2006-2007 Springboard To Success. 2 Not Financially Cleared? Food Card won’t work The only thing...

2006-2007

Springboard To Success

2

Not Financially Cleared?

Food Card won’t work

The only thing you can do in the library

Can’t use any facilities

Can’t work on campus

Classes will be dropped

Can’t live in university housing

3

Financial Clearance (cont’d)

• Financial clearance is achieved by:– Paying the term charges in full or– Making the minimum payment, thus enrolling

in the Installment Payment Plan ($20 charge) or

– Having sufficient financial aid to cover at least 25% of charges

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Types of Financial Aid

• Scholarships• Grants • Loans (Subsidized, Unsubsidized, Parent PLUS)

• Student Employment (RSE, FWS)

.

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Scholarships

• Apply with scholarship provider, i.e., Rotary, church, school, work, union

• Check scholarship search services– www.finaid.siue.edu– www.collegezone.com

• Also have very good article on scams

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Grants

• All are need-based

• If student eligible, will be included on award letter

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Loans

• Subsidized– Student loan– Guaranteed– Does not accrue interest while in school– Repayment begins 6 months after leaving

school

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Loans cont’d:

• Unsubsidized– Student loan– Guaranteed– Starts accruing interest while in school– Repayment of principal begins 6 months after

leaving school– Interest payment bill sent quarterly– 2006-2007 interest rate: 6.80%

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Dept. of Ed. Loan Maximums

DependentFreshman - $2625

Sophomore - $3500

Junior - $5500

Senior - $5500

Maximum amount across fall, spring, and summer

IndependentFreshman - $6625

Sophomore - $7500

Junior - $10,500

Senior - $10,500

Maximum amount across fall, spring, and summer

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Loans cont’d:

• Parent PLUS– In parent’s name– Not guaranteed, must be credit-worthy– Repayment begins 60 days after second

disbursement (about March 1)– 2006-2007 interest rate: 7.90%

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Loans cont’d:

• Alternative Loans—Student loans provided by private lenders.– Application process varies

– Rates vary

• For list of reputable lenders go to www.finaid.siue.edu → Types of Financial Aid → Loans → Alternative Loans. Click on any lender and you will be linked to their website.

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Finding a campus job

• Use Student Job Finder on the internet• Job Finder lists available campus jobs.• You can access SJF once registered and

financially cleared.• Go to www.stuemp.siue.edu• Find a job in SJF, notify employer of your

interest, interview for job.• Minimum wage for most jobs - $6.50/hour• Maximum 20 hours/week• Direct deposit of checks

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How to Apply for Financial Aid

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FAFSA

SAR/ISIR

Verification

Packaging

Award Letter

EMPN/Loan Counseling

Aid credited to student’s account - excess refunded

The

Process

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How Do I Get the Money in My Bursar Account?

• Sign Award letter and turn into Financial Aid Office

First-Time Borrowers at SIUE must complete empn.

First-Time Borrowers must complete Entrance Loan Counseling

www.finaid.siue.edu → Links → Quick Links

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How is Financial Aid Determined?

Minus

Student’s budget FAFSA’s EFC

(Expected Family Contribution)

Equals

Need

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Maintaining FA eligibility

• Renew FAFSA every spring• Meet renewal requirements

for specific program awards.• Enroll for minimum of 6 hours• Remain classified as a degree

candidate.• Meet SIUE academic

standards.• Meet financial aid academic

progress requirements.

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Most Commonly Heard Excuse

• I didn’t receive it– Usually because email blocked– Make sure your email will accept messages

from the Department of Education and SIUE– Check your SIUE email account often

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• www.siue.edu/COUGARNET– Financial aid documents requested/rec’d– Financial aid award letter– Financial aid offered, paid– E-bill from Bursar’s Office; authorize up to 5 additional

people to receive e-bill– Current balance due on account– Addresses on record; option to change local, billing

and email addresses– Grades and academic record information

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FERPA

• Family Educational Rights and Privacy Act

• FERPA gives parents certain rights with respect to their children's education records. These rights transfer to the student when he or she reaches the age of 18 or attends a school beyond the high school level. Students to whom the rights have transferred are "eligible students."

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FERPA, cont’d:

• Rights have transferred to your student

• All university records belong to the student

• Parents no longer have access

• Ask your student

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How to Find Financial Aid Office

• Walk-In– 2308 Rendleman Hall

• Telephone– (618) 650-3880

• Fax– (618) 650-3885

• Email– finaid@siue.edu

• Web address– www.finaid.siue.edu

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Congratulations and Welcome to– Southern Illinois University Edwardsville

Just ask for assistance!

We are here to help your son or daughter graduate from SIUE!