Law Office Form Docket - PowerPoint

							              Student
              Financial
              Services

Financing Your Legal Education
     Spring Visit Day 2010

                                 1
              Student Financial Services
 Congratulations! Welcome to Seattle University School of Law!

       Who we are
             Kathleen Koch – Assistant Dean
             Lynette Splinter – Associate Director
             Paula Nagel – Assistant Director
             Natasha Murphy – Program Assistant
             Chandra Catron – Records/Evaluator
             Susan Murphy – Computer Specialist

       Office hours
             Monday, Thursday
                    9:00 am – 6:00 pm
             Tuesday, Wednesday, Friday
                    9:00 am – 4:30 pm
             Monday – Friday 9:00 am – 4:30 pm when classes are not in session

       How to reach us
             Tel.: (206) 398-4250
             Fax: (206) 398-4058
             E-mail: lawfa@seattleu.edu
             Web: www.law.seattleu.edu/financialservices


                                                                                  2
What we’re going to cover

 Information about the costs and estimated budget at
    Seattle University School of Law
   Resources for paying for law school
   Next steps in the financial aid process
   Budgeting tips
   Important information
   Question & Answer time



                                                        3
  What is the student budget?
          2010-11 Cost of Attendance


 Full-time                  9 months   11 months
    Tuition                 $38,502    $38,502
    Books/Supplies          $ 903      $ 903
    Room                    $ 8,577    $ 10,483
    Board                   $ 2,943    $ 3,597
    Personal Expenses       $ 3,042    $ 3,718
    Transportation          $ 2,025    $ 2,475
    Loan Fees               $    97    $    97
    Matriculation Fee       $   100    $    100
    SBA Fees                $    70    $    70
 Total                      $56,259    $59,945



                                                    4
What is the breakdown for living
expenses?
 Room $953 per month
    Average cost for a one bedroom apartment in the
     Seattle metro area
 Board $327 per month
 Personal Expenses $338 per month
 Transportation $225 per month
 Figures based on the cost of living for the Everett-
  Seattle-Tacoma area
      Adjusted each year based on CPI



                                                         5
So… now how do I pay for it?
 Own resources
 Financial aid
    Scholarships
    Employment
    Loans
 Outside Resources
    Outside scholarships
    Tuition remission (employer tuition programs)
    Family help
    VA benefits
    AmeriCorps


                                                     6
Scholarships
Free Money!

 At-Entry Scholarships are awarded based on
  admission information and do not require a
  separate application (except for Scholars for
  Justice, Adolf Berle, Jr., Law Librarian, Outlaws)
      Range from $2,500 to $20,500 and renewable
       based on the conditions of the scholarship

 Year-End Achievement Scholarships
   Based on rank in class after the first and
    second years of study
   Range from $1,000 to $14,000
                                                       7
Employment
 On-campus Employment
   Employment opportunities available through Federal
    Work Study or non-Work Study positions
   Hourly wages currently range from $8.75 to $11.05
   Job Fair held in the fall. Those attending summer can
    start working in summer; an email will be sent with
    more information.
 Outside Employment
   Student option to work during law school
   Hours limited to 20 hours per week if attending full-time
    per ABA regulations
   Part-time students can work up to 40 hours per week


                                                            8
Student Loans
   Federal Direct Stafford Loan
      $20,500 annual maximum
            Up to $8,500 subsidized based on financial need; no interest accrues while
              in school or during 6 month grace period
            Interest accrues on unsubsidized while in school and during 6 month grace
              period. Accrued interest is capitalized at repayment
      Interest rate fixed at 6.8%
   Federal Perkins Loan
      Need based, up to $2,000 per year
      Interest rate fixed at 5%; no interest accrues while in school and during 9 month
         grace period
   Alternative Loans
      Credit Based, not need-based
      Up to the Cost of Attendance less other financial aid (may be less with private
         lender)
      Federal Grad PLUS interest rate fixed at 7.9%
            Eligible for public interest loan forgiveness, Income Based Repayment Plan
              and federal loan consolidation (private and state loans are not)
      Private loan interest rate is variable, adjusted monthly or annually with no cap
         and terms vary; see lender website for details of each program.

                                                                                           9
Repayment and Loan Forgiveness
 Variety of repayment plans available
 College Cost Reduction and Access Act became law in
  late 2007
    Creates loan forgiveness for public service
      employment
    Creates Income Based Repayment
    More detailed information is available at
      www.equaljusticeworks.org, www.IBRinfo.org, or view
      presentations via Media Law at
      http://medialaw.seattleu.edu/finance/index.htm
 SUSL Loan Repayment Forgiveness Program for
  nonprofit service - see
  http://www.law.seattleu.edu/x1266.xml
                                                            10
Outside Resources
 Outside Scholarships
     www.fastweb.com
     www.finaid.org
     www.law.seattleu.edu/x1269.xml
          Also listed in the student newspaper (PR)
          Announced on The Docket
           (http://dockets.seattleu.edu/)
 Tuition Remission
     Employers may have programs that pay all or
      part of tuition, such as Microsoft.
                                                       11
Outside Resources
 Family help
 VA Benefits
     Registrar’s Office is the contact for setting up
      the VA benefits with the VA Office.
 AmeriCorps benefits
 Make sure that you inform Student Financial
  Services about any outside funding you
  receive.


