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Making. Financial Aid Work for You. January 29, 2014. Presenters. Angie Koontz - Somonauk High School Counselor Michelle McAnally - Newark High School Counselor Eve Phillips - Plano High School Counselor Cassie Gonzales- Plano High School Counselor

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  1. Making Financial Aid Work for You January 29, 2014

  2. Presenters • Angie Koontz - Somonauk High School Counselor • Michelle McAnally - Newark High School Counselor • Eve Phillips - Plano High School Counselor • Cassie Gonzales- Plano High School Counselor • Meghan Shook- Intern at Plano High School

  3. Agenda • Financial Aid Video • Types of Financial Aid • Federal/State Grants • Scholarships • Loan/Work Study • Financial Aid Forms • Completing the FAFSA • Tips on Completing the FAFSA • Financial Aid Results • Summary Points • Questions & Answers

  4. http://studentaid.ed.gov/types Financial aid overview

  5. Types of Financial Aid • Federal/State Grants • Scholarships • Loans/Work Study Financial Aid

  6. Eve Phillips - Plano High School Federal & State Grants

  7. The Big ThreeFinancial Aid Programs Total = $14,365 State of Illinois Monetary Award Program (MAP) Federal Pell Grant Federal Supplemental Education Opportunity Grant (FSEOG) * Maximum award for 2013-2014

  8. Financial aid comes from a variety of sources. Sources of Financial Aid federal government state government college (institutional aid) outside/ private sources

  9. Illinois Student Assistance CommissionState of Illinois Financial Aid Programs ** YOU MUST APPLY FOR THESE WITH A SEPARATE APPLICATION

  10. Illinois Student Assistance CommissionState of Illinois Financial Aid Programs

  11. U. S. Department of EducationFederal Financial Aid Programs

  12. How to find them & How to get them Angie Koontz - Somonauk High School SCHOLARSHIPS

  13. WHERE DO YOU FIND SCHOLARSHIPS? PRINTED MATERIALS • Guidance Office • Bulletin Boards • Scholarship Books ONLINE • www.fastweb.com • www.cappex.com • https://bigfuture.collegeboard.org/scholarship-search • www.niu.edu/scholarships/search/index.shtml

  14. NEATNESS COUNTS! WATCH ALL DEADLINES! ASK SOMEONE ELSE TO LOOK IT OVER! • Is your application neat? • Are all of the required documents there? • Is every question filled in? • Are there thorough and well thought out answers? • Is there correct use of grammar and spelling? • Have I explained any special circumstances? SCHOLARSHIP TIPSHow are Scholarships Judged?

  15. Develop and know your personal value structure Be punctual Dress appropriately Have some questions ready Don’t be negative Don’t chew gum! Show your appreciation – Thank you’s! THE INTERVIEWYOU CAN ACE IT! FOLLOW SOME SIMPLE STEPS AND USE THE MANNERS YOUR MOTHER TAUGHT YOU!

  16. $500 WILL MAKE A DIFFERENCE! Scholarships are free money you don’t have to pay back! What are your other options? BORROW OR EARN Example: It takes you 1 hour to fill out a scholarship worth $500. How long would it take you to earn $500? How much would you end up paying back if you borrowed $500?

  17. Scholarships & Your Financial Aid Package If your scholarships total more than the total amount of your cost of schooling your financial aid package will be reduced by the college. What can you do? • Make sure the loans are being reduced and not the free money! • Be sure to talk with your financial aid office

  18. Students~ Do NOT send emails to admission counselors, financial aid counselors, or scholarship organizers from offensive or questionable email addresses! PAY ATTENTION!

  19. Don’t hand out your social security number to just anybody (FAFSA is secure) Don’t pay fees Watch out for official sounding names Legitimate loan companies deduct fees from your disbursement checks; they don’t collect up front fees Don’t take an offer you didn’t apply for If you can’t find the company’s telephone number or address there’s a reason; it’s a scam! Don’t give out credit card or checking account information CAUTION!

