2006-2007
Springboard To Success
Not Financially Cleared?
Classes
will be
dropped
Can’t use any
facilities
The only thing
you can do in
the library
Food Card
won’t work
Can’t work
on campus
Can’t live in
university
housing
2
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
3
Types of Financial Aid
• Scholarships
• Grants
• Loans (Subsidized, Unsubsidized, Parent PLUS)
• Student Employment (RSE, FWS)
.
4
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
5
Grants
• All are need-based
• If student eligible, will be
included on award letter
6
Loans
• Subsidized
– Student loan
– Guaranteed
– Does not accrue interest while in school
– Repayment begins 6 months after leaving
school
7
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%
8
Dept. of Ed. Loan Maximums
Dependent
Independent
Freshman - $2625
Sophomore - $3500
Junior - $5500
Senior - $5500
Freshman - $6625
Sophomore - $7500
Junior - $10,500
Senior - $10,500
Maximum amount
across fall, spring,
and summer
Maximum amount
across fall, spring,
and summer
9
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%
10
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.
11
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
12
How to Apply for Financial Aid
13
FAFSA
SAR/ISIR
The
Verification
Process
Packaging
Award Letter
EMPN/Loan Counseling
Aid credited to student’s account - excess refunded
14
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
15
How is Financial Aid Determined?
Minus
Student’s budget
FAFSA’s EFC
(Expected Family Contribution)
Equals
Need
16
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.
17
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
18
• 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
19
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."
20
FERPA, cont’d:
•
•
•
•
Rights have transferred to your student
All university records belong to the student
Parents no longer have access
Ask your student
21
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
22
Congratulations and Welcome to
– Southern Illinois University Edwardsville
23
Just ask for assistance!
We are here to help your son or
daughter graduate from SIUE!