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2014 Open House Financial Aid

2014 Open House Financial Aid. Overview. LMU at a glance Types of available aid The aid application process Connecting with the Financial Aid Office Additional resources to assist you and your family. 2014-2015 Financial Aid at A Glance.

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2014 Open House Financial Aid

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  1. 2014 Open HouseFinancial Aid

  2. Overview • LMU at a glance • Types of available aid • The aid application process • Connecting with the Financial Aid Office • Additional resources to assist you and your family

  3. 2014-2015 Financial Aid at A Glance • Entering freshmen received $35 million in total aid (from all sources) • 82% of freshman apply for financial aid • 71% of our aid applicants are eligible for need based financial aid • 94% of eligible students are awarded need-based grants or scholarships • Total aid all undergraduates students $140 million (from all sources) • $70 million in LMU grants and scholarship awarded to all undergraduate students

  4. Types of Financial Aid • Grants and Scholarships • Federal, State and Institutional • Loans • Federal and Institutional • Work Study • Federal and Institutional • Outside Resources • Scholarships

  5. Types of Financial Aid • Students can receive both merit scholarships and need based grants. • Merit Scholarship • Institutional awards automatically considered based on admission application materials • Need Based Funding • Must apply using FAFSA • Grants, Subsidized Stafford Loans, Federal Work Study • Non-Need Based Funding • Amounts range from $2000 – full tuition • Unsubsidized Stafford and Parent Loans • Institutional work study program

  6. Applying for Financial Aid • FAFSA – Free Application for Federal Student Aid at www.fafsa.gov • 15-16 FAFSA available on January 1, 2015 • Priority filing deadlines: • Early Action: January 16, 2015 • Regular Decision: February 1, 2015 • Do not wait for an admission decision • Do not wait for tax completion – You can estimate using prior tax return and correct later

  7. Applying for Financial Aid • Both parent and student need their own PIN number at www.pin.ed.gov • You will receive a Student Aid Report (SAR) from the Department of Education • Application is sent electronically to your school of choice • LMU FAFSA code: 001234 • You can apply by phone if needed

  8. FAFSA4Caster available any time A tool that provides an early start on the financial aid process Calculates federal student aid eligibility (EFC) and need on-line with immediate feedback Access FAFSA4Caster at www.fafsa.gov Use the FAFSA4Caster as a tool to understand your preliminary “expected family contribution” and federal & state aid Do not let your results be a deterrent to apply for admission or financial aid FAFSA4Caster for early awareness

  9. Aid Application Cycle • Aid application cycle • Gather family information • Tax returns, assets and bank balances • Complete FAFSA online • Review SAR Student Aid Report • Receive award letter from schools listed • Evaluate offers • This is an annual process • Reapply for FAFSA again next January 1st

  10. Follow up & Additional Requests • If possible, use the IRS data retrieval tool • If requested, please submit: • Tax transcript • Non-Filing Statement required for those who do not file a return • Contact the Financial Aid Office if there is a change in circumstances - Appeal • Loss of income as an example • Medical expenses paid for out of pocket

  11. Federal Grants • Pell Grant • Grant offered to students with an EFC below $5,158 (14-15) • $602-$5,730 per year (14-15) • Supplemental Grant (SEOG) • Priority given to Pell recipients with the lowest EFCs • Funding is limited, and it may not be offered by all schools • $100 - $4,000 per year

  12. State Grants • Cal Grant • LMU awards students $9,084 in Cal Grant (14-15) • You can receive a Cal Grant for up to four years (or eight semesters) – Eligibility is reviewed annually. • Separate Cal Grant GPA verification form required. Check with your HS on their process. • Submit your FAFSA prior to March 2, 2015 • GPA verification also due prior to March 2, 2015 • www.csac.ca.gov for California Student Aid Commission

  13. Institutional Scholarships • LMU offers a number of merit based scholarships • Arrupe Scholarship • Trustee Scholarship • Presidential Scholarship • Jesuit and Marymount Scholarship • Leadership Scholarship • Jesuit Community Scholarship • LMU Achievement Award

  14. Institutional Grants and Process • LMU Grants are awarded to eligible students based on scholastic and financial eligibility.  • Students must meet all federal aid requirements in order to receive this grant. • LMU determines your eligibility for institutional, federal & state aid programs using FAFSA results • Grants • Loans • Work Study

  15. Student Employment • Federal and institutional student employment programs are available to those who apply for financial aid • Work to earn award • On campus • Used to pay for miscellaneous expenses • Many benefits!

  16. Loan Programs • Federal • Direct Stafford Loans (Student) • Direct PLUS Loan (Parent) • Institutional • To be offered by LMU to the student • Option of last resort • Alternative (Private) Student Loans

  17. Federal Direct Stafford Loans

  18. Federal Direct PLUS Loan • Cost of attendance minus financial aid awarded • Repayment begins April, 2016 • Stretches parent contribution out rather than over an annual or four year period • Fixed interest rate of 7.21% (current) • TIP: Be aware of PLUS loans in financial aid award letters!

  19. Alternative (Private) Loans • Least preferred method of funding. • Option of last resort. • Allow students to borrow funds to pay for educational expenses up to the cost of attendance less all other financial aid received • Loan is in the student’s name • Often requires a co-signer • Often has a variable interest rate

  20. Outside Scholarships • Where to find scholarships • LMU’s website • High School Counselor • Parent’s Employer • Search Locally • Online Search Engines

  21. Beware of Scholarship Scams • Signs of a Fraudulent Scholarship Service • “Guaranteed” • The information is not available anywhere else • Provide credit card number • They will do all the work • Costs money • Finalist in a contest you never entered

  22. Financial Aid Office Communication • The Financial Aid Office uses various means of communicating requirements and awards. • MyAid (students & parents) • Email • Web site • Financial Aid Awards will be communicated End of March, 2015 • Check them regularly

  23. MyAid • Web Based Self Service Financial Aid & Planning Tool • Documents needed and their status, award information & financial planning • Allows students to invite parents • Financial Planning Tool

  24. Additional Resources • Financial Aid TV (FATV) • Series of short informative videos • Link located on LMU’s website • Financialaid.lmu.edu • More resources on our website • Financial Literacy • Veteran’s Assistance Programs • Frequently Asked Questions

  25. Contact Information 1 LMU Dr. Suite 270 (Charles Von Der Ahe Building) Los Angeles, CA 90045 Web: financialaid.lmu.edu Twitter: @LMUFinancialaid Email: finaid@lmu.edu Phone: 310-338-2753 Fax: 310-338-2793

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