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Financial Aid 101

Financial Aid 101

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Financial Aid 101

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  1. Financial Aid 101 Dave Rice Associate Director Counseling & Outreach Office of Student Financial Services Saint Louis University

  2. 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

  3. What is Financial Aid? • Scholarships • Grants • Loans • Employment Opportunities

  4. How Do I Apply? • FAFSA • Free Application For Federal Student Aid • Calculates student’s Estimated 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.

  5. Where Do I Apply? • Web site: www.fafsa.ed.gov • 2014-2015 FAFSA on the Web becomes available on January 1, 2014.

  6. 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.

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

  8. PIN Registration • Web site: www.pin.ed.gov • 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

  9. FAFSA practice tools FAFSA on the Web Wkst FAFSA4Caster www.fafsa4caster.gov Forecasts a ballpark figure of what your EFC may be Allows families to become familiar with the FAFSA 2013-2014 FAFSA on the Web Worksheet—4-page booklet containing: • Instructions • 4 sections • Student Information • Student Dependency Status • Parent Information • Student Information

  10. 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.

  11. 1 X 2 Y 3 Z EFC EFC Cost of Expected Family Need Attendance Contribution (V ariable) (V ariable) (Constant) Need Varies Based on Cost

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

  13. Saint Louis University Merit-Based Scholarship Opportunities • Merit-Based -$3,000-16,000 -Based upon ACT/SAT scores, GPA • Presidential Scholarship -Full Tuition -December 1st Deadline • Martin Luther King Scholarship -Stackable award for 2014-2015 academic year -February 1st Deadline

  14. Private Scholarship Search Free Internet scholarship search engines: • FastWeb: www.fastweb.com • Scholarship Foundation of St. Louis: www.sfstl.org • FinAid on the Web: www.finaid.org • College Board: www.collegeboard.com • Wired Scholar: www.wiredscholar.com • GoCollege: www.gocollege.com • Saint Louis University: finaid.slu.edu/scholarships

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

  16. 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…)

  17. Perkins/Direct Stafford Loans

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

  19. 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: www.studentaid.ed.gov/students/publications/lsa/index.html • Federal Trade Commission: www.ftc.gov/bcp/conline/publs/alerts/ouchart.htm • Better Business Bureau: www.bbb.com

  20. Timeline for Senior Year

  21. Let us help you! Plan to attend a FAFSA Workshop on SLU’s Campus • January 5th, January 12th, January 19th, January 26th, February 9th On-Line Chats • January 7th, January 16th, January 22nd, • February 5th

  22. THANK YOU! Contact us 1.800.758.3678 (Toll Free) 314.977.2350 (Main) 314.977.3437 (Fax) sfs@slu.edu (E-mail) http://finaid.slu.edu http://slu.financialaidtv.com

  23. 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