Financial Aid 101 Dave Rice Associate Director Counseling & 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 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.
Where Do I Apply? • Web site: www.fafsa.ed.gov • 2014-2015 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: 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
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
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.
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
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 1st Deadline • Martin Luther King Scholarship -Stackable award for 2014-2015 academic year -February 1st Deadline
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
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…)
Tackling your remaining balance • Payment Plans • Most schools offer a variety • Outside/Alternative loans • Do some homework now! • Parent PLUS loan • Federally guaranteed
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
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
THANK YOU! Contact us 1.800.758.3678 (Toll Free) 314.977.2350 (Main) 314.977.3437 (Fax) email@example.com (E-mail) http://finaid.slu.edu http://slu.financialaidtv.com
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