Hannah Zazzaro University of Cincinnati Graduate Mission: JELF - - PowerPoint PPT Presentation

Webinar Overview (approx. 30 min)

• Program Background
• Criteria
• What Makes JELF Different?
• How Decisions are Made
• Our Impact & Marketing
• Q&A

Hannah Zazzaro University of Cincinnati Graduate

Mission: JELF provides interest-free loans to Jewish students in need for higher education.

• Serves a 5-state region
• Florida
• Georgia
• North Carolina
• South Carolina
• Virginia (excluding metro DC)
• Provides “last dollar” loans,

bridging the gap between financial aid received and total amount a student needs.

Jeremy Chartash Currently a fellow in ophthalmology at the CDC Foundation

Over a century of deep-rooted history

1889

Hebrew Orphans’ Home

1930

Jewish Children’s Service

1989

JELF

Located in Atlanta and established in the former B’nai B’rith District No. 5 region, this institution housed, fed, educated and provided instruction to

• rphaned Jewish

children The Hebrew Home closed and evolved into Jewish Children’s Service, which began providing interest-free loans in 1961. The organization was formally changed to the Jewish Educational Loan Fund (JELF)

Rising Cost of College in the United States

In 18 years, a 4-year college degree could cost about $500,000!

JELF Loan Criteria:

Benjamin Warsaw

• Asst. Professor of Music, Armstrong State
• Jewish (self-identified/raised)
• Legal resident of FL, GA, NC, SC
• r VA (excluding metro DC)
• Enrolled full-time in a U.S.

accredited institution

• U.S. citizen (or have lawful

immigration status)

• Be in good academic standing

(must meet at least a 2.0 GPA)

• Have a co-signer
• Demonstrate financial need

What Makes JELF Different?

• 1. Interest-Free Lending

JELF Loan Private Loan

$5,000 loaned to student

7% interest

(average)

Save up to $2,975 on the average $5,000 JELF loan 0% interest unsubsidized always subsidized

$7,975

Amount Due: $5,000 Amount Due:

* This assumes that both loans have the same repayment period.

• 2. JELF offers choice so that recipients can

attend the university that is the best fit for their needs.

What Makes JELF Different?

• 3. Last Dollar Lending.

Students do not request a certain

• amount. Financial need is

determined through JELF’s unique “last dollar” formula.

How Does JELF Calculate a Last Dollar Loan?

Cost of School: In 2017, Emory University costs $69,015, including tuition, books, room/board, transportation and miscellaneous expenses. Student’s Financial Package: JELF then documents exactly what this same student has already secured financially, including help from family members, scholarships and/or other loans. In this case, let’s say that amount is $63,537. $69,015 (total cost of school)

• $63,537 (student’s financial package)

______________ = $5,478 (this student’s total need)

• 4. What Makes JELF Different?

Personal Approach.

JELF’s 22 Partnership Agencies

To locate the JELF representative in your area, please visit jelf.org/mylocaljelf

What Makes JELF Different?

• 5. Graduated Repayment.

JELF recipients never pay anything back until 6 months after their final graduation, at which time monthly payments start off very low and gradually increase throughout an 8- year period.

JELF Process: The Basics

• Per year: Students must

apply for a loan each year that they are in school.

• Two-Step Process:

– Complete online application – Personal interview

• Application Periods:

Online application available 2 times/year

Undergrad Grad School Vocational Tech School

When To Apply

2 application periods per year

The Online Application Process

Upload supporting documents including:

• Transcripts
• Tax returns
• W2/1099 Forms
• The Student Aid Report (SAR), received after filing FAFSA
• FAFSA available online beginning October 1

In-person interview (first-time applicants and their co- signers) or phone conversation with your Local JELF Administrator (LJA) Submit final supporting documents:

• Final transcripts
• Financial aid award from university/program
• Cost of school `

How Decisions Are Made

• 1. May – June (or Oct) – Applications are processed, stripping

all identifying information, including name and gender.

• 2. Late-July (or late-Nov) – JELF donors and Board Members

discuss and vote on each application individually, based on JELF’s criteria.

• 3. Late-July (or late-Nov) – Students are notified about their

award amount.

• 4. Early-August (or late-Nov) - Students sign a promissory

note and receive their JELF loan check. If the awarded amount is in August for full year, student receives 50% of the loan now and the remaining 50% in December.

• Word of Mouth: Hundreds of conversations and

info sessions taking place each year across the region

• Social Media: JELF’s Facebook page promotes

application season throughout the year.

Marketing to Applicants

• Annual Mailing: 800+ entities around

JELF’s 5-state region receive a mailing with material. This includes:

– Synagogues – Public/Private high school – Hillels and on-campus Chabad – Jewish fraternities & sororities – College Financial Aid offices – College Placement Specialists

JELF by the Numbers

• On the streets: $5.8

million currently loaned to 839 students in 5 states

• Recycling: With a 99%

repayment rate, 456 of those loans are currently being paid back to help future recipients

• Educating: There are an

additional 383 students who are still in school with a JELF loan and will begin to repay in the near future

Lauren Vargas Dental resident at NYU

JELF’s Impact

• JELF has granted $7.1 million

in loans over the past 10 years, representing a total of 1,803 loans

• JELF has thousands of

recipient alumni living all over the U.S. who credit JELF, in part, for their success

• JELF inspires our Jewish

communities to recognize that these situations exist and that we can help students in need continue to pursue their higher education.

Sydney Lewis Graduate of Wesleyan University

Q&A