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Financial Aid 101 Valerie Jensen Assistant Director, Counseling and Outreach

Financial Aid 101 Valerie Jensen Assistant Director, Counseling and Outreach. Office of Student Financial Services. 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?

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Financial Aid 101 Valerie Jensen Assistant Director, Counseling and Outreach

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  1. Financial Aid 101Valerie JensenAssistant Director, Counseling and Outreach Office of Student Financial Services

  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? • What is the 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 Expected Family Contribution (EFC) • CSS/Profile • Required by some colleges and universities • Requests additional information • Involves a fee

  5. Where do I Apply? • Web site: www.fafsa.gov • 2016-2017 FAFSA on the Web will become available on January 1, 2016 • 2017-2018 FAFSA on the Web will become available on October 1, 2016

  6. When Should I Apply? The 2016-17 FAFSA should be completed between January 1 and March 1 of student’s senior year of high school. The 2017-18 FAFSA can be completed as early as October 1 • Most need-based aid awarded on “first-come, first-served” basis • Plan to submit FAFSA before each school’s priority deadline • FAFSA must be completed each year the student is enrolled

  7. What Can I Do Now? • Create FSA IDs • FAFSA on the Web Worksheet • Forecast your EFC • Net price calculators

  8. Federal Student Aid ID • Web site: www.fsaid.ed.gov • You can get your FSA ID before you file the FAFSA • Student and parent will each need an FSA ID • Will be used by student and parents throughout aid process, including subsequent school years

  9. FAFSA Practice Tools 2015-2016 FAFSA on the Web Worksheet • Four page booklet containing • FAFSA instructions • Four Sections • Student Info • Student Dependency Status • Parent Financial Information • Student Financial Information FAFSA4Caster • www.fafsa.gov • Forecasts a ballpark figure of what EFC may be • Allows families to become familiar with FAFSA Net Price Calculator • Each school required to have within 2 clicks of homepage • Gives better idea of what you’ll pay at each school

  10. How is the EFC calculated? • Federal methodology is the formula created by Congress to determine the EFC • Determined by the Dept of Education, not the individual schools • Uses student and parent income and assets • Includes provisions and exceptions for your family and cost-of-living

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

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

  13. Saint Louis University Merit-Based Scholarship Opportunities • Merit-based • $3,000 to $18,000 • Based upon ACT/SAT scores, GPA • Presidential Scholarship • Full Tuition • December 1st Deadline • Martin Luther King Scholarship • Stackable award for 2016-2017 academic year • February 1st Deadline

  14. Private Scholarship Search Free Internet scholarship search engines: • FastWebwww.fastweb.com • Scholarship Foundation www.sfstl.orgof St. Louis • FinAid on the Web www.finaid.org • College Board www.collegeboard.com • Wired Scholar www.wiredscholar.com • GoCollege www.gocollege.com

  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 money at an hourly wage. FWS is not immediately applied to a student’s account. • FWS jobs tend to be very flexible and accommodating with student schedules. • Undergraduate, graduate, and professional students may be eligible to earn FWS. • Employment may be on or off campus.

  17. Direct Loans

  18. Tackling your remaining balance • Payment Plans • Most schools offer at least one type of payment plan • Parent PLUS loan • Federally guaranteed • Credit-based • Private/Alternative Loans • Do some research now!

  19. Parent Loan vs. Private Student Loan

  20. Timeline for Class of 2016

  21. Let Us Help You! Visit our Online Financial Education Center: www.slu.edu/student-financial-services/online-financial-education-center 2016 FAFSA Workshops January 10th, 24th, 31st February 14th, 28th 2016 FAFSA Chats January 20th February 11th, 23rd

  22. Thank You! Contact us 1.800.758.3678 (Toll Free) 314.977.2350 (Main) 314.977.3437 (Fax) sfs@slu.edu (Email) http://finaid.slu.edu http://slu.financialaidtv.com

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