Understanding Your Financial Aid by Seattle University

understanding your financial aid 2014-2015

tudent Financial Services (SFS) welcomes you to Seattle University School of Law. This booklet contains your Award Letter and important financial aid information. It may be used as a file for your financial aid documents. Please read all materials carefully and pay special attention to the Master Conditions of Award Form (effective for all terms of attendance). It is important that you understand all of your responsibilities to receive and maintain eligibility for financial aid funding. Entering students awarded prior to verification may receive a revised Award Letter once verification is complete. The federal processor selects some files for verification. If selected, you will be asked to submit specific documentation and/or a verification worksheet. If additional funds (not appearing on your Award Letter) become available to you, your current award amount may be affected. All students are required to notify SFS should you receive any other source of funding during the 2014-15 academic year. If you have unusual circumstances that may affect your need for financial aid, please let us know. If you have any questions after reading this material, please call or stop by SFS. We welcome the opportunity to meet with you. Please refer to the back of this booklet for contact information and business hours. We wish you good luck with your educational pursuits and look forward to serving you.

PROGRAMS AVAILABLE

he enclosed Award Letter lists the federal, state, and institutional aid programs for which you are eligible. Your eligibility or “financial need” is defined as the difference between the amount it will cost you to attend Seattle University School of Law for one academic year and the amount you (and in some cases, your family) can afford to pay according to the Free Application for Federal Student Aid (FAFSA). We have put together a financial aid package for you that may include a combination of scholarships, work study, or loans.

emPLoyment One of the best ways to help finance your legal education is to secure employment on a part-time basis during the academic year and as a full-time employee during the summer months. The employment programs available to our students are described below, along with the steps for accessing them. Two of these may appear on your Award Letter, showing as either Federal Work Study (on-campus employment) or State Work Study (off-campus employment). Please note that the work study dollar figure shown on your Award Letter is an estimate of the amount of money you are eligible to earn once you obtain a job. This award is not activated until you secure a work study position. You receive these funds as you earn them (you do not receive the funds up front). If you choose to reject all or a portion of your work study award, it will increase alternative loan eligibility by the same amount. ■

on-cAmPus emPLoyment

Entering students have priority for most on-campus jobs through Federal Work Study (need-based) and secondarily through nonwork study (non-need-based). If you wish to secure such a position, you are expected to attend a Job Fair that acquaints you with the various employment options at the Law School. You will be able to talk directly to supervisors and, in many cases, secure a job interview “on the spot.” Employment opportunities can be found throughout the University and in virtually every office at the Law School, including the law library, faculty offices, student services offices, law clinic, etc. Hourly wages currently start at $9.70. Maximum hours you are allowed to work depends on enrollment status. Once hired, you must complete I-9 paperwork and W-4 within three days of working. Information regarding the upcoming Job Fair will be included in all entering student

registration packets, set for distribution approximately one month prior to the start of summer or fall term. For current oncampus opportunities see www.law.seattleu. edu/x1267.xml. Do not presume if you were awarded Federal Work Study that you will be awarded State Work Study after your first year. The State program need criteria are different and funding is limited. ■

stAte worK study (oFF-cAmPus emPLoyment)

State Work Study (SWS) is a needbased employment program (restricted to WA residents) for eligible continuing law students. Through it, legal employers hire our students and are reimbursed a portion of student salaries by the State. Some 200 area law firms, legal agencies, and law-related enterprises have SWS contracts with the Law School. When job vacancies occur with these employers, notices are posted on the Center for Professional Development online Job Board at http://law-seattle-csm.symplicity. com. In addition, qualified students may establish work study contracts with other legal employers as appropriate to their needs and interests. See SFS for more information. If you qualify for SWS, the dollar figure shown on your Award Letter represents your potential gross earnings for the period May 19, 2014 - May 15, 2015. To be eligible for these Work Study funds, you must be working on or before March 1, 2015. Hourly wages range from $10 to $20, depending on the type of position secured. After accepting a SWS position, you must complete an Employer Referral Agreement form for each position. When you are hired, this form must be signed by you and your employer, and returned to SFS. SWS timesheets cannot be processed until the signed Employer Referral Agreement is on file at the Law School. In addition, please be advised that a new Employer Referral Agreement must be generated every award year, even if you retain the same job from one year to another. Important Notes:

The SWS program has set forth strict •employment guidelines for law students

using this type of funding. They specify: you may not work more than 19 hours per week if you are enrolled in classes half-time or more. Restricted to WA residents (RCW28B.15).

