Student Financial Services

Once I have my financial aid award letter…now what?

Spring 2016 Webinar Lynette Splinter, Director

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Student Financial Services – Who we are

• Kathleen Koch – Assistant Dean • Lynette Splinter – Director • Natasha Murphy – Program Coordinator

– Office hours • Monday, Thursday

– 9:00 am – 6:00 pm • Tuesday, Wednesday, Friday

– 9:00 am – 4:30 pm – How to reach us

• Tel.: (206) 398-4250 • Fax: (206) 398-4058 • E-mail: lawfa@seattleu.edu • Web: www.law.seattleu.edu/financialservices

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What will we cover?

• Information about the 16-17 cost of attendance

• What’s on the award letter? • Next steps in the financial aid process • How to prepare financially for law school

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What is the student budget? 2016-17 Cost of Attendance

• Full-time 9 months 12 months – Tuition $43,500 $43,500 – Books/Supplies $1,686 $1,686 – Room $14,004 $18,672 – Board $3,240 $4,320 – Personal Expenses $3,348 $4,464 – Transportation $2,232 $2,976 – Loan Fees $215 $215 – SBA Fees $82 $82 – Matriculation Fee $100 $100

• Total $68,407 $76,015

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What is on my award letter? • Financial aid programs

– Scholarships – Loans

• Federal Stafford Unsubsidized Loan – Work Study eligibility

• Outside Resources – Outside scholarships – Tuition remission (employer tuition programs) – AmeriCorps

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Scholarships

• At-Entry Scholarships are awarded based on the admission

application. – Range from $3,000 to $30,000 and renewable based on

the conditions of the scholarship. Specific criteria is provided in the Conditions of Award letter.

• Community Service Stipend

– $3,000 for first year based on prior participation in AmeriCorps, City Year, Peace Corps, VISTA, Teach for America or Jesuit Volunteer Corps. Requires documentation of qualifying service.

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Student Loans • Federal Direct Unsubsidized Stafford Loan

– $20,500 annual maximum. – Interest is a fixed variable rate – each year the rate is set

prior to July 1 for the life of the loan (current rate is 5.84% for loans first disbursed on or after July 1, 2015). Capped at 9.50%.

– Interest accrues but may be deferred until repayment. – Repayment begins 6 months after graduation or dropping

below half-time enrollment. – Stafford loan qualifies for Pay As You Earn, Income Based

Repayment, Public Interest Loan Forgiveness, and federal loan consolidation.

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Employment • On-campus Employment

– Employment opportunities available through Federal Work Study or non-Work Study positions.

– Hourly wages currently start at $13.00. – Job Fair held at the beginning of fall term to meet and set up

interviews with different departments in the law school.

• Outside Employment – Student has the option to work during law school. – Hours limited to 20 hours per week if attending full-time. – Part-time students may work up to 40 hours per week.

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Alternative Loan Options • Alternative Loans

– Federal Grad PLUS or private/commercial student loans. – Credit based – credit check required. – Up to the Cost of Attendance less other financial aid.

• Federal Graduate Plus Loan – Fixed variable interest rate – each year the rate is set prior to July 1 for the life

of the loan (current rate is 6.84% for loans first disbursed on or after July 1, 2015). Capped at 10.50%.

– Graduate PLUS loans qualify for Pay As You Earn, Income Based Repayment, Public Interest Loan Forgiveness, and federal loan consolidation.

• Private Loans – Normally variable interest rates adjusted quarterly but some fixed rates

available. – Through a bank or credit union. – Not eligible for Pay As You Earn, Income Based Repayment, Public Interest

Loan Forgiveness, or federal loan consolidation.

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Outside Resources • Outside Scholarships

– www.fastweb.com – www.finaid.org – www.law.seattleu.edu/outsidescholarships

• Also listed in the student newspaper (PR) • Announced on The Docket

(http://www.law.seattleu.edu/docket/)

• Tuition Remission – Employers may have programs that pay all or part of

tuition, such as Microsoft.

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Outside Resources (continued) • VA Benefits

– Registrar’s Office is the contact for setting up the VA benefits with the Veteran’s Administration.

– SU participates in Yellow Ribbon.

• Family help/personal savings

• Be sure to inform Student Financial Services about any outside funding you receive.

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Financial Aid Process: Now what do I need to do? • Review your award letter and financial aid

links, respond to any requests for more information and ask any questions you may have. We’re happy to help you navigate the financial aid process.

• Follow the “Post Admit Checklist” for a

reminder of your next steps.

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Next steps for financial aid

Review, print and return a signed and dated copy of the Award Letter and Conditions of Award to SFS. Be sure to respond to the “Yes/No” column to indicate the aid that you want to accept or reject. Keep a copy for your records.

To apply for a federal student loan, go to

www.studentloans.gov; sign in with your FSA ID

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Next steps for financial aid (continued)

Complete the Master Promissory Note (MPN) for the Unsubsidized Stafford Loan. Complete Loan Entrance Counseling; it will

cover information about Stafford and Grad PLUS loans If applying for a Grad PLUS, complete the Grad

PLUS Request form annually and MPN once. MPNs are good for 10 years.

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Alternative Loans

If you plan to use an alternative loan, you will need to request it. A credit check will be run at the time of application. – Federal Graduate PLUS Loan: request a PLUS Loan online at

www.studentloans.gov.

– Private bank loans: apply on the lender’s website. – More information on alternative loan options may be found at

http://www.law.seattleu.edu/x1270.xml.

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How does financial aid pay tuition? • Financial aid pays tuition and fees first. • If expecting a refund for living expenses (all

paperwork must be completed in a timely manner), funds should be available by the end of the first week of each term.

• Be prepared to pay for at least two weeks of

expenses each term in case of a delay.

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The Business Office • The Business Office is a separate department but here is some

helpful information.

• The Business Office charges tuition, collects payment and disburses refund checks.

• Make arrangements with the Business Office to pay any balance

owing. • Direct Deposit and payment plans available.

• See http://www.law.seattleu.edu/office-and-

administration/business-office.

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Repeat the process again (and again…)

• The FAFSA/Renewal FAFSA must be completed each year to be considered for financial aid. – In your second and third years it is very important to

complete all necessary forms by the priority deadline of February 15th to be considered for need-based programs and to receive an on time award letter.

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Important Tips • Read all correspondence from our office and

respond as needed. • Check your SU email account once you have

access to it. Official notifications will go to your SU email address throughout law school.

• It helps to get a binder and online folder to keep all of your financial aid paperwork together.

• If your address changes, please update it at SU Online.

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How can I prepare financially? • Plan your budget – how much do you really

need? – Go through your expenses to figure out your monthly

budget. – Add 10% for an emergency fund. – Pay off any current debt if possible or at least pay it down as

much as you can. – Focus on reducing discretionary expenses, such as food and

entertainment. – Prepare to live like a student again. – Computer costs, with proper documentation, may be

included in your cost of attendance.

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Check Your Credit

• Request a credit report – Federal law allows 1 free annual credit report

from each of the credit bureaus. – You can obtain this information at the federally

sponsored website – www.annualcreditreport.com

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Important Information • www.studentloans.gov – complete the MPN and loan

entrance counseling • www.finaid.org – general financial aid information and

outside scholarship links • www.fastweb.com – free scholarship search • www.law.seattleu.edu – Seattle University Law School website • http://mappingyourfuture.org/money/budgetcalculator.cfm –

general budgeting and financial information • www.annualcreditreport.com – obtain free annual credit

report from all agencies

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Questions?

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Contact our office if you have any questions about the financial aid process. We are happy to help! Please call us at 206.398.4250 or email us at lawfa@seattleu.edu.