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Welcome to Financial Aid 101:

Welcome to Financial Aid 101:. Carol A. Vandre ICHS Counselor. Are you wondering. What is financial aid? How do I apply for financial aid? How is financial aid eligibility determined? What should I do next?. What is financial aid? Types of Financial Aid. Scholarships Grants Loans

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Welcome to Financial Aid 101:

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  1. Welcome to Financial Aid 101: Carol A. Vandre ICHS Counselor

  2. Are you wondering... • What is financial aid? • How do I apply for financial aid? • How is financial aid eligibility determined? • What should I do next?

  3. What is financial aid? Types of Financial Aid • Scholarships • Grants • Loans • Employment

  4. Academic Athletic Career Interests Institutional Private State Talent Types of Scholarships

  5. Scholarship Sources • Guidance counselor/high school counseling office • www.indiancreekschools.org • Public library • University Scholarship Coordinator • University/College Library • Student/Parent employer • Local Chamber of Commerce • Local organizations (churches, Rotary, PTA)

  6. Scholarship Web Sites • www.niu.edu/scholarships • www.fa.niu.edu • ISAC– www.collegezone.com • www.fastweb.com • www.finaid.com • www.freschinfo.com • www.srnexpress.com • www.scholarships.com

  7. Grants • Federal Pell Grant • State MAP Grant (Monetary Award Program) • State IIA Grant (Illinois Incentive for Access Grant) • FSEOG (Federal Supplemental Educational Opportunity Grant)

  8. Loan Options • Federal Stafford Loan (8.25% interest cap) • Subsidized • Unsubsidized • Federal Perkins Loan (5% interest) • Federal PLUS Loan (9% interest cap) • Parent Loan for Undergraduate Students

  9. Federal Stafford LoansCombined sub and unsubsidized Freshman $3,500 Sophomore $4,500 Junior $5,500 Senior $5,500 Student-at-large/postgraduate $5,500 Graduate student $20,500

  10. Library Clerks Lifeguards Ticket Sales Public Safety (student patrols) University Programming & Activities Bookstore Clerks Computer Aides Residence hall front desk staff Food service Health Services Student Employment

  11. How do I apply for financial aid? • FAFSA (Free Application for Federal Student Aid) • Check with your college/university for: • Institutional Financial Aid Verification Form • Signed non-returnable photocopies of student and/or parent income tax returns and W-2 forms • College Scholarship Service (C.S.S.) profile

  12. FAFSA on the Webwww.fafsa.ed.gov • Available January 1, 2008 • Use the paper form as a worksheet • Secure- FAFSA on the web uses 128-bit encryption • Save often! • Don’t forget the signature page or pin number!

  13. FAFSA on the Web Pin Number • www.pin.ed.gov • Supply: Name, date of birth and social security number • Wait three days for e-mail notification of pin or 7-10 days for pin number to arrive via U.S. Mail • Use to electronically sign FAFSA, make changes, etc.

  14. Cost of Attendance Tuition and Fees $ 6,652 Room and Board $ 5,544 Transportation $ 500 Books and Supplies $ 1,000 Student Medical Insurance $ 580 + Miscellaneous Living Expenses $ 1,924 Cost of Attendance $ 16,200

  15. How is financial aid eligibility determined? Cost of Attendance - Expected Family Contribution (EFC) = Financial Need

  16. Financial Need Examples2008-2009 Budget $ 16,200 - 3,000 $ 13,200 $ 16,200 - 1,000 $ 15,200 $ 16,200 - 8,000 $ 8,200 $ 16,200 - 5,500 $ 10,700

  17. Putting it all together! Student Institutional Verification Forms, tax return copies, C.S.S. profile, College Specific information FAFSA (Free Application for Federal Student Aid) ISAC (Illinois Student Assistance Commission) Federal Pell Processor School Choices Letter regarding MAP award SAR (Student Aid Report) Letter of clarification Award Letter

  18. What should I do next? • Helpful Hints: • File by priority date-- March 1 • Respond to any letters requesting additional documentation, in a timely manner • Remember to sign all documents where necessary • Keep photocopies of all documents submitted • Call the college or university with questions

  19. Rules of Thumb • If you must pay money to get money, it might be a scam • If it sounds too good to be true, it probably is • Never invest more than a postage stamp to get information about scholarships • Nobody can guarantee that you’ll win a scholarship • Use caution if an application fee is required • Contact ISAC and/or your college financial aid office with any questions or concerns

  20. Questions

  21. Thank you • Make sure to take information from the back table with you. • Please call for a private conference if you need more assistance.

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