Illinois State University Financial Aid Office Campus Box 2320 Normal, IL (309) FAX (309) Eureka College Financial Aid Office 300 East College Ave Eureka, IL (309) FAX (309)

Assist students in paying for college How?  Evaluating family’s eligibility for need-based aid  Distributing limited resources in an equitable manner

1. Submit the Free Application for Federal Student Aid (FAFSA) prior to school’s priority filing date 2. Check information from each school to determine:  Required application materials  Application deadlines

 Collects family’s personal and financial information used to calculate the student’s EFC  Complete FAFSA on the Web at fafsa.ed.gov

For Entrance Counseling and Master Promissory Notes

 Federal  State  Private  Corporate  Churches  Clubs or organizations  Banks

 Federal  Pell  Supplemental Educational Opportunity Grant  State  Monetary Award Program (Tuition & Fees)

Scholarship Searches -Fast Web (National) -Institutional -Departmental

 Academic  Athletic  Other talent-based scholarships

Do I need a job? Helps earn money for expenses Helps with time management Research has proven students who work 10 to 15 hours a week have a better GPA than those who do not work at all.

 Subsidized (Need Based) -Interest paid by government while enrolled  Unsubsidized -Interest paid by student/parent

Base Annual Loan Limits - combined subsidized and unsubsidized  $5,500 for undergraduate students with < 30 cumulative hours

Current Interest Rate: 7/1/2011 – 6/30/2012 UNSUB 6.8% Fixed SUB 3.4% Fixed

Six-month grace period Maximum repayment period between 10 and 20 years depending on repayment plan chosen Deferment and cancellation provisions available

PLUS Loans -federal loan Alternative Loans -private loan

 Must complete FAFSA  Allows a parent to borrow money to assist with cost of attendance  Federal Direct Loan

 Current fixed interest rate 7.9% 7/1/2011 – 6/30/2012 = 7.9%  Payment begins 60 days after 2 nd disbursement  Deferment option available

 Private loans with co-signer  Allows students to borrow up to Cost of Attendance minus other aid

 Installment Plans  College Illinois  Other 529 Education Funds

JAN FEB MAR APR MAY JUNE JULY Fill Out FAFSA Beginning January 1 Complete Additional Requests for Documentation ASAP Check with School about FAFSA Deadline Award Letters Sent Deadline to Decide Which School Attending Summer Orientation Billing Cycle Begins

 Scholarship Searches  Complete the FAFSA - After January 1 Each Year  Keep copies of all correspondence  Respond to all correspondence