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other LAw-reLAted emPLoyment ■

All students are eligible, and encouraged, to secure law-related jobs during their law student years. The Center for Professional Development each year coordinates on-campus interviews for scores of law firms, agencies, and corporations interested in hiring student interns. In addition, hundreds of legal employers solicit applications from our students and graduates by posting vacancy announcements at the Law School and conducting interviews in their own offices. Many members of the student body have been employed in at least one law firm, legal agency, or other law-related position prior to graduation. Indeed, most have held two or three such jobs in order to strengthen and diversify their resumes.

LoAns There are two types of loans available to you: federally funded loans and alternative credit-based loans. All of these loan types require a signed promissory note and must be repaid. First-time borrowers at Seattle University School of Law must complete loan entrance counseling online at https://studentloans.gov (click on Entrance Counseling) before receiving their federal funds. Your Award Letter lists the maximum amount you may borrow for some of the loan types for the academic year. If you wish to borrow less, you may do so. Income-based repayment plans, federal public interest loan forgiveness and our Law School Loan Repayment Assistance program are available for eligible borrowers. ■

FederAL direct stAFFord LoAn

The Direct Unsubsidized Stafford Loan listed on your Financial Aid Award Letter is the amount you are eligible to borrow for the 2014-15 academic year. Students may borrow up to $20,500 per academic year through this program. The Unsubsidized Stafford Loan is a “nonneed-based” loan. The interest rate is fixed each year on July 1 for the life of the loan based on the 10 year T-bill + 3.60% (currently 5.41%), with a 1.072% origination fee that will be deducted from the amount reflected on your Award Letter. Interest accrues while in school but payments may be deferred until you enter repayment. See www.ed.gov/directloan for more information.

Key to your AwArd Letter

2 14-15 FINANCIAL AID AWARD LETTER

SCHOOL OF LAW

1. Address: This is the place we will mail all correspondence during the academic year. If this is not the best place to reach you, or if you move, update your address with the Admission Office if you are an entering student or on SUOnline if you are a continuing student. 2. Academic Year: The academic year you are applying for corresponds to the terms you stated you were going to attend. If this Award Letter does not accurately reflect your enrollment plans by term (e.g., you plan to attend summer, but there is no financial aid awarded for the term), please contact SFS immediately.

Joe Student 901 12th Ave. Seattle, WA 98122

The School of Law is pleased to offer you the following financial aid award. Please indicate whether you accept, decline or wish to reduce each type of aid. The assistance is based upon expected enrollment as indicated below for each term. Your award may be adjusted as a result of verifying the information you have provided to us or if any additional resources become available to you. You are required to notify us of any additional assistance or changes in enrollment.

Financial Aid Program

5. Comments Section: There may be comments and/or additional information in this section. Please pay very careful attention to anything printed in this section.

Summer

Fall

Spring

Half-Time

Full-Time

Fed Direct Unsubsidized Loan

6833

Subtotal

6833 eligible

On-Campus Work Study (Fed)

3. Enrollment Status: You must be enrolled at least half-time to receive a student loan. Therefore, you must take a minimum of 3 credits summer term and 6 credits fall or spring terms. (Less than 8 credits fall or spring affects satisfactory academic progress and has serious financial aid consequences.) 4. Financial Aid Programs: This is the aid you have been awarded. Refer to the Programs Available section for descriptions. Indicate whether you would like to accept, reduce, or reject each program offered. You may decrease any loan or work study amount. The Stafford loan reflects the gross amount and does not reflect the 1.072% fee deduction.

Date: April 1, 2014 Student ID: 000001 Award Type: Original

Total

6834

20500

Yes/No

6833

6834

20500

eligible

3000

Total Aid Awarded

Yes/No

23500

Alternative Loan Eligibility* (Subject to Credit Check)

24155

24156

Total Financial Aid Funds Available

48311 71811

*Alternative loans, if offered, are subject to a credit check and are disbursed in two equal disbursements for fall and spring. See www.law.seattleu.edu/x1270.xml for information on Grad PLUS and private loans.

