1. What you need to know about financial aid!
Student Financial Services
What you need to know about financial aid!

2. Questions you may have…
Student Financial Services
Questions you may have…
What is Financial Aid?
How to apply for Financial Aid?
How is Financial Need Determined?
Other Resources to Cover Expenses?

3. Student Financial Services
What is Financial Aid?
Financial aid refers to funding intended to help students pay education expenses including tuition, fees, room, board, books and supplies.

4. How to Apply for Financial Aid
Student Financial Services
How to Apply for Financial Aid
FAFSA (Free Application for Federal Student Aid)—Use 2017 tax data
Institutional Forms
Other
Note: Communicate with each college to inquire about steps to complete the application process. You may be asked to submit tax documentation to the financial aid office to complete the verification process.

5. Completing the FAFSA Student Financial Services
Social Security Number: Be sure that it is correct!
Records of income: such as income earned from work and business, child support paid or received, and any other untaxed income. If available, refer to the W-2 Forms and the Federal Income Tax Return IRS 1040, 1040A, or 1040EZ.
Information about assets: such as savings, certificates of deposit, stock options, bonds, 529 plans and other college savings programs, and investment real estate, business, and farm.
Driver’s license number, if the student has one.
Alien Registration Number, if not a U.S. citizen.
Federal School Code: Millikin University
Completing the FAFSA

6. Free Application for Federal Student Aid (FAFSA) for 2019-20
Student Financial Services
Free Application for Federal Student Aid (FAFSA) for
October 1 (First date to submit FAFSA) and as close to this date as possible
Must be renewed every year
WHEN
Available to H.S. seniors, college students, returning adults
U.S. citizens and eligible non-citizens
WHO
Available on-line at
Or paper and pdf forms are available
HOW
Determines eligibility for federal and state financial aid programs
Used by colleges and universities to award institutional aid
WHY

7. FSA User ID Authentication
Student Financial Services
FSA User ID Authentication
The FSA ID is comprised of a user-selected username and password, by which students, parents, and borrowers authenticate their identity to access their federal student aid information.
The FSA ID offers new functionality, including a single sign-on process for most of the Federal systems.
When applying for an FSA ID, be sure the social security number and date of birth are accurate.
One parent on the FAFSA and the student will need an FSA ID.
Save your FSA ID!!

8. Whose information goes on the FAFSA?
Student Financial Services
Whose information goes on the FAFSA?
The FAFSA should be filed under the student’s name. Financial information will be requested for the student and the parent or parents of dependent students.
If your parent is widowed or single, answer the questions about that parent
If the parent you live with is remarried answer the questions about that parent and stepparent
If your parents are divorced or separated, answer the questions about the parent you lived with over 50 percent of the time or the parent who provided more financial support during the past 12 months

9. DEPENDENT OR INDEPENDENT ?? Student Financial Services
Independent students fit into at least one of the following categories:
Born before January 1, 1995
Married
Graduate or Professional student
Veteran or currently serving on active duty other than for training purposes
Have legal dependents other than a spouse, for whom more than 50% of the support is provided through June 30, 2019
Orphan, ward of the court, or in foster care when student was 13 or older
Emancipated minor or in legal guardianship as determined by a court in the state of legal residence
Unaccompanied youth who was homeless or self-supporting and at risk of being homeless
*Dependent Students must report personal and parent income and assets

10. IRS DATA RETRIEVAL TOOL
Student Financial Services
IRS DATA RETRIEVAL TOOL
*****Insert IRS DRT SCREEN CLIP******
While completing the FAFSA online, applicant may submit real-time request to IRS for tax data
IRS will authenticate taxpayer’s identity
If match found, IRS sends real-time results to applicant in new window
Transfer data into FAFSA; both student and parent.

