St. John s University. Financing Your Legal Education

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1 St. John s University i i i Financing Your Legal Education

2 Content The financial aid process Available financial aid programs What is the Cost of Attendance What are the student loan limits How much can I borrow in student loans What is the average loan debt of a St. John s law student Priority order for borrowing student loans Grad Plus Loan information Student loan refund process Important dates OFFICE OF STUDENT FINANCIAL SERVICES 2

3 The Financial Aid Process OFFICE OF STUDENT FINANCIAL SERVICES Complete FAFSA on-line at The St. John s Federal School Code is: FAFSA can be completed after Jan. 1 st Tuition Bill is mailed in July and all eligible financial aid is shown on the tuition bill FAFSA is screened by: -Social Security Administration -Dept. of Homeland Security -National Student Loan Data System -Veterans Affairs/Selective Service Financial Aid eligibility is determined and an award letter Is automatically created. All financial aid is immediately viewable on the web FAFSA is forwarded to The University electronically FAFSA is reviewed for any requested Information 3

4 Financial Aid Programs OFFICE OF STUDENT FINANCIAL SERVICES Unsubsidized Federal Student Loan Enrollment of at least half-time is required Interest rate for 1415 was 6.21% recalculated as of July 1, 2014 Interest accrues starting the date of disbursement Maximum yearly loan eligibility is $20,500 Repayment of interest and principal can be deferred until graduation or when student ceases at least half-time enrollment Graduate PLUS Loan Enrollment of at least half-time is required Interest rate for 1415 was 7.21% recalculated as of July 1, 2014 Based on student s credit Interest accrues while the student is enrolled Repayment of interest and principal begins upon graduation or when student ceases at least half-time enrollment Maximum yearly loan eligibility equals Cost of Attendance minus any other financial aid received University Scholarships Awarded by the Office of Admission upon enrollment Based on student s academic strength 4

5 Cost of Attendance (COA) OFFICE OF STUDENT FINANCIAL SERVICES The Cost of Attendance (COA), is a yearly figure (for 9 months of school) that represents the cost associated with attending school. It is composed of the following educational expenses in accordance with federal guidelines: Tuition Books and supplies Housing and food Transportation Miscellaneous a eous and personal living expenses Federal student loan fees 5

6 St. John s University Law School Estimated Annual Cost of Attendance Expenses Full time living at home with parents Full time Full time Part time living off campus living on campus living at home With parents Part time living off campus Tuition $53,290* $53,290* $53,290* $39,970* $39,970* Loan Fees $1,447 $1,447 $1,447 $1,447 $1,447 Books $1,910 $1,910 $1,910 $1,910 $1,910 Home Maintenance $3,296 $0 $0 $3,296 $0 On Campus/Off Campus Room $0 $15,345 $13,600* $0 $15,345 Board $0 $2,084 $6,130* $0 $2,084 Personal expenses $1,058 $1,058 $1,058 $1,058 $1,058 Transportation $930 $930 $930 $930 $930 TOTAL COST OF ATTENDANCE $61,931 $76,064 $78,365 $48,611 $62,744 *Direct expenses which are payable to St. John s University. Note that room and board expenses may differ depending on the type of room and meal plan selected. All other expenses are considered indirect expenses which the student may have in order to attend St. John s, But are not payable to the University. * Please note that 1L students have a $400 activity fee in addition to their tuition. 6

7 OFFICE OF STUDENT FINANCIAL SERVICES What are the Student Loan Limits? Loan Program Interest Rate Yearly Maximum m Lifetime Maximum Unsubsidized 6.21% $20,500 $138,500 Loan Interest rate for 1415 Rate calculated annually by the Federal Government effective July 1 st (includes any federal Stafford Loans borrowed as an undergraduate) Grad Plus Loan For % Interest rate for 1415 Rate calculated annually by the Federal Government effective July 1st COA less Financial Aid Currently No Lifetime Maximum Limit 7

