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www. collegezone.com The trusted source for college information. FY 2007-08 Financial Aid for a College Education
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The trusted source for college information. “College is an investment for a lifetime”
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The trusted source for college information. Illinois Student Assistance Commission (ISAC) – www.collegezone.com state agency that administers state and federal scholarships and grants, college savings and prepaid tuition programs, and educational loans U.S. Department of Education (ED) – www.ed.gov federal agency that provides college funding in the form of grants, scholarships, and educational loans We’re here to help…
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The trusted source for college information.
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Note: These funds may be merit-based, need-based, or non need-based. What help is available? Gift Aid Scholarships Grants Self-help Work-Study Loans
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The trusted source for college information. Free Application for Federal Student Aid www.fafsa.ed.gov The FAFSA information is used to calculate the Expected Family Contribution (EFC) and determine the student’s eligibility for most federal and state assistance. Students apply for federal and some state aid by completing the FAFSA
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The trusted source for college information. What are the costs? Tuition & Fees Room & Board Transportation Books & Supplies Miscellaneous Living Expenses Cost of Attendance (COA) + What are the costs?
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The trusted source for college information. $ Financial Need $ Cost of Attendance (COA) minus $ Expected Family Contribution (EFC) = How is “financial need” calculated?
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The trusted source for college information. NO! “Financial Need” is determined using the cost of attendance at individual institutions. Is my “Financial Need” the same at all institutions? College “A” COA $18,000 EFC - 5,000 College “B” COA $8,500 EFC - 5,000 FINANCIAL NEED $13,000FINANCIAL NEED $3,500
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The trusted source for college information. Independent vs. Dependent The student is DEPENDENT for the 2007-08 academic year unless: Born before January 1, 1984 Masters or doctorate student in 2007-08 Married at the time of application Has children or other dependents who live with and receive more than half of their support from the student Orphan or ward of the court Serving on active duty in the U.S. Armed Forces for purposes other than training Veteran of the U.S. Armed Forces NOTE: Not living with parents does not make the student independent.
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The trusted source for college information. Where do I start?
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The trusted source for college information. Steps to Financial Aid Success
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The trusted source for college information. Step 1 Step 2 Step 3 Step 4 Step 5 Step 6 Step 7 File the Free Application for Federal Student Aid (FAFSA) www.fafsa.ed.gov
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The trusted source for college information.
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* Note: This date is subject to change and is based on funding by the Illinois General Assembly. Deadlines are earlier if funds are depleted. Meet the deadlines! January 1, 2007 First date to submit FAFSA No Later than August 15, 2007* MAP Grant - Continuing Student Applicants No Later than September 30, 2007* MAP Grant - First Time Student Applicants June 30, 2008 Federal Pell Grant Step 1 Step 2 Step 3 Step 4 Step 5 Step 6 Step 7 Step 8
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The trusted source for college information. Round off figures to the nearest dollar Indicate numbers less than 10 with a (0) zero first Answer questions referring to the “school year” as the year July 1, 2007 through June 30, 2008 Answer enrollment plans according to the first choice college or university Be sure to list an Illinois college as one of the six school choices Print in capital letters, with black ink, if filing a paper FAFSA Do not write “N/A” or margin notes Step 1 Step 2 Step 3 Step 4 Step 5 Step 6 Step 7 Step 8 Hints and Reminders for Completing the FAFSA
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The trusted source for college information. Selective Service Assets to include in federal methodology Family Farm Hints and Reminders
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The trusted source for college information. FAFSA on the Web 2007-2008 Available January 2007 English or Spanish Skip logic and online editing Electronic signature Can save for 45 days Electronic notification Faster processing
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The trusted source for college information. Renewal FAFSA The FAFSA must be completed each year. Available only on FAFSA on the Web.
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The trusted source for college information. Receive the Student Aid Report (SAR) Acknowledgement Form (A SAR will be received within 2 weeks if FAFSA is filed on the Web or 4 weeks if filed in paper version) Step 1 Step 2 Step 3 Step 4 Step 5 Step 6 Step 7 Step 8
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The trusted source for college information. Review the SAR for necessary corrections. Contact the financial aid office for correction procedures. Step 1 Step 2 Step 3 Step 4 Step 5 Step 6 Step 7 Step 8
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The trusted source for college information. The college prepares an award package and then sends you an award letter. Scholarships Grants Work-Study Loans Step 1 Step 2 Step 3 Step 4 Step 5 Step 6 Step 7 Step 8
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The trusted source for college information. Student signs the award letter. Keep a copy! Step 1 Step 2 Step 3 Step 4 Step 5 Step 6 Step 7 Step 8
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The trusted source for college information. Return the signed award letter to the college, if required. Step 1 Step 2 Step 3 Step 4 Step 5 Step 6 Step 7 Step 8
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The trusted source for college information. Notify other colleges where you applied of your admission decision. Step 1 Step 2 Step 3 Step 4 Step 5 Step 6 Step 7 Step 8
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The trusted source for college information. Notify College of Private Scholarships Step 1 Step 2 Step 3 Step 4 Step 5 Step 6 Step 7 Step 8
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The trusted source for college information. Grant Programs
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The trusted source for college information. Federal Pell Grant... Need-based grant Uses: tuition, fees, room, board, living expenses Amount of award is calculated by the college based on information from the SAR Maximum award for 2006-07 is $4,050
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The trusted source for college information. Federal Supplemental Educational Opportunity Grant (FSEOG) Need-based grant Maximum award of up to $4,000 based on availability of funds at the college
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The trusted source for college information. Monetary Award Program (MAP) Need-based grant Pays tuition and mandatory fees up to $4,968 for 2006-07 Must attend a MAP-approved Illinois school
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The trusted source for college information. Silas Purnell Illinois Incentive for Access (IIA) Grant Program Awarded to freshmen who have a zero Expected Family Contribution (EFC) Must attend a MAP-approved Illinois school at least half time $500 grant
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The trusted source for college information. ISAC’s Specialized Grant Programs Grants for Illinois Veterans and Illinois National Guard Members Grants for Dependents of Police/ Fire/Correctional Officers Program Bonus Incentive Grant Program
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The trusted source for college information. Federal Academic Competitiveness Grant (ACG) Must be a Federal Pell Grant recipient Be enrolled full-time Grant may be used for any educational expense, such as tuition and fees, room and board, and living expenses Have completed a rigorous (as defined by a state or local educational agency) program of study New!