11. Common Errors Untaxed income and tax deferred pensions Income Tax Paid
Student Financial Services
Common Errors
Providing incomplete data
Not submitting required forms by deadlines
*Review Student Aid Report (SAR) to avoid*
Untaxed income and tax deferred pensions
Income Tax Paid
Divorced/ remarried parent information

12. Student Financial Services
Types of Financial Aid

13. Federal Loan Programs Direct Subsidized Loan 5.05% (1819)
Student Financial Services
Federal Loan Programs
Direct Subsidized Loan 5.05% (1819)
Direct Unsubsized Loan 6.6% (1819)
Federal Plus Loan 7.6% (1819)
Note: Direct Loan annual limits are determined by student’s class level and dependency status; FR-$5,500, SO-$6,500, JR/SR-$7,500 for dependent students

14. Student Financial Services
Federal Work-Study
Need-based employment program providing on and off-campus jobs to undergraduate students
Compensation is at least the current federal minimum wage
Student is paid by the college
The availability of funds is limited; Financial Aid Offices may establish priority deadlines
*FAFSA completion required

15. Expected Family Contribution
Student Financial Services
Expected Family Contribution
A need analysis formula established by Congress determines the student’s Expected Family Contribution (EFC); using information reported on the FAFSA.
What?
Why?
Where?
A comparative measure of how much a family can be expected to contribute over the course of an academic year.
Used to determine a student’s eligibility for most federal and state assistance
Shown on the Student Aid Report (SAR)

16. What are the Costs? Cost of Attendance (COA)
Student Financial Services
What are the Costs?
Tuition & Fees
(actual or direct)
Room & Board
Transportation
(estimated)
Books & Supplies
Miscellaneous
Cost of Attendance (COA)

17. Cost of Attendance (COA) -Expected Family Contribution
Student Financial Services
How to Determine Financial Need
Cost of Attendance (COA)
-Expected Family Contribution
= Financial Need

18. Compare Apples to Apples
Student Financial Services
Compare Apples to Apples
Actual or Direct Costs
- Financial Aid Offered by Institution
= Your Out of Pocket Expense

19. Compare Apples to Apples
Student Financial Services
Compare Apples to Apples
University A
Cost of Attendance (COA)
$46,920
Gift Aid
Institutional Grants/Scholarships
$18,000
Federal Pell Grant
$4,370
IL MAP Grant
$4,720
Total Gift Aid
$27,090
Net Price
$19,830
Loan Options
Subsidized Loan
$3,500
Unsubsidized Loan
$2,000
Parent Plus Loan
$15,000
Total Loan Options
$20,500
Total Aid Offered w/Loans
$47,590
University B
Cost of Attendance (COA)
$32,680
Gift Aid
Institutional Grants/Scholarships
5,000
Federal Pell Grant
$4,370
IL MAP Grant
$4,720
Total Gift Aid
$14,090
Net Price
$18,590
Loan Options
Subsidized Loan
$3,500
Unsubsidized Loan
$2,000
Parent Plus Loan
$10,000
Total Loan Options
$15,500
Total Aid Offered w/Loans
$29,590
Each school will prepare a financial package to help you meet your financial need.
Never assume you can’t receive some type of financial aid because of your income level
Don’t become overwhelmed by college cost, it may not be what it seems
Consider: private vs. public, in-state vs. out-of-state, community college
Note: More often then not, the financial aid you receive may not cover all of your educational expenses, so be prepared

20. Other Ways to Pay For College
Student Financial Services
Other Ways to Pay For College
529 Savings & Prepaid Tuition Programs
Employer Tuition Benefits
Tuition Payment Plans
Private/Outside Scholarships
Veterans Benefits/Transfer of Entitlement

21. Student Financial Services
Illinois Student Assistance Commission (ISAC) – (800) 899-ISAC (4722)
U.S. Department of Education (ED) - (800) 4FED AID

22. Steps to Remember Start planning for the future
Student Financial Services
Steps to Remember
Start planning for the future
Complete the application process early
Review and edit the Student Aid Report (SAR)
Consider award letters
Respond to college offers
Advise school(s) of outside scholarships
Advise school(s) of Special Circumstances
Renew the FAFSA every year!

23. Student Financial Services
QUESTIONS?? Website: phone: