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Financial Aid Information

Financial Aid Information. Illinois State University Financial Aid Office Campus Box 2320 Normal, IL 61790-2320 (309) 438-2231 FAX (309) 438-3755. Eureka College Financial Aid Office 300 East College Ave Eureka, IL 61530 (309 ) 467-6311 FAX (309) 467-6897. Goal of Financial Aid.

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Financial Aid Information

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  1. Financial Aid Information Illinois State University Financial Aid OfficeCampus Box 2320Normal, IL 61790-2320(309) 438-2231FAX (309) 438-3755 Eureka College Financial Aid Office 300 East College Ave Eureka, IL 61530 (309) 467-6311 FAX (309) 467-6897

  2. Goal of Financial Aid Assist students in paying for college How? • Evaluating family’s eligibility for need-based aid • Distributing limited resources in an equitable manner

  3. Application Procedure • Submit the Free Application for Federal Student Aid (FAFSA) prior to school’s priority filing date • Check information from each school to determine: • Required application materials • Application deadlines

  4. FAFSA • Collects family’s personal and financial information used to calculate the student’s EFC • Complete FAFSA on the Web at fafsa.ed.gov

  5. To Register for a PIN www.pin.ed.gov

  6. StudentLoans.gov For Entrance Counseling and Master Promissory Notes

  7. Sources of Financial Aid • Federal • State • Private • Corporate • Churches • Clubs or organizations • Banks

  8. Grants • Federal • Pell • Supplemental Educational Opportunity Grant • State • Monetary Award Program (Tuition & Fees)

  9. Scholarships Scholarship Searches -Fast Web (National) -Institutional -Departmental

  10. Other Sources of Scholarships • Academic • Athletic • Other talent-based scholarships

  11. Student Employment Do I need a job? • Helps earn money for expenses • Helps with time management • Research has proven students who work 10 to 15 hours a week have a better GPA than those who do not work at all.

  12. Stafford Loans • Subsidized (Need Based) -Interest paid by government while enrolled • Unsubsidized -Interest paid by student/parent

  13. Stafford Loans Base Annual Loan Limits - combined subsidized and unsubsidized • $5,500 for undergraduatestudents with < 30 cumulative hours

  14. Costs of Borrowing Stafford Loans Current Interest Rate: 7/1/2011 – 6/30/2012 UNSUB 6.8% Fixed SUB 3.4% Fixed

  15. Repayment of Stafford Loans Six-month grace period Maximum repayment period between 10 and 20 years depending on repayment plan chosen Deferment and cancellation provisions available

  16. Other Sources of Assistance? PLUS Loans -federal loan Alternative Loans -private loan

  17. PLUS Loans • Must complete FAFSA • Allows a parent to borrow money to assist with cost of attendance • Federal Direct Loan

  18. PLUS Loans • Current fixed interest rate 7/1/2011 – 6/30/2012 = 7.9% • Payment begins 60 days after 2nd disbursement • Deferment option available

  19. Alternative Loans • Private loans with co-signer • Allows students to borrow up to Cost of Attendance minus other aid

  20. Other Payment Options • Installment Plans • College Illinois • Other 529 Education Funds

  21. Financial Aid Timeline Fill Out FAFSA Beginning January 1 Check with School about FAFSA Deadline Deadline to Decide Which School Attending Billing Cycle Begins Complete Additional Requests for Documentation ASAP Award Letters Sent Summer Orientation JAN FEB MAR APR MAY JUNE JULY

  22. Financial Aid - To Do: • Scholarship Searches • Complete the FAFSA • After January 1 Each Year • Keep copies of all correspondence • Respond to all correspondence

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