Important Notes

Student Financial Services wants to keep students abreast of important topics and current events that could affect their financial situation. Please check back for updates.

The presenter for Money Management 601 previously scheduled for Tuesday, November 17, unfortunately has had to cancel this event.  We will be providing a series on Taking Control of Your Finances during spring semester.  More information to follow.

Prospective Students for 2010-11

Please review our Web site for information regarding Financial Aid Programs available at Seattle University School of Law and how to apply for them.

To start the process for financial aid, you will need to complete the 2010-11 Free Application for Federal Student Aid (FAFSA) on-line at www.fafsa.ed.gov on or after January 1, 2010, but as soon as possible thereafter. Our school code is 003790.

If you have not previously completed a FAFSA, you may request a PIN number at www.pin.ed.gov.

Please let us know if you have any questions regarding the process or programs. Please e-mail us or call 206.398.4250.

Take Action! Voice your support for tax relief regarding the 25 year IBR loan forgiveness repayment plan

In addition to lowering monthly student loan payments, the new Income-Based Repayment (IBR) program (available July 1, 2009) forgives any remaining debt - including interest - after 25 years. Many borrowers will pay off their debt before then, but under current law, if there's any balance to forgive after 25 years, the amount forgiven would be taxed as income to the borrower.  This is not rational! It does not make sense for a borrower to be able to financially able to handle paying a tax bill on what could be a significant amount after 25 year of eligibility under this reduced payment plan.

A bipartisan bill in the U.S. House of Representatives, H.R. 2492, would prevent the taxation of debt forgiven through IBR. Loan forgiveness is supposed to wipe the slate clean for responsible borrowers, not create a new financial obligation. Current law exempts some kinds of loan forgiveness from taxation, including the 120 payment Public Service Loan Forgiveness program, but not IBR.

Please take a moment to write to your representative and urge them to support H.R. 2492 and ensure there's really a light at the end of the tunnel for responsible borrowers.

Take action! (http://ibrinfo.org/action.vp.html)

Action Alert!

Credit-based private bar loans are available to help with the expenses of the bar prep course, bar exam fee and living expenses while studying for the bar, but credit criteria may be stricter these days making private loans more difficult to procure. Some lenders no longer offer bar loans and it is possible that more lenders may opt out of offering bar loans or withdraw from the student loan business altogether at any time.

It is critical to contact legislators now to urge their support to include the cost of the bar prep class and living expenses into the cost of attendance in order to allow use of the credit-based federal Grad PLUS.

It only takes a minute! See capwiz.com/allianceforlegaleducation. Put in your zip and it will pop up all your legislators with a message to send. It is easy, fast and important!

Dealing with Law School Debt: Understanding the College Cost Reduction and Access Act (CCRAA)

Interested in a career in the government or nonprofit sector but worried about how you will pay your law school loans? Heather Jarvis of Equal Justice Works presented a workshop explaining the CCRAA, how student loan payments will be affected by the income-based repayment program, how borrowers can qualify for loan forgiveness, and what borrowers need to do to take advantage of the benefits of the new law. To access, go to: medialaw.seattleu.edu.

FAFSA Deadline was February 15 for Continuing Students

Please complete the ESF and the FAFSA (www.fafsa.ed.gov) immediately, if you have not done so (estimate your taxes if you have not finished your 1040) for financial aid in the upcoming 2009-10 academic year. The FAFSA on-time deadline was February 15, 2008. Unfortunately, if you missed the deadline, you will be ineligible for some limited funded programs (such as State Work Study) and your award letter will be delayed. The ESF was emailed and mailed to you or you may pick one up at the office.

Complete your 2008 taxes early and keep a copy. When you receive your Student Aid Report after completing the FAFSA, read it carefully. If you have been selected for verification, contact our office for a Verification Worksheet. We will need a copy of your (& your spouse's, if applicable) 2008 IRS 1040, all attachments & W2s. We cannot evaluate your file until you submit this information.

Please let us know if you have any questions about the process.