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The trusted source for college information. Federal Academic Competitiveness Grant (ACG) Maximum award amount Up to $750 first-year students Up to $1300 second-year students Award amounts are dependent on legislative funding approved by the federal government. U.S. Department of Education will notify eligible applicants by regular or electronic mail. New!
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The trusted source for college information. Federal Science and Mathematics Access to Retain Talent (SMART) Grant Maximum award amount of $4,000 per academic year. Be enrolled full-time at the third and fourth year academic level pursuing a major in mathematics, science (including physical, life and computer sciences) technology, engineering or critical foreign language. Must maintain a 3.0 GPA for coursework required for the major. The college determines eligibility for the SMART grant. New!
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The trusted source for college information. Scholarship Programs
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The trusted source for college information. Robert C. Byrd Honors Scholarship Program Academic scholarship for outstanding academic achievement Must enroll full time during the academic year immediately following high school graduation Students may receive $1,500 (depending on funding) per academic year for up to 4 years of undergraduate study The scholarship is not limited to tuition and fees and may be used at any approved college or university in the United States.
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The trusted source for college information. Merit Recognition Scholarship (MRS) Scholarship based on academic achievement One-time $1,000 scholarship Student must rank in top 5% of graduating class based on their sixth semester Uses: tuition, fees, and/or other expenses at ISAC- approved colleges in Illinois and the four service academies Funding and number of awards are subject to annual appropriations from the Illinois General Assembly
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The trusted source for college information. Teacher Education Scholarship Programs Illinois Future Teacher Corps Program Minority Teachers of Illinois (MTI) Scholarship Program Illinois Special Education Teacher Tuition Waiver Program
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The trusted source for college information. Employment
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The trusted source for college information. Federal Work-Study (FWS) Need-based employment program Provides jobs on- and off-campus Students earn at least current minimum wage Students normally work a maximum of 20 hours per week
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The trusted source for college information. Federal Loan Programs
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The trusted source for college information. Federal Perkins Loan Need-based student loan The FAFSA must be completed The federal government is the lender, and the school administers the loan 5% fixed interest rate Eligible undergraduates may borrow up to $4,000 annually Repayment begins 9 months after graduation or if student drops below half-time enrollment Eligibility is determined by the college
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The trusted source for college information. Federal Stafford Loan Low-interest loan the student takes out on his/her own behalf The FAFSA must be completed Fixed interest rate, 6.8% Repayment begins 6 months after the student graduates or falls below half-time enrollment
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The trusted source for college information. Federal Stafford Loans (Subsidized vs. Unsubsidized) Financial Need Subsidized = need based Unsubsidized = not based on need Payment of Interest Subsidized - federal government pays while student is in college and during grace/deferment periods Unsubsidized - payment is always student’s responsibility
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The trusted source for college information. Federal Stafford Annual - Loan Limits
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The trusted source for college information. Federal PLUS Loan Parent is the borrower Fixed interest rate, 8.5% Maximum loan amount is the cost of attendance minus all financial aid received for the student Approval subject to a credit check Repayment begins within 60 days after the loan is disbursed
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The trusted source for college information. Other Financial Aid Resources
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The trusted source for college information. Public and College Libraries The Internet Where to Look
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The trusted source for college information. Helpful Internet Sites College Zone www.collegezone.com Mapping Your Future www.mapping-your-future.org U.S. Department of Education www.ed.gov FAFSA on the Web www.fafsa.ed.gov College Web Site
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The trusted source for college information. Remember collegezone.com State & Federal Aid Estimator Map of Illinois colleges College Illinois! Program information e-Messaging
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State and Federal Aid Calculators
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The trusted source for college information. Private Loan Programs Credit Checks Co-signer Higher Interest Rates Borrow cautiously
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The trusted source for college information. Credit Cards are Easy Loans but BEWARE!! High Interest Rates Use Cautiously Safety
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The trusted source for college information. Private Financial Aid Sources Parents’ and/or student’s employer Private foundations Civic organizations
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The trusted source for college information. Identifying Scholarship Scams Guaranteed winnings Unexplained application fee No telephone number Mail drop number Sounds too good to be true
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The trusted source for college information. Reporting Scholarship Scams Better Business Bureau High School Counselor Financial Aid Office Friends
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The trusted source for college information. Remember! Plan ahead Apply early Read CAREFULLY Meet deadlines Keep copies
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The trusted source for college information. Illinois Student Assistance Commission (800) 899-ISAC (4722) www.collegezone.com collegezone@isac.org U.S. Department of Education (800) 4 FED AID www.ed.gov We’re here to help... Questions?
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