Financial Aid 101 Valerie Jensen Coordinator, New Students and Outreach Office of Student Financial Services Saint Louis University

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 a few colleges and universities –Requests additional information –Costs money For example, Saint Louis University only requires the FAFSA.

Where Do I Apply? Web site: FAFSA on the Web becomes available on January 1, 2014.

When Do I Apply? The FAFSA should be completed between January 1 – March 1 of student ’ s senior year of high school. Most need-based aid awarded on “ first-come, first-served ” basis Plan to submit your FAFSA before each school ’ s priority deadline You must complete a FAFSA each year your student is in school.

What Can I Do Now? PIN Registration FAFSA on the Web Worksheet Forecast your EFC

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

FAFSA practice tools FAFSA on the Web Wkst FAFSA on the Web Worksheet—4-page booklet containing: Instructions 4 sections –Student Information –Student Dependency Status –Parent Information –Student Information FAFSA4Caster Forecasts a ballpark figure of what your EFC may be Allows families to become familiar with the FAFSA

How is the EFC calculated? Federal Methodology is the formula created by Congress to determine the EFC. Determined by Dept. of Education, not 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 X Y Z Cost ofExpected Family Need Attendance Contribution (Variable) (Variable) (Constant) EFC

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 -$3,000-16,000 -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: FastWeb: Scholarship Foundation of St. Louis: St. Louis Graduate: FinAid on the Web: College Board: Wired Scholar: GoCollege:

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 extra money at an hourly wage. FWS is not immediately applied to a student’s account. Undergraduate, graduate, and professional students may be eligible to earn FWS Employment may be on or off campus (i.e. charities, non- profits, etc…)

Perkins/Direct Loans Perkins Direct 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 Stafford Subsidized Loan Is it based on need?Yes No What is the interest rate? Fixed 5%Fixed 3.86% 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

Parent Loan vs. Student Private Loan Parent PLUS LoanPrivate/Alternative Loan Who is the borrower?ParentStudent What is the interest rate?Fixed 6.41% Variable _______________ Tied into Prime or Libor Index Is there an origination fee?Yes – 4.204%Varies by lender When is the loan repaid? 60 days after disbursement. Forbearance options may be available to defer payments. 6 months after graduation How much can I borrow?Up to the cost of attendance 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 a $4000 unsub loan. Yes

Tackling your remaining balance Payment Plans –Most schools offer a variety Parent PLUS loan –Federally guaranteed Outside/Alternative loans –Do some homework now!

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

Timeline for Senior Year August-December 2013 Admission Applications & College Visits By December 2013Apply for your PINs January – March 2014Submit FAFSA March 2014Receive your Award Letter May 1, 2014 Submit Deposits & Accept Financial Aid May – August 2014 Finalize Payment Arrangements, Enroll, Move-In!

Let us help you! Plan to attend a FAFSA Workshop on SLU’s Campus January 5 th, January 12 th, January 19 th, January 22 nd, January 26 th, February 16 th On-Line Chats January 7 th, January 16 th, February 5 th

Questions? Due dates are hard, fast and meaningful! You can be dropped from aid! Be aware of payment plan options. How electronic is the school you are considering? FERPA waiver info

THANK YOU! Contact us (Toll Free) (Main) (Fax) ( )