Transcript Student Budgets - Seattle University School of Law

Student
Financial
Services
Financing Your Legal Education
Fall Open House 2012
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Student Financial Services
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Who we are
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Kathleen Koch – Assistant Dean
Lynette Splinter – Director
Paula Nagel – Associate Director
Eric Bender – Records Specialist/Evaluator
Natasha Murphy – Program Coordinator
Susan Murphy – Computer Specialist
Office hours
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Monday, Thursday
 9:00 am – 6:00 pm
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Tuesday, Wednesday, Friday
 9:00 am – 4:30 pm
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How to reach us
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Tel.: (206) 398-4250
Fax: (206) 398-4058
E-mail: [email protected]
Web: www.law.seattleu.edu/financialservices
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What we’re going to cover
 Information about the cost of attendance
 Steps in the financial aid process
 Resources for paying for law school
 How to prepare financially for law school
 Question & Answer Time
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What is the student budget?
2012-13 Cost of Attendance
 Full-time
9 months
 Tuition
$39,810
 Books/Supplies
$1,192
 Room
$11,313
 Board
$3,033
 Personal Expenses
$3,132
 Transportation
$2,088
 Loan Fees
$97
 SBA Fees
$74
 Matriculation Fee
$100
 Total
$60,839
12 months
$39,810
$1,192
$15,084
$4,044
$4,176
$2,784
$97
$74
$100
$67,361
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So… now how do I pay for it?
 Own resources
 Financial aid
 Scholarships
 Employment
 Loans
 Outside Resources
 Outside scholarships
 Tuition remission (employer tuition programs)
 Family help
 VA benefits
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Scholarships
Free Money!
 At-Entry Scholarships are awarded based on admission
information and do not require a separate application.
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Range from $2,500 to $22,500 and renewable based on the conditions of
the scholarship.
 Full tuition awards, require a separate application:
Scholars for Justice full tuition scholarship. See
www.law.seattleu.edu/x3796.xml for more information.
 Adolf A. Berle, Jr. full tuition scholarship. See
www.law.seattleu.edu/x6501.xml for more information.
 Native American Law full tuition scholarship. See
www.law.seattleu.edu/x1271.xml for more information.
 Community Service Stipend: $3000 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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 Year-end Achievement Scholarships
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Based on class rank after the first and second years.
Range from $1,000 to $18,000.
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Employment
 On-campus Employment
 Employment opportunities available through Federal
Work Study or non-Work Study positions.
 Hourly wages currently range from $9.45 to $11.70
 Job Fair held in the fall to meet and set up interviews
with different departments in the law school.
 Outside Employment
 Student option to work during law school.
 Hours limited to 20 hours per week if attending full-time
per ABA regulations.
 Part-time students can work up to 40 hours per week.
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Student Loans
 Federal Direct Stafford Loan
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$20,500 annual maximum
Interest rate fixed at 6.8%
Interest accrues but may be deferred until repayment
Repayment begins 6 months after graduation (or dropping below ½
time enrollment).
Stafford loan qualifies for Income Based Repayment and Public
Interest Loan Forgiveness options.
 Federal Perkins Loan
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Need Based up to $2,000
Interest rate fixed at 5%
No interest accrues while in school and during 9 month grace period
 Alternative Loans
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Credit Based
Up to the Cost of Attendance less other financial aid
Fixed interest rate of 7.9% for Federal Graduate PLUS Loan. Normally
a variable interest rate for private loans.
Graduate PLUS loan qualifies for Income Based Repayment and
Public Interest Loan Forgiveness options.
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Outside Resources
 Outside Scholarships
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www.fastweb.com
www.finaid.org
www.law.seattleu.edu/outsidescholarships
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Also listed in the student newspaper (PR)
Announced on The Docket
(http://www.law.seattleu.edu/docket/)
 Tuition Remission
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Employers may have programs that pay all or
part of tuition, such as Boeing or Microsoft.
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Outside Resources
 Family help
 VA Benefits
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Registrar’s Office is the contact for setting up
the VA benefits with the Veteran’s
Administration.
 Make sure that you inform Student Financial
Services about any outside funding you
receive.
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Financial Aid Process
 Complete the FAFSA online, after 01/01/13 and by
02/15/13 for consideration for all funding.
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www.fafsa.gov SU School code is 003790
If applying to other schools, always check for deadlines
and application process with each school.
 Award Letters mailed about 3 weeks after admission
letter, but not before the middle of March.
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FAFSA must be completed and processed. Review
comments on SAR.
Additional information may be requested by the processor or
our office.
 Review award letter, respond to any requests for
more information and ask questions.
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Repeat the process again
 Must complete the FAFSA/Renewal FAFSA
each year to be considered for financial aid.
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Very important to complete all necessary
forms by the priority deadline of February 15th
to be considered for need-based programs for
second and third years and to receive an on
time award letter.
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Keep Records
 Read all correspondence from the lenders.
 Update information, such as new address, etc.
 Check that the loan is not in repayment before
scheduled.
 Get a binder to keep all the paperwork in for
each academic year.
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It can be as simple or complex as you like.
By having all the paperwork in one place, it is
easier to correct any problems and keep track
of your borrowing.
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What are my next steps?
 Plan your budget – how much do you really
need?
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Go through your expenses and bills to figure out your
monthly budget.
Add 10% for an emergency fund.
Pay off any current debt 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.
Computer costs, with proper documentation, may be
included.
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Check Your Credit
 Request a credit report
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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.fafsa.gov – complete online FAFSA
 www.studentloans.gov – complete the MPN
 www.studentloans.gov - complete loan entrance
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counseling
www.finaid.org – general financial aid information and
outside scholarship links
www.fastweb.com – free scholarship search
www.law.seattleu.edu – law school website
www.myfico.com – general financial information and
calculators
www.annualcreditreport.com – obtain free annual
credit report from all agencies
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Q&A
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