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Welcome to Financial Aid 101:Welcome to Financial Aid 101:
Carol A. VandreCarol A. Vandre
ICHS CounselorICHS Counselor
Are you wondering...Are you wondering...
• What is financial aid?What is financial aid?
• How do I apply for financial aid?How do I apply for financial aid?
• How is financial aid eligibility How is financial aid eligibility determined?determined?
• What should I do next?What should I do next?
What is financial aid?What is financial aid? Types of Financial Aid Types of Financial Aid
• ScholarshipsScholarships
• GrantsGrants
• LoansLoans
• EmploymentEmployment
Types of ScholarshipsTypes of Scholarships
• AcademicAcademic
• AthleticAthletic
• Career InterestsCareer Interests
• InstitutionalInstitutional
• PrivatePrivate
• StateState
• TalentTalent
Scholarship SourcesScholarship Sources
• Guidance counselor/high school counseling Guidance counselor/high school counseling officeoffice
• www.indiancreekschools.org• Public libraryPublic library• University Scholarship CoordinatorUniversity Scholarship Coordinator• University/College LibraryUniversity/College Library• Student/Parent employerStudent/Parent employer• Local Chamber of CommerceLocal Chamber of Commerce• Local organizations (churches, Rotary, PTA)Local organizations (churches, Rotary, PTA)
Scholarship Web SitesScholarship Web Sites
• www.niu.edu/scholarshipswww.niu.edu/scholarships• www.fa.niu.eduwww.fa.niu.edu• ISAC– www.collegezone.comISAC– www.collegezone.com• www.fastweb.comwww.fastweb.com• www.finaid.comwww.finaid.com• www.freschinfo.comwww.freschinfo.com• www.srnexpress.comwww.srnexpress.com• www.scholarships.comwww.scholarships.com
GrantsGrants• Federal Federal Pell Pell GrantGrant
• StateState MAP MAP Grant (Monetary Award Grant (Monetary Award Program)Program)
• State IIA Grant (Illinois Incentive for State IIA Grant (Illinois Incentive for Access Grant)Access Grant)
• FSEOG FSEOG (Federal Supplemental Educational (Federal Supplemental Educational Opportunity Grant)Opportunity Grant)
Loan OptionsLoan Options
• Federal Federal Stafford Stafford Loan (8.25% interest cap)Loan (8.25% interest cap)– SubsidizedSubsidized– UnsubsidizedUnsubsidized
• Federal Federal PerkinsPerkins Loan (5% interest) Loan (5% interest)
• Federal Federal PLUSPLUS Loan (9% interest cap) Loan (9% interest cap)– Parent Loan for Undergraduate StudentsParent Loan for Undergraduate Students
Federal Stafford LoansFederal Stafford LoansCombined sub and unsubsidizedCombined sub and unsubsidized
FreshmanFreshman $3,500$3,500
SophomoreSophomore $4,500$4,500
JuniorJunior $5,500$5,500
SeniorSenior $5,500$5,500
Student-at-large/postgraduateStudent-at-large/postgraduate $5,500$5,500
Graduate studentGraduate student $20,500$20,500
Student EmploymentStudent Employment
• Library ClerksLibrary Clerks• LifeguardsLifeguards• Ticket SalesTicket Sales• Public Safety (student Public Safety (student
patrols)patrols)• University University
Programming & Programming & ActivitiesActivities
• Bookstore ClerksBookstore Clerks• Computer AidesComputer Aides• Residence hall front Residence hall front
desk staffdesk staff• Food serviceFood service• Health ServicesHealth Services
How do I apply for financial aid?How do I apply for financial aid?
• FAFSA (Free Application for FAFSA (Free Application for Federal Student Aid)Federal Student Aid)
• Check with your college/university Check with your college/university for:for:
• Institutional Financial Aid Verification Institutional Financial Aid Verification FormForm
• Signed non-returnable photocopies of Signed non-returnable photocopies of student and/or parent income tax returns student and/or parent income tax returns and W-2 formsand W-2 forms
• College Scholarship Service (C.S.S.) College Scholarship Service (C.S.S.) profileprofile
FAFSA on the WebFAFSA on the Webwww.fafsa.ed.govwww.fafsa.ed.gov
• Available January 1, 2008Available January 1, 2008• Use the paper form as a worksheetUse the paper form as a worksheet• Secure- FAFSA on the web uses 128-bit Secure- FAFSA on the web uses 128-bit
encryptionencryption• Save often!Save often!• Don’t forget the signature page or pin Don’t forget the signature page or pin
number!number!
