Understanding Your AidUnderstanding Your AidLoyola University ChicagoLoyola University Chicago

School of LawSchool of Law

OverviewOverview

• What is Financial Aid?What is Financial Aid?• Completing the FAFSACompleting the FAFSA• Federal LoansFederal Loans• ScholarshipsScholarships• Expected CostsExpected Costs• Budgeting & PlanningBudgeting & Planning• Q & AQ & A

What Is Financial Aid?What Is Financial Aid?

• Financial Aid is any form of financial Financial Aid is any form of financial

assistance including:assistance including:

Federal Direct Unsubsidized loanFederal Direct Unsubsidized loan

Federal Direct Grad PLUS loanFederal Direct Grad PLUS loan

Scholarships & GrantsScholarships & Grants

Completing the FAFSACompleting the FAFSA

• 2013-2014 FAFSA at fafsa.gov2013-2014 FAFSA at fafsa.gov• Register for a PIN #Register for a PIN #• Utilize the 2012 IRS 1040 and W-2’sUtilize the 2012 IRS 1040 and W-2’s• Provide only the law student’s Provide only the law student’s

informationinformation• LUC School Code 001710LUC School Code 001710

Federal LoansFederal Loans

• Federal Direct LoanFederal Direct Loan• UnsubsidizedUnsubsidized• 6.8 % Fixed Interest 6.8 % Fixed Interest

RateRate• 6 Month Grace 6 Month Grace

PeriodPeriod• 5 Repayment 5 Repayment

OptionsOptions

• Federal Grad PLUSFederal Grad PLUS • 7.9% Fixed Interest 7.9% Fixed Interest

RateRate• 6 Month Grace 6 Month Grace

PeriodPeriod• Minimal Qualification Minimal Qualification

RequirementsRequirements• 5 Repayment 5 Repayment

OptionsOptions

Scholarships & GrantsScholarships & Grants

• More than 80% of Incoming 1Ls

• Merit Scholarships

• LUC Law Grants

• Outside Scholarships

Direct Loan ProgramDirect Loan Program

• Complete MPN on studentloans.govComplete MPN on studentloans.gov

• Complete Loan Entrance CounselingComplete Loan Entrance Counseling

• Funds Arrive Prior to Start of ClassFunds Arrive Prior to Start of Class

Expected CostsExpected Costs

2012-2013 Cost of Attendance Budget

Full-time JDFull-time JD Part-time JDPart-time JD

TuitionTuition $39,850$39,850 $29,990$29,990

FeesFees $718$718 $718$718

CTA PassCTA Pass $216$216 $216$216

BooksBooks $1,500$1,500 $1,300$1,300

Room & BoardRoom & Board $13,950$13,950 $13,950$13,950

Health InsuranceHealth Insurance $1,700$1,700 $1,700$1,700

TransportationTransportation $584$584 $584$584

Personal ExpensesPersonal Expenses $3,000$3,000 $3,000$3,000

TOTALTOTAL $61,518$61,518 $51,458$51,458

Budgeting & PlanningBudgeting & Planning

• Annualcreditreport.comAnnualcreditreport.com• Assessing Your ResourcesAssessing Your Resources• Determine Total Cost of EducationDetermine Total Cost of Education• Responsible Cost of Living ExpensesResponsible Cost of Living Expenses• Additional Costs for Summer Courses, Study Additional Costs for Summer Courses, Study

Abroad, Unpaid Internship?Abroad, Unpaid Internship?

• Expected Salary After GraduationExpected Salary After Graduation• Paying Off Your DebtPaying Off Your Debt• finaid.org/calculatorsfinaid.org/calculators

Q & AQ & A