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Financial Aid 101: Essential Information for New Students

Join Valerie Jensen, Coordinator of New Students and Outreach at the Office of Student Financial Services, for a comprehensive session on financial aid. Understand what financial aid is, how to apply including the FAFSA process, and learn about Expected Family Contribution (EFC), award letters, and the financial aid timeline. Explore types of aid including scholarships, grants, loans, and job opportunities. Get practical tips and resources to navigate the application process effectively. Don't miss our upcoming FAFSA workshop sessions!

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Financial Aid 101: Essential Information for New Students

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  1. Financial Aid 101Valerie JensenCoordinator, New Students and Outreach Office of Student Financial Services

  2. 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

  3. What is Financial Aid? • Scholarships • Grants • Loans • Employment Opportunities

  4. How Do I Apply? • FAFSA • Free Application for Federal Student Aid • Calculates student’s Expected Family Contribution (EFC) • CSS/Profile • Required by some colleges and universities • Requests additional information • Involves a fee

  5. Where do I Apply? • Web site: www.fafsa.ed.gov • 2015-2016 FAFSA on the Web will become available on January 1, 2015

  6. When Should I Apply? The FAFSA should be completed between January 1 and March 1 of student’s senior year of high school. • Most need-based aid awarded on “first-come, first-served” basis • Plan to submit FAFSA before each school’s priority deadline • FAFSA must be completed each year the student is enrolled

  7. What Can I Do Now? • PIN Registration • FAFSA on the Web Worksheet • Forecast your EFC • Net price calculators

  8. PIN Registration • Web site: www.pin.ed.gov • You can get your PIN before youfile the FAFSA • Student and parent will each need PINs • Will be used by student and parents throughout aid process,including subsequent school years

  9. FAFSA Practice Tools 2014-2015 FAFSA on the Web Worksheet • Four page booklet containing • FAFSA instructions • Four Sections • Student Info • Student Dependency Status • Parent Financial Information • Student Financial Information FAFSA4Caster • www.fafsa4caster.gov • Forecasts a ballpark figure of what EFC may be • Allows families to become familiar with FAFSA Net Price Calculator • Each school required to have within 2 clicks of homepage • Gives better idea of what you’ll pay at each school

  10. How is the EFC calculated? • Federal methodology is the formula created by Congress to determine the EFC • Determined by the Dept of Education, not the individual schools • Uses student and parent income and assets • Includes provisions and exceptions for your family and cost-of-living

  11. Need Varies Based on Cost 1 X 1 2 Y 3 Z EFC Cost of Attendance (Variable) Expected Family Contribution (Constant) Need (Variable)

  12. Award Letter • Lists scholarships, grants, loans, and work opportunities based upon FAFSA • Sent out by schools in earlyMarch

  13. Saint Louis University Merit-Based Scholarship Opportunities • Merit-based • $3,000 to $16,000 • Based upon ACT/SAT scores, GPA • Presidential Scholarship • Full Tuition • December 1st Deadline • Martin Luther King Scholarship • Stackable award for 2015-2016 academic year • February 1st Deadline

  14. Private Scholarship Search Free Internet scholarship search engines: • FastWebwww.fastweb.com • Scholarship Foundation www.sfstl.orgof St. Louis • FinAid on the Web www.finaid.org • College Board www.collegeboard.com • Wired Scholar www.wiredscholar.com • GoCollegewww.gocollege.com • Saint Louis University finaid.slu.edu/scholarships

  15. Avoid Being Scammed To check the legitimacy of scholarship search services or individuals, for information about financial aid scams, and tips to avoid being scammed, visit these websites: • U.S. Department of Education:www.studentaid.ed.gov/types/scams • Federal Trade Commission:www.consumer.ftc.gov/scam-alerts • Better Business Bureau: www.bbb.org

  16. Different Types of Federal Aid • Pell Grant • Supplemental Educational Opportunity Grant (FSEOG) • Federal Work Study

  17. Federal Work-Study • FWS is an opportunity for students to earn money at an hourly wage. FWS is not immediately applied to a student’s account. • FWS jobs tend to be very flexible and accommodating with student schedules. • Undergraduate, graduate, and professional students may be eligible to earn FWS. • Employment may be on or off campus.

  18. Perkins/Direct Loans

  19. Tackling your remaining balance • Payment Plans • Most schools offer at least one type of payment plan • Parent PLUS loan • Federally guaranteed • Credit-based • Private/Alternative Loans • Do some research now!

  20. Parent Loan vs. Private Student Loan

  21. Timeline for Senior Year

  22. Let us help you! Plan to attend a FAFSA Workshop on SLU’s campus January 11, 25, 28, February 8, 15 and March 8 Online Chats January 21, February 3 and 12 www.slu.edu/student-financial-services/outreach

  23. Thank You! Contact us 1.800.758.3678 (Toll Free) 314.977.2350 (Main) 314.977.3437 (Fax) sfs@slu.edu (Email) http://finaid.slu.edu http://slu.financialaidtv.com

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