                                                         12
Sample Award Package –
FT Summer Attendance
                                                   Summer Fall                         Spring Total
    Fed Direct Sub Loan                           $2,833 $2,833                     $2,834 $ 8,500
    Fed Direct Unsub Loan                         $4,000 $4,000                     $4,000 $12,000
                              Subtotal             $6,833           $6,833           $6,834         $20,500
    *On-Campus Work Study (Fed)                                                                    $ 4,000
              Total Aid Awarded                                                                     $24,500


    **Alternative Loan Eligibility                                                                   $35,445

               Total Financial Aid Funds Available                                                    $59,945



* Receive work study funds as earned (may reduce or reject to increase alternative loan amount (e.g. increase Grad PLUS)
**Alternative loans are subject to credit check and funds received if approved




                                                                                                                           13
Next Steps for Financial Aid
 Review, sign and return your award letter;              keep one
  copy for your records
 Return any additional information if requested (Verification
  worksheet, tax returns with W2(s) and attachments, citizenship
  documents, etc.)

 Complete the Direct Stafford Loan Master Promissory
  Note (MPN) and loan entrance counseling
    www.StudentLoans.gov to complete the MPN and
     entrance counseling


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Apply for Alternative Loan
   Several different lenders to choose from, loan terms vary

        Graduate PLUS – credit based federal loan, fixed interest rate of 7.9%; qualifies for
         public interest loan forgiveness and income based repayment programs. May be
         consolidated with Federal Stafford Loans
             Complete Graduate PLUS Request Form available in the award packet or online
              at www.law.seattleu.edu/Documents/financialaid/plus1011.pdf
             Complete Grad PLUS MPN online at www.StudentLoans.gov
             Complete Grad PLUS entrance counseling online at www.StudentLoans.gov

        Other Alternative Loans - variable interest rates, do not qualify for loan forgiveness or
         income based repayment programs. Cannot be consolidated with Federal Stafford
         Loans
              See website for our most commonly used loan programs at
               http://www.law.seattleu.edu/x1270.xml
              Contact the lender directly to apply; see lender websites for terms

   Loans in equal disbursements for fall and spring semesters unless requested
    otherwise in writing
   May require a co-signer or endorser, depending on credit. Some lenders (not
    Grad PLUS) offer a co-signer release after certain requirements are met

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Show me the money!
 Complete and return Award Letter & any other
  requested documents, complete MPNs &
  Entrance Counseling, Grad PLUS request form
  (if applicable)
 Complete the registration process each term and
  attend class
 Refunds for living expenses usually available by
  the end of the first week of each term, if you have
  completed all requirements in a timely manner
 Be prepared to pay for books and living
  expenses yourself for the first few weeks of each
  term
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Repeat the process again
 Must complete the FAFSA each year to be
  considered for financial aid
 Must maintain satisfactory academic progress
 Very important to complete all necessary
  forms by the on-time deadline of February 15
  to be considered for need-based programs
  for second and third years and to receive an
  on time award letter


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Keep Records
 Read all correspondence from lenders
     Update information as needed, such as new
      address, etc.
     Check that the loan is not in repayment before
      scheduled
 Get a binder to keep all the paperwork in for
  each academic year
     By having all the paperwork in one place, it is
      easier to correct any problems and keep track
      of your borrowing throughout law school
                                                    18
Budgeting for Law School
 Plan your budget – how much do you really need?
    Add 10% for an emergency fund
    Major moving expenses may be included for 1st time
     attendees, with proper documentation
    Computer costs, with proper documentation, may also
     be included
 How does my budget compare to the student
  budget?
      If it is higher, can you cut down on some expenses?
      If not, you may be able to request a budget revision
       review from Student Financial Services

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  Budgeting Basics
 Go through your expenses and bills to figure out monthly budget
  costs – see www.mint.com as a possible resource for budgeting
 Pay off or pay down anything you can before law school
 Prepare to “live like a student” again
 Expenses normally fall into two categories:
    Fixed
           Rent/mortgage
           Student loan payments
           Car payment
      Variable
           Groceries
           Utilities
           Entertainment
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What about credit?

 Credit cards are easy to over use, but not so easy to
  pay back when you do
 High interest and years of debt if paying only the
  minimum amount
         See www.myfico.com for calculators and more money
          management information and great information on
          improving your credit score
 Check your credit. Get an annual credit report for
  free at www.annualcreditreport.com
 Correct any errors on your credit report and contact
  the credit bureaus if you see an error
                                                              21
Important Information
 www.annualcreditreport.com – obtain free annual credit
    report from all agencies
   www.fafsa.ed.gov – complete online FAFSA
   www.fastweb.com – free scholarship search
   www.finaid.org – general financial aid information and
    outside scholarship links
   www.law.seattleu.edu – law school website
   http://www.law.seattleu.edu/x6786.xml – SUSL Money
    Matter$ financial literacy resources & information
   www.myfico.com – general financial information and
    calculators
   www.StudentLoans.gov – complete the MPN
   www.StudentLoans.gov to complete entrance counseling
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Q&A




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