Summer costs are significantly less than other terms. Please budget carefully so you will have adequate funds for fall and spring.

My signature below indicates that I have read and will abide by all Master Conditions of Award (see reverse side) and all enclosures. Please sign, date and return one copy to Student Financial Services along with any required enclosures within 30 days of the above date. You may keep one copy for your records.

Student Signature ______________________________________________________________________ Date: ______________ Student Financial Services

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Sullivan Hall

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901 12th Ave., P.O. Box 222000, Seattle, Washington 98122

Before reTurning Your award leTTer ● Read the Master Conditions of Award on the reverse side of the Award Letter. ● Circle whether you accept, reject, or wish to reduce each award. ● Sign, date, and return the Award Letter (keep a copy for your records).

alSo ● Complete, sign, date and return any requested additional documentation. ● Complete federal and alternative student loan promissory notes online, if applicable

(https://studentloans.gov for federal; private lender sites vary). ● First time borrowers must complete entrance counseling for Stafford and Grad PLUS (https://studentloans.gov). ● Complete Grad Plus Request Form, if applicable (https://studentloans.gov).

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206.398.4250

PROGRAMS AVAILABLE Schools like Seattle University, participating in Direct Lending, receive Stafford Loan funds directly from the U.S. Department of Education and disburse them to eligible students. If you are an entering student or a first time borrower, in order to receive your Direct Stafford Loan, you must complete and sign a Master Promissory Note (MPN) if there is not one on record at the Direct Loan Center. The MPN is a legal document stating a borrower’s obligation to repay the loan; it also includes important information about the loan, including terms and conditions. Complete the MPN online at https://studentloans.gov. Click on Subsidized/Unsubsidized. You must also complete entrance counseling at https://studentloans.gov. Select graduate or professional student option. Please be advised that the Direct Stafford Loan is issued in equal disbursements per term of enrollment and you must budget accordingly. Each term’s portion of your loan will be transmitted to the Law School’s Business Office. Funds will be credited to your account if all financial aid documentation is complete and you are enrolled at least half-time. Funds cannot be released prior to the start of each term. If due a living expense refund after paying tuition and fees, you may typically receive a refund by the end of the first week of the term from the Business Office. Always be prepared to cover your expenses for at least two weeks each term. Special note to Summer Term Matriculants: If you are enrolling for summer term, your Direct Stafford Loan is divided into three equal disbursements on your Award Letter. However, summer tuition charges are significantly less than other terms. Total credits increase each term during your first year, yet the Stafford disbursement remains the same. Please budget carefully. ■

FederAL PerKins LoAn

The Perkins Loan is a limited funded program awarded to students determined to have exceptional need. The Perkins award amounts usually range from $1,000$2,000 for the academic year (half the award amount disbursed fall term, half disbursed spring term). The Perkins Loan does not accrue interest until nine months after graduation or dropping below half-time enrollment, at which time a 5% interest rate is charged. If awarded, and you accept the loan, borrowers must complete a Federal Perkins Promissory Note, Loan Interview (questionnaire) and Perkins entrance counseling at https://ipromise.campuspartners.com. The funds will be disbursed into your student account once the necessary steps are taken and you are enrolled at least half-time. Note: This program may cease to exist in October 2014. ■

FederAL direct GrAduAte & ProFessionAL student PLus LoAn

Law students may bor row the Grad PLUS Loan up to the cost of attendance less other financial aid. It is a credit-based federal loan and may require a cosigner depending on credit. There is a 4.288% loan origination fee which may be added to the requested loan

amount. The interest rate is fixed each year on July 1 for the life of the loan based on the 10 year T-bill + 4.60% (currently 6.41%). Interest begins accruing at disbursement. A 6 month deferment is available after graduation or dropping below half-time enrollment. A credit check is required. The funds are disbursed in equal amounts fall and spring terms, unless requested otherwise in writing and approved. The 4.288% loan fee will be added to the cost of attendance. To add to loan balance to net the amount requested, you must email lawfa@seattleu.edu at time of application. Unlike private alternative loans, the Grad PLUS may be consolidated with other federal loans after graduation (a consolidation fixed interest rate is the weighted average of the federal loans consolidated rounded up to the nearest one-eighth of a percent). In addition, the Grad PLUS is eligible for the federal public interest loan forgiveness program (private loans are not). To apply, complete the Grad PLUS Request, the Grad PLUS MPN, and the Grad PLUS entrance counseling at https://studentloans.gov. ■

