www. collegezone.com the trusted source for college information. fy 2007-08 financial aid for a...

www.collegezone.comThe trusted source for college information.

FY 2007-08

Financial Aid for a College Education

The trusted source for college information.

“College is an

investment for a lifetime”


Illinois Student Assistance Commission (ISAC) – www.collegezone.com

state agency that administers state and federal scholarships and grants, college savings and prepaid tuition programs, and educational loans

U.S. Department of Education (ED) – www.ed.gov

federal agency that provides college funding in the form of grants, scholarships, and educational loans

We’re here to help…


Note: These funds may be merit-based, need-based, or non need-based.

What help is available?

Gift Aid

Scholarships

Grants

Self-help

Work-Study

Loans


Free Application for Federal Student Aid

www.fafsa.ed.gov

The FAFSA information is used to calculate the Expected Family Contribution (EFC) and determine the student’s eligibility for most federal

and state assistance.

Students apply for federal and some state aid by completing the FAFSA


What are the costs?

Tuition & Fees

Room & Board

Transportation

Books & Supplies

Miscellaneous Living Expenses

Cost of Attendance (COA)

+

What are the costs?


$ Financial Need

$ Cost of Attendance (COA)

minus

$ Expected Family Contribution (EFC)

=

How is “financial need” calculated?


NO! “Financial Need” is determined using the cost of attendance at individual institutions.

Is my “Financial Need” the same at all institutions?

College “A”

COA $18,000EFC - 5,000

College “B”

COA $8,500EFC - 5,000

FINANCIAL NEED $13,000 FINANCIAL NEED

$3,500


Independent vs. Dependent

The student is DEPENDENT for the 2007-08 academic year unless:

• Born before January 1, 1984

• Masters or doctorate student in 2007-08

• Married at the time of application

• Has children or other dependents who live with and receive more than half of their support from the student

• Orphan or ward of the court

• Serving on active duty in the U.S. Armed Forces for purposes other than training

• Veteran of the U.S. Armed Forces

NOTE: Not living with parents does not make the student independent.


Where do I start?Where do I start?


Steps to Financial Aid

Success


Step 1 Step 2Step 3Step 4Step 5Step 6Step 7

File the

Free Application for

Federal Student Aid(FAFSA)

www.fafsa.ed.gov


* Note: This date is subject to change and is based on funding by the Illinois General Assembly. Deadlines are earlier if funds are depleted.

Meet the deadlines!

January 1, 2007First date to submit FAFSA

No Later than August 15, 2007*MAP Grant - Continuing Student Applicants

No Later than September 30, 2007*MAP Grant - First Time Student Applicants

June 30, 2008Federal Pell Grant

Step 1 Step 2Step 3Step 4Step 5Step 6Step 7Step 8


• Round off figures to the nearest dollar • Indicate numbers less than 10 with a (0) zero first• Answer questions referring to the “school year” as

the year July 1, 2007 through June 30, 2008• Answer enrollment plans according to the first

choice college or university• Be sure to list an Illinois college as one of the six

school choices• Print in capital letters, with black ink, if filing a

paper FAFSA• Do not write “N/A” or margin notes


Hints and Reminders for Completing the FAFSA


• Selective Service• Assets to include in federal methodology• Family Farm

Hints and Reminders


FAFSA on the Web 2007-2008

• Available January 2007• English or Spanish• Skip logic and online editing• Electronic signature• Can save for 45 days• Electronic notification• Faster processing


Renewal FAFSA

The FAFSA must be completed each year. Available only on FAFSA on the Web.


Receive the Student Aid Report (SAR) Acknowledgement Form (A SAR will be received within 2 weeks if FAFSA is filed

on the Web or 4 weeks if filed in paper version)



Review the SAR for necessary corrections.

Contact the financial aid office for correction procedures.



The college prepares an award package and then sends you an award letter.

Scholarships Grants Work-Study Loans



Student signs the award letter.

Keep a copy!



Return the signed award letter to the college, if required.



Notify other colleges where you applied of your admission decision.

Notify other colleges where you applied of your admission decision.



Notify College of Notify College of Private ScholarshipsPrivate Scholarships



GrantPrograms


Federal Pell Grant...