FAFSA on the WebFAFSA on the WebPin NumberPin Number
• www.pin.ed.govwww.pin.ed.gov• Supply: Name, date of birth and social Supply: Name, date of birth and social
security numbersecurity number• Wait three days for e-mail notification of Wait three days for e-mail notification of
pin or 7-10 days for pin number to arrive pin or 7-10 days for pin number to arrive via U.S. Mailvia U.S. Mail
• Use to electronically sign FAFSA, make Use to electronically sign FAFSA, make changes, etc.changes, etc.
Cost of AttendanceCost of Attendance
Tuition and FeesTuition and Fees $ 6,652$ 6,652
Room and BoardRoom and Board $ 5,544$ 5,544
TransportationTransportation $ 500$ 500
Books and SuppliesBooks and Supplies $ 1,000$ 1,000
Student Medical InsuranceStudent Medical Insurance $ 580$ 580
+ Miscellaneous Living Expenses+ Miscellaneous Living Expenses $ 1,924$ 1,924
Cost of AttendanceCost of Attendance $ 16,200$ 16,200
How is financial aid eligibility How is financial aid eligibility determined?determined?
Cost of AttendanceCost of Attendance
- Expected Family Contribution (EFC) - Expected Family Contribution (EFC)
= Financial Need= Financial Need
Financial Need ExamplesFinancial Need Examples2008-2009 Budget2008-2009 Budget
$ 16,200$ 16,200
- 1,000- 1,000
$ 15,200$ 15,200
$ 16,200$ 16,200
- 5,500- 5,500
$ 10,700$ 10,700
$ 16,200$ 16,200
- 8,000- 8,000
$ 8,200$ 8,200
$ 16,200$ 16,200
- 3,000- 3,000
$ 13,200$ 13,200
Putting it all together!Putting it all together!
StudentStudent
FAFSAFAFSA
(Free Application (Free Application for Federal for Federal
Student Aid)Student Aid)
Institutional Verification Forms, Institutional Verification Forms, tax return copies, C.S.S. profile, tax return copies, C.S.S. profile,
College Specific informationCollege Specific information
Federal Pell Federal Pell ProcessorProcessor
ISAC ISAC
(Illinois Student (Illinois Student Assistance Assistance
Commission)Commission)
School ChoicesSchool Choices
SARSAR
(Student Aid (Student Aid Report)Report)
Letter regarding MAP Letter regarding MAP awardaward
Letter of Letter of clarificationclarification
Award LetterAward Letter
What should I do next?What should I do next?
• Helpful Hints:Helpful Hints:– File by priority date-- March 1File by priority date-- March 1– Respond to any letters requesting additional Respond to any letters requesting additional
documentation, in a timely mannerdocumentation, in a timely manner– Remember to sign all documents where Remember to sign all documents where
necessarynecessary– Keep photocopies of all documents submittedKeep photocopies of all documents submitted– Call the college or university with questionsCall the college or university with questions
Rules of ThumbRules of Thumb• If you must pay money to get money, it might If you must pay money to get money, it might
be a scambe a scam
• If it sounds too good to be true, it probably isIf it sounds too good to be true, it probably is
• Never invest more than a postage stamp to get Never invest more than a postage stamp to get information about scholarshipsinformation about scholarships
• Nobody can guarantee that you’ll win a Nobody can guarantee that you’ll win a scholarshipscholarship
• Use caution if an application fee is requiredUse caution if an application fee is required
• Contact ISAC and/or your college financial aid Contact ISAC and/or your college financial aid office with any questions or concernsoffice with any questions or concerns
QuestionsQuestions
Thank you
• Make sure to take information from the back table with you.
• Please call for a private conference if you need more assistance.