Student Financial Services

1. Student Financial Services Financing Your Legal Education Fall Open House 2012

2. Student Financial Services • Who we are • Kathleen Koch – Assistant Dean • Lynette Splinter – Director • Paula Nagel – Associate Director • Eric Bender – Records Specialist/Evaluator • Natasha Murphy – Program Coordinator • Susan Murphy – Computer Specialist • Office hours • Monday, Thursday • 9:00 am – 6:00 pm • Tuesday, Wednesday, Friday • 9:00 am – 4:30 pm • How to reach us • Tel.: (206) 398-4250 • Fax: (206) 398-4058 • E-mail: lawfa@seattleu.edu • Web: www.law.seattleu.edu/financialservices

3. What we’re going to cover • Information about the cost of attendance • Steps in the financial aid process • Resources for paying for law school • How to prepare financially for law school • Question & Answer Time

4. What is the student budget? 2012-13 Cost of Attendance • Full-time 9 months12 months • Tuition $39,810 $39,810 • Books/Supplies $1,192 $1,192 • Room $11,313 $15,084 • Board $3,033 $4,044 • Personal Expenses $3,132 $4,176 • Transportation $2,088 $2,784 • Loan Fees $97 $97 • SBA Fees $74 $74 • Matriculation Fee $100 $100 • Total $60,839 $67,361

5. So… now how do I pay for it? • Own resources • Financial aid • Scholarships • Employment • Loans • Outside Resources • Outside scholarships • Tuition remission (employer tuition programs) • Family help • VA benefits

6. Scholarships Free Money! • At-Entry Scholarships are awarded based on admission information and do not require a separate application. • Range from $2,500 to $22,500 and renewable based on the conditions of the scholarship. • Full tuition awards, require a separate application: • Scholars for Justice full tuition scholarship. See www.law.seattleu.edu/x3796.xml for more information. • Adolf A. Berle, Jr. full tuition scholarship. See www.law.seattleu.edu/x6501.xml for more information. • Native American Law full tuition scholarship. See www.law.seattleu.edu/x1271.xml for more information. • Community Service Stipend: $3000 for first year based on prior participation in AmeriCorps, City Year, Peace Corps, VISTA, Teach for America or Jesuit Volunteer Corps. Requires documentation of qualifying service. • Year-end Achievement Scholarships • Based on class rank after the first and second years. • Range from $1,000 to $18,000.

7. Employment • On-campus Employment • Employment opportunities available through Federal Work Study or non-Work Study positions. • Hourly wages currently range from $9.45 to $11.70 • Job Fair held in the fall to meet and set up interviews with different departments in the law school. • Outside Employment • Student option to work during law school. • Hours limited to 20 hours per week if attending full-time per ABA regulations. • Part-time students can work up to 40 hours per week.

8. Student Loans • Federal Direct Stafford Loan • $20,500 annual maximum • Interest rate fixed at 6.8% • Interest accrues but may be deferred until repayment • Repayment begins 6 months after graduation (or dropping below ½ time enrollment). • Stafford loan qualifies for Income Based Repayment and Public Interest Loan Forgiveness options. • Federal Perkins Loan • Need Based up to $2,000 • Interest rate fixed at 5% • No interest accrues while in school and during 9 month grace period • Alternative Loans • Credit Based • Up to the Cost of Attendance less other financial aid • Fixed interest rate of 7.9% for Federal Graduate PLUS Loan. Normally a variable interest rate for private loans. • Graduate PLUS loan qualifies for Income Based Repayment and Public Interest Loan Forgiveness options.

9. Outside Resources • Outside Scholarships • www.fastweb.com • www.finaid.org • www.law.seattleu.edu/outsidescholarships • Also listed in the student newspaper (PR) • Announced on The Docket (http://www.law.seattleu.edu/docket/) • Tuition Remission • Employers may have programs that pay all or part of tuition, such as Boeing or Microsoft.

10. Outside Resources • Family help • VA Benefits • Registrar’s Office is the contact for setting up the VA benefits with the Veteran’s Administration. • Make sure that you inform Student Financial Services about any outside funding you receive.

11. Financial Aid Process • Complete the FAFSA online, after 01/01/13 and by 02/15/13 for consideration for all funding. • www.fafsa.gov SU School code is 003790 • If applying to other schools, always check for deadlines and application process with each school. • Award Letters mailed about 3 weeks after admission letter, but not before the middle of March. • FAFSA must be completed and processed. Review comments on SAR. • Additional information may be requested by the processor or our office. • Review award letter, respond to any requests for more information and ask questions.

12. Repeat the process again • Must complete the FAFSA/Renewal FAFSA each year to be considered for financial aid. • Very important to complete all necessary forms by the priority deadline of February 15th to be considered for need-based programs for second and third years and to receive an on time award letter.

13. Keep Records • Read all correspondence from the lenders. • Update information, such as new address, etc. • Check that the loan is not in repayment before scheduled. • Get a binder to keep all the paperwork in for each academic year. • It can be as simple or complex as you like. • By having all the paperwork in one place, it is easier to correct any problems and keep track of your borrowing.

14. What are my next steps? • Plan your budget – how much do you really need? • Go through your expenses and bills to figure out your monthly budget. • Add 10% for an emergency fund. • Pay off any current debt or at least pay it down as much as you can. • Focus on reducing discretionary expenses, such as food and entertainment. • Prepare to live like a student. • Computer costs, with proper documentation, may be included.

15. Check Your Credit • Request a credit report • Federal law allows 1 free annual credit report from each of the credit bureaus. • You can obtain this information at the federally sponsored website – www.annualcreditreport.com

16. Important Information • www.fafsa.gov – complete online FAFSA • www.studentloans.gov – complete the MPN • www.studentloans.gov - complete loan entrance counseling • www.finaid.org – general financial aid information and outside scholarship links • www.fastweb.com – free scholarship search • www.law.seattleu.edu – law school website • www.myfico.com – general financial information and calculators • www.annualcreditreport.com – obtain free annual credit report from all agencies

17. Q & A