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

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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


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Tuition Benefit Lunch and Learn

Carly Eichhorst | Director of Financial Aid

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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
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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

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Updated Eligibility Requirements

Employees .75 - 1.0 FTE Employees .50 - .749 FTE Minimum Length of Service to Qualify for Benefit 3 Years 6 Years 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

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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
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Tuition Benefit Basics: Annual Application Process

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Tuition Benefit Basics: Participating Institutions

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Tuition Benefit Basics

Attending

  • St. Olaf

Attending ELCA College Attending ACM College

$47,840 *80% = $38,272 $47,840 *40% = $19,136 Annual application + $25 annual fee Host school tuition* 80% 80% Tuition

  • r 40% Tuition

Families are responsible to pay Room + Board + Balance not covered by benefit

80% Tuition for 2 or 4 years Benefit amount varies by school Schools compare home benefit amount and student receives lesser amount Annual application Annual application

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  • ELCA Colleges have different benefit amounts
  • The premise is that host institutions do not give a benefit that exceeds what their
  • wn 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.

ELCA Program Overview & Cost Estimate

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ACM Program Overview & Cost Estimate

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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
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Benefit for Student Attending from Another ACM College

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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?

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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!
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Thank You for Coming!

Questions?