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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


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    1. 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

    2. 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

    3. 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.

    4. Financial Aid Need We determine your financial need by: Cost of Attendance – Expected Family Contribution = Financial Need

    5. Financial Aid Award Letter • Notified via email that your Award Letter is available to view online, if we have received your FAFSA information • Shows your total Cost of Attendance and the Expected Family Contribution • Displays your Financial Aid Awards • Asks you to accept or decline awards that have been offered

    6. UI-Integrate Self-Service From the Self-Service Web site you are able to access: • Financial Aid Award Letter • Award Summary • Cost of Attendance • Award History • Student Requirements

    7. Cost of Attendance 2009-2010Reflects Guaranteed Tuition for Student First Entering Summer 2009, Fall 2009, or Spring 2010 Tuition, Fees, and University Housing charges will be assessed to your University account.

    8. Types of Need-Based Aid • Grants: (Federal, State or Institutional) • Do not have to be repaid • Eligibility is determined by financialneed • Scholarships: • Awarded by colleges and departments (merit & need-based) • Awarded by the Office of Student Financial Aid (OSFA) (need-based) • Awarded by private outside donors (merit & need-based)

    9. Scholarship Search Web sites • Fastweb: www.fastweb.com • College Zone: www.collegezone.com • Office of Student Financial Aid: • www.osfa.illinois.edu • Click on “Search for a Scholarship”

    10. 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 Web site!

    11. Types of Need-Based Aid • Federal Direct Subsidized Loan *Interest: Fixed at 5.6% 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

    12. 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

    13. 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

    14. Loan Processing Requirements • Federal Direct Loan requirements must be completed to receive loan funds • Entrance Counseling Interview Online: Click on “Complete Direct Loan Entrance Counseling” from our Web site • Electronic Master Promissory Note Online: Click on “Sign Direct Loan Master Promissory Note” from our Web site

    15. Loan Processing Requirements • Perkins/ University Loans requirements must be completed to receive loan funds • Entrance Counseling Online: Click on “Complete Perkins/ University Loan Entrance Counseling” from our Web site • Electronic Promissory Note Online: Click on “Sign Perkins/ University Loan Promissory Note” from our Web site

    16. 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) or payment can be deferred (contact Direct Loan Borrower Services at 800-848-0979) *Requirements: Credit Check through Dept. of Education PLUS Loan Request Form Master Promissory Note

    17. UI-Integrate Self-Service From the Self-Service Web site you are able to access: • Update mailing and permanent addresses along with other personal information (E-mail address) • View charges and aid credits to your student University account • Enroll in direct deposit and set up Authorized Payers

    18. Financial Aid Tips • The best time to start searching for private scholarships is the fall of the previous academic year. • Parents and students should request a PIN (Personal Identification Number) at www.pin.ed.gov • The FAFSA becomes available January 1 each year. Submit the FAFSA early to meet all deadline dates. File the FAFSA annually.

    19. Financial Aid Tips • File the FAFSA even if you don’t think you are eligible for financial aid. • Promptly respond to any requests for additional documentation. • Review and respond to your electronic Financial Aid Award Letter. • Maintain a folder to keep all financial aid information.

    20. Additional Questions • Do you have a general financial aid question? Check our Web site: www.osfa.illinois.edu • If you cannot find an answer to your question on our Web site, E-mail us at: finaid@illinois.edu

    21. Contact Information Office of Student Financial Aid Student Services Arcade Building 620 E. John Street Champaign, IL 61820 Web site: www.osfa.illinois.edu E-mail: finaid@illinois.edu Phone: 217-333-0100 Fax: 217-265-5516 Office Hours: 9am-5pm