Presentation Transcript

1. Application & Eligibility Laura Daly Associate Director of Financial Aid
2. Financial Aid consists of funds available to help students and families pay for the cost of attending the postsecondary institution of their choice. Most financial aid resources are intended to supplement, not replace, the financial resources of the family.
3. Goal of Financial Aid Help families navigate the complex aid environment. Assist students in paying for college – a joint venture between the family and the University. This is achieved by: Working with families on the aid application process Evaluating families’ ability to pay educational costs Distributing limited resources in an equitable manner Providing balance of gift aid and self-help aid Guiding studentsthrough the requirements to receiving aid
4. Topics Filing for financial aid Undocumented students/parents FAFSA results Expected family contribution Aid programs
5. FAFSA Standardform collecting demographic and financial information about the student & family File online or mail a paper form Available annually on January 1 Be aware of filing deadlines www.fafsa.gov
6. Myths about Financial Aid
7. FAFSA Data Requirements Student Demographic Information: Social Security Number Date of Birth Citizenship status Marital status Drug convictions Selective Service registration Level of parents’ school completion
8. Citizenship & Aid Eligibility Many are considered eligible noncitizens: U.S. national U.S. permanent resident (Form I-551, I-151, I-551C) Arrival-Departure Record (I-94) showing: refugee, asylum granted, Cuban-Haitian Entrant, conditional entrant, parolee T-visa or T-1 visa battered immigrant-qualified alien status citizen of the Federated States of Micronesia, Republic of the Marshall Islands, or the Republic of Palau studentaid.ed.gov
9. Citizenship & Aid Eligibility What to do when parents are not citizens? Student can still file FAFSA using online or paper form Enter all zeros for the parents’ social security numbers Sign/mail the paper signature page of the FAFSA What to do when the student is not a citizen? FAFSA will not process Review eligibility for non-citizens at institutions being considered
10. Citizenship & Aid Eligibility Illinois Dream Act Allows non-citizens to be eligible for in-state tuition and fee cost Can participate in the Illinois Prepaid Tuition Plan Can participate in the Bright Start & Bright Directions Illinois 529 college savings plans Additional resources Start saving early Consider borrowing options Apply for scholarships from private organizations Sites www.maldef.org/leadership/scholarships/index.html icirr.org/sites/default/files/ILDreamActStudentGuideFINAL.pdf
11. FAFSA Data Requirements School Selection: Add schools to receive FAFSA results, using school code or other search field Can edit list at a later date to add or remove schools
12. FAFSA Data Requirements Student Dependency Status: Series of questions to determine dependency status for federal student aid (not IRS) purposes. If No to all, student is dependent If Yes to any, student is independent
13. Income and Assets Financial information, including: Annual income Taxes paid Untaxed income Current assets Collected for: Student Student’s spouse (if married) Student’s parents (if dependent) AND OR
14. IRS Data Retrieval Real-time request to IRS to import tax data: Available early February Participation is voluntary May reduce documents requested by aid office Not eligible if: Amended return filed No SSN entered Married, but filed separately
15. Federal Student Aid Personal Identification Number: Applying for a PIN: Both the student and one parent will need individual PINs to provide electronic signatureson the FAFSA. Your PIN can also be used to access your records, sign loan paperwork and more. www.pin.ed.gov
16. Frequent FAFSA Errors Social Security Numbers Divorced/remarried parental information Income earned by parents/stepparents Untaxed income U.S. income taxes paid Household size Number of household members in college Real estate and investment net worth
17. Next Steps
18. Next Steps Central Processing System (CPS) notifies student of FAFSA processing results Paper Student Aid Report (SAR), if paper FAFSA was filed and no email SAR Acknowledgement if filed FAFSA on the Web and no student email Email notification with link to online SAR Student may use PIN to view SAR online at www.fafsa.gov
19. Next Steps Make corrections to FAFSA data, if necessary: Log in to FAFSA on the Web using PIN Update paper SAR Submit documentation to college’s financial aid office
20. FAFSA Results EFC The Expected Family Contribution (EFC) is the Department of Education’s measure of a family’s financial ability to contribute towards the student’s education for the school year. Calculated using data from the FAFSA and federal formula Two components: Parent contribution & Student contribution Stays the same regardless of college Colleges use EFC to determine eligibility for financial aid
21. Types of Financial Aid Some aid is need-based and some is non-need-based
22. Types of Financial Aid Gift Aid Self-Help
23. Federal Aid
24. State Aid Residency requirements Aid awarded on the basis of both merit and need Use information from the FAFSA Deadlines vary by state www.isac.org
25. Financial Aid Resources
26. Grants & Scholarships Loans Financial Aid Resources Federal Pell Grant - Must demonstrate financial need Award amount varies with enrollment status 2013-2014 maximum award amount is $5645 Federal Direct Subsidized Loan - Must demonstrate financial need Fixed, variable interest rate, currently 3.86% 1.051% origination fee - Government pays interest while in-school - Repayment begins 6 months after graduation Federal SEOG - Must demonstrate financial need Illinois MAP Grant - IL resident (student & parent) - File FAFSA on time - Must demonstrate financial need Award amount varies with enrolled hours 2013-2014 maximum award amount is $4720 Federal Direct Unsubsidized Loan Fixed, variable interest rate, currently 3.86% 1.051% origination fee - Interest begins accruing at disbursement - Repayment begins 6 months after graduation University Scholarship - University-funded - Based on prior academic credentials - Awarded at time of Admission Federal Perkins Loan - Must demonstrate financial need - Fixed interest rate of 5% - No interest accrues while in-school - Repayment begins 9 months after graduation UniversityGrant - University-funded - Must demonstrate financial need