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PAYING FOR COLLEGE
INTRODUCTION TO FINANCIAL AID
w How much will it cost?
w What is financial aid?
w What is the FAFSA?
w When and how do I apply?
w What types of aid are available?
w Where can I get help?
NOW WHAT?
YOU ARE GOING TO COLLEGE…
w Actual costs of attendance will vary according to the school you attend,
number of credit hours for which you register, residency status, living arrangements, transportation costs, and your lifestyle.
w The total financial aid package may not exceed your cost of attendance.
Miscellaneous
Books & Supplies Transporta-
tion
Tuition & Fees
Room & Board
COST OF ATTENDANCE
w Funding intended to help students pay educational expenses at colleges and universities.
w Financial aid helps make up the difference between what you can afford to pay
and the cost of college.w Funding Sources:
w Federal Government
w State Government
w College/University
w Outside/Private sources
FINANCIAL AID
w Free Application for Federal Student Aid
w Free! Be sure to use FAFSA.GOV.
w Must be completed annually w As soon after JANUARY 1 as possible Application for all federal and state grants w Loans and most scholarships also require a completed FAFSA.
fafsa.gov
Lake Land College School Code: 007644
Available Jan. 1
FAFSA
2015 Federal tax forms and W2’s
IRS Data Retrieval (Name, SSN, Address from 1040)
w Asset/Investment information FSA ID
Replaces the PIN number Both student and parent will need to get an FSA ID at
FSAID.ED.GOV
fafsa.gov
Lake Land College School Code: 007644
Available Jan. 1
COMPLETING THE 2016-2017 FAFSA
w If you have not completed your taxes, you can still complete a FAFSA!
w Answer questions as “Will File.”
w Estimate financial information.
w You must return to the FAFSA and update it after you file your taxes using the
IRS Data Retrieval Tool.
w Change answer to “Filed”
w Available approximately 10 business days after e-filing
w Address must appear EXACTLY as it does on your tax forms including capitalization and punctuation
ESTIMATING FINANCIAL INFORMATION
w Am I a dependent or independent student?
w Determined by dependency questions on FAFSA
w Age 24 by Jan. 1, 2017 for 2016-17 FAFSA
w Married
w Have a child for whom you provide at least 50%
of the support
w Veteran
w Homeless
w Orphan/Ward of the court
PARENTAL INFORMATION
w Who is considered a parent?
w Biological Parent
w Step-Parent
w Adoptive Parents/Grandparents
w What is my parent’s marital status?
w Married w Remarried
w Never Married
w Divorced or Separated
w Widowed
w Unmarried and both parents living together
w Which parent do I use if my parents are divorced?
PARENTAL INFORMATION
w What happens to my information?
w What is the EFC?
w How does the school determine my eligibility?
w What financial programs are available?
w Where can I find scholarships?
I FILLED OUT MY FAFSA. . .
fafsa.gov
The data from your FAFSA will be sent electronically to the schools you indicated.
You may be asked to submit additional documentation
to the financial aid office for verification purposes.
w Respond to requests from each school before the deadlines.
YOUR FAFSA
w The data provided on the FAFSA is used to calculate your Expected Family Contribution (EFC).
w A measure of your family’s financial strength and ability to contribute toward
the cost of college for an academic year.
w Used to determine student eligibility for most federal and state assistance.
w Shown on the Student Aid Report (SAR).
w Does not change based on the school you attend.
w Subtracted from Cost of Attendance (COA) to determine Financial Need.
EXPECTED FAMILY CONTRIBUTION
A
B
COA EFC Financial Need
$3,000$10,000 $7,000
$3,000$20,000 $17,000
-
-
=
=
C$3,000$40,000 $37,000- =
- =College
College
College
FINANCIAL NEED SCENARIOS
Student LoansWork Study
Grants ScholarshipsGift Aid
Self-Help Aid
TYPES OF FINANCIAL AID
Program Annual Amount** Notes
Federal Grants**
Federal Pell Grant (PELL) $588 - $5,775 Prorated based on enrollment
Federal Supplemental Education Opportunity Grant (FSEOG) $100 - $4,000 Award amounts vary by
institution
Federal TEACH Grant Program Up to $4,000 Not offered at LLC
State of Illinois Grants*
Monetary Award Program (MAP) Up to $4,968 Prorated based on enrollment
*These are the main State and Federal grant programs. Other programs may be available. **Annual amounts are subject to change and may vary from school to school.
