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.