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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.

  • If you make changes to your FAFSA, you

might be selected for verification.

  • If you estimate your tax figures and then

later submit the actual figures, you might be

selected for verification.

  • 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
  • Will be sent to incoming freshmen beginning the middle of March 2008 if we have received their FAFSA
  • Shows student’s Total Estimated 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
estimated cost of attendance 2007 2008 reflects guaranteed tuition
Estimated Cost of Attendance 2007-2008Reflects Guaranteed Tuition

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
slide9

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”
slide10

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 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.

(Fr. $3,500, Soph. $4,500, Jr./Sr. $5,500)

types of need based aid2
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

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.

(Fr. $3,500, Soph. $4,500, Jr./Sr. $5,500)

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

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

http://www.dl.ed.gov

  • Electronic Master Promissory Note:

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

http://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

slide16

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 tips
Financial Aid Tips
  • Search for private scholarships during Fall 2007.
  • Complete the 2008-09 FAFSA beginning January 1, 2008.
  • Promptly respond to any requests for additional documentation.
  • Review and respond to your financial aid award letter.
financial aid tips1
Financial Aid Tips
  • Maintain a folder to keep all financial

aid information.

  • File your FAFSA early. Our preferential

date is March 15, 2008.

  • Remember to file your FAFSA annually.
  • File your FAFSA even if you don’t think

you are eligible for financial aid.

  • Parents and students should request a

PIN number at www.pin.ed.gov.

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

Hours:

Reception Desk: 9am - 5pm

Telephones: 8:30am – noon

1pm – 5pm

Walk-In Counseling: 9am – 4:30pm