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PAYING FOR COLLEGE
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Financial Aid Overview FAFSAAward LetterAlternate Payment OptionsAG
ENDA
Q&A
30 minutes
15minutes
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Fina
ncia
l Aid
Ove
rvie
w
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What is Financial
Aid?
Financial aid makes college
more affordable for
you.
Financial aid refers to specific borrowed, given, or earned money that can be obtained from various sources to help pay for postsecondary educational expenses.
It is intended to make up the difference between what your family can afford to pay and what college costs.
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Type
s of
Fina
ncia
l Aid
Gift Aid$$ that does not need to be repaid
Self-Help Aid$$ earned or must be repaid
Grants & Scholarships Work-‐Study & Loans
• Need Based: Aid that is awarded based on a family’s financial situation.
• Merit Based: Awarded for purposes outside of a family’s financial situation, such as academics or talent.
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Sour
ces o
f Fi
nanc
ial A
idfederal government
Pell Grant
Work-Study
Stafford Loans
Perkins Loans
IL state government
Monetary Award Program- MAP
Illinois Veteran Grant –IVG
Illinois National Guard Grant - ING
UIC [institutional aid]
UIC Access to Excellence Grant
UIC Housing Award
Chicago Grant
Outside/private sources
Scholarships:Local organizations
ChurchesCivic Groups
*Check with your high school guidance office
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FAFSAFree Application for Federal Student Aid
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WHEN• January 1 (First date to submit FAFSA) and as close to this date as possible• UIC Priority FAFSA Deadline: February 15th
• Must be renewed every year
WHO
HOW • Available on-line (preferred way) www.fafsa.gov• Paper and pdf form
WHY • Determines eligibility for federal & state financial aid programs• Used by UIC to award institutional aid
• Available to HS seniors, college students, returning adults• U.S. citizens and eligible non-citizens
FAFSA
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Completingthe FAFSA
o Social Security Number. Be sure that it is correct!
o Records of income (from the previous year), 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.
o 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.
o Driver’s license number, if the student has one.
o Alien Registration Number, if not a U.S. citizen.
What informationis needed?
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Is a measure of your family’s financial strength and is calculated according to a formula established by Congress.
Your EFC is not the amount of money your family will have to pay for college nor is it the amount of federal student aid you will
receive.
EFCExpected Family Contribution
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), the output document sent to a student after the FAFSA is processed
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Tuition & Fees
Room & Board
TransportationBooks & SuppliesMiscellaneous Living Expenses+
Cost of Attendance (COA)
What are the Costs?Direct Expenses
Direct Expenses
IndirectExpenses
Direct Expenses – Billed by UIC and normally payable before the start of classes each semester.*Note: UIC does not require students to live on campus, even for the first year.
Indirect Expenses – Not billed automatically to a student’s account, but are associated with the cost of attending college. UIC will give an average for indirect expenses, but the actual amount students spend may vary.
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Cost of Attendance
TUITION + FEES2015-2016 2015-2016
HOUSING
ILLINOIS RESIDENTS $14,588-$18,745NON-RESIDENTS $26,978-$31,144
RATES LOCKED FOUR YEARS
$7,840-$12,180
$15,000 $26,000 $38,000
In StateCommuting
In StateCampus Housing
Out of StateCampus Housing
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AWARD LETTERExample
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These are the direct costs that are due normally at the beginning of each semester.
These are estimated/indirect costs that vary from student to student.
The student can now determine what offered aid programs they would like to accept.
AWARD LETTERIndirect vs. Direct costs
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Notice in the ‘Status’ column above, Gift Aid is accepted automatically. The student has not accepted any Self-‐Help Aid (Grants/Loans). Students can accept or reject self-‐help aid based off of their specific needs.
Award SummaryFundGift Aid (does not require repayment)Federal Pell GrantFederal Supplemental GrantState of Illinois MAP GrantUniversity Tuition GrantPrivate Scholarship # 1Reported Private ScholarshipsTotal Gift Aid
Net Costs (COA minus Gift Aid)
Status
AcceptedAcceptedAcceptedAcceptedAcceptedAccepted
Fall 2013
2,823.00125.00
2,360.002,830.002,000.00
0.00
Spring 2014
2,823.00125.00
2,360.002,830.00
0.002,000.00
Summer 2014 Total
5,646.00250.00
4,720.005,660.002,000.002,000.0020,276.00
9,318.00
Work Options (wages earned)Federal Work Study
Total Work Options
Loans (must be repaid)Federal Perkins LoanFederal Direct Loan – Subsidized
Total Loan Options
Status
Offered
OfferedOffered
Fall 2013
1,500.00
1,409.001,750.00
Spring 2014
1,500.00
1,409.001,750.00
Summer 2014 Total
3,000.00
3,000.00
2,818.003,500.00
6,318.00
Total Cost if using all aid offered: 0.00
AWARD LETTERBreaking down costs
This student’s award letter shows that after all Gift Aid (no repayment!), the estimated COA would drastically drop from $29,594 for the academic year to $9,318.