FREE 1040 Tax Assistance

SU is offering free confidential tax help every Wednesday 5:30 to 8:30 p.m. and every Saturday 10:00 a.m. to 1:00 p.m. from February 7 through April 15. It will be held at Mt. Zion Baptist Church, 1634 19th Ave., Seattle, in the basement. No appointment necessary. Bring photo ID, social security card for taxpayer and dependents, all your 2008 tax information and your 2007 tax return (if available). Contact VITA at 206.296.5690 for more information.

State Work Study (2Ls & 3Ls)

If you received a State Work Study (SWS) award for 2008-09 and are running low on funding or if you were not awarded SWS and are interested in the program (you must have remaining need and eligibility within your cost of attendance), you may be eligible for a SWS increase or new award depending on eligibility. You may petition for an increase or a new award by emailing lawfa@seattleu.edu or completing and dropping off a Revision Request form available at our office.

Money Management Video

For those of you who are interested in this topic but were unable to attend either in-person session, there is a video available to watch at your convenience.

Video access instructions:
Go to the homepage of the Law School's streaming server: http://medialaw.seattleu.edu
Then, click on Financial Aid Services under the Student Resources heading.

This important workshop, hosted by American Student Assistance, explored a wide range of topics related to personal financial management, including budgeting, credit management, and the real cost of borrowing.

• Understand the steps to successful budgeting while in law school
• Obtain real-world advice on saving for the future
• Discover the ins and outs of credit
• Learn about the real cost of money
• Realize the benefits of successful money management

On-Campus Work Study

1Ls - If you missed the Job Fair but are looking for a job on-campus (Federal Work Study recipients are given priority), please visit the work study page or contact our office for guidance on procuring a position.

Identity Theft: Protecting Your Financial Identity

If you missed the presentation Identity Theft: Protecting Your Financial Identity, you may watch it on video. The presentation can be found under the SFS - Student Financial Services link. Log in instructions are on the page. An estimated 700,000 people fall victim to identity theft each year costing both time and money to clean up. This class focuses on how to avoid becoming a victim and provides some recovery steps to identity theft.

Financial Aid Fraud Alert!

The financial aid community has received notice from Kay Jacks, General Manager for FSA Application, School Eligibility and Delivery Services that someone is impersonating a U.S. Department of Education official and is offering students grants for a processing fee.

Her message is as follows: There is someone claiming to be a representative of the U.S. Department of Education (ED) calling students, offering grants, and asking for bank account numbers so a processing fee can be charged. Specifically, the caller tells the student he understands the student has federal student loans and offers to replace the loans with an $8,000 grant. The caller explains that a processing fee must be charged and obtains the student's checking account information.

There is no ED program to replace loans with grants and that there is no processing fee to obtain Title IV grants from ED. Furthermore, as you are no doubt aware, one should never provide their bank account or credit card information over the phone unless they initiate the call and trust the company they are calling.

This is a scam. A student who is a victim of this or a similar scam should take the following steps:

1. Immediately contact his or her bank, explain the situation, and request that the bank monitor or close the compromised account.
2. Report the fraud to ED's Office of Inspector General hotline at 1-800-MIS-USED (1-(800) 647.8733) or oig.hotline@ed.gov. Special agents in the Office of Inspector General investigate fraud involving federal education dollars.
3. Report the fraud to the Federal Trade Commission (FTC). The FTC has an online complaint form at www.ftc.gov/scholarshipscams and a hotline at 1-877-FTC-HELP (1-(877) 382.4357; teletype for the hearing impaired: 1-(866) 653.4261). The FTC will investigate if the fraud is deemed widespread; therefore, it is important that every student contacted by the person or people in question lodge a complaint so the FTC has an accurate idea of how many incidents have occurred.
4. Notify the police about the incident. Impersonating a federal officer is a crime, as is identity theft.

When filing a complaint, the student should provide detailed information about the incident, including what was said, the name of the person who called, and from what number the call originated (if the student was able to obtain it via Caller ID). Additionally, if unauthorized debits have already appeared against the student's bank account, the student should mention this fact in his or her complaint. Records of such debits could be useful in locating the wrongdoer.

For information about identity theft prevention, please visit www.ed.gov/misused. For information about preventing financial aid scams, visit www.studentaid.ed.gov/lsa.

For answers to any questions you have about financial aid, please contact Student Financial Services at lawfa@seattleu.edu.