Have You Completed? • 2006-2007 FAFSA (Free Application for Federal Student Aid) • Verification (If Selected) • Award Letter
Financial Aid Flow Chart Send FAFSA to Federal Processor FAFSA (Federal Processor) Calculates EFC Student & Parents Information is sent to UIUC Financial Aid Office OSFA determines aid based on EFC
Financial Aid Need We determine your financial need by: Cost of Attendance (-) Expected Family Contribution (EFC) = Financial Need
Cost of Attendance 2006-2007 (Reflects Guaranteed Tuition) * Students will have either a University Housing contract which will be directly billed by the University or Private Certified Housing/Apartments which is an indirect cost.
Types of Need-Based Aid • Grants(Federal, State or institutional): • Do not have to be repaid. • Eligibility is determined by financial need and awarding policy. • Scholarships: • College and Department (Merit-based) • Institutional (Need-based) • Private scholarships
Types of Aid • Employment: • Federal Work-Study Programs (Need-Based) • Other campus & off campus jobs To view current job postings, see the Virtual Job Board on the OSFA website!
Types of Need Based Aid • Federal Direct Subsidized Loan: *interest (fixed 6.8%) is 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. $2,625, Soph. $3,500, Jr./Sr. $5,500)
Types of Need Based Aid • Federal Perkins Loan and University Loan: *interest (fixed 5%) is deferred while student is enrolled. *repayment: 9 (Perkins) or 6 (University Loan) months grace period after graduation or ceasing to be enrolled in at least 6 hours. Paper promissory note and reference form will be enclosed with the Award Letter. Awards and eligibility are determined by the student’s financial need.
Types of Aid • Federal Direct Unsubsidized Loan: *interest: (fixed 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. $2,625, Soph. $3,500, Jr./Sr. $5,500)
Direct Loan Processing Requirements • Entrance Interview: Entrance interviews will be required for any new student accepting a federal loan for 2006-07. • Visit the Federal Direct Loan Servicing Website athttp://www.dl.ed.govlink to “Entrance Counseling.” • Electronic Master Promissory Note: A student can electronically sign their Master Promissory Note athttp://dlenote.ed.govusing their FAFSA PIN number. • This promissory note must be completed in order to receive the Federal Direct Subsidized or Unsubsidized student loans funds.
PLUS Loan Federal Direct Parent Loan for Undergraduate Students (PLUS): * interest rate: 7.9% accrues upon disbursement. * credit check: Required through the Dept. of Education * repayment: Begins within 60 days after total loan has been disbursed (March or April of the academic year) Processing Requirements for the PLUS Loan • PLUS Loan request form • Sign a Master Promissory Note for a PLUS loan.
Estimated Cost of Attendance Financial Aid Awards
Special Circumstances A family’s financial situation may have changed since the 2005 tax year. For example: • Loss of Employment • Loss or reduction of Social Security Benefits • Divorce or separation • Other
‘Ask Us’Best way to get answers to Questions • Do you have a general financial aid question? ‘Ask Us’ is a web-based Frequently Asked Questions site available on the OSFA website.
UI-Integrate Self-Service UI-Integrate Self-Service provides you with immediate access to all of your student records From the Self-Service website you will be able to: • Check the status of your financial aid application (FAFSA) • Update mailing and permanent addresses along with other personal information • View your financial aid awards • View charges and aid credits to your account.
Financial Aid Summary • Review the “About Your Aid Link” on our homepage • Renew your FAFSA annually • Search for private scholarships • Update your address on UI-Integrate Self-Service • Communicate with our office