Understanding Your       Aid Loyola University Chicago       School of Law
Overview•   What is Financial Aid?•   Completing the FAFSA•   Federal Loans•   Scholarships•   Expected Costs•   Budgeting...
What Is Financial Aid?• Financial Aid is any form of financial assistance including:  Federal Direct Unsubsidized loan  ...
Completing the FAFSA•   2013-2014 FAFSA at fafsa.gov•   Register for a PIN #•   Utilize the 2012 IRS 1040 and    W-2’s•   ...
Federal Loans•   Federal Direct Loan   •   Federal Grad PLUS     • Unsubsidized            • 7.9% Fixed     • 6.8 % Fixed ...
Scholarships & Grants•   More than 80% of Incoming 1Ls•   Merit Scholarships•   LUC Law Grants•   Outside Scholarships
Direct Loan Program•   Complete MPN on studentloans.gov•   Complete Loan Entrance    Counseling•   Funds Arrive Prior to S...
Expected Costs 2012-2013 Cost of Attendance Budget                     Full-time JD   Part-time JD  Tuition            $39...
Budgeting & Planning•   Annualcreditreport.com•   Assessing Your Resources•   Determine Total Cost of Education    • Respo...
Q &A
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Understanding Your Aid

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  • Welcome and Introduction
  • What we will cover today
  • Moving expenses not covered. Funds arrive on the first day of class. Need money for first month rent, books, etc. Tuition is only going up 3% and make sure you check the budgets of all the schools you are considering.
  • Expected Salary After Graduation – High, Med, Low.
  • Understanding Your Aid

    1. 1. Understanding Your Aid Loyola University Chicago School of Law
    2. 2. Overview• What is Financial Aid?• Completing the FAFSA• Federal Loans• Scholarships• Expected Costs• Budgeting & Planning• Q &A
    3. 3. What Is Financial Aid?• Financial Aid is any form of financial assistance including: Federal Direct Unsubsidized loan Federal Direct Grad PLUS loan Scholarships & Grants
    4. 4. Completing the FAFSA• 2013-2014 FAFSA at fafsa.gov• Register for a PIN #• Utilize the 2012 IRS 1040 and W-2’s• Provide only the law student’s information• LUC School Code 001710
    5. 5. Federal Loans• Federal Direct Loan • Federal Grad PLUS • Unsubsidized • 7.9% Fixed • 6.8 % Fixed Interest Rate Interest Rate • 6 Month Grace • 6 Month Grace Period Period • Minimal • 5 Repayment Qualification Options Requirements • 5 Repayment Options
    6. 6. Scholarships & Grants• More than 80% of Incoming 1Ls• Merit Scholarships• LUC Law Grants• Outside Scholarships
    7. 7. Direct Loan Program• Complete MPN on studentloans.gov• Complete Loan Entrance Counseling• Funds Arrive Prior to Start of Class
    8. 8. Expected Costs 2012-2013 Cost of Attendance Budget Full-time JD Part-time JD Tuition $39,850 $29,990 Fees $718 $718 CTA Pass $216 $216 Books $1,500 $1,300 Room & Board $13,950 $13,950 Health Insurance $1,700 $1,700 Transportation $584 $584 Personal $3,000 $3,000 Expenses TOTAL $61,518 $51,458
    9. 9. Budgeting & Planning• Annualcreditreport.com• Assessing Your Resources• Determine Total Cost of Education • Responsible Cost of Living Expenses • Additional Costs for Summer Courses, Study Abroad, Unpaid Internship?• Expected Salary After Graduation• Paying Off Your Debt • finaid.org/calculators
    10. 10. Q &A
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