8 OFFICE OF STUDENT FINANCIAL SERVICES How Much Can I Borrow - Examples Example A Cost of Attendance $78,365 (living on campus) Unsubsidized Loan $20,500 Grad Plus Loan $57,865 (COA-Unsubsidized Loan) Total Financial Aid and Maximum Total $78,365 Loans Example B Cost of Attendance $78,365 (living on campus) Unsubsidized Loan $20,500 Merit Award $30,000 Total Financial aid $50,500 (Unsubsidized Loan plus Merit Aid) Grad Plus Loan $27,865 (COA minus total financial aid) Maximum Total Loans $48,365 Total Financial Aid $78,365 8

9 OFFICE OF STUDENT FINANCIAL SERVICES What is the Average Loan Debt of a St. John s University Law School Graduate? Average total student loan borrowing for a St. John s Law student in 2013 was: 10 year Standard 25 year Standard Repayment e Plan Repayment e Plan $111,959 $111,959 Estimated interest paid over life of loans $41,626 $118,000 Estimated total debt repaid $153,585 $229,959 Estimated monthly loan payment* $1,280 $767 Assumptions: Maximum Unsubsidized Federal Direct Stafford Loan accepted with fixed payments at 6.2% interest; remainder Grad PLUS Loans with fixed payments at 7.2% interest; no loan consolidation; ½ of each annual loan award disbursed at the beginning of each semester; Repayment calculator rounds to nearest tenth of a decimal *Please note: there are several other types of repayment plans available to law students that could result in a lower monthly payment. Source: FSA Repayment Estimator 9

10 OFFICE OF STUDENT FINANCIAL SERVICES Priority Order For Borrowing Student Loans Consider all Federal Loans first. Go to in order to learn about the application process. Federal Student Loans offer: Low interest rates A variety of repayment options Cancellation opportunities Private Loan options: Review and compare interest rates Evaluate loan repayment options Review all benefits and requirements for keeping benefits Compare different lenders 10

11 OFFICE OF STUDENT FINANCIAL SERVICES Am I automatically eligible for a Grad Plus Loan? No. The Grad Plus Loan is based on the student s credit worthiness. The Grad Plus Loan requires: An application A credit check Completion of a Master Promissory Note and Entrance Interview Beginning March 29 th, a credit check for a Grad Plus Loan applicant will remain valid for 180 days. If the student t is denied d a Grad Plus Loan, the student t may seek approval with an endorser. 11

12 Refunds on excess financial aid OFFICE OF STUDENT FINANCIAL SERVICES Some students are eligible to receive a refund due to excess financial aid. This is financial aid that exceeds the charges on the student s account. All refunds are reviewed and processed upon the student s enrollment and receipt of the receipt of their financial aid. The next slide will walk you through the process. 12

13 OFFICE OF STUDENT FINANCIAL SERVICES If I am entitled to a Student Loan refund, what is the refund process? Student Loans are scheduled for disbursement (only for confirmed enrolled students) )One week before school begins Refunds are issued within 14 days either electronically of by check. Refunds are processed automatically Loans are disbursed for confirmed enrolled students Students with credit balances are reviewed for a refund on excess financial aid 13

14 Important Dates OFFICE OF STUDENT FINANCIAL SERVICES Jan Feb March April May June July August Complete the FAFSA Financial Aid Award Letters The FAFSA may be completed after Jan.1 st. Make sure you complete it prior to May so that a financial aid award can be processed prior to the tuition bill being sent Begin to be mailed in early March for all FAFSA filers Student Loan Application Process Fall tuition bill are available Fall tuition is due Early May is the time to begin the loan application process Beginning June 22 nd July 22 nd School begins August 17 th 14

15 OFFICE OF STUDENT FINANCIAL SERVICES If you need assistance or have a question, you may contact the Law School Financial Aid Counselor, Mr. Nicholas Xouris, at: or by 15

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