PrivAte ALternAtive LoAns

We consider the federal Grad PLUS typically a better choice for credit-based funding because of the federal deferment and forbearance options, a fixed interest rate, public interest loan forgiveness and federal loan consolidation opportunities. However, if you prefer, you may wish to borrow a private alternative loan instead. Private loan credit criteria may be more stringent than the Grad PLUS and you may be required to obtain a credit-worthy co-signer. These loans have variable interest rates (revised monthly or quarterly) or may offer a fixed rate, and may have various loan fees. There usually is no cap on the variable interest rate. Some have annual and/ or aggregate loan limits. Most have a six to nine month grace period. A credit check is required. Private loans and the Grad PLUS are disbursed in equal amounts fall and spring terms unless requested otherwise in writing and approved. Depending on academic year tuition charges, you may wish to request unequal disbursements. For example, spring charges for entering students who start in summer are higher than other terms. Requesting a larger private loan spring term disbursement, to offset the higher tuition costs, may help for budgeting purposes. Private loans cannot be consolidated with federal loans, nor are they eligible for federal repayment plans or public interest loan forgiveness programs. See www.law.seattleu.edu/x1270. xml for a list of lenders our law students have used in the past (availability of private loans by these lenders is subject to change). You may use any lender you choose, listed here or not, but read the loan terms and conditions carefully. Please consider alternate loans as “loans of last resort” after you have utilized your

personal and family resources, institutional and governmental funding, and work study opportunities. We suggest you secure alternative loans only when necessary.

schoLArshiPs

Law School scholarships, in the form of tuition remission, are offered in addition to other financial aid for which a recipient may qualify, but may impact the levels and types of funding for which a student qualifies. Scholarship amounts are divided equally between fall and spring terms. The following are the conditions under which Law School scholarships may be awarded to students. ■ A recipient must enroll as a student at the School of Law during the academic year for which the award is granted. There are no award deferments. ■ A recipient must enroll for the number of credits considered a “full load” in his or her applicable program of study. In no case may a scholarship recipient enroll for fewer than 8 credits during fall or spring terms. ■ At-Entry Scholarships are awarded to entering students through the Admissions process. They are renewable for the second and third years of study (for a maximum of three years) provided that each recipient maintains a law school GPA in the percent of the class noted on the scholarship award letter. Renewal is presumed and is tentative until eligibility is determined once year end class ranks are available, usually in late summer. A revised award letter will reflect any change at that time. ■ If a recipient becomes eligible for a scholarship in an amount larger than his or her initial (or current) award, the larger award amount shall replace the initial (or current) award amount. ■ The Law School reserves the right to revoke a scholarship if a recipient is found to be in violation of the Academic Standards Code or if the recipient is found to be currently in default on educational loans received at this or prior institutions of higher education. ■ Conditions for receipt of scholarship aid include implicit permission by the recipient for the Law School to publish his or her name (and summary biographical data, as may be applicable) in catalogs, brochures, and related university literature. The Law School reserves the right to withdraw its offer of scholarship aid to any person failing to agree to these terms.

outside schoLArshiPs And AssistAnce/veterAns Outside scholarships are scholarships that you bring with you to Seattle University School of Law and include employer assistance. On your Award Letter, they are referred to as “Private Outside Scholarships.” If the donor needs to be billed for your funds, please notify the Business Office (206.398.4050). You are required to notify SFS of any outside funding sources due to federal regulations. If you will be receiving Veterans Education Benefits, contact the Veteran’s Coordinator in the Registrar’s Office (206.398.4150) prior to enrollment to complete the necessary paperwork. SFS is not involved in the processing of those benefits. We participate in the Yellow Ribbon program and Principles of Excellence.

