Tuition Benefit Lunch and Learn Carly Eichhorst | Director of - PowerPoint PPT Presentation

Tuition Benefit Lunch and Learn Carly Eichhorst | Director of Financial Aid

AGENDA • Updated Eligibility Requirements • Tuition Benefit Basics • Overview of Evangelical Lutheran Church of America (ELCA) Program • Overview of Associated Colleges of the Midwest (ACM) Program • Online Tools, Forms, Frequently Asked Questions, and More! • Paying for College 101

Updated Eligibility Requirements Effective 2018-19 Benefit is available for stepchildren (along with natural born and adopted children who are less than 25 years old) Effective 2019-20 Simplification of benefit amount based on FTE groupings: • Employees .75-1.0 FTE qualify for the same benefit amount • Employees .50-.749 FTE qualify for the same benefit amount

Updated Eligibility Requirements Employees .75 - 1.0 FTE Employees .50 - .749 FTE Minimum Length of Service 3 Years 6 Years to Qualify for Benefit ELCA & St.Olaf Benefit 80% Benefit for 4 Years 40% Benefit for 4 Years ACM Benefit 80% Benefit for 4 Years 80% Benefit for 2 Years

Tuition Benefit Basics Student Applies for Admission: Dependent students apply to the colleges they are interested in attending. Parent Applies for Benefit: Complete Tuition Benefit Application that validates eligibility for benefit and shares information about the student. St. Olaf HR and Financial Aid send information to other schools. Other Schools communicate with student and parents about benefit. Each host school may have different policies that impact: ● Amount awarded ● If the benefit can be used to study abroad ● How the benefit works with merit aid

Tuition Benefit Basics: Annual Application Process

Tuition Benefit Basics: Participating Institutions

Tuition Benefit Basics Attending Attending Attending ACM College ELCA College St. Olaf 80% Tuition for Benefit amount varies by 80% Tuition 2 or 4 years school or 40% Tuition Schools compare home $47,840 *80% = $38,272 benefit amount and Host school tuition* 80% student receives lesser amount $47,840 *40% = $19,136 Annual application + $25 Annual application Annual application annual fee Families are responsible to pay Room + Board + Balance not covered by benefit

ELCA Program Overview & Cost Estimate • ELCA Colleges have different benefit amounts • The premise is that host institutions do not give a benefit that exceeds what their own employee receives. • As a St. Olaf employee, your benefit is 80% of tuition. In 2018-19 = $38,272. • We share your benefit amount HERE. The host school compares that to what they offer their employees and then award the lesser amount in the benefit.

ACM Program Overview & Cost Estimate

Online Tools, Forms, FAQ, and more! Website: https://wp.stolaf.edu/hr/tuition-benefit/ ● Two Required Forms: ○ Application form ○ Confirmation form ● List of participating schools ● Frequently Asked Questions ● This presentation

Benefit for Student Attending from Another ACM College

Paying for College 101 ● Complete the FAFSA your first year ● At minimum; a family is awarded loans: ○ $5,500 1st year ○ $6,500 2nd year ○ $7,500 3rd & 4th year ● Questions for top choice schools: ○ How is student employment handled? Are students paid directly? How do they get jobs? ○ How do we re-apply for aid? Will my aid change? ○ What is the annual tuition increase?

Don’t Forget! ● Deadline for 2019-2020 forms is May 1st . ● Complete your Tuition Benefit Application every year ● ACM requires an annual $25 processing fee (checks only) ● Submit the Enrollment Confirmation Form every year to notify St. Olaf where your child has selected to attend college. ● Faculty and staff can take courses at St. Olaf!

T hank You for Coming! Questions?