GRANTS
lakelandcollege.edu/financialaid/scholarships
w High School Counselor
w College/University
w Banks
w Libraries
w Charitable Organizations
w Churches
w Civic Organizations
w Employers
w Local Businesses
w Online Scholarship Search Websites
WHERE CAN I FIND SCHOLARSHIPS?
SCHOLARSHIPS
lakelandcollege.edu/col/scholarships
Application available November 1. Deadline is February 1. Notification begins March 1.
w Apply online at
LAKELANDCOLLEGE.EDU/FOUNDATION.
w One application for hundreds of scholarships
FOUNDATION OFFICE217-234-5363lakelandcollege.edu/foundation
LAKE LAND COLLEGE FOUNDATION SCHOLARSHIPS
Two-year tuition scholarship Guaranteed to students who meet one of the
criteria:
w Rank in the top 15 percent of the senior class; or w ACT score of 26 or higher. Submit the Presidential Scholarship
Acceptance Form by March 1.
LAKE LAND COLLEGE PRESIDENTIAL SCHOLARSHIP
Compensation is at leastthe current federal
minimum wage.
A completed FAFSA is required.
Funds are limited.Priority deadlines
may apply.
The student is paid bythe college.
A need-based employment program that provides on and off campus jobs to
students.
FEDERAL WORK STUDY
w Borrow responsibly!w Only borrow what is absolutely needed.w You do not have to take the maximum loan amount offered.
w Borrowing is a serious financial commitment with the potential for very harsh consequences.
w Read all documents carefully!w Understand rights and responsibilities.w Understand repayment options.
w Loans should be your LAST option!
STUDENT LOANS
Program
A completed FAFSA is required for all loans.
Type GraceRate
Federal Direct Stafford Loan
Subsidized 4.29% 6 months
Unsubsidized 4.29% 6 months
PLUS(Parents)
Credit-based 6.84% 60 days
Perkins(Institutional)
Subsidized 5% 9 months
STUDENT LOANS
w Lake Land College Regional FAFSA Completion Events
w ISACorps High School FAFSA Completion Events
w U.S. Department of Education w FEDERALSTUDENTAID.ED.GOV w (800) 4-FED-AID
w Illinois Student Assistance Commission w ISAC.ORG w [email protected] w (800) 899-ISAC
WHERE CAN I GET HELP?
FINANCIAL AID & VETERAN SERVICES217-234-5231financialaid@lakelandcollege.edulakelandcollege.edu/financialaid
Check List Complete FAFSA Review Student Aid Report Complete Verification Process with
College/University Review Award Letter from College/University Respond to College/University if required Complete any pending processes Renew FAFSA every year
fafsa.gov
Lake Land College
School Code: 007644
Available Jan. 1
FINANCIAL AID REVIEW
w Laker Hub
w Financial Aid Status and Documents
w Award Letter and Account Balance
w View Bill and Make Payments
w E-mail w Communication sent to Laker Mail w Email us your questions at [email protected]
w Facebook w ‘Like’ us on Facebook FACEBOOK.COM/LLCFINANCIALAID
FUTURE LAKE LAND COLLEGE STUDENTS
2017-2018 FAFSA Available October 1, 2016
FAFSA will utilize prior-prior year tax information
2015 tax year again for 2017-2018
2016 tax year for 2018-2019
Renew FAFSA Every October 1 Going Forward
Timelines for responding to schools and award
notifications may be pushed earlier.
FAFSA CHANGES COMING SOON!
fafsa.gov
Lake Land College School Code: 007644
Available Oct. 1
