financing your mba presentation
TRANSCRIPT
FINANCING YOUR MBA
Laura Barnes PaleyDirector, Student Services(847) [email protected]
MEET YOUR MODERATOR + PRESENTER
AJ Rodino, MBA ‘14Financial Aid Coordinator(847) [email protected]
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
Rebecca Kim
Private Student Loans, VA Benefits
(847) 574-5264
Kartik Gururajan, MBA
Billing/Student Accounts
(847) 574-5204
Richard Delewsky
Student Services
(847) 574-5156
HOW TO CONTACT US
QUESTIONS?