Transcript The Financial Aid Overview

Financial Aid Office
Presents:
Financing Your
Education
Information is based on 2010-2011
Tuition and fees
What We’ll Discuss Today
• Cost of education
• Resources to help meet the cost
• Types, sources, and amounts of
aid available
• Process of applying for financial
aid
• Your financial responsibility
• Tips and helpful hints
• Questions and answers
Cost of Education
(Direct Costs vs. Indirect Costs)
• Direct costs
– Tuition
– Room/board (on-campus)
$23,000*
$11,200**
$34,200
• Indirect costs
– Room/board (off-campus)
– Transportation
– Miscellaneous/personal expenses
– Books
N/A
$1,100
$4,300
$1,000
$6,400
* Students are also charged $196.02 for UPASS and may occur an additional
$2,002 for health insurance if they can not provide evidence that they are
covered by another policy.
**The R&B figure is an estimation only and is based on the mean R/B calculated
by using the lowest and the highest priced rooms available for the given year.
Please refer to your signed contract and your Student Account bill.
Resources to Help Meet the Cost
• FAMILY FIRST!
• Financial Aid
• Other Sources
– Private scholarships
– Private loans
– Tuition reimbursement
Types of Financial Aid
• Grants
– Federal, State, & Institutional
• Scholarships
– Institutional & Private
• Federal Work-Study
• Loans
– Federal & Private
Grants
Federal:
• Pell Grant
– Maximum Pell grant for 2010-2011 is $5,550
• Supplemental Educational Opportunity Grant (SEOG)
– Maximum SEOG for 2010-2011 is $1,000
State:
• Monetary Award Program (MAP)
– Documentation of IL residency required
– Maximum award for 2010-2011 is $4,968 although
most students receive $3,974
Institutional:
– Roosevelt University offers generous need-based
grants to full-time students
Scholarships
Institutional:
• All Roosevelt University applicants are
evaluated for scholarship eligibility
through the admission process
• No separate application required
• In most cases…notification will precede
the official financial aid “package”
Private:
• Do your research
• Check eligibility requirements
• Check application deadlines
• Apply early
• Beware of scholarship search scams
Federal Work Study (FWS)
• Need-based employment program
providing on-campus jobs to
undergraduate & graduate students
• Minimum half-time enrollment required
• The maximum FWS award is $3,500 for
2010-2011 academic year
• Pay rate for 2010-2011 is $8.25 per
hour
Student Loans
• Federal Direct Subsidized Student
Loan
• Federal Direct Unsubsidized
Student Loan
• Federal Direct Parent Loan (PLUS)
• Private Loans
General Eligibility Requirements
• Must be a U.S. citizen or eligible noncitizen
• Must be enrolled in a degree granting
program
• Must complete a FAFSA yearly
• Must be enrolled at least half-time to
receive most state and federal financial
aid awards
• Must be enrolled full-time to receive ANY
Roosevelt merit and need-based aid
• Must maintain satisfactory academic
progress to keep aid!
How To Apply?
•
Apply for a FAFSA PIN at www.pin.ed.gov
– Parent may need a PIN too
• Complete the FAFSA online at
www.fafsa.ed.gov
– Apply on or after Jan.1 but as early as
possible to meet all deadlines
– Must use tax return information from
prior year
– Must list RU (our school code is 001749)
– Need help? Use “Live Help” icon or call
1-800-4-FED-AID or CALL US!
– Don’t forget to print confirmation page
RU Financial Aid Packaging
Principles/Assumptions
• You will borrow full subsidized Stafford
loan
• You will work in FWS
• Aid package based on enrollment and housing
plans as specified on FAFSA (all RU funds
are based on Full-Time enrollment)
• You will bring funds from your own resources
each term to cover books/supplies
• You will make satisfactory arrangements to
cover balance after aid
Quick Internet References
• Roosevelt University
– www.roosevelt.edu
• Free Application for Federal
Student Aid
– www.fafsa.ed.gov
• Student Guide
– www.FederalStudentAid.ed.gov
• Illinois Student Aid Commission
– www.collegezone.com
• Fast Web – Scholarship Site
– www.fastweb.com
QUESTIONS????
Call us at
866-421-0935