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Understanding Your Financial Aid Awards

Understanding Your Financial Aid Awards. Paying for College. How to Apply. To be considered for student aid, a student must complete all forms required by a college. Note: Communicate with each college to find out what is required for a complete application. The Financial Aid Process.

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Understanding Your Financial Aid Awards

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  1. Understanding Your Financial Aid Awards Paying for College

  2. How to Apply To be considered for student aid, a student must complete all forms required by a college. Note: Communicate with each college to find out what is required for a complete application.

  3. The Financial Aid Process

  4. Types of Financial Aid There are many types of financial aid. Grants Scholarships Work-Study Loans gift aid self-help aid These funds may be merit-based, need-based, or non need-based.

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

  6. The Big Three Maximum Award Amounts for 2012-13 • State of Illinois Monetary Award Program (MAP) • Federal Pell Grant • Federal Supplemental Education Opportunity Grant (FSEOG) Total = $14,270 * Based on funding as of publication date. Announced grant awards could increase or decrease throughout the academic year.

  7. Federal Work-Study A need-based employment program that provides on- and off-campus jobs to students.

  8. Loan Programs When evaluating loan options, consider the following: Repayment Options & Grace Period Source of Loan Subsidized vs. Unsubsidized Interest Rate Start by knowing your rights and responsibilities.

  9. Subsidized vs. Unsubsidized To understand the difference between the two, consider this: When will interest begin to accrue?

  10. What are the costs? Tuition & Fees Direct expenses Room & Board Direct/Indirect expenses Transportation Estimate of expenses Books & Supplies + Miscellaneous Living Expenses Cost of Attendance (COA)

  11. Expected Family Contribution EFC Expected Family Contribution A need analysis formula established by Congress determines a student’s Expected Family Contribution; using information reported on the FAFSA.

  12. Financial Need How much aid can a student receive? Cost of Attendance (COA) Expected Family Contribution (EFC) Financial Need - =

  13. Three Examples COA (Cost of Attendance) EFC (Expected Family Contribution) Financial Need College A $10,000 $3,000 $7,000 - = College B $20,000 $3,000 $17,000 - = College C $35,000 $3,000 $32,000 - =

  14. Financial Aid Award Letter The financial aid administrator at the college will package all available aid and send an award letter for consideration. Goal: To meet a student’s need.

  15. When Evaluating the Award Letter…

  16. Other Things to Know

  17. Trusted Web Sites Get your hands on up-to-date, accurate and trusted sources of information to learn what you need to know.

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