2014 Open House Financial Aid. Overview LMU at a glance Types of available aid The aid application...
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Transcript of 2014 Open House Financial Aid. Overview LMU at a glance Types of available aid The aid application...
![Page 1: 2014 Open House Financial Aid. Overview LMU at a glance Types of available aid The aid application process Connecting with the Financial Aid Office Additional.](https://reader036.fdocuments.us/reader036/viewer/2022070406/56649de95503460f94ae439e/html5/thumbnails/1.jpg)
2014 Open HouseFinancial Aid
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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
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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
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Types of Financial Aid
• Grants and Scholarships‒ Federal, State and Institutional
• Loans‒ Federal and Institutional
• Work Study‒ Federal and Institutional
• Outside Resources‒ Scholarships
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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
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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
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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
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• 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
FAFSA4Caster for early awareness
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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
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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
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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
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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
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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
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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
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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!
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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
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Federal Direct Stafford Loans
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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!
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• 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
Alternative (Private) Loans
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Outside Scholarships
• Where to find scholarships‒ LMU’s website‒ High School Counselor‒ Parent’s Employer‒ Search Locally‒ Online Search Engines
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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
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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
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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
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Additional Resources
• Financial Aid TV (FATV)‒ Series of short informative videos ‒ Link located on LMU’s website
• Financialaid.lmu.edu• More resources on our website
‒ Financial Literacy‒ Veteran’s Assistance Programs‒ Frequently Asked Questions
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Contact Information
1 LMU Dr.
Suite 270 (Charles Von Der Ahe Building)
Los Angeles, CA 90045
Web: financialaid.lmu.edu
Twitter: @LMUFinancialaid
Email: [email protected]
Phone: 310-338-2753
Fax: 310-338-2793