2014 Open HouseFinancial 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 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

FAFSA4Caster for early awareness

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 for California Student Aid Commission

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

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!

• 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

Alternative (Private) Loans

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: finaid@lmu.edu

Phone: 310-338-2753

Fax: 310-338-2793