PAYMENT OPTIONS Sample — Twelve monTh BudgeT Summer $5,468 6,760

Fall $15,037 6,760

Credit or (Balance owing) Admission Seat Deposit (summer start) Law School Scholarship (if any)

1,292 250

(8,277)

(13,744)

Credit or (Balance owing) Fees (matriculation and SBA)3 Books and supplies4 Room5 Board5 Personal5 Transportation5

1,542 100 200 4,425 1,047 1,083 723

(8,277) 39 775 6,637 1,570 1,624 1,084

(13,744) 39 325 6,638 1,571 1,625 1,085

Credit or (Balance owing) (6,036) Work Study6 Alternative Loans7 (credit check required) Personal Resources8

(20,006)

(25,027)

Tuition Stafford Loan (estimated net)2

Spring $20,505 6,761

Your Sample workSheeT Tuition Stafford Loan (estimated net — deduct 1.072% — see above for example)2 Credit or (Balance owing) Admission Seat Deposit Law School Scholarship (if any) Credit or (Balance owing) Fees (matriculation and SBA) Books and Supplies Room Board Personal Transportation Credit or (Balance owing) Work Study Alternative Loans (credit check required) Personal Resources

1. We assume that you will take a total of 30 credits (4 in the summer; 11 in the fall; and 15 in the spring), and that you will pay $1,367 per credit. Your actual credit load and per credit charge may vary. 2. We assume that you will borrow the full $20,500 in Stafford Loan and that there will be a 1.072% fee subtracted at each disbursement. The Stafford Loan must be disbursed equally over all the terms you attend. 3. You will pay a one time $100 matriculation fee during your first term of enrollment at the School of Law. Each term (except summer), you will be charged a Student Bar Association fee. For full-time, it is $39 per term; for parttime, it is $28 per term.

Summer $___________

Fall $___________

Spring $___________

$___________ $___________ $___________ $___________ $___________ $___________ $___________ $___________ $___________ $___________ $___________ $___________ $_________________ $___________

$___________ $___________ $___________ $___________ $___________ $___________ $___________ $___________ $___________ $___________ $___________ $___________ $___________ $___________

4. We assign first year students a book budget of $1,300 ($1,062 for part-time) per year and continuing law students have a budget of $1,500 ($1,299 for part-time) per year. It is possible, with the purchase of used textbooks and other economies, to expend less than the budgeted amount. Term expenditures are for example only. 5. We set an annual standard room, board, personal, and transportation budget for our students based on federal guidelines. This example reflects a sample division by term. With proper documentation, SFS may be able to revise your personal living expenses within limits, if necessary.

6. Please note that work study funds are not included in the calculations above. You will receive these funds as you earn them in your position (you do not receive funds up front). 7. You may be eligible to borrow alternative loan funds. See your Award Letter. Alternative loans, including the Grad PLUS, are credit-based and require passing a credit check and signing a promissory note. 8. A payment plan to cover tuition charges not met by financial aid is available through the School or Tuition Pay, as an option for you. Contact the Business Office at 206.398.4050 for additional information.

ADDITIONAL INFORMATION Special Circumstances The financial aid application is based on the required assumption that the most recent tax year is the best projection of your ability to contribute to the cost of your education. If there are special circumstances that were not indicated on your FAFSA, please let us know in writing. We may be able to adjust your funding. For instance, if you have child care costs, with proper documentation, we may be able to increase your student budget (raising alternative loan eligibility), within certain limits. Computers If you need a loan for the purchase or lease of a laptop computer, it may be added to the cost of attendance one time during your law school career. You must buy the computer first and submit proof of payment by you, the student, within the same academic year as purchased. After authorization, you may apply for an alternative, credit-based loan up to the cost of the computer or $1,350, whichever is less, in order to reimburse yourself. Please consider whether an alternative loan is more beneficial financially than the original method of payment. Receiving Your Funding Your refund, if applicable, should be available from the Business Office by the end of the first week of each term. To ensure that your funding will be ready, return all of the required documents quickly. It is particularly important that you complete (or have completed) a Federal Direct Stafford Loan Master Promissory Note and a signed Award Letter/Conditions of Award. You may be required to complete an entrance counseling session, provide tax documentation, or other information. You must be enrolled at least half-time and complete validation. Financial aid funding is provided up to the 90 credits required to graduate. Always be prepared to pay for books and other expenses from your own resources for approximately the first two weeks of each term. Satisfactory Progress In order to maintain eligibility each year, a student must enroll for and complete a minimum number of credit hours and maintain a minimum GPA each academic year. Those credit and GPA minimums are outlined in the Student Handbook, online, and on the validation/billing forms. Withdrawals If you completely withdraw from any term prior to the 60% period, federal loan funds will be returned to the lender based on the Title IV Return of Funds policy. See www.law. seattleu.edu/documents/financialaid/ titleiv.pdf. File Early Every Year You must apply for financial aid each year by completing a new FAFSA (www.fafsa.gov).

The FAFSA is available in January for the be hired and earnings are received according following academic year. Be sure to submit your to pay period and wages. If you reject or FAFSA by February 15 and complete your file reduce work-study, it will increase alternative as early as possible in order to be considered for loan eligibility. maximum funding. While entering students are • Alternative Loans: For the federal Grad PLUS awarded (but funds cannot be disbursed) loan, apply online at https://studentloans.gov. without supporting documents such as tax For private loans, contact the lender to return transcript, continuing students must apply. See www.law.seattleu.edu/x1270.xml have a complete file in order to be awarded. for list of lenders used by our law students Continuing law students must also complete in the past. However, you may use any lender an Enrollment Status Form each year. you wish. You must pass a credit check to receive all alternative loans. Web Resources Entrance Counseling for Stafford & • Summer Term: Budget carefully. The Stafford Grad PLUS: Loan is disbursed equally in thirds, yet tuition https://studentloans.gov costs can be significantly higher in fall and spring terms. If borrowing a Grad PLUS Federal Direct Stafford Loans: or private loan, you may request unequal www.ed.gov/DirectLoan disbursements for fall and spring terms to help Federal Direct Stafford & Grad PLUS Master offset this imbalance. See SFS for assistance. Promissory Note: https://studentloans.gov • Email: Be sure to check your SU email for revised award letters and important notices. Financial Aid Information Page: www.finaid.org

Free Application for Federal Student Aid: www.fafsa.gov National Student Loan Data System: www.nslds.ed.gov Scholarship Search: www.fastweb.com Seattle University School of Law: www.law.seattleu.edu

• Questions: We are happy to answer your questions by phone, email, or by appointment. We will help guide you through this process. For example, we will discuss your particular award, expected tuition charges and living expense refund (if any), to help in planning your budget for the academic year. We welcome you to Seattle University School of Law.

Reminder List • Award Letter: Accept, reject, or reduce aid. Sign, date, and return. • Master Conditions of Award: Read carefully. Conditions apply for all terms of enrollment. • Promissory Note(s): Complete for Stafford & Grad PLUS loans online at https://studentloans.gov if not signed at prior Direct Lending institution or at Seattle University. Sign for Perkins, if applicable, at https://ipromise.campuspartners.com. • Entrance Counseling, for Stafford & Grad PLUS Loans: Entering students or first time borrowers must complete entrance session. See https://studentloans.gov • Taxes: Entering students selected for verification, but tentatively awarded without documentation, must submit required information prior to release of funds. • Other Info: If other information has been requested, please submit as soon as possible, otherwise funding may be delayed. • Employment: If entering student, attend Job Fair. All positions (Federal Work Study, nonwork study, or State Work Study) require completed paperwork prior to working. Funding is not received up front; you must

SCHOOL OF LAW Student Financial Services Sullivan Hall 901 12th Avenue P.O. Box 222000 Seattle, WA 98122-1090

STUDENT FINANCIAL SERVICES Assistant Dean Kathleen Koch Director Lynette Splinter Associate Director Paula Nagel Program Coordinator Natasha Murphy Business Hours Monday, Thursday 9:00 am - 6:00 pm Tuesday, Wednesday, Friday 9:00 am - 4:30 pm How to reach us 206.398.4250 206.398.4058 FAX email: lawfa@seattleu.edu web: www.law.seattleu.edu/financialservices

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