Family Orientation: Money Matters for Families

1. Family Orientation: Money Matters for Families Office of Student Financial Services Office of the Bursar

2. It’s not too late to apply! • If you have not applied for financial aid, there is still time to be considered for federal funding. • 2014/2015 FAFSA applications are currently available at www.fafsa.gov.

3. Reviewing Your Award Letter: What to Do Next… • Review both the types of awards and any comments that are listed. • Grants and Scholarships: We may require additional paperwork such as tax information or verification worksheets in order to finalize and disburse aid. • Stafford Loans: Almost all students are eligible for the federal Stafford loan in some capacity. If you choose to accept the loan, the student will have to complete additional steps in order to have the funds credited to their account: • Master Promissory Notes • Entrance Counseling Complete at www.studentloans.gov

4. Reviewing Your Award Letter • Federal Work Study and Employment: If your student was awarded work study as part of their award package, we will be mailing them the paperwork in July. • Information on job placement and documentation such as I-9, W-4 and Direct Deposit will be included. • Please note, if a student had not been awarded work study and would like to work on campus, have them check with our office around October 1st, to see if we have any remaining open positions. If so, we may be able to accommodate them.

5. The Bill • The Fall semester bills will be due on August 1st. • Please keep in mind that the balance due is only for the Fall semester. In order to have an accurate financial plan in place for the year, you should double this figure. • Employment funds are NOT applied to the tuition bill. You should not include these funds in your estimate.

6. Preparing for the Bill • Although the tuition bill is not due until August, you should develop a plan now. • First estimate your total cost for the year. • Subtract financial aid (except employment program funds) • Consider a Payment Plan offered by the Bursar’s Office.

7. Consider a Plus Loan or another private educational loan. Visit www.collegefinancecenter.org (under the student loans section) for options to help with the gap between cost and financial aid. • Please keep in mind that most private educational loans can take up to 4 weeks to be approved. Apply early to avoid any issues with the billing due date.

8. Other Things to Consider • Besides missing paperwork, there are a few other things that could prevent your student's aid from disbursing: • A final high school transcript must be sent to the Office of Undergraduate Admissions • The student must be registered for the number of credits that their aid is based on. (For most, that will be full-time status, or 12 credits or more) Feel free to contact our office to check your student’s status to ensure that we have everything we need to disburse their funding!

9. Appeals • If you have changes in circumstances that we were not aware of when awarding financial aid, you may file an appeal with our office. Aid decisions were based on financial information from 2013, so if there will be any extenuating circumstances going forward such as loss of job or serious illness, we may be able to help you. Appeals must be submitted in writing, and include any supporting documentation, if applicable.

10. Aid Renewal • You must apply each year for financial aid by April 15th. • Returning students will only need to submit the new year’s FAFSA, and in some cases will be asked to submit updated tax information. • Returning students should expect to receive their award letters later than they did as incoming freshman. Typically returning students will be awarded in June, as we must wait for spring grades to post before awarding.

11. Academic Progress & Financial Aid • You must discuss the importance of doing well academically with your child, because it does have an effect on financial aid! • To be renewed for need-based aid, a student must be meeting our minimum academic requirements: • Successful completion of at least 75% of attempted coursework • Maintain at least a minimum 2.0 cumulative GPA • Merit funding may have additional renewal criteria

12. Help is Available • If your child is having academic or personal trouble, there are resources available to help. • Suffolk University wants each student to succeed. Therefore every student is assigned a financial aid counselor, and support services are available at the Counseling Center and Center for Learning and Academic Success.

13. Undergraduate Counselors First letter of student’s last name: A, C Antonia Rizzo (arizzo@suffolk.edu) B Dianne Goguen (dgoguen@suffolk.edu) D,E,J,K,O Michelle LaBonte (melabonte@suffolk.edu) F,G,H,I Barbara Wendland (bwendland@suffolk.edu) L,M Glory Peguero (gpeguero@suffolk.edu) N,P,Q Jennifer Ricciardi (jricciardi@suffolk.edu) R Hilary Haley (hhaley@suffolk.edu) S-Z Robert Rauseo (rrauseo@suffolk.edu)

14. The Reality of “Walking Away” • There are financial ramifications to not going to classes, as we may have to return some of their federal funds. • Federal aid is awarded for educational purposes. You will still have to pay the bill even if you do not complete any credits.

15. Keep Your Child Involved in the Process • Your student should be involved in the process of financial their education. They should know the cost, understand the procedures and deadlines, and they should be aware if what they are getting themselves and you (!) into financially. • Accountability and knowledge of the process will allow for a student to be more invested in their education, and more likely to succeed.