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Financial Aid Information. 2014-2015 Award Year Admitted Student Day. How to apply – File the FAFSA. The FAFSA (the Free Application for Federal Student Aid ) is the first step in the financial aid process. Use it to apply for federal student aid, such as grants, loans, and work-study.

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financial aid information

Financial Aid Information

2014-2015 Award Year

Admitted Student Day

how to apply file the fafsa
How to apply – File the FAFSA
  • The FAFSA (the Free Application for Federal Student Aid) is the first step in the financial aid process. Use it to apply for federal student aid, such as grants, loans, and work-study.
  • In addition, most states and schools use information from the FAFSA to award students non-federal aid.
  • The FAFSA is used to calculate the Expected Family Contribution (EFC). An EFC is used to determine need based aid such as grants and subsidized loans.
financial aid application process
Financial Aid Application Process
  • Step 1: Students and Parents apply for PIN at www.pin.ed.gov

The PIN Application Process consists of 3 steps:1: Enter Personal Information Name, SSN, address, email, etc.2: Submit Your PIN Application 1 to 3 days processing time 3: Receive Your PIN It will be sent to your provided e-mail

Never share your PIN with anyone!

financial aid application process1
Financial Aid Application Process

Step 2: Complete 2014-2015 FAFSA online at:

www.fafsa.gov

Select 2014-2015 FAFSA

Begin entering the student’s information…

  • Things you will need:
  • Student & Parent 2013 Taxes &W2’s
  • Assets and bank information
  • About 30 minutes
  • Estimated data can be used
irs information retrieval
IRS Information Retrieval

You can download your filed 2013 Tax information directly from the IRS.

Enter your PIN and Link To IRS.

irs information retrieval1
IRS Information Retrieval
  • Once transferred, questions with tax information will be marked with “Transferred from the IRS”.
  • Do not adjust the transferred data.
what to expect next
What to expect next…
  • Verification - Should the student be selected for verification additional documents will be requested by the Office of Financial Aid.
  • Typically this could include:
    • IRS Tax Return Transcripts - www.irs.gov/transcript
    • W-2’s for the student and parent if applicable
    • A signed verification worksheet
    • Other documents may be requested by the Office of Financial Aid on an individual basis
  • Students will receive a letter letting them know what they will need to submit.
  • Submit the documents as soon as you can!
federal loans
Federal Loans

* 10-year Treasury note yield + 2.05% (Capped at 8.5%)

  • Subsidized Stafford Loan
    • Maximum award amount $3,500
    • Award based on NEED
    • Fixed interest rate of 3.86%*
    • 6 month grace period before repayment
    • No interest accumulates during enrollment
federal loans cont
Federal Loans (cont.)

* 10-year Treasury note yield + 2.05% (Capped at 8.5%)

  • Unsubsidized Stafford Loan
    • Maximum for dependent students $5,500
    • Fixed interest rate at 3.86%*
    • 6 month grace period before repayment
    • Interest will accumulate
how to apply student
How to Apply - Student
  • Step 1: Federal Loan Entrance Counseling.
    • Read the content and answer the questions
    • Read the Borrower's Rights and Responsibilities
  • Step 2: Federal Loan Master Promissory Note (MPN).
    • You will be required to enter:
      • Your personal information
      • Two references for the loan
      • Federal PIN to sign the MPN
    • Keep going until you receive a confirmation

The Office of Financial Aid will access your completed MPN and counseling and set up dates for the transmission of loan funds.

federal loans cont1
Federal Loans (cont.)

* 10-year Treasury note yield + 4.6% (Capped at 7.9%)

  • Parent PLUS Loan
    • Amount ranges $1000 up to COA
    • Fixed interest rate of 6.41%*
    • Parents can request to have to loan deferred until the student has graduated
    • Credit checks information – not score
    • Processing fee
how to apply parent
How to Apply - Parent
  • Step 1: Request a PLUS Loan.
    • Credit Check application
    • Requested Loan amount
  • Step 2: Federal Loan Master Promissory Note (MPN).
    • You will be required to enter:
      • Your personal information
      • Your students information
      • Federal PIN to sign the MPN
    • Keep going until you receive a confirmation

The Office of Financial Aid will access your completed MPN and counseling and set up dates for the transmission of loan funds.

federal work study
Federal Work Study
  • Federal Work Study.
    • Need based financial aid
    • Not applied directly to tuition
    • Earned financial aid
  • Students can work in a variety

of jobs to earn FWS funds.

award notification the award letter
Award Notification: The Award Letter
  • If the student is accepting all awards as offered, keep award letter for your records.
  • If the student is declining or adjusting awards, sign and return award letter reflecting adjustments.
  • Students must indicate any outside awards and scholarships on the award letter.
things to remember
Things to Remember!
  • Applying for Financial Aid is a separate process from Admissions and Housing.
  • Students must complete the FAFSA application every year to be eligible to receive Federal Student Aid.
  • Do not assume you are too poor to go to college or too rich to receive aid. Always apply to get your answer.
  • Apply as early as possible! Some aid programs run out of funding.
financial aid resources from the government
Financial Aid Resourcesfrom the Government

The US Department of Education

www.studentaid.gov

youtube.com/FederalStudentAid

Help line: 1-800-433-3243

Illinois Student Assistance Commission

www.isac.org

Federal Trade Commission

www.ftc.gov/scholarshipscams

surf the net scholarships
Surf the Net! – Scholarships

Schools will allow you to add outside scholarships to your existing financial aid package. The only stipulation is that you do not exceed the cost of attendance. Take some time and surf the Internet...it just might pay off!

The College Board

www.collegeboard.com

College.Net Mach25

www.collegenet.com/mach25

College Quest

www.collegequest.com

College Connection

www.collegescholarships.com

Fast Web

www.fastweb.com

FinAid.Org

www.finaid.org

Free Scholarship Search

www.freschinfo.com

College Answer

www.collegeanswer.com

Scholarships.com

www.scholarships.com

Cappex College Search

www.cappex.com/scholarships

contact us
Contact Us

Office of Financial Aid

Lownik Hall, Main Floor

5700 College Road

Lisle, IL 60532

(630) 829-6100

[email protected]

www.ben.edu/fa

Monday – Friday: 8:30am – 5:00pm

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