PowerPoint Presentation

Empowering Students to Make Sound Financial Decisions Presented byLinda WilliamsSenior Financial CounselorSoutheast Missouri State University

Empowerment To give ability to To enable or permitA poll conducted by Sallie Mae65% of surveyed students planning to attend college, did not name grants as a source of financial aid71% did not name loans as a source of financial aid72% did not name scholarships as a source of financial aid

How Can We Help??Encourage students to ask questionsBe patient when those questions are askedUnderstand students' emotionsFear of the unknown Anxiety that situation will never be resolvedAnger at not feeling in control of the situationEncourage students to communicate with family membersProvide options or offer a plan, but do NOT make the decision for themGive students the tools they need to succeed and show them how to use those toolsTalk to students in a non-threatening environment

Taking Control of Your Student Account Presented to UI100Southeast Missouri State University

Topics For Discussion The Financial Aid ProcessBorrowing ResponsiblySatisfactory Academic ProgressScholarshipsCreating a Plan CommunicationQuestion and Answer

Overview of the Financial Aid Process (video provided by www.studentaid.gov)

Borrowing Responsibly (video provided by www.studentaid.gov)

Borrowing ResponsiblySubsidized loans- Interest is not charged while borrowers are enrolled in school at least half time (6 hours)Current interest rate 4.66%Unsubsidized loans- Interest is charged throughout the life of the loanCurrent interest rate 4.66% (for undergrad)Parent Plus loan- Loan in the parents names. Parents are responsible for repayment Current interest rate 7.21%

Borrowing vs Paying Out of Pocket$1337.50 (15 meal plan) x8 (semesters) $10,700 (unsubsidized loan)

$10,700 @ 4.66% with a Standard Repayment plan of 120 months

$13,431 (total paid with interest based on studentloans.gov loan calculator)

***If you over borrow and receive a refund, that refund can be returned to SFS and applied back to your original loan amount***

Satisfactory Academic ProgressFederal regulations mandate that every Title IV school has a policy establishing satisfactory academic progress (SAP)for students receiving financial aidProgress is reviewed after every semester2.0 cumulative gpa by the end of 4th semester (Grad students 3.0)A minimum 1.75 gpa at the end of each semester is required prior to the 4th semester Complete 67% of attempted hours After review of 1st semester student is placed on a warning semesterAfter review of 2nd semester student is placed on financial aid suspension (example: Fall 2014 student does not meet sap criteria; Spring 2015 will be a warning. Spring 2015 student does not meet sap criteria ineligible for financial aid for future semesters)

ScholarshipsEndowed/Sponsored Scholarships $1,806,207 were awarded for 2013/14Apply online through the portal October 13th - March 2nd, 2015Student SS Endowed Scholarship ApplicationScholarships are typically awarded in May (2015) by emailPrivate Scholarships Speak with High school guidance counselorCheck with parents to see if their workplace has any scholarship programs

Tips to manage your account and expensesHave a Plan (how am I going to pay for school?)Start the financial aid process early Find alternative funding sources (work, scholarships, etc)

Implement and complete plan before the 1st Payment due Date

Lets Make a Plan Complete Endowed/Sponsored Scholarship application by March 2, 2015Search online for local/private scholarshipsComplete Fafsa by March 1,2015 (if possible)If selected for verification immediately turn in informationMeet with a financial counselor by May 1stDiscuss information with parents or family membersCheck student email often for award notices

What can I do to Reduce My Cost?If you live on campus compare residence hall rates

Speak with academic advisor regarding reducing semester hours

Avoid unnecessary charges such as: parking tickets, library fines and excessive bookstore charges

For books that cannot be rented shop around (Barnes&Noble, Amazon, Ebay, etc)

If you purchased a book, at the end of the semester sell it on Ebay

Utilize the SE portal and account summary to track your expenses and charges

Plan APlan B15 credit hours $3468.75Vandiver Hall $3000.00Other fees $75.0015 Meals $1337.50Textbook Rental $129.70Total $8,010.95Unsub loan - $2750.00Total due $5,260.954 Monthly pmts $1315.24 12 credit hours $2,775.00Towers (S&E) $2125.00Other Fees $75.0015 meal plan $1337.50Textbook Rental $129.70Total $6,442.20Unsub loan -$2750.00Total due $3692.204 Monthly pmts $923.05

Cost Comparisons

$$$$$Cost Savings$$$$$Moving from Vandiver to Towers South and East will save you $7000.00 over 8 semesters

Moving from LaFerla or Merick to Towers South&East will save you $8000.00 over 8 semesters

$8000.00 Unsubsidized loan 4.66% interest Standard 120 repayment plan$10,042.00 =Total to repay (based on studentloans.gov loan calculator)

Communication 101Check your Southeast Email! (And actually read it)Ask Questions!!!!!!!!Check your portal for changes in your student accountComplete all financial aid forms in a timely mannerBe aware of your financial situationMake sure that you have the right address on fileCommunicate with your parents, guardians, etcDont wait to the last minute

Contact InformationSoutheast Missouri State UniversityPhone (573) 651-2253Email: lwilliams@semo.eduThank you for attending this session!

Questions or Comments