Financial Aid 101Dave Rice

Associate DirectorCounseling & 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 moneyFor 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 1of 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

2013-2014 FAFSA on the Web Worksheet—4-page booklet containing:

• Instructions• 4 sections

– Student Information– Student Dependency

Status– Parent Information– Student Information

FAFSA4Caster• www.fafsa4caster.go

v• Forecasts a ballpark

figure of what your EFC may be

• Allows families to become familiar with the FAFSA

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.

Need Varies Based on Cost

X

Y

Z

Cost of Expected Family NeedAttendance Contribution (Variable) (Variable) (Constant)

1

2

3

EFC EFC

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…)

Perkins/Direct Stafford Loans

PerkinsStafford

SubsidizedStafford

Unsubsidized

How much can I borrow?

Up to $5,500SLU awards new

students up to $2,000

$3,500

$5,500**Less any borrowing of the Stafford Subsidized

Loan

Is it based on need?

Yes Yes No

What is the interest rate?

Fixed 5% Fixed 3.86% Fixed 3.86%

When do I begin

repayment?

9 months after graduation or below ½ time

status

6 months after graduation or below ½ time

status

6 months after graduation or below ½

time status

Future Amounts Up to $5,500

$4,500 for So year

$5,500 for Jr year$5,500 for Sr

year

$6,500 for So year*$7,500 for Jr year*$7,500 for Sr year*

*Less any borrowing of the Stafford Subsidized

Loan

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 ScammedTo 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

Timeline for Senior Year

August-December 2013

Admission Applications & College Visits

By December 2013 Apply for your PINs

January – March 2014

Submit FAFSA

March 2014Receive your Award

Letter

May 1, 2014Submit Deposits &

Accept Financial Aid

May – August 2014Finalize Payment

Arrangements, Enroll, Move-In!

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)sfs@slu.edu (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