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2014 Open House Financial Aid

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2014 Open House Financial Aid – PowerPoint PPT presentation

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Title: 2014 Open House Financial Aid


1
2014 Open House Financial Aid
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
2014-2015 Financial Aid at A Glance
  • Entering freshmen received 35 million in total
    aid (from all sources)
  • 82 of freshman apply for financial aid
  • 71 of our aid applicants are eligible for need
    based financial aid
  • 94 of eligible students are awarded need-based
    grants or scholarships
  • Total aid all undergraduates students 140
    million (from all sources)
  • 70 million in LMU grants and 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
    at www.fafsa.gov
  • 15-16 FAFSA available on January 1, 2015
  • Priority filing deadlines
  • Early Action January 16, 2015
  • Regular Decision February 1, 2015
  • Do not wait for an admission decision
  • Do not wait for tax completion You can estimate
    using prior tax return and correct later

7
Applying for Financial Aid
  • Both parent and student need their own PIN number
    at www.pin.ed.gov
  • You will receive a Student Aid Report (SAR) from
    the Department of Education
  • Application is sent electronically to your school
    of choice
  • LMU FAFSA code 001234
  • You can apply by phone if needed

8
FAFSA4Caster for early awareness
  • FAFSA4Caster available any time
  • 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 www.fafsa.gov
  • Use the FAFSA4Caster as a tool to understand your
    preliminary expected family contribution and
    federal state aid
  • Do not let your results be a deterrent to apply
    for admission or financial aid

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 possible, use the IRS data retrieval tool
  • If requested, please submit
  • Tax transcript
  • Non-Filing Statement required for those who do
    not file a return
  • Contact the Financial Aid Office if there is a
    change in circumstances - Appeal
  • Loss of income as an example
  • Medical expenses paid for out of pocket

11
Federal Grants
  • Pell Grant
  • Grant offered to students with an EFC below
    5,158 (14-15)
  • 602-5,730 per year (14-15)
  • 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 9,084 in Cal Grant (14-15)
  • 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, 2015
  • GPA verification also due prior to March 2, 2015
  • www.csac.ca.gov 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
18
Federal Direct PLUS Loan
  • Cost of attendance minus financial aid awarded
  • Repayment begins April, 2016
  • Stretches parent contribution out rather than
    over an annual or four year period
  • Fixed interest rate of 7.21 (current)
  • 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 students name
  • Often requires a co-signer
  • Often has a variable interest rate

20
Outside Scholarships
  • Where to find scholarships
  • LMUs website
  • High School Counselor
  • Parents 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)
  • Email
  • Web site
  • Financial Aid Awards will be communicated
  • End of March, 2015
  • Check them regularly

23
MyAid
  • Web Based Self Service Financial Aid Planning
    Tool
  • 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 LMUs website
  • Financialaid.lmu.edu
  • More resources on our website
  • Financial Literacy
  • Veterans Assistance Programs
  • Frequently Asked Questions

25
Contact Information
  • 1 LMU Dr.
  • Suite 270 (Charles Von Der Ahe Building)
  • Los Angeles, CA 90045
  • Web financialaid.lmu.edu
  • Twitter _at_LMUFinancialaid
  • Email finaid_at_lmu.edu
  • Phone 310-338-2753
  • Fax 310-338-2793
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