Need-based grant Uses: tuition, fees, room, board, living expenses Amount of award is calculated by the college based

on information from the SAR Maximum award for 2006-07 is $4,050


Federal Supplemental Educational Opportunity Grant (FSEOG)

Need-based grant Maximum award of up to $4,000 based on

availability of funds at the college


Monetary Award Program (MAP)

Need-based grant Pays tuition and mandatory fees up to $4,968 for

2006-07 Must attend a MAP-approved Illinois school


Silas Purnell Illinois Incentive for Access (IIA) Grant Program

Awarded to freshmen who have a zero Expected Family Contribution (EFC)

Must attend a MAP-approved Illinois school at least half time

$500 grant


ISAC’s Specialized Grant Programs

Grants for Illinois Veterans and Illinois National Guard Members

Grants for Dependents of Police/ Fire/Correctional Officers Program

Bonus Incentive Grant Program


Federal Academic Competitiveness Grant (ACG)

Must be a Federal Pell Grant recipient Be enrolled full-time Grant may be used for any educational expense,

such as tuition and fees, room and board, and living expenses

Have completed a rigorous (as defined by a state or local educational agency) program of study

New!


Federal Academic Competitiveness Grant (ACG)

Maximum award amount• Up to $750 first-year students• Up to $1300 second-year students

Award amounts are dependent on legislative funding approved by the federal government.

U.S. Department of Education will notify eligible applicants by regular or electronic mail.

New!


Federal Science and Mathematics Access to Retain Talent (SMART) Grant

Maximum award amount of $4,000 per academic year.

Be enrolled full-time at the third and fourth year academic level pursuing a major in mathematics, science (including physical, life and computer sciences) technology, engineering or critical foreign language.

Must maintain a 3.0 GPA for coursework required for the major.

The college determines eligibility for the SMART grant.

New!


ScholarshipPrograms


Robert C. Byrd Honors Scholarship Program

Academic scholarship for outstanding academic achievement

Must enroll full time during the academic year immediately following high school graduation

Students may receive $1,500 (depending on funding) per academic year for up to 4 years of undergraduate study

The scholarship is not limited to tuition and fees and may be used at any approved college or university in the United States.


Merit Recognition Scholarship (MRS)

Scholarship based on academic achievement One-time $1,000 scholarship Student must rank in top 5% of graduating class

based on their sixth semester Uses: tuition, fees, and/or other expenses at ISAC-

approved colleges in Illinois and the four service academies

Funding and number of awards are subject to annual appropriations from the Illinois General Assembly


Teacher Education Scholarship Programs

Illinois Future Teacher Corps Program Minority Teachers of Illinois (MTI) Scholarship

Program Illinois Special Education Teacher Tuition

Waiver Program


Employment


Federal Work-Study (FWS)

Need-based employment program Provides jobs on- and off-campus Students earn at least current minimum wage Students normally work a maximum of 20 hours

per week


Federal LoanPrograms


Federal Perkins Loan

Need-based student loan The FAFSA must be completed The federal government is the lender, and the

school administers the loan 5% fixed interest rate Eligible undergraduates may borrow up to $4,000

annually Repayment begins 9 months after graduation or if

student drops below half-time enrollment Eligibility is determined by the college


Federal Stafford Loan

Low-interest loan the student takes out on his/her own behalf

The FAFSA must be completed Fixed interest rate, 6.8% Repayment begins 6 months after the student

graduates or falls below half-time enrollment


Federal Stafford Loans(Subsidized vs. Unsubsidized)

Financial Need Subsidized = need based Unsubsidized = not based on need

Payment of Interest Subsidized - federal government pays while student

is in college and during grace/deferment periods Unsubsidized - payment is always student’s

responsibility


Federal Stafford Annual - Loan Limits


Federal PLUS Loan

Parent is the borrower Fixed interest rate, 8.5% Maximum loan amount is the cost of attendance

minus all financial aid received for the student Approval subject to a credit check Repayment begins within 60 days after the loan is

disbursed


OtherFinancial Aid

Resources


Public and College Libraries The Internet

Where to Look


Helpful Internet Sites

• College Zonewww.collegezone.com

• Mapping Your Future www.mapping-your-future.org

• U.S. Department of Educationwww.ed.gov

• FAFSA on the Web www.fafsa.ed.gov

• College Web Site


Remember collegezone.com

• State & Federal Aid Estimator• Map of Illinois colleges• College Illinois!• Program information• e-Messaging

State and Federal Aid Calculators


Private Loan Programs

Credit Checks Co-signer Higher Interest Rates Borrow cautiously


Credit Cards are Easy Loansbut BEWARE!!

High Interest Rates Use Cautiously Safety


Private Financial Aid Sources

Parents’ and/or student’s employer Private foundations Civic organizations


Identifying Scholarship Scams

Guaranteed winnings Unexplained application fee No telephone number Mail drop number Sounds too good to be true


Reporting Scholarship Scams

Better Business Bureau High School Counselor Financial Aid Office Friends


Remember!

• Plan ahead• Apply early• Read CAREFULLY• Meet deadlines• Keep copies


Illinois Student Assistance Commission

(800) 899-ISAC (4722) [email protected]

U.S. Department of Education

(800) 4 FED AIDwww.ed.gov

We’re here to help...

Questions?

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