2011 Open House Financial Aid. Catherine Graham Financial Aid Director

Transcription

1 2011 Open House Financial Aid Catherine Graham Financial Aid Director

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 Financial Aid at A Glance Entering freshmen received $30 million in total aid (from all sources) 79% of undergraduate students receive some form of financial assistance. Total aid all undergraduates students $140 million (from all sources) $55 million in LMU grants & 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 Determines Expected Family Contribution (EFC) FAFSA available on January 1 st, Submit FAFSA prior to February 1 st, 2012 Do not wait for an admission decision Do not wait for tax completion You can estimate using prior tax return and correct later Apply even if you are not expecting need based aid

7 Applying for Financial Aid Both parent and student need their own PIN number You will receive a Student Aid Report (SAR) from the Department of Education Verify your information and check for any rejection reasons Application is sent electronically to your school of choice LMU FAFSA code: You can apply by phone if needed

8 FAFSA4Caster for early awareness FAFSA4Caster for those not ready to complete the actual FAFSA application 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

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 requested, please submit: 2011 Federal Income Tax Return Student & Parent Include all schedules and all W-2 s Must be signed by tax filer or tax preparer Non-Filing Statement required for those who do not file a return Contact the Financial Aid Office if there is a change in circumstances Loss of income as an example

11 Federal Grants Pell Grant Grant offered to students with an EFC below $5,000 $555-$5,550 per year 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 $9,708 in Cal Grant 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 nd, 2012 GPA verification also due prior to March 2 nd, 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 Subsidized Stafford Loan (Student) Based on financial need. The government pays interest while you re in college. Amount Freshmen $3,500 Sophomores $4,500 Junior/Senior $5, Interest Rate 6.8% Unsubsidized Stafford Loan (Student) Awarded to all eligible students, regardless of income and assets Amount $2,000 Interest Rate 6.8% Can increase if PLUS loan is denied

18 Federal Direct PLUS Loan Cost of attendance minus financial aid awarded Repayment begins April, 2013 Stretches parent contribution out rather than over an annual or four year period Fixed interest rate of 7.9% 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) Web site Financial Aid Awards (both merit and need based) will be communicated APRIL 1, 2012 Check them regularly

23 MyAid Web Based Self Service Financial Aid & Planning Tool Available November, 2011 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 More resources on our website Financial Literacy Veteran s Assistance Programs Frequently Asked Questions

25 Contact Information Mail or In-person counseling Monday-Friday 8:00 am 5:00 pm Drop-in or by appointment Open till 7:00 pm on Wednesdays Telephone: (310) Fax: (310)

26 Thank you Your attendance is appreciated!