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Financial Aid Flow Chart

Financial Aid Flow Chart. Send FAFSA to Federal Processor. Student & Parents Complete FAFSA (F ree A pplication for F ederal S tudent A id ). Federal Processor Calculates EFC ( E xpected F amily C ontribution). Information is sent to the Office of Student Financial Aid. OSFA

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Financial Aid Flow Chart

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  1. Financial Aid Flow Chart Send FAFSA to Federal Processor Student & Parents Complete FAFSA (Free Applicationfor Federal Student Aid) Federal Processor Calculates EFC (Expected Family Contribution) Information is sent to the Office of Student Financial Aid OSFA (Office of Student Financial Aid) Determines aid based on EFC

  2. Financial Aid Need We determine your financial need by: Cost of Attendance (-) Expected Family Contribution (EFC) = Financial Need

  3. Special Circumstances A family’s financial situation may be different from the tax year information on the FAFSA. Examples include: • Loss of Employment • Loss or reduction of Social Security Benefits • Divorce or separation • Other

  4. Estimated Cost of Attendance 2007-2008Reflects Guaranteed Tuition Tuition, Fees, and University Housing charges will be assessed to your University account.

  5. Types of Need-Based Aid • Grants:(Federal, State or Institutional) • Do not have to be repaid • Eligibility is determined by financialneed • Scholarships: • College and Department (Merit & Need-Based) • Institutional (Need-Based) • Private scholarships

  6. Employment Opportunities • Federal Work-Study Programs (Need-Based) • Other on-campus & off-campus jobs • To view current job postings, see the Virtual Job Board on the OSFA website!

  7. Types of Need-Based Aid • Federal Direct Subsidized Loan *Interest: Fixed at 6.8% Deferred while student is enrolled *Repayment: 6 months grace period after graduation or ceasing to be enrolled in at least 6 hours Loan limits vary by class level. (Fr. $3,500, Soph. $4,500, Jr./Sr. $5,500)

  8. Types of Need-Based Aid • Federal Perkins Loan and University Loan: *Interest: Fixed at 5% Deferred while student is enrolled *Repayment: 9 months (Perkins) or 6 months (University Loan) grace period after graduation or ceasing to be enrolled in at least 6 hours (Paper promissory note and reference form will be enclosed with the award letter.)

  9. Types of Non Need-Based Aid • Federal Direct Unsubsidized Loan *Interest: Fixed at 6.8% Accrues after disbursement *Repayment: 6 months grace period after graduation or ceasing to be enrolled in at least 6 hours Loan limits vary by class level. (Fr. $3,500, Soph. $4,500, Jr./Sr. $5,500)

  10. Direct Loan Processing Requirements • Entrance Counseling Interview: Required for any new student accepting a federal loan for 2007-2008 http://www.dl.ed.gov • Electronic Master Promissory Note: Must be completed in order to receive the Federal Direct Subsidized or Unsubsidized student loan funds http://www.dlenote.ed.gov

  11. Types of Non Need-Based Aid • Federal Direct Parent Loan for Undergraduate Students (PLUS): *Interest: Fixed at 7.9% Accrues upon disbursement *Repayment: Begins within 60 days after total loan has been disbursed (March or April of the academic year) *Requirements: Credit Check through Dept. of Education PLUS Loan Request Form Master Promissory Note

  12. Estimated Cost of Attendance Financial Aid Awards

  13. UI-Integrate Self-Service From the Self-Service website students are able to: • Check the status of their financial aid application (FAFSA) • Update mailing and permanent addresses along with other personal information • View their financial aid awards • View charges and aid credits to their account • Enroll in direct deposit

  14. Financial Aid Summary • Visit the OSFA website • Review the different types of aid • Search for private scholarships • Renew your FAFSA annually • Update address information on UI-Integrate Self-Service • Communicate with our office

  15. Additional Questions • Do you have a general financial aid question? Check our website: www.osfa.uiuc.edu • Do you have a question that is not answered on our website? E-mail us at: finaid@uiuc.edu

  16. Contact Information Office of Student Financial Aid Student Services Arcade Building 620 E. John Street Champaign, IL 61820 Website: www.osfa.uiuc.edu E-mail:finaid@uiuc.edu Phone: 217-333-0100 Fax: 217-265-5516 Hours: Reception Desk: 9am - 5pm Telephones: 8:30am – noon 1pm – 5pm Walk-In Counseling: 9am – 4:30pm

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