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 resources to assist you and your family

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

Types of Financial Aid

• Grants and Scholarships ‒ Federal, State and Institutional • Loans ‒ Federal and Institutional • Work Study ‒ Federal and Institutional • Outside Resources ‒ Scholarships

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

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

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

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

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

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

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

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

Commission for California Student Aid

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

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

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!

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

Federal Direct Stafford Loans

Subsidized Stafford Loan (Student)

• Based on financial need. The government pays interest while you’re in college.

• Amount • Freshmen – $3,500 • Sophomores – $4,500 • Junior/Senior – $5,500 • 14-15 Interest Rate– 4.66%

Unsubsidized Stafford Loan (Student)

• Awarded to all eligible students, regardless of income and assets • Amount – $2,000 • Interest Rate – 4.66% • Can increase if PLUS loan is denied

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!

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 student’s name • Often requires a co-signer • Often has a variable interest rate

Outside Scholarships

• Where to find scholarships ‒ LMU’s website ‒ High School Counselor ‒ Parent’s Employer ‒ Search Locally ‒ Online Search Engines

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

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

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

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

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