Tuition Benefit Lunch and Learn - St. Olaf College...Tuition Benefit Basics Attending St. Olaf...
Transcript of Tuition Benefit Lunch and Learn - St. Olaf College...Tuition Benefit Basics Attending St. Olaf...
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Tuition Benefit Lunch and LearnCarly Eichhorst | Director of Financial Aid
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AGENDA
• Updated Eligibility Requirements• Tuition Benefit Basics• Overview of Evangelical Lutheran Church of America (ELCA) Program • Overview of Associated Colleges of the Midwest (ACM) Program• Online Tools, Forms, Frequently Asked Questions, and More!• Paying for College 101
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Effective 2018-19Benefit is available for stepchildren(along with natural born and adopted children who are less than 25 years old)
Effective 2019-20Simplification of benefit amount based on FTE groupings:
• Employees .75-1.0 FTE qualify for the same benefit amount• Employees .50-.749 FTE qualify for the same benefit amount
Updated Eligibility Requirements
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Updated Eligibility Requirements
Employees .75 - 1.0 FTE Employees .50 - .749 FTE
Minimum Length of Service to Qualify for Benefit 3 Years 6 Years
ELCA & St.Olaf Benefit 80% Benefit for 4 Years 40% Benefit for 4 Years
ACM Benefit 80% Benefit for 4 Years 80% Benefit for 2 Years
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Tuition Benefit BasicsStudent Applies for Admission: Dependent students apply to the colleges they are interested in attending.
Parent Applies for Benefit: Complete Tuition Benefit Application that validates eligibility for benefit and shares information about the student.
St. Olaf HR and Financial Aid send information to other schools.
Other Schools communicate with student and parents about benefit. Each host school may have different policies that impact:
● Amount awarded● If the benefit can be used to study abroad● How the benefit works with merit aid
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Tuition Benefit Basics: Annual Application Process
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Tuition Benefit Basics: Participating Institutions
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Tuition Benefit Basics
Attending St. Olaf
Attending ELCA College
Attending ACM College
$47,840 *80% = $38,272
$47,840 *40% = $19,136
Annual application + $25 annual fee
Host school tuition* 80%
80% Tuition or 40% Tuition
Families are responsible to pay Room + Board + Balance not covered by benefit
80% Tuition for 2 or 4 years
Benefit amount varies by school
Schools compare home benefit amount and
student receives lesser amount
Annual applicationAnnual application
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• ELCA Colleges have different benefit amounts• The premise is that host institutions do not give a benefit that exceeds what their
own employee receives.• As a St. Olaf employee, your benefit is 80% of tuition. In 2018-19 = $38,272. • We share your benefit amount HERE. The host school compares that to what
they offer their employees and then award the lesser amount in the benefit.
ELCA Program Overview & Cost Estimate
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ACM Program Overview & Cost Estimate
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Online Tools, Forms, FAQ, and more!
Website: https://wp.stolaf.edu/hr/tuition-benefit/ ● Two Required Forms:
○ Application form○ Confirmation form
● List of participating schools● Frequently Asked Questions● This presentation
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Benefit for Student Attending from Another ACM College
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Paying for College 101
● Complete the FAFSA your first year
● At minimum; a family is awarded loans:○ $5,500 1st year○ $6,500 2nd year○ $7,500 3rd & 4th year
● Questions for top choice schools:○ How is student employment handled?
Are students paid directly? How do they get jobs?
○ How do we re-apply for aid? Will my aid change?
○ What is the annual tuition increase?
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Don’t Forget!● Deadline for 2019-2020 forms is May 1st. ● Complete your Tuition Benefit Application every year● ACM requires an annual $25 processing fee (checks only)● Submit the Enrollment Confirmation Form every year to notify
St. Olaf where your child has selected to attend college.● Faculty and staff can take courses at St. Olaf!
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Thank You for Coming!
Questions?