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Financial Aid Office Presents: Financing Your Education

Financial Aid Office Presents: Financing Your Education. Information is based on 2010-2011 Tuition and fees. What We’ll Discuss Today. Cost of education Resources to help meet the cost Types, sources, and amounts of aid available Process of applying for financial aid

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Financial Aid Office Presents: Financing Your Education

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  1. Financial Aid Office Presents:Financing Your Education Information is based on 2010-2011 Tuition and fees

  2. What We’ll Discuss Today • Cost of education • Resources to help meet the cost • Types, sources, and amounts of aid available • Process of applying for financial aid • Your financial responsibility • Tips and helpful hints • Questions and answers

  3. Cost of Education(Direct Costs vs. Indirect Costs) • Direct costs • Tuition $23,000* • Room/board (on-campus) $11,200** $34,200 • Indirect costs • Room/board (off-campus) N/A • Transportation $1,100 • Miscellaneous/personal expenses $4,300 • Books $1,000 $6,400 * Students are also charged $196.02 for UPASS and may occur an additional $2,002 for health insurance if they can not provide evidence that they are covered by another policy. **The R&B figure is an estimation only and is based on the mean R/B calculated by using the lowest and the highest priced rooms available for the given year. Please refer to your signed contract and your Student Account bill.

  4. Resources to Help Meet the Cost • FAMILY FIRST! • Financial Aid • Other Sources • Private scholarships • Private loans • Tuition reimbursement

  5. Types of Financial Aid • Grants • Federal, State, & Institutional • Scholarships • Institutional & Private • Federal Work-Study • Loans • Federal & Private

  6. Grants Federal: • Pell Grant • Maximum Pell grant for 2010-2011 is $5,550 • Supplemental Educational Opportunity Grant (SEOG) • Maximum SEOG for 2010-2011 is $1,000 State: • Monetary Award Program (MAP) • Documentation of IL residency required • Maximum award for 2010-2011 is $4,968 although most students receive $3,974 Institutional: • Roosevelt University offers generous need-based grants to full-time students

  7. Scholarships Institutional: • All Roosevelt University applicants are evaluated for scholarship eligibility through the admission process • No separate application required • In most cases…notification will precede the official financial aid “package” Private: • Do your research • Check eligibility requirements • Check application deadlines • Apply early • Beware of scholarship search scams

  8. Federal Work Study (FWS) • Need-based employment program providing on-campus jobs to undergraduate & graduate students • Minimum half-time enrollment required • The maximum FWS award is $3,500 for 2010-2011 academic year • Pay rate for 2010-2011 is $8.25 per hour

  9. Student Loans • Federal Direct Subsidized Student Loan • Federal Direct Unsubsidized Student Loan • Federal Direct Parent Loan (PLUS) • Private Loans

  10. General Eligibility Requirements • Must be a U.S. citizen or eligible non-citizen • Must be enrolled in a degree granting program • Must complete a FAFSA yearly • Must be enrolled at least half-time to receive most state and federal financial aid awards • Must be enrolled full-time to receive ANY Roosevelt merit and need-based aid • Must maintain satisfactory academic progress to keep aid!

  11. How To Apply? • Apply for a FAFSA PIN at www.pin.ed.gov • Parent may need a PIN too • Complete the FAFSA online at www.fafsa.ed.gov • Apply on or after Jan.1 but as early as possible to meet all deadlines • Must use tax return information from prior year • Must list RU (our school code is 001749) • Need help? Use “Live Help” icon or call 1-800-4-FED-AID or CALL US! • Don’t forget to print confirmation page

  12. RU Financial Aid Packaging Principles/Assumptions • You will borrow full subsidized Stafford loan • You will work in FWS • Aid package based on enrollment and housing plans as specified on FAFSA (all RU funds are based on Full-Time enrollment) • You will bring funds from your own resources each term to cover books/supplies • You will make satisfactory arrangements to cover balance after aid

  13. Quick Internet References • Roosevelt University • www.roosevelt.edu • Free Application for Federal Student Aid • www.fafsa.ed.gov • Student Guide • www.FederalStudentAid.ed.gov • Illinois Student Aid Commission • www.collegezone.com • Fast Web – Scholarship Site • www.fastweb.com

  14. QUESTIONS????Call us at 866-421-0935

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