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Financial Aid Flow Chart - PowerPoint PPT Presentation


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Financial Aid Flow Chart. Send FAFSA to Federal Processor. Student & Parents Complete FAFSA (F ree A pplication for F ederal S tudent A id ). Federal Processor Calculates EFC ( E xpected F amily C ontribution). Information is sent to the Office of Student Financial Aid. OSFA

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financial aid flow chart
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

special circumstances
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
slide4

Verification Process

  • 1 in 3 students are selected for verification

by the Federal Processor.

  • Send OSFA any requested documentation

as soon as possible.

financial aid need
Financial Aid Need

We determine your financial need by:

Cost of Attendance

(-)

Expected Family Contribution (EFC)

= Financial Need

financial aid award letter
Financial Aid Award Letter
  • Shows student’s Total 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
slide7

Cost of Attendance

Financial Aid Awards

slide9
2008-2009 Cost of Attendance Reflects Guaranteed Tuition Rates For Students First Entering Summer 2008, Fall 2008, or Spring 2009

Tuition, Fees, and University Housing charges will be assessed to your University account.

types of need based aid
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
slide11

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”
slide12

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!
types of need based aid1
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

A Reference Form and a Promissory Note are required.

types of need based aid2
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 and

dependency status.

types of non need based aid
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 and

dependency status.

direct loan processing requirements
Direct Loan Processing Requirements
  • Entrance Counseling Interview:

Required for any new student accepting a federal loan for 2008-2009

www.dl.ed.gov

  • Electronic Master Promissory Note:

Must be completed in order to receive the Federal Direct Subsidized or Unsubsidized student loan funds

www.dlenote.ed.gov

types of non need based aid1
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

slide19

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
financial aid summary
Financial Aid Summary
  • Visit the OSFA website
  • Review the different types of aid
  • Search for private scholarships
  • Renew your FAFSA annually
  • Update address information on

UI-Integrate Self-Service

  • Communicate with our office
additional questions
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

contact information
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

Office Hours:

9:00am – 5:00pm