application & eligibility laura daly associate director of financial aid

Application & Eligibility Laura Daly Associate Director of Financial Aid

Financial Aid consists of funds available to help students and families pay for the cost of attending the postsecondary institution of their choice. Most financial aid resources are intended to supplement, not replace, the financial resources of the family.

This is achieved by: o Working with families on the aid application process o Evaluating families ability to pay educational costs o Distributing limited resources in an equitable manner o Providing balance of gift aid and self-help aid o Guiding students through the requirements to receiving aid Goal of Financial Aid Help families navigate the complex aid environment. Assist students in paying for college a joint venture between the family and the University.

o Filing for financial aid o Undocumented students/parents o FAFSA results o Expected family contribution o Aid programs Topics

Standard form collecting demographic and financial information about the student & family www.fafsa.gov File online or mail a paper form Available annually on January 1 Be aware of filing deadlines FAFSA

Myths about Financial Aid

FAFSA Data Requirements Student Demographic Information: Social Security Number Date of Birth Citizenship status Marital status Drug convictions Selective Service registration Level of parents school completion

Citizenship & Aid Eligibility studentaid.ed.gov Many are considered eligible noncitizens: U.S. national U.S. permanent resident (Form I-551, I-151, I-551C) Arrival-Departure Record (I-94) showing: refugee, asylum granted, Cuban-Haitian Entrant, conditional entrant, parolee T-visa or T-1 visa battered immigrant- qualified alien status citizen of the Federated States of Micronesia, Republic of the Marshall Islands, or the Republic of Palau

Citizenship & Aid Eligibility What to do when parents are not citizens? Student can still file FAFSA using online or paper form Enter all zeros for the parents social security numbers Sign/mail the paper signature page of the FAFSA FAFSA will not process Review eligibility for non-citizens at institutions being considered What to do when the student is not a citizen?

Citizenship & Aid Eligibility Illinois Dream Act Start saving early Consider borrowing options Apply for scholarships from private organizations Additional resources icirr.org/sites/default/files/ILDreamActStudentGuideFINAL.pdf Sites Can participate in the Bright Start & Bright Directions Illinois 529 college savings plans Allows non-citizens to be eligible for in-state tuition and fee cost Can participate in the Illinois Prepaid Tuition Plan www.maldef.org/leadership/scholarships/index.html

School Selection: Add schools to receive FAFSA results, using school code or other search field Can edit list at a later date to add or remove schools FAFSA Data Requirements

Student Dependency Status: Series of questions to determine dependency status for federal student aid (not IRS) purposes. If No to all, student is dependent If Yes to any, student is independent

Income and Assets Financial information, including: Student Students spouse (if married) Students parents (if dependent) Collected for: AND OR Annual income Taxes paid Untaxed income Current assets

IRS Data Retrieval Real-time request to IRS to import tax data: Available early February Participation is voluntary May reduce documents requested by aid office Not eligible if: Amended return filed No SSN entered Married, but filed separately

www.pin.ed.gov Applying for a PIN: Both the student and one parent will need individual PINs to provide electronic signatures on the FAFSA. Your PIN can also be used to access your records, sign loan paperwork and more. Federal Student Aid Personal Identification Number:

Frequent FAFSA Errors Social Security Numbers Divorced/remarried parental information Income earned by parents/stepparents Untaxed income U.S. income taxes paid Household size Number of household members in college Real estate and investment net worth

Next Steps

Central Processing System (CPS) notifies student of FAFSA processing results Paper Student Aid Report (SAR), if paper FAFSA was filed and no email SAR Acknowledgement if filed FAFSA on the Web and no student email Email notification with link to online SAR Student may use PIN to view SAR online at www.fafsa.gov

Next Steps Make corrections to FAFSA data, if necessary: Log in to FAFSA on the Web using PIN Update paper SAR Submit documentation to colleges financial aid office

FAFSA Results The Expected Family Contribution (EFC) is the Department of Educations measure of a familys financial ability to contribute towards the students education for the school year. Calculated using data from the FAFSA and federal formula Two components: Parent contribution & Student contribution Stays the same regardless of college Colleges use EFC to determine eligibility for financial aid

Types of Financial Aid Federal, State, and Institutional Aid Self-Help Aid: Loans, Employment Gift Aid: Scholarships, Grants Some aid is need-based and some is non-need-based

Types of Financial Aid Money that does not have to be paid back Awarded on the basis of merit, skill or unique characteristic Scholarships Money that does not have to be paid back Generally awarded on the basis of financial need Grants Money borrowed to help pay college expenses Repayment begins after education finishes Loans Money earned by student to pay expenses Optional Employment

Federal Aid

State Aid Residency requirements Aid awarded on the basis of both merit and need Use information from the FAFSA Deadlines vary by state www.isac.org

Financial Aid Resources

Federal Pell Grant - Must demonstrate financial need - Award amount varies with enrollment status - 2013-2014 maximum award amount is $5645 Federal Pell Grant - Must demonstrate financial need - Award amount varies with enrollment status - 2013-2014 maximum award amount is $5645 Federal SEOG - Must demonstrate financial need Federal SEOG - Must demonstrate financial need Illinois MAP Grant - IL resident (student & parent) - File FAFSA on time - Must demonstrate financial need - Award amount varies with enrolled hours - 2013-2014 maximum award amount is $4720 Illinois MAP Grant - IL resident (student & parent) - File FAFSA on time - Must demonstrate financial need - Award amount varies with enrolled hours - 2013-2014 maximum award amount is $4720 University Scholarship - University-funded - Based on prior academic credentials - Awarded at time of Admission University Scholarship - University-funded - Based on prior academic credentials - Awarded at time of Admission University Grant - University-funded - Must demonstrate financial need University Grant - University-funded - Must demonstrate financial need Federal Direct Subsidized Loan - Must demonstrate financial need - Fixed, variable interest rate, currently 3.86% - 1.051% origination fee - Government pays interest while in-school - Repayment begins 6 months after graduation Federal Direct Subsidized Loan - Must demonstrate financial need - Fixed, variable interest rate, currently 3.86% - 1.051% origination fee - Government pays interest while in-school - Repayment begins 6 months after graduation Federal Direct Unsubsidized Loan - Fixed, variable interest rate, currently 3.86% - 1.051% origination fee - Interest begins accruing at disbursement - Repayment begins 6 months after graduation Federal Direct Unsubsidized Loan - Fixed, variable interest rate, currently 3.86% - 1.051% origination fee - Interest begins accruing at disbursement - Repayment begins 6 months after graduation Federal Perkins Loan - Must demonstrate financial need - Fixed interest rate of 5% - No interest accrues while in-school - Repayment begins 9 months after graduation Federal Perkins Loan - Must demonstrate financial need - Fixed interest rate of 5% - No interest accrues while in-school - Repayment begins 9 months after graduation Financial Aid Resources

application & eligibility laura daly associate director of financial aid

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