Senior Advisory 12-17-14 Financial Aid 101. “How will I pay for college?” Financial Aid.
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Transcript of Senior Advisory 12-17-14 Financial Aid 101. “How will I pay for college?” Financial Aid.
Big 3 Maximum Award AmountsGRANTS
— State of Illinois Monetary Award Program (MAP)
— Federal Pell Grant
— Federal Supplemental Education Opportunity Grant (FSEOG)
Total = up to $14,270
Source
of Loan
Repayment
Options
&
Grace
Period
Interest
Rate
When evaluating loan options, consider the following:
Loans: Worth it or not?
Start by knowing your rights and responsibilities—loans can be helpful, but you should be fully informed before signing on the dotted line.
Subsidized
vs.
Unsubsidized
Important Dates
Map Grant: Apply as soon as possible after Jan. 1, usually runs out around March
Pell Grant: Available until June 30, 2015
When to Apply for the 2015-2016 Academic Year
* Note: In Illinois, grants and dollar amounts are subject to appropriations by the Illinois
General Assembly and approved by the Governor.
Comparing Award Letters & Decision Day
Award letters distributed around April 1st Decision Day is May 1st!
Colleges determine need based on:
Cost of Attendance (COA)– Expected Family Contribution (EFC)
= Financial Need
WHAT ARE THE COSTS? Tuition & fees Room & board Books, supplies, transportation, &
miscellaneous personal expenses, including documented costs for personal computer
Loan fees Study abroad costs Disability-related expenses
WIU 2005-2006 Yearly Costs*
Tuition (in-state) $4,968.00Fees $1,442.70Health insurance $ 488.00Room/Board (Double) $6,143.00 Room/Board (Single) $7,366.00
Other estimated costs Books and supplies $1,000.00Miscellaneous/Personal $2,806.00Total $16,847.70
Gather Information
We need to see some documents for you to fill out the FAFSA in a timely and correct manner
Start talking to your parents NOW about gathering financial information so you can be ready to go in January!
Documents Needed: Your Social Security Number (and parents’, if possible) Your Permanent Resident Registration Number (if you
are not a U.S. citizen) (and parents’, if possible)
Your most recent federal income tax returns, W-2s, and other records of money earned. (Note: You will be able to transfer your federal tax return information into your FAFSA using the IRS Data Retrieval Tool.)
Bank statements and records of investments (if applicable)
Records of untaxed income (if applicable)
IMPORTANT INFO Complete FAFSA EARLY using your parents’ 2013 tax
info!!!
The name and Social Security Number you enter on the FAFSA MUST match what you have on your Social Security Card!!!!
If there are any discrepancies or “red flags” (parents without a SSN, tax info doesn’t match, your name or SSN isn’t the same as what IRS has) you will be flagged for verification by your college.