Financial Aid Flow Chart

2. 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

3. 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

4. Verification Process • 1 in 3 students are selected for verification by the Federal Processor. • If you make changes to your FAFSA, you might be selected for verification. • If you estimate your tax figures and then later submit the actual figures, you might be selected for verification. • Send OSFA any requested documentation as soon as possible.

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

6. Financial Aid Award Letter • Will be sent to incoming freshmen beginning the middle of March 2008 if we have received their FAFSA • Shows student’s Total Estimated 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

7. Estimated Cost of Attendance 2007-2008Reflects Guaranteed Tuition 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 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. (Fr. $3,500, Soph. $4,500, Jr./Sr. $5,500)

12. 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

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. (Fr. $3,500, Soph. $4,500, Jr./Sr. $5,500)

14. Direct Loan Processing Requirements • Entrance Counseling Interview: Required for any new student accepting a federal loan for 2008-2009 http://www.dl.ed.gov • Electronic Master Promissory Note: Must be completed in order to receive the Federal Direct Subsidized or Unsubsidized student loan funds http://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 Tips • Search for private scholarships during Fall 2007. • Complete the 2008-09 FAFSA beginning January 1, 2008. • Promptly respond to any requests for additional documentation. • Review and respond to your financial aid award letter.

18. Financial Aid Tips • Maintain a folder to keep all financial aid information. • File your FAFSA early. Our preferential date is March 15, 2008. • Remember to file your FAFSA annually. • File your FAFSA even if you don’t think you are eligible for financial aid. • Parents and students should request a PIN number at www.pin.ed.gov.

19. 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

20. 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 Hours: Reception Desk: 9am - 5pm Telephones: 8:30am – noon 1pm – 5pm Walk-In Counseling: 9am – 4:30pm