financial aid information
DESCRIPTION
Financial Aid Information. 2014-2015 Award Year Admitted Student Day. How to apply – File the FAFSA. The FAFSA (the Free Application for Federal Student Aid ) is the first step in the financial aid process. Use it to apply for federal student aid, such as grants, loans, and work-study. - PowerPoint PPT PresentationTRANSCRIPT
Financial Aid Information
2014-2015 Award Year
Admitted Student Day
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How to apply – File the FAFSA The FAFSA (the Free Application for Federal
Student Aid) is the first step in the financial aid process. Use it to apply for federal student aid, such as grants, loans, and work-study.
In addition, most states and schools use information from the FAFSA to award students non-federal aid.
The FAFSA is used to calculate the Expected Family Contribution (EFC). An EFC is used to determine need based aid such as grants and subsidized loans.
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New applicants complete 2014-15
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Financial Aid Application Process
Step 1: Students and Parents apply for PIN at
www.pin.ed.govwww.pin.ed.gov
The PIN Application Process consists of 3 steps:1: Enter Personal Information
Name, SSN, address, email, etc.2: Submit Your PIN Application
1 to 3 days processing time 3: Receive Your PIN
It will be sent to your provided e-mail
Never share your PIN with anyone!
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Financial Aid Application Process
Things you will need:• Student & Parent 2013 Taxes &W2’s
• Assets and bank information
• About 30 minutes
• Estimated data can be used
Step 2: Complete 2014-2015 FAFSA online at:
www.fafsa.govwww.fafsa.govSelect 2014-2015 FAFSA
Begin entering the student’s information…
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IRS Information Retrieval
You can download your filed 2013 Tax information directly from the IRS.
Enter your PIN and Link To IRS.
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IRS Information Retrieval
Once transferred, questions with tax information will be marked with “Transferred from the IRS”.
Do not adjust the transferred data.
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What to expect next…
Verification - Should the student be selected for verification additional documents will be requested by the Office of Financial Aid.
Typically this could include:– IRS Tax Return Transcripts - www.irs.gov/transcript
– W-2’s for the student and parent if applicable
– A signed verification worksheet
– Other documents may be requested by the Office of Financial Aid on an individual basis
Students will receive a letter letting them know what they will need to submit.
Submit the documents as soon as you can!
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Federal Loans
Subsidized Stafford Loan– Maximum award amount $3,500– Award based on NEED– Fixed interest rate of 3.86%*– 6 month grace period before repayment – No interest accumulates during enrollment
* 10-year Treasury note yield + 2.05% (Capped at 8.5%)
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Federal Loans (cont.)
Unsubsidized Stafford Loan– Maximum for dependent students $5,500– Fixed interest rate at 3.86%*– 6 month grace period before repayment – Interest will accumulate
* 10-year Treasury note yield + 2.05% (Capped at 8.5%)
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How to Apply - Student Step 1: Federal Loan Entrance Counseling.
– Read the content and answer the questions– Read the Borrower's Rights and Responsibilities
Step 2: Federal Loan Master Promissory Note (MPN). – You will be required to enter:
• Your personal information• Two references for the loan• Federal PIN to sign the MPN
– Keep going until you receive a confirmation
The Office of Financial Aid will access your completed MPN and counseling and set up dates for the transmission of loan funds.
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Federal Loans (cont.)
Parent PLUS Loan– Amount ranges $1000 up to COA– Fixed interest rate of 6.41%*– Parents can request to have to loan deferred
until the student has graduated– Credit checks information – not score– Processing fee
* 10-year Treasury note yield + 4.6% (Capped at 7.9%)
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How to Apply - Parent Step 1: Request a PLUS Loan.
– Credit Check application– Requested Loan amount
Step 2: Federal Loan Master Promissory Note (MPN). – You will be required to enter:
• Your personal information• Your students information• Federal PIN to sign the MPN
– Keep going until you receive a confirmation
The Office of Financial Aid will access your completed MPN and counseling and set up dates for the transmission of loan funds.
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Federal Work Study
Federal Work Study.– Need based financial aid– Not applied directly to tuition– Earned financial aid
Students can work in a variety
of jobs to earn FWS funds.
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Award Notification: The Award Letter
If the student is accepting all awards as offered, keep award letter for your records.
If the student is declining or adjusting awards, sign and return award letter reflecting adjustments.
Students must indicate any outside awards and scholarships on the award letter.
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Things to Remember! Applying for Financial Aid is a separate
process from Admissions and Housing.
Students must complete the FAFSA application every year to be eligible to receive Federal Student Aid.
Do not assume you are too poor to go to college or too rich to receive aid. Always apply to get your answer.
Apply as early as possible! Some aid programs run out of funding.
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Financial Aid Resourcesfrom the Government
The US Department of Educationwww.studentaid.gov
youtube.com/FederalStudentAid Help line: 1-800-433-3243
Illinois Student Assistance Commissionwww.isac.org
Federal Trade Commissionwww.ftc.gov/scholarshipscams
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Surf the Net! – ScholarshipsSchools will allow you to add outside scholarships to your existing financial aid package. The only stipulation is that you do not exceed the cost of attendance. Take some time and surf the Internet...it just might pay off!
The College Boardwww.collegeboard.com
College.Net Mach25
www.collegenet.com/mach25
College Questwww.collegequest.com
College Connection
www.collegescholarships.com
Fast Webwww.fastweb.com
FinAid.Orgwww.finaid.org
Free Scholarship Search
www.freschinfo.com
College Answerwww.collegeanswer.com
Scholarships.com
www.scholarships.com
Cappex College Searchwww.cappex.com/scholarships
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Contact Us
Office of Financial AidLownik Hall, Main Floor
5700 College Road
Lisle, IL 60532
(630) 829-6100
www.ben.edu/fa
Monday – Friday: 8:30am – 5:00pm
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