Financial Aid for College: Cost, Types, and Application Process

1. Moline High School:2020-21 Financial Aid Night Diana Strom, Director of Financial Aid

2. Planning for College There are lots of things to think about and many questions you need to ask… • Can I afford college? • How much will it cost? • What is a FAFSA? • When and how do I apply? • Where can I get help? Moline High School: 2020-21 Financial Aid Night

3. How Much Does College Cost?

4. Sources of Financial Aid Four primary sources of financial aid: Moline High School: 2020-21 Financial Aid Night

5. Types of Financial Aid Funds may be: • merit-based, • need-based, or • non need-based Moline High School: 2020-21 Financial Aid Night

6. Types of Financial Aid Federal Pell Grant • Need-based • Does not have to be repaid • Funding guaranteed for eligible students • Maximum 2019-20 award = $6,195/year Moline High School: 2020-21 Financial Aid Night

7. Types of Financial Aid Federal SEOGrant • Need-based • Does not have to be repaid • Funding limited at each school • Award amounts determined by school • At BHC, $1,000 SEOGrants are awarded to our highest need students until funding runs out. Moline High School: 2020-21 Financial Aid Night

8. Types of Financial Aid State of Illinois MAP Grant • Need-based • Does not have to be repaid • Funding limited throughout the state • Award maximums vary by school • At BHC, max 2019-20 award = $2,939/year Moline High School: 2020-21 Financial Aid Night

9. Types of Financial Aid Federal Work Study • Need-based employment program • Income earned, used to pay for school • Availability of jobs is limited • Cannot work during class hours • Hours per week determined by school and employer Moline High School: 2020-21 Financial Aid Night

10. Types of Financial Aid Federal Direct Student Loans • Must be repaid • Subsidized(no interest accrues while in school) • Need-based • Freshman award = $3,500/year (max) • Unsubsidized (interest accrues while in school) • Freshman award = $2,000/year Moline High School: 2020-21 Financial Aid Night

11. Types of Financial Aid

12. How to Apply for Financial Aid • File the FAFSA (www.fafsa.gov). • List each school the student may attend. • Know how each college will communicate with the student. • Submit all required forms and documentation. • Start early in case more time is needed! Moline High School: 2020-21 Financial Aid Night

13. Completing the FAFSA • FSA ID (www.fsaid.ed.gov) • Student’s username and password to login. • Legal, electronic signature. • Student and parent must each create their own. • Parents who do not have a SSN cannot obtain an FSA ID but can print a FAFSA signature page instead. Moline High School: 2020-21 Financial Aid Night

14. Completing the FAFSA • FSA ID (www.fsaid.ed.gov) • Social Security Number (citizens) • Alien Registration Number (eligible noncitizens) • Records of 2018 income – Federal income taxes, W-2s, child support, untaxed income, etc. • Current financial statements – Savings, CDs, stocks, bonds, college savings plans, investments, etc. Moline High School: 2020-21 Financial Aid Night

15. Completing the FAFSA Dependent Student • Required to provide parental information • Students may be considered dependent even if: • Parent does not claim student on taxes • Student does not live with parent • Student is financially independent • Parent will not contribute to college expenses Moline High School: 2020-21 Financial Aid Night

16. Completing the FAFSA Independent Student • Age 24+ • Orphan/Ward of Court/Guardianship • Married • Financially supporting child(ren) • Veteran • Pursuing advanced degree • Homeless • Special circumstances (contact Financial Aid) Moline High School: 2020-21 Financial Aid Night

17. Completing the FAFSA “7 Easy Steps to the FAFSA” video tutorial (www.bhc.edu/faforms) STEP 1: Student Demographics STEP 2: School Selection STEP 3: Dependency Status STEP 4: Parent Demographics (if required) STEP 5: Financial Information (2018) STEP 6: Sign & Submit STEP 7: Confirmation Moline High School: 2020-21 Financial Aid Night

18. Completing the FAFSA • Students and parents are encouraged to use the IRS Data Retrieval Tool to transfer 2018 tax information. • Requires FSA ID. Moline High School: 2020-21 Financial Aid Night

19. After the FAFSA – Now What? • Processed using a federal need analysis formula. • Calculates a student’s Expected Family Contribution (EFC). • Not the actual dollar amount a student or family will pay. • Schools will use to determine a student’s eligibility. Moline High School: 2020-21 Financial Aid Night

20. After the FAFSA – Now What? • Schools will communicate with student only. • Often electronic notification (don’t expect mail). • Once eligibility determined, student will receive an award notification. • Often generic, based on a minimum enrollment. • If it doesn’t provide cost information, determine how cost can be estimated. Moline High School: 2020-21 Financial Aid Night

21. Also Know… Moline High School: 2020-21 Financial Aid Night

22. Also Know… Avoid Scholarship Scams • Many free scholarship services are legitimate (Fastweb, Petersons, etc.). • Be cautious of any service that requires you to pay. • Report scams to your school, college, BBB, or FTC. (www.ftc.gov/scholarshipscams) Moline High School: 2020-21 Financial Aid Night

23. Resources for Support! • Black Hawk College Financial Aid Office (www.bhc.edu/financialaid) • IL Student Assistance Commission (www.isac.org) • ISACorps – Courtnie Reeder • Federal Student Aid (www.studentaid.ed.gov) • 1-800-433-3243 • studentaid@ed.gov Moline High School: 2020-21 Financial Aid Night

24. Contact Information Black Hawk College Financial Aid Office 6600 34th Avenue, Moline, IL Building 1 – Room 227 309-796-5400 (p) 309-796-5447 (f) finaid@bhc.edu Thank you for attending! Moline High School: 2020-21 Financial Aid Night