Office of Student Financial Services

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Office of StudentFinancial Services
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• Welcome
• to the
• Georgetown
• Community

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Role of Student Financial Services(OSFS)

• Determine eligibility for need-based financial
  aid
• Package federal and institutional aid to meet
  full need
• Talk with students and families about financing
  options
• Establish four year partnership

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• Expectations when financing a Georgetown
  education
• Parents will help finance the college education
  to the extent they are able
• Students should do their part through savings and
  part-time earnings
• OSFS will evaluate families in an equitable and
  consistent manner, recognizing that special
  circumstances can affect ability to pay

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Formula for Need

• Cost of Attendance (COA)
• - Expected Family Contribution (EFC)
• Financial Need

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Cost of Attendance

• Tuition and fees
• Room and board
• Books and supplies
• Miscellaneous personal
• expenses
• Transportation

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Actual 2009-2010Cost of Attendance

• Item
• Full Time Tuition
• Required Fees
• Room
• Board
• Books/ Personal
• Travel
• TOTAL

• Cost
• 38,616
• 596
• 8,616 3,890
• 2,912
• 500
• 55,130

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Methodologies to determine your expected family
contribution

• Federal Methodology determines eligibility for
  all types of federal aid
• Institutional Methodology determines
  eligibility for Georgetown Scholarship

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Federal Methodology considers

• income
• non-home assets
• family size
• age of parents
• number of parents working
• number in college

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Additional Institutional Methodology
Considerations

• home equity
• cost of siblings college
• non-custodial parents
• repayment of parent educational loans
• unreimbursed medical expenses
• private elementary, secondary tuition

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Student Contribution

• Minimum student contribution from income is
  1,700
• Asset contribution 25 of net worth

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Types of Need-Based Aid

• Gift Aid
• Federal
• Pell
• ACG/SMART
• FSEOG
• State
• Georgetown Scholarship
• Private Sponsors

• Self-help
• Loans
• Federal Perkins/Nursing Loan
• Federal Stafford Loan
• Federal PLUS Loan
• Employment
• Federal Work Study

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The 6 most commonly asked questions
?
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Will educational loans still be available while
my student is in school?
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YES

• The federal government is committed to preserving
  access to federal loan programs.

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Federal Perkins/Nursing Loan

• Annual and aggregate loan limits
• Interest rate 5
• Nine-month grace period
• Deferment and cancellation provisions available

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Federal Stafford Loan(Subsidized/Unsubsidized)

• Annual Loan Limits
• 5,500 (1st year undergraduates)
• Up to 3500 Subsidized Loan
• 6,500 (2nd year undergraduates)
• Up to 4500 Subsidized Loan
• 7,500 (remaining years of undergraduate study)
• Up to 5500 Subsidized Loan
• Subsidized Stafford Loan Interest Rate 5.6
• Unsubsidized Stafford Loan Interest Rate 6.8
• Fees range from 1 to 4
• Six-month grace period

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Federal PLUS Loan

• Borrowers are parents of dependent
• undergraduate student
• Loan limits
• Cost of Attendance
• 8.50 fixed interest rate
• 3 origination fee 1 insurance premium
• Repayment can begin six months after student
  graduates

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2. Can my expected family contribution be
changed?
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YES

• If special circumstances exist
• Income reduction or non-recurring income
• Loss of employment
• Significant unreimbursed medical/dental expenses
• Two households for employment purposes
• Extended care to grandparents

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3. What factors may change my students
financial aid eligibility in future years?
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• Change to number in household
• Change to number in college
• Significant increase/decrease in income and/or
  assets
• Marriage/Divorce

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4. Will my financial aid package be adjusted if
I receive an outside scholarship?
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YES

• The benefits of
• seeking outside scholarships
• Option 1 Reducing Family Contribution
• Option 2 Reduced Student Work
• Option 3 Reduced Student Loan

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Private Scholarship Searches

• Local library resources
• Local businesses civic organizations
• Parents place of business

Scholarship searches should always be free. For
links to up-to-date Scholarship search sites
visit http//finaid.georgetown.edu/schships.htm
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5. What is work study?
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Federal Work-Study

• Annual Work
• 3,000 (1st year undergraduates)
• 3,200 (2nd year undergraduates)
• 3,400 (3rd year undergraduates)
• 3,600 (4th year undergraduates)
• Eligible employers
• School
• Federal, State, or local public agency
• Community service activities
• Private non-profit organizations in academically
  relevant jobs
• For-profit organizations in academically relevant
  jobs
• https//seo.georgetown.edu/

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• 6. How do I pay my bill?

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Payment Options

• Financial Aid
• Third Party Billing
• Cash, Check or Wire
• E-check
• Deferment
• 10 Month Payment Plan (July April)

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Where Do I Go From Here?

• Investigate other sources of aid
• Conduct private scholarship search
• Review alternative finance options
• Consult with financial aid counselor

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Questions