financing your mba presentation

FINANCING YOUR MBA

Laura Barnes PaleyDirector, Student Services(847) 574-5188lbarnespaley@lfgsm.edu

MEET YOUR MODERATOR + PRESENTER

AJ Rodino, MBA ‘14Financial Aid Coordinator(847) 574-5228arodino@lfgsm.edu

TODAY’S GOALS

Understand Billing Process

Learn How to Make A Payment

Maximizing Your TR

Student Loans 101

Scholarship Awareness

Student Accounts

INVOICE

• New Students*:• Billed at the end of Week 1

• Continuing Students• Billed 2 weeks prior to start of

next term

PAYMENT

• Payment Due• Typically 30 Days from Billing

• Methods• my.lfgsmStudent Portal (credit card)

• Mail/Drop Off Check

• ACH Debit

UNDERSTANDING BILLING

• Can Defer Payment Up to 60 Days After Term Ends• Spring 2 (May) payment due prior to Fall (Sept) term start

• Assessed 0.75% Finance Fee Monthly starting 30 days after invoice• Approximately $25/class

• Used Often For Tuition Reimbursement

• Can be used to as payment plan in 2-3 installments

UNDERSTANDING BILLING

Student LoansTuition

ReimbursementScholarships VA BenefitsPersonal Funds

T u i t i o n P l a n n i n g

SOURCES OF FUNDS

HOW TO MAKE A PAYMENT

• Demo in my.lfgsm

Typical Scenario:

• $5,250/year• Can be taxable as income over this amount

Student Submits Grade and Invoice to

Employer

Employer Pays Funds Directly

to Student

Student Uses Funds to Pay

LFGSM

MAXIMIZING TUITION REIMBURSEMENT

Defer payment Receive TR Pay LFGSM

Pay Using Personal Funds

Receive TR Pay for Next

Class

Pay Using Loan Receive TR Pay Loan Down or Pay for Next

Class

TUITION REIMBURSEMENT STRATEGIES

STUDENT LOANS: KEY POINTS

• No Grants Available (aka Free Money)

• Unsubsidized – Accrue Interest Right Away

• Typically eligible for more than what you need• Request Just What You Need

• Not Required to Take Disbursement Each Term

• Loans are Non-Need Based

Before

DuringAfter

• Financial Emergency• Job Loss

• ASSIST Program

STUDENT LOANS: WHEN TO START

Federal Private

How to Qualify? Citizen/Eligible Non-citizenNo Previous Student Loan DefaultFulfilled Selective Service Req. (males)

Credit CheckIncome Verification

Rate 6.21%, fixed Varies based upon credit; Fixed/Variable

Fees 1.073% Often None

Limits $20,500 per Borrower Based Academic Year (4 consecutive terms)

Cost of Attendance

Repayment 10 – 25 years 5-15 years

Terms Standard, Extended, Graduated, Income Based; Can Consolidate

Typically Standard

LFGSM Borrowers 95% 5%

Recommended For All Borrowers Who Qualify Non-Permanent ResidentsBorrowers w/ Strong Credit History

STUDENT LOANS: FEDERAL V. PRIVATE

Pre-Loan FAFSA*Tuition

Reimbursement Form*

Master Promissory Note

Entrance Counseling

Session

Award Letter

Covers 4 Terms (Borrower Based Academic Year)

Request/Schedule Funds^

Sign, Submit

Loan Originated

Funds Disbursed Week 2 Each Term

Funds come directly to LFGSM

Excess Credit Balance Refunded

to Student

*Needs to be completed each Academic Year

^Request just what you need

STUDENT LOANS: PROCESS

• Two Cycles:• Fall-Winter 1

• Application Available May-June

• Spring 1-Spring 2• Application Available Nov-Dec

• No LFGSM Scholarships Awarded Winter 2 or Summer

• How to Apply• Form on my.lfgsm Student Portal

• Must also submit 2015-16 FAFSA

• Average Award $600• 10 Scholarship Funds Available

• Largest fund is General Scholarship

LFGSM SCHOLARSHIPS

More information Available at: https://my.lfgsm.edu/financial_aid

AJ Rodino, MBA ‘14

Federal Student Loans

(847) 574-5228

arodino@lfgsm.edu

Rebecca Kim

Private Student Loans, VA Benefits

(847) 574-5264

rkim@lfgsm.edu

Kartik Gururajan, MBA

Billing/Student Accounts

(847) 574-5204

kartik@lfgsm.edu

Richard Delewsky

Student Services

(847) 574-5156

rdelewsky@lfgsm.edu

HOW TO CONTACT US

QUESTIONS?