1. FINANCING YOUR MBA

2. Laura Barnes
Paley
Director, Student
Services
(847) 574-5188
lbarnespaley@lfgsm.edu
MEET YOUR MODERATOR + PRESENTER
AJ Rodino,
MBA ‘14
Financial Aid
Coordinator
(847) 574-5228
arodino@lfgsm.edu

3. TODAY’S GOALS
Understand Billing Process
Learn How to MakeAPayment
Maximizing Your TR
Student Loans 101
Scholarship Awareness

4. Student Accounts
INVOICE
• New Students*:
• Billed at the end of Week 1
• Continuing Students
• Billed 2 weeks prior to start of
next term
PAYMENT
• Payment Due
• Typically 30 Days from Billing
• Methods
• my.lfgsmStudentPortal(creditcard)
• Mail/Drop Off Check
• ACH Debit
UNDERSTANDING BILLING

5. • Can Defer Payment Up to 60 Days After Term Ends
• Spring 2 (May) payment due prior to Fall (Sept) term start
• Assessed 0.75% Finance Fee Monthly starting 30 days after invoice
• Approximately $25/class
• Used Often For Tuition Reimbursement
• Can be used to as payment plan in 2-3 installments
UNDERSTANDING BILLING

6. Student Loans
Tuition
Reimbursement
Scholarships VA BenefitsPersonal Funds
T u i t i o n P l a n n i n g
SOURCES OF FUNDS

7. HOW TO MAKE A PAYMENT
• Demo in my.lfgsm

8. Typical Scenario:
• $5,250/year
• Can be taxable as income over this amount
Student
Submits Grade
and Invoice to
Employer
Employer Pays
Funds Directly
to Student
Student Uses
Funds to Pay
LFGSM
MAXIMIZING TUITION REIMBURSEMENT

9. Defer payment Receive TR Pay LFGSM
Pay Using
Personal Funds
Receive TR
Pay for Next
Class
Pay Using Loan Receive TR
Pay Loan Down
or Pay for Next
Class
TUITION REIMBURSEMENT STRATEGIES

10. STUDENT LOANS: KEY POINTS
• No Grants Available (aka Free Money)
• Unsubsidized – Accrue Interest Right Away
• Typically eligible for more than what you need
• Request Just What You Need
• Not Required to Take Disbursement Each Term
• Loans are Non-Need Based

11. Before
During
After
• Financial Emergency
• Job Loss
• ASSIST Program
STUDENT LOANS: WHEN TO START

12. Federal Private
How to Qualify? Citizen/Eligible Non-citizen
No Previous Student Loan Default
Fulfilled Selective Service Req. (males)
Credit Check
Income Verification
Rate 6.21%, fixed Varies based upon credit; Fixed/Variable
Fees 1.073% Often None
Limits $20,500 per Borrower Based Academic
Year (4 consecutive terms)
Cost of Attendance
Repayment 10 – 25 years 5-15 years
Terms Standard, Extended, Graduated, Income
Based; Can Consolidate
Typically Standard
LFGSM Borrowers 95% 5%
Recommended For All Borrowers Who Qualify Non-Permanent Residents
Borrowers w/ Strong Credit History
STUDENT LOANS: FEDERAL V. PRIVATE

13. Pre-Loan FAFSA*
Tuition
Reimbursement
Form*
Master
Promissory Note
Entrance
Counseling
Session
Award
Letter
Covers 4 Terms
(Borrower Based
Academic Year)
Request/Schedule
Funds^
Sign, Submit
Loan
Originated
Funds Disbursed
Week 2 Each Term
Funds come
directly to LFGSM
Excess Credit
Balance Refunded
to Student
*Needs to be completed each Academic Year
^Request just what you need
STUDENT LOANS: PROCESS

16. • Two Cycles:
• Fall-Winter 1
• Application Available May-June
• Spring 1-Spring 2
• Application Available Nov-Dec
• No LFGSM Scholarships Awarded
Winter 2 or Summer
• How to Apply
• Form on my.lfgsm Student Portal
• Must also submit 2015-16 FAFSA
• Average Award $600
• 10 Scholarship Funds Available
• Largest fund is General
Scholarship
LFGSM SCHOLARSHIPS

17. More information Available at:
https://my.lfgsm.edu/financial_aid
AJ Rodino, MBA ‘14
Federal Student Loans
(847) 574-5228
arodino@lfgsm.edu
Rebecca Kim
Private Student Loans, VA Benefits
(847) 574-5264
rkim@lfgsm.edu
Kartik Gururajan, MBA
Billing/Student Accounts
(847) 574-5204
kartik@lfgsm.edu
Richard Delewsky
Student Services
(847) 574-5156
rdelewsky@lfgsm.edu
HOW TO CONTACT US

18. QUESTIONS?