financial aid overview presented by: ina weiskopf
TRANSCRIPT
Financial Aid Overview
Presented by: Ina Weiskopf
THE FAO STAFF Leana Davis – Director
Lynn McCabe– Coordinator of Veteran
Services
Carolynn Gray– Scholarship Specialist
Annette Roewer – Part-Time Assistant
Mary Matthei– FAO Secretary
Maria Tech -Loan Specialist
Ina Weiskopf - Work Study and Outreach Specialist
WHAT IS FINANCIAL AID?
GIFT AID
Grants
Scholarships
SELF HELP
Loans
Work-Study
Financial Aid is funds provided to students and families to help pay for postsecondary educational expenses.
GRANTS
FEDERAL PELL – Maximum $5775
– Tuition & Fees– Bookstore – No More than 12 semesters
SEOG - $400 (MCC)– $100 - $4000– Tuition & Fees
STATE MAP (3-15 credit hours)
– Tuition Only – Early Deadlines (Feb. 28th)
INSTITUTIONAL Four year Universities Private Universities
LOANS
Direct Stafford Loan – 4.29% Fixed – Subsidized – 4.29% Fixed – Unsubsidized
Federal Perkins Loan– 5.0%
Federal Parent Loan (PLUS) – 6.84%
Institutional, Alternative, & Private Loans– Varies
LOAN TIPS
Don’t borrow more than you need – Delinquency/Default will damage students’ credit
Know your repayment options – 46% of borrowers who graduate become delinquent within
the first 5 years
STEPS TO TAKE TO GET A LOAN -Complete the FAFSA -Entrance Counseling and Master Promissory note
needs to be completed at www.studentloans.gov before loan
-Exit Counseling is completed when student does not apply for loan the following semester
SCHOLARSHIPS
HS Guidance Office College Website – www.mchenry.edu/scholarships
State of Illinois Website– www.collegeillinois.org
Clubs & Organizations Labor Unions & Employers Online Scholarship Searches
SCHOLARSHIP APPLICATION TIPS Never pay a fee Never give out social security numbers Applicant must fit ALL criteria Maintain a decent GPA Develop interests and talents into activities Letters of Recommendation – Employers– Teachers – Club / Volunteer Advisors
WORK-STUDY
Available for undergrad and grad students
Pay is at least minimum wage – $8.25 (IL)
Most employment is on campus
Colleges will work around student’s academic schedule
EDUCATIONAL OPPORTUNITIES & THE MILITARY
Available during and after military service
See your local recruiter or Veteran Coordinator at your college for more details – www.mchenry.edu/financialaid/veterans
COST OF ATTENDANCE
Tuition & Fees Room & Board Books & Supplies Transportation Expenses Miscellaneous Personal Expenses Loan Fees
EXPECTED FAMILY CONTRIBUTION Amount family can reasonably expect to contribute
Stays the same regardless of College/University attending
Calculated using data from the federal application and federal formula
DEFINITION OF NEED
COST OF ATTENDANCE (COA)
-
EXPECTED FAMILY CONTRIBUTION (EFC)
=FINANCIAL NEED
COA – EFC = Need Example
COA: D - In Dist EFC Unmet Need
MAP Pell
Seek out: Scholarships Federal Work-Study
$9,222.00 $ 0.00 $9222.00
$1,568.00 $5,730.00 $1924.00
Unmet need
Compare
HOW TO APPLY: FAFSA
Free Application for Federal Student Aid
Must be completed annually – When taxes are filed complete the FAFSA – Available January 1st
FAFSA on the web – www.fafsa.gov – Built in edits – Detailed instructions– More timely submissions
HOW TO APPLY: FAFSA
FAFSA on the web worksheet – Used as a pre-application to help organize required
information Special Needs & Questions– Department of Education (800)4FED-AID/(800)433-3243
Each student and parent attending college needs a separate FAFSA
FSA ID- your electronic passport to federal student aid online
Your FSA ID is used to confirm your identity when accessing your financial aid information and electronically signing your federal student aid documents.
Each student and one parent need an FSA ID– Parents will receive one FSA ID to be used for all their students
and for their own FAFSA should they complete one Write this down! One of the biggest obstacles students
have when trying to complete the FAFSA is forgetting what their FSA Username and ID is.
REQUIRED INFORMATION
Demographic Information Social Security No. Student & Parent Income Untaxed Income Investment Information School Choices
MOST COMMON FAFSA QUESTIONS
Which parent’s income do I use? – Both if parents are married – Parent and Step-parent if remarried – Parent that student lived with the most during 12 months
prior to completing the FAFSA
MOST COMMON FAFSA QUESTIONS
What if parents filed taxes jointly and are now divorced?– Use only the income of the parent the student lived with
the most during the 12 month period prior to filing the FAFSA; be sure to include child support received
MOST COMMON FAFSA QUESTIONS
Who is included as a member of the household?– The student– The student’s parents/step parents living in the household – Anyone the parent(s) support more than 50%
Can more than 1 school be listed on the FAFSA?– Up to 10 schools can be listed on the FAFSA
MOST COMMON FAFSA ERRORS
Leaving items blank – Gender – Selective Service – Review Help and Hints section on FAFSA – Worksheets available online – Social Security Number , be sure to have SS# on record at
the school you want FAFSA sent to– No FSA ID entered for electronic signature
MOST COMMON FAFSA ERRORS
Incorrect Information – TAX INFORMATION – Double check your tax information
and be sure to pull from the correct line item – DEPENDENCY STATUS – Must have documentation
FAFSA – IRS Data Retrieval – www.youtube.com
MOST COMMON FAFSA ERRORS
No Signature (no FSA ID)– Signature page must include ALL necessary signatures
(parent & student) do not forget to click sign and submit
– Most FAO’s will not accept a paper signature page and require electronic signatures
Feds to Allow Use of Prior-Prior Year Income Data on the FAFSA Starting in 2017-18 School Year Using two-years prior tax information on the FAFSA
(as opposed to one-year prior information) will increase the form’s accuracy and give families an earlier and more accurate idea of their anticipated financial aid and college costs. Video link
WHAT HAPPENS AFTER I FILE THE FAFSA?
Identify your major early – Department of Education requirement
Visit your high school guidance office or college for career exploration tools– http://www.mynextmove.org
WHAT HAPPENS AFTER I FILE THE FAFSA?
Student Aid Report (SAR)– Via Email – Will include an EFC from the Department of Education
Institutional Information Record (ISIR)– Sent to colleges listed 10-14 days after FAFSA is submitted
WHAT HAPPENS AFTER I FILE THE FAFSA
Selected for Verification – Sent to email on file with college/FAFSA– Tax Transcripts– Additional Information
Award Notification – Based on full time enrollment
EDUCATION TAX CREDIT
American Opportunity Tax Credit – Tutorial available at www.youtube.com • Search: American Opportunity Tax Credit
www.irs.gov/individuals/students
FAFSA Completion Workshop
Complete the FAFSA online at MCC – FAFSA workshop February 18, 2016– Make appointment beginning February 1st
– Open to students attending any College/University
High School FAFSA Completion Workshops– Dates to be determined. Contact your guidance counselor
for details
MCHENRY COUNTY COLLEGE
We are your community college – please use us as a resource
Even if you are attending another college/university, please contact us with any financial aid questions
Website www.mchenry.edu/financialaid Phone: (815) 455-8761 Office Hours:– M-Th 8:00a – 6:00p– F 8:00a – 4:30p