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TIM
ELIN
E
Complete
FAFSAASAP After January 1st
Receive and reviewStudent Aid
Report - SAR
Receive and review Award Offer
Respond to UIC
Note: Intent-to-Enroll Deadline: May 1st
Renew FAFSAevery year
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VISIT OUR WEBSITE
admissions.uic.edu
CONTACT US:
Ask Questions. Question answers.
BY PHONE:312.996.4350 312-355-0379
(for the hearing impaired)
Follow us!Apply2UIC
BY EMAIL:[email protected]
#AskUIC
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AlternatePayment Options.
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Not all families qualify for financial aid
Understanding the Funding Gap
TOTAL FINANCIAL AID** FUNDING GAP***
$18,000 $10,000
COST OF ATTENDANCE*
$28,000
*COST OF ATTENDANCE can vary drastically depending on lifestyle choices and individual course of study. **TOTAL FINANCIAL AID in this example consists of grants, scholarships, and federal loans.
***FUNDING GAP means the amount that the student has to pay out of pocket or through third-‐party loans.
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Resources for Closing the GapSavings
Money set aside.
LoansMoney that is borrowed.
EmploymentIncome and/or benefits.
529 Savings Plans Third-Party
Rewards Programs
Part-Time Employee
Education Benefits
Payment Plans*
Credit-Based
Co-signer often neededNever too late to start
• Studies show working part-time, on-campus while in school increasesretention and academic success.
NOTERewards programs can be tricky. The idea is to earn additional rewards toward
education costs through normal, everyday spending. One example is
Upromise.
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Supporting Your Student’s Success
DoRecognize your student is financially responsible according to the law.
Develop a financial plan together, and regularly discuss any changes that need to be made.
Encourage positive financial behaviors. Share stories about your financial successes & failures.
Don’tKeep information about the cost of education from your student.
Try to take care of everything by yourself. Your student will appreciate it more in the end if they are involved in the process.
Forget to breathe…
College students often list their parents as a primary source for financial advice and education.
57% of parents do not talk to their children about their expectations
about how college will be funded.*
*Source: “College Savings Indicator Study”. http://www.fidelity.com/inside-‐fidelity/individual-‐investing/time-‐to-‐break-‐open
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FERPA & Authorized Payer
Students must set up their parents as Authorized Payers in order to allow the parentto discuss his or her student account at the University.
FERPA, or the Family Educational Rights & Privacy Act, is a federal law that gives eligible students certain rights with respect to their education records. FERPA gives students the following rights:• The right to inspect & review their education records;• The right to control disclosure of personally identifiable information contained in their
education records;• The right to request amendments to their education records when those records are
inaccurate, misleading or otherwise in violation of the student’s privacy or other rights;• The right to file a complaint with the U.S. Department of Education if the University violates
FERPA regulations.
*To learn more about the Family Educational Rights and Privacy Act (FERPA), visit https://paymybill.uillinois.edu/FERPA.
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Major: What It’s Worth
NET ROI FOR DEGREES VARY
“the benefits of both a bachelor’s degree and an associate’s degree still tend to outweigh the costs, with both degrees earning a return of about 15
percent over the past decade”
– Jaison R. Abel & Richard Deitz (2014), “Do the Benefits of College Still Outweigh the Costs?”
http://www.payscale.com/college-roi/
(Earnings) – (Total Cost of Education) = NET ROI
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How to Have the Money Talk
o Discuss early. Talk early and often about responsibilities and expectations related to the cost of education and living expenses while in school.
o Be mindful. Don’t discuss money when either of you are hungry, lonely, tired or sleepy. Your brain just doesn’t function as well if you feel this way.
o Develop a plan. Set S.M.A.R.T. financial goals & talk about how to achieve them together. Your financial goals will dictate your budget. Don’t forget to write it down.
o Stay accountable. Track all spending and regularly evaluate how to cut costs or make adjustments to your financial plan/budget with your student.
o Encourage increasing degree ROI. UIC has many services available for students to help make them more marketable & develop advanced skills outside the classroom. Support your student’s interest in extracurricular activities and making the most of resources on campus to reduce costs and increase potential.
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Stay Connected
USFSCO’s Student Money Management Centerprovides financial education to students at all threeUniversity of Illinois campuses.
Subscribe to our monthly parent e-newsletter at http://go.uillinois.edu/smmcparentenews
studentmoney.uillinois.edu
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VISIT OUR WEBSITE
admissions.uic.edu
CONTACT US:
Ask Questions. Question answers.
BY PHONE:312.996.4350 312-355-0379
(for the hearing impaired)
Follow us!Apply2UIC
BY EMAIL:[email protected]
#AskUIC