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

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

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

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

• 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

• 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

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!

Thank You for Coming!

Questions?