Financial Aid Information Award Year Admitted Student Day 1 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. 2 New applicants complete Financial Aid Application Process Step 1: Students and Parents apply for FSA ID atThe FSA ID Application Process consists of 3 steps: 1: Enter Personal Information Name, SSN, address,, etc. 2: Submit Your Application 3: Receive Your FSA ID Never share your FSA ID with anyone! 4 Financial Aid Application Process Things you will need: Student & Parent 2015 Taxes &W2s Assets and bank information About 20 minutes Estimated data can be used Step 2: Complete FAFSA online at:www.fafsa.gov Select FAFSA Begin entering the students information 5 IRS Information Retrieval You can download your filed 2015 Tax information directly from the IRS. Enter your FSAID and Link To IRS. 6 IRS Information Retrieval Once transferred, questions with tax information will be marked with Transferred from the IRS. Do not adjust the transferred data. 7 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 -W-2s 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! 8 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. 9 Federal Loans 10 Subsidized Stafford Loan Maximum award amount $3,500 Award based on NEED Fixed interest rate of 4.29% 6 month grace period before repayment No interest accumulates during enrollment Federal Loans (cont.) * 10-year Treasury note yield % (Capped at 8.5%) 11 Unsubsidized Stafford Loan Maximum for dependent students $5,500 Fixed interest rate at 4.29%* 6 month grace period before repayment Interest will accumulate 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 FSA ID 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. 12 13 Federal Loans (cont.) 14 Parent PLUS Loan Amount ranges $1,000 up to COA Fixed interest rate of 6.84% Parents can request to have the loan deferred until the student has graduated. Credit checks information not score 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 FSA ID 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. 15 16 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. 17 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. 18 Appealing your Financial Aid A completed FAFSA is not set in stone. If the student or parent has extenuating circumstances that can / will result in a change to the familys ability to support the student, an appeal can be submitted. The appeal process may require additional time and documentation. 19 20 SAP: Satisfactory Academic Progression Students must comply with the following requirements: 1. Remain in good academic standing or on academic probation. The minimum CGPA for an undergraduate is Maintain a completion rate of coursework equal to at least 67% of the total number of credit hours attempted; EX: pass 8 of every 12 credit hours attempted with a C or better. 3. Complete their degree requirements within 150% of the required hours to complete their degree, typically 6 years. Financial Aid Resources from the Government The US Department of Educationyoutube.com/FederalStudentAid Help line: Illinois Student Assistance CommissionFederal Trade Commission21 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 BoardCollege.Net Mach25College QuestCollege ConnectionFast WebFinAid.OrgFree Scholarship SearchCollege AnswerScholