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Helping students and families reach higher

Helping students and families reach higher. Ladder Up’s Services. Tax Assistance Family < $45,000 Individual < $20,000 Over 20 locations Financial Aid Assistance Outreach and FAFSA help at schools Individual help (hotline, appointments by request). www.goladderup.org. Financial Aid 101.

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Helping students and families reach higher

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  1. Helping students and families reach higher

  2. Ladder Up’s Services • Tax Assistance • Family < $45,000 • Individual < $20,000 • Over 20 locations • Financial Aid Assistance • Outreach and FAFSA help at schools • Individual help (hotline, appointments by request) www.goladderup.org

  3. Financial Aid 101 Paying for College 2012-2013

  4. Financing College • The Financial Aid Process: • Prepare….Apply….Receive…Repay • The FAFSA: • Who can apply? What type of aid is available? When do I apply? Where can I apply? Why should I apply?

  5. What is Financial Aid? • Financial Aid helps make up the difference between what you can afford to pay and the actual cost of college. • * Don’t underestimate your options. • * Never assume you’re personal finances will limit all types of financial aid. • * Don’t get sticker shock - college costs may not be what they seem. { 1 }

  6. Sources of Financial Aid

  7. Types of Financial Aid gift aid • GRANTS • SCHOLARSHIPS self-help aid • WORK-STUDY • LOANS

  8. GRANTS A complete FAFSA is required: Federal Pell Grant – up to $5,550 * Federal Supplemental Educational Opportunity Grant (FSEOG) – up to $4,000 * State of Illinois Monetary Award Program (MAP) Grant – $4,968* * Maximum awards for 2012-13 { 4 }

  9. LOANS - Federal Programs (for Undergraduates) Freshman Year Max Loan Program Type Rate { 5; 16-18 }

  10. Why Federal Student Loans?(Vs. Private Loans) • Remember: you must repay all loans even if you drop out! DON’T borrow more than you need!!! • NEW!Income-based repayment and Public Service Benefits (35) • In Progress: “Pay-as-You-Earn” • Learn more at: federalstudentaid.ed.gov { 34-35 }

  11. Undocumented Students • Status of Parent not important for FAFSA • If student does not have SSN: • Do NOT complete the FAFSA • Must rely on private scholarships and institutional aid • Apply for as many as you can! • Eligible for in-state resident Illinois tuition • Resources and private scholarships: • IACAC.org • LATINOCOLLEGEDOLLARS.org • Look in your community!

  12. Am I Eligible for Federal Financial Aid? • U.S. citizen or eligible noncitizen • Valid Social Security Number • High school diploma, GED or equivalent • Register with Selective Service • Seeking a degree or certificate • Maintain satisfactory academic progress • Not be in default on a student loan or owe money on a federal student grant { 1 }

  13. FAFSA Free Application for Federal Student Aid • FAFSA.GOV - IT’S FREE! • Apply early – Starts January 1st! • Federal, State, Institutional Aid • Fill out the FAFSA every year you wish to receive aid NOTE: Communicate with each college to inquire about steps to a complete application and any additional forms or applications.

  14. WWW.FAFSA.GOV

  15. Ladder Up Open Events Get it done early, get it done right! Downtown: Malcolm X College 1900 West Van Buren Street, room 0602 and room 0603 11am – 8pm on Thursday, Jan. 3, Friday Jan. 4, and Monday Jan. 7 4pm – 8pm on Thursday, Jan. 10 North Side: Wilbur Wright College 4300 N Narragansett Ave, in computer labs L113 and L115 11am – 6pm on Saturday, Jan. 5 4pm – 8pm on Wednesday, Jan. 9 11am – 8pm on Friday, Jan. 11

  16. Ladder Up Open Events South Side: Kennedy King College 747 W. 63rd Street, in computer lab V217 10am – 8pm on Friday, Jan. 4, and Friday Jan. 11 10am – 6pm on Saturday, Jan. 12 South Side: Gary Comer College 7131 S South Chicago Ave 1pm – 4pm on Saturday, Jan. 5 5:30pm – 8pm on Tuesday, Jan. 8

  17. Completing the FAFSA Who Needs Parent Information? Student must report personal and parental income. DEPENDENT Student does not need to report parental income, only personal income. INDEPENDENT

  18. Born before January 1, 1990 (for the 2013-14 academic year) Married Graduate or professional student Veteran or currently serving on active duty Have legal dependents other than a spouse, for whom more than 50% of the support is provided Orphan, ward of the court, or in foster care after the age of 13 Emancipated minor or in legal guardianship as determined by a court Unaccompanied youth who is homeless or at risk of being homeless Student fits into at least one of the following categories: INDEPENDENT { 27 }

  19. Who is Considered a “Parent”? • BIOLOGICAL parent(s) with whom you live • STEP-PARENTS married to your biological parent • ADOPTIVE Parents (if adopted before age 13) • Grandparents and Legal Guardians are NEVER considered parents - TALK TO YOUR COLLEGE IF YOU BELIEVE YOU HAVE SPECIAL CIRCUMSTANCES. • FAFSA dependency may not be the same as for taxes (does not matter who parents claim) { 28-29 }

  20. Required Information and Documents Be prepared! Fill out the FAFSA Ready Worksheet now with 2011 information, ask questions, make sure everything is right! 2012 Federal Income Tax Asset Information Social Security Numbers Student Alien Registration Card 2012 W2 Forms Birthdates { 25 }

  21. What does the FAFSA calculate? Expected Family Contribution A need analysis formula that determines how much a family can be expected to contribute to a students education each year. • Used to determine a student’s eligibility for most federal and state assistance and some private scholarships. • EFC will automatically appear on your FAFSA confirmation page. { 12 }

  22. Cost of Attendance: Tuition & Fees Room & Board Transportation + Books & Supplies Miscellaneous Living Expenses

  23. Calculating Financial Need College Financial Aid Office: Cost of Attendance Expected Family Contribution { 12 }

  24. Every School Has a Different Cost: Financial Need COA EFC $10,000 $3,000 $7,000 Option A - = $20,000 $3,000 $17,000 Option B - = $35,000 $3,000 $32,000 Option C - =

  25. Financial Aid Awards The financial aid administrator at the college will package all available aid and send an award letter consideration. • What is the total cost of attendance? • What is your financial aid eligibility? • What types of financial aid are included? • Was your financial need met? • What is the out-of-pocket cost? NOTE: May not be the same as your EFC! FINANCIAL AID AWARD LETTER { 31 }

  26. What Should I Be Doing NOW? (pre-January 1st)

  27. Illinois Student Assistance Commission (800) 899-ISAC (4722) collegezone.com U.S. Department of Education (800) 4 FED AID www.FederalStudentAid.ed.gov Ladder Up’s LIFT Program Jen Lambert, Financial Aid Coordinator Adelle White, Financial Literacy Coordinator LIFT@goladderup.org (312) 458-9105 @ladderup_LIFT Find answers to your questions… Add your e-mail to the sign in sheet or send us an e-mail to get important financial aid updates and reminders!

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