1. Scott Seibring Director of Financial Aid Illinois Wesleyan University

2.  Financial Aid Terminology  Factors used in determining eligibility  Review some of the questions on the FAFSA  Show a few financial aid scenarios  Open up to question

3. Scholarships are typically based on “merit” ◦ Academic, fine arts, athletic, leadership qualities ◦ Awarded by colleges and universities, organizations,businesses, clubs ◦ Requirements for renewal Grants typically based on “need” ◦ Awarded by state and Federal gov’t ◦ Colleges/universities ◦ Evaluated each year

4.  Free Application for Federal Student Aid (FAFSA)  Expected Family Contribution (EFC)  CSS PROFILE  Illinois Student Assistance Commission (ISAC)

5.  Read Instructions carefully  Know institutional deadlines and applications  Use a completed Tax Return if possible  Carefully review all of your figures  Make copies of all the forms you send

6.  Student’s Social Security Number  Dependency Questions  Parent’s Marital Status  Family Size  Taxes Paid (not amount withheld on W-2)

7.  Investments  carefully read what is included and excluded  Business/Farm  Additional Financial Information  Untaxed Income  College Selection  Signatures

8. Parent Contribution + Student Contribution Family Contribution

9. Cost of Education - Family Contribution Financial Need

10.  Family Income (AGI plus untaxed income)  Family Size  Number of Children in College  Parents Assets  Age of Parents  Student’s Income  Student’s Assets  Other…..

11.  Gift Assistance ◦ Grant in Aid ◦ Scholarships ◦ State Funds (MAP Grant) ◦ Federal Funds - Pell, SEOG  Loan Assistance ◦ Stafford Loans ◦ Perkins ◦ Private, PLUS, Home Equity loans  Employment ◦ Campus Work Study (On/Off Campus)

12.  Low-interest student loan  The FAFSA must be completed  Interest rate for 2015-16 is 4.66%  Repayment begins 6 months after the student graduates or falls below half-time

13.  Financial Need ◦ Subsidized = need based ◦ Unsubsidized = not based on need  Payment of interest ◦ Subsidized- Federal Government pays while student is in college ◦ Unsubsidized - interest is accruing

14.  Freshman$3500  Sophomore$4500  Junior$5500  Senior$5500  $2000 added opportunity for Stafford Unsubsidized Loan

15. Family Contribution 3000 3000 3000 Grant 16,500 33,000 50,500 Loan 3,500 4,000 4,500 Demonstrated Need 22,000 39,000 57,000 Job 2,000 2,000 2,000 Breakdown: Total Aid 22,000 39,000 57,000 A B C Cost of College 25,000 42,000 60,000

16. Number in College 1212 Family Contribution $10,000$5500

17. Family Contribution 25,000 25,000 25,000 Grant -0- 16,000 29,500 Subsidized Stafford Loan -0- 1000 3500 UnsubsidizedStafford Loan5500 4500 2000 Demonstrated Need -0- 17,000 35,000 Job -0- -0- 2000 Breakdown: Total Aid 5500 21,500 37,000 A B C Cost of College 25,000 42,000 60,000

18. No Need Opportunities: University Scholarship $20,000 Local Scholarship 2,000 Campus Job 2,000 Unsubsidized Loan 5,500 Total non-need assistance29,500 Home Equity Loan+ 10,500 Total assistance 40,000 out of pocket contribution $10,000

19.  Stafford and PLUS Interest Rates ◦ 10 year treasury note plus 2.05 for Stafford and plus 4.6 for PLUS. ◦ 2015-16 rates were 4.66% for Stafford and 6.84% for PLUS. Cap of 8.25% for Stafford and 10.5% for PLUS  IRS Data Retrieval Tool ◦ Pulls data from IRS into FAFSA  Prior year income vs Prior Prior year income  Need based aid vs Merit based aid  Institutional Methodology vs Federal Methodology

20. Professional Judgment - with factual and verifiable information ◦ Early retirement ◦ Divorce, separation, widowed ◦ Private school expenses ◦ Medical expenses not covered by insurance ◦ One-Time taxable income ◦ Elder care

21. ◦ Can accept or reject any portion of a FA proposal ◦ Understand scholarship renewal qualifications ◦ Be aware of scams ◦ Juniors or younger – use Net Price Calculators on school website for estimates. Don’t file FAFSA. ◦ Consider possibility of graduation in 4 vs 5 years

22.  www.studentaid.ed.gov  www.finaid.org  www.collegeboard.org  www.fastweb.com  www.fafsa.ed.gov  www.fsaid.gov  www.studentloans.gov  www.brightstartsavings.com  www.collegeillinois.org  www.privatecollege529.com  www.savingforcollege.com

23.  10. Disappointed to learn that students record on Playstation Madden 2015 is not asked on most scholarship applications.  9. Getting a full tuition academic scholarship to your first choice college is as likely as the White Sox winning the World Series this year.  8. You realize the Brady’s must have been full-need by the time Bobby and Cindy went to school.  7 FAFSA does not stand for Frightfully Agonizing Form for Student Aid  6. EFC does not stand for Exhausted Family Can’t

24.  5. Having the college waive your tuition based on your students good looks and charm is as likely as North losing to West Chicago in football.  4. New Years Eve and Super Bowl parties are pale compared to the celebration of completing your first FAFSA.  3. Financial Aid phone number replace family members on speed dial.  2. Buying $100 of Powerball and Lotto tickets a week before school starts is not considered financially planning for college.  1. The Department of Education will not accept your suggestion to replace the 100 question FAFSA with one simple question…. “How much do you want to pay for college?”