Financial Aid 101 �Presented by: Saint Louis University – Office of Student Financial Services
Agenda
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Types of Financial Aid
Gift Aid
Scholarships
Grants
Self-Help
Loans
Employment Opportunities
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How Do I Apply?
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When Should I Apply?
The 2025-2026 FAFSA will be available on or before December 1, 2024
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What do I need to know about the FAFSA?
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How can I prepare for the FAFSA?
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Financial Aid Offers
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Direct Cost v. Cost of Attendance
Direct Costs
Billed costs associated with attendance
(for on campus students)
Cost of Attendance
Billed costs + estimates
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Need Varies Based on Cost
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2
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Z
Y
X
SAI
SAI
Cost of Attendance
(Variable)
Student Aid Index
(Constant)
Need
(Variable)
Federal Direct Student Loans
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| Direct Subsidized Loan | Direct Unsubsidized Loan |
How much can I borrow? | $3,500 | $5,500* *Less any borrowing of the Direct Subsidized Loan |
Is it based on need? | Yes | No |
What is the interest rate? | Fixed 6.53% (for 2024-25) | Fixed 6.53% (for 2024-25) |
When do I begin repayment? | 6 months after graduation or below ½ time status | 6 months after graduation or below ½ time status |
Future Amounts | $4,500 for SO Year $5,500 for JR Year $5,500 for SR Year | $6,500 for SO year* $7,500 for JR year* $7,500 for SR year* *Less any borrowing of the Direct Subsidized Loan |
Grade Level Loan Eligibility
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Grade Level | Credit Hours | Dependent | Independent |
1 – Freshman | 0-29 | $5,500 | $9,500 |
2 – Sophomore | 30-59 | $6,500 | $10,500 |
3 – Junior | 60-89 | $7,500 | $12,500 |
4 – Senior | 90+ | $7,500 | $12,500 |
Outside Scholarships and College Savings Plans
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Private Scholarship Search
Free private scholarship search engines:
Foundation
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Calculating your Remaining Balance
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COST
Tuition, Fees, On Campus Housing, Parking, Health Insurance, etc.
AID
Merit scholarship, need based grants, federal aid, state aid, student loans, private scholarships, etc.
REMAINING BALANCE
Covering Remaining Balance
OUT OF POCKET
PARENT PLUS LOAN
PRIVATE STUDENT LOAN
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Other Loan Options
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| Parent PLUS Loan | Private/Alternative Loan |
Who is the borrower? | Parent | Student |
What is the interest rate? | Fixed 9.08% (for 2024-25) | Variable |
Is there an origination fee? | Yes – 4.228% (for 2024-25) | Varies by lender |
When is the loan repaid? | 60 days after full disbursement. Forbearance options may be available to defer payments | 6 months after graduation or below ½ time status |
How much can I borrow? | Up to the cost of attendance minus any other aid received | Up to the cost of attendance minus any other aid received Aggregate limits may apply |
Do I need a co-signer? | No | Yes, in most cases |
Is the loan based on credit? | Yes If denied, the student is awarded $4,000 Unsub loan | Yes |
Loan Repayment Estimates
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Loan | Rate | Term | Monthly Payment |
Federal Direct Student Loan | 6.53% | 10 Years | $113 per $10,000 borrowed |
Federal Parent PLUS Loan | 9.08% | 10 Years | $127 per $10,000 borrowed |
Private Student Loans | 10% | 10 Years | $132 per $10,000 borrowed |
*Federal Interest rates are set each year
* Private student loans typically have variable rates and can be less than 10% based on credit
Timeline for Senior Year
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August to December | Admission applications and college visits |
September | Create FSA IDs |
December - March | File the FAFSA form |
March – April | Receive and review Financial Aid Offers |
May 1 | Submit deposits and accept financial aid |
May - June | Make plan to cover remaining balance, apply for Parent PLUS loans or private loans, complete MPN and loan entrance counseling |
July – August | Register for classes, finalize payment arrangements, move-in! |
Questions?
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�Saint Louis University�Office of Student Financial Services�DuBourg Hall, Room 119�One North Grand Blvd.�Saint Louis, MO 63103�
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Phone: (314) 977-2350
1-800-758-3678
E-mail:
sfs@slu.edu
Website:
slu.edu/financial-aid