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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. 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

  3. Verification Process • 1 in 3 students are selected for verification by the Federal Processor. • Send OSFA any requested documentation as soon as possible.

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

  5. Financial Aid Award Letter • Shows student’s Total Cost of Attendance for 2008-2009 and the Expected Family Contribution • Displays the student’s Financial Aid Awards • Asks student to accept or reject awards that have been offered

  6. Cost of Attendance Financial Aid Awards

  7. 2008-2009 Cost of Attendance Reflects Guaranteed Tuition Rates For Students First Entering Summer 2008, Fall 2008, or Spring 2009 Tuition, Fees, and University Housing charges will be assessed to your University account.

  8. 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

  9. Scholarship Search Websites • Fastweb: www.fastweb.com • College Zone: www.collegezone.com • Office of Student Financial Aid: • www.osfa.uiuc.edu • Click on “Search for a Scholarship”

  10. 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!

  11. 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 A Reference Form and a Promissory Note are required.

  12. Types of Need-Based Aid • Federal Direct Subsidized Loan *Interest: Fixed at 6% 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 and dependency status.

  13. 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 and dependency status.

  14. Direct Loan Processing Requirements • Entrance Counseling Interview: Required for any new student accepting a federal loan for 2008-2009 www.dl.ed.gov • Electronic Master Promissory Note: Must be completed in order to receive the Federal Direct Subsidized or Unsubsidized student loan funds www.dlenote.ed.gov

  15. 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

  16. 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

  17. 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

  18. 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

  19. 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 Office Hours: 9:00am – 5:00pm

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