  20. Michelle McAnally - Newark High School Loans and Workstudy

  21. Federal Loan Programs (for undergraduate) Program Type Rate Grace * FAFSA Required ** Program Application Required

  22. Federal work study

  23. Completing the FAFSA Michelle McAnally - Counselor, Newark High School

  24. FAFSA Overview Video http://studentaid.ed.gov/fafsa

  25. As soon as possible after January 1st each year • Definitely by March 1st if at all possible. When Should I Apply?

  26. Complete your Tax Forms • You do not need to file your taxes, just have them filled out with the correct numbers from your W-2s. • If you must estimate your taxes in order to fill out the FAFSA, you MUST file a FAFSA Correction. This could delay your financial aid award letter or change your award amount. • Make copies of your tax forms in case the college requests a copy for verification purposes. • Fill out the FAFSA on the Web Worksheet if possible • File for a PIN (Personal Identification Number) What Should I Do Before Filling Out the FAFSA?

  27. Three ways to obtain the FAFSA form • On the web at www.fafsa.gov • Obtain a PDF of the FAFSA at www.federalstudentaid.ed.gov • Call and ask for a paper copy at 1-800-4-FED-AID • If at all possible, file your FAFSA online. It’s easier and faster! How to Apply

  28. You will need a PIN number for the parent AND another PIN number for the student. Apply for a PIN at www.pin.ed.gov Make sure both PIN numbers are unique. How Do I Get a PIN?

  29. Sign documents electronically • FAFSA online • Review & correct FAFSA online • Loan Promissory Notes • View Loans & Grants online • Reapply for Financial Aid Why do I Need a PIN?

  30. NEVER share your PIN number with anyone. Write your PIN down and put in a secure location, as you will need the same PIN each year and for as long as you have children in college. Tips to Remember About Your PIN

  31. If for some reason your PIN is not available or isn’t working, you may print out the signature page, sign it, and mail it in. NOTE: Do not do both. Either sign with the PIN number, or sign the signature page and mail it. Do NOT do both! PIN Alternative

  32. Tips on Completing the FAFSA Eve Phillips - Plano High School Meghan Shook- Plano High School

  33. Go to www.fafsa.ed.gov and click “Start Here”. Choose the tab at the top of the page for the 2014-2015 school year. Follow the online instructions to fill out the form. Remember to click “SAVE” at the bottom of the page so that if your Internet fails, you will not have to start the form from the beginning. If you need help, click “Help?” at the bottom of the page. If you need to talk to a real person, click “Contact Us” at the top left corner of the page to chat with a real person. Help is also available at 1-800-4-FED-AID or at www.studentaid.ed.gov/completefafsa. After you are finished, use the parent PIN and the student PIN to sign the document and click “SUBMIT”. Print your confirmation page and put it in a secure, safe place in case you need the confirmation number at a later date. Filling Out the FAFSA

  34. Go to www.fafsa.ed.gov • Fill out the Worksheet before sitting at the computer • Use the TIP Sheet- provided as a handout • Help for common mistakes made on FAFSA Filling out the FAFSA

  35. Financial Aid Results Michelle McAnally - Newark High School

  36. Receive your SAR File any required Institutional Forms Receive a Financial Aid Award letter from each college you are considering. Make a good economic choice. Mark out any financial aid you do not want to accept, sign the award letter, and mail back to the school. Keep a copy for your records. Make your final decision by May 1st and pay your deposit to hold your seat. Now What?

  37. Summary Points Angie Koontz - Somonauk High School

  38. The Financial Aid Process

  39. Read the SAR (Student Aid Report) carefully and respond to all of your schools; free up the money you are not going to use at the other schools. • Pay close attention to the TYPES of awards listed; accept the free money and make an educated decision about student loans • Is there award money leftover? • Savings account • Books and supplies • Save for next semester • Don’t take more than you need! • Is there still a remaining out-of-pocket expense? • Additional scholarships/Loans • Parent PLUS loan; remember payments start in 6 months! • Call Financial Aid Office • College Savings When accepting Financial Aid…

  40. FAFSA Completion Nights • Plano High School • Wednesday, February 14, 2014 • 6:00 pm – 8:00 pm • Media Center Computer Lab • Somonauk High School • Thursday, February 27, 2014 • 6:30 pm • Library • Newark High School • Thursday, February 20, 2014 • 7:00 pm • Library

  41. Will be available in each school’s Student Services Department • Can also be obtained from each school’s website: • Plano Student Services • http://planohighschoolstudentservices.yolasite.com/ • Newark Student Services • http://www.newarkhs.k12.il.us/studentservices.html • Somonauk Student Services • http://www.somonauk.net/index.php/guidance Powerpoint Presentation & Handouts

  42. Questions & Answers Making Financial Aid Work for You

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