A Brief Overview of Financial Aid at SHU

1
WELCOME

• A Brief Overview of Financial Aid at SHU

2
Applying for Financial Aid First Step

• Complete the
• Free Application for Federal Student Aid (FAFSA)
• Required for most federal, state, and
  institutional aid
• SHUs priority date is March 1st!
• A student must reapply every year
• Please respond to any communication received
• File the FAFSA on the Web http//www.fafsa.ed.go
  v

3
Determining Need

• There is a standard formula established by the
  U.S. Department of Education used to determine
  the Expected Family Contribution (EFC).
• The EFC is the amount students and their families
  are expected to contributed to their education.
• SHU Cost of Attendance EFC
• Financial Need

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The Expected Family Contribution (EFC)

• After the FAFSA has been submitted, the federal
  processor sets the EFC and then sends that
  information to the college, so that the financial
  need can be determined.
• The EFC determines the eligibility for the
  Federal Pell Grant and the amount of the Federal
  Pell Grant.
• Additionally, the EFC is used to determine a
  students eligibility for other federal, state ,
  and institutional aid programs. This includes
  grants, student loans, work-study, and some
  scholarships.

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Verification Process

• Verification is a federally mandated process that
  requires the Financial aid Office to verify the
  information on the FAFSA.
• A minimum of 30 of students are randomly
  selected each year.
• If selected, the family must submit documents and
  forms to our office to confirm the information
  submitted on the FAFSA.
• Documents we may ask for
• Tax returns, W2s, 1099
• Proof of marriage or separation, legal dependents
  or child support payments
• Business, investments or other asset worth
• Statement explaining how living expenses are paid

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Applying for Aid Second Step

• Once the results of a students FAFSA are at SHU
  additional required items appear on the To Do
  List, at myweb_at_SHU.
• The To Do List is the place to go to know what
  else is required to do or submit in order to
  receive financial aid .

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Types of Aid

• Gift Aid
• Grants NJ TAG, Pell, SEOG, SMART, ACG
• - Need-based
• Scholarships
• - Private, Institutional
• - Need and non-need based
• Self-help Aid
• Loans Federal Stafford, Federal Perkins, Federal
  PLUS, Federal Grad PLUS
• - Need and non-need based
• Federal Work Study

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Scholarship Tips

• All students awarded a private scholarship must
  submit a copy of the award letter from the donor
  to the Financial Aid Office. The students name
  and CWID should be added to it.
• Where to find Scholarship
• College Dean/Department
• Community and Religious Organizations
• Internet Searches
• Business/Corporations

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Loan Process

• At SHU, we encourage our students to take out
  loans as a last resort. We recognize that many
  families require additional funding to meet their
  expenses. Federal Stafford Loans are
  low-interest loans that are available to eligible
  degree-seeking students.
• To apply for a loan (Federal Stafford, PLUS, Grad
  PLUS), a student must complete the free
  application for federal student aid.

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We strive to protect your privacy!

• FERPA, the Family Educational Rights and Privacy
  Act of 1974, as Amended, protest the privacy of
  student education records. Those regulations
  (FERPA) prohibit discussing a students
  information with a parent or anyone else but the
  student.
• Proper identification is required for all SHU
  students who visit Student Financial Services
  Financial Aid Office to request information
  pertaining to their financial aid account.
• Examples of Proper ID
• SHU Identification card
• Driver license
• Passport

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Keep your awards! HOURS

• Every award has a minimum number of hours that
  are required to be taken to receive the award.
• Further details can be viewed by visiting our Web
  sites Program Eligibility Charts

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Disbursements - Process

• All aid will disbursed on the last day of
  add/drop and when the students file is complete.
• Aid will automatically pay charges for tuition,
  housing and meal plan charges, and fees.
• Any remaining balance will be issued via check.
  Refund checks will be either mailed or available
  for pick up.
• Question
• What wont my aid automatically pay?
• Books
• Off-campus housing
• Parking tickets
• Any other indirect costs

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Frequently Asked Question

• What makes a student independent for financial
  aid purposes?
• At least 24 years old by December 31 of award
  year
• Graduate or Professional Student
• Married at the time the original FAFSA is
  completed
• Has children or dependents for whom the student
  provides more than half financial support
• Orphan or ward/dependent of the court
• Veteran or U.S. Armed Forces
• Currently serving on active duty in the U.S.
  Armed Forces for purpose other than training

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Keep Your Awards! - SAP

• In order to receive financial aid, you must
  maintain Satisfactory Academic Progress (SAP).
  There are three facets to SAP
• Maintain academic eligibility with SHU
• Successfully complete at 72 of credit hours
  taken
• Do not exceed 150 of the credit hours required
  to graduate
• If you aid is canceled based on SAP, you may
  appeal if there are extenuating circumstances.

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Things to Remember

• Students should check their To Do List often.
  Award amounts are not set and will not disburse
  if a students file is not complete.
• Dont take out a loan if you do not need one.
• If you have any questions or concerns, we are
  here to assist you.

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Beware of Scams

• You do not have to pay to process a financial aid
  application
• You do not have to pay for scholarship searches.
• You do not have to pay an agency or business that
  guarantees you will be eligible for financial
  aid.
• You do not have to pay to have your FAFSA done
  for you.
• Complete your FAFSA at www.fafsa.ed.gov