complete 67% of attempted hours  After review of 1 st semester student is placed on a warning semester  After review of 2 nd semester student is placed on financial aid suspension (example: Fall 2014 student does not meet sap criteria; Spring 2015 will be a warning. Spring 2015 student does not meet sap criteria ineligible for financial aid for future semesters )

11. Scholarships  Endowed/Sponsored Scholarships  $1,806,207 were awarded for 2013/14  Apply online through the portal October 13 th - March 2 nd, 2015  Student SS Endowed Scholarship Application  Scholarships are typically awarded in May (2015) by email  Private Scholarships  Speak with High school guidance counselor  Check with parents to see if their workplace has any scholarship programs

12. Tips to manage your account and expenses  Have a Plan (how am I going to pay for school?)  Start the financial aid process early  Find alternative funding sources (work, scholarships, etc…)  Implement and complete plan before the 1 st Payment due Date

13. Let’s Make a Plan  Complete Endowed/Sponsored Scholarship application by March 2, 2015  Search online for local/private scholarships  Complete Fafsa by March 1,2015 (if possible)  If selected for verification immediately turn in information  Meet with a financial counselor by May 1 st  Discuss information with parents or family members  Check student email often for award notices

14. What can I do to Reduce My Cost?  If you live on campus compare residence hall rates  Speak with academic advisor regarding reducing semester hours  Avoid unnecessary charges such as: parking tickets, library fines and excessive bookstore charges  For books that cannot be rented shop around (Barnes&Noble, Amazon, Ebay, etc…)  If you purchased a book, at the end of the semester sell it on Ebay  Utilize the SE portal and account summary to track your expenses and charges

15. Plan A Plan B  15 credit hours $3468.75  Vandiver Hall $3000.00  Other fees $75.00  15 Meals $1337.50  Textbook Rental $129.70  Total $8,010.95  Unsub loan - $2750.00  Total due $5,260.95  4 Monthly pmts $1315.24  12 credit hours $2,775.00  Towers (S&E) $2125.00  Other Fees $75.00  15 meal plan $1337.50  Textbook Rental $129.70  Total $6,442.20  Unsub loan -$2750.00  Total due $3692.20  4 Monthly pmts $923.05 Cost Comparisons

16. $$$$$Cost Savings$$$$$  Moving from Vandiver to Towers South and East will save you $7000.00 over 8 semesters  Moving from LaFerla or Merick to Towers South&East will save you $8000.00 over 8 semesters $8000.00 Unsubsidized loan 4.66% interest Standard 120 repayment plan $10,042.00 =Total to repay (based on studentloans.gov loan calculator)

17. Communication 101  Check your Southeast Email! (And actually read it)  Ask Questions!!!!!!!!  Check your portal for changes in your student account  Complete all financial aid forms in a timely manner  Be aware of your financial situation  Make sure that you have the right address on file  Communicate with your parents, guardians, etc…  Don’t wait to the last minute

18. Contact Information  Southeast Missouri State University  Phone (573) 651-2253  Email: lwilliams@semo.edulwilliams@semo.edu  Thank you for attending this session!

19. Questions or Comments