Understanding Your Financial Aid Awards
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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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Presentation Transcript

How to apply
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.



Types of financial aid
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.


Sources of financial aid
Sources of Financial Aid

Financial aid comes from a variety of sources.

federal

government

state

government

college

(institutional aid)

outside/

private

sources


The big three
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.


Federal work study
Federal Work-Study

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


Loan programs
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.


Subsidized vs unsubsidized
Subsidized vs. Unsubsidized

To understand the difference between the two, consider this: When will interest begin to accrue?


What are the costs
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)


Expected family contribution
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.


Financial need
Financial Need

How much aid can a student receive?

Cost of

Attendance

(COA)

Expected

Family

Contribution

(EFC)

Financial

Need

-

=


Three examples
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

-

=


Financial aid award letter
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.




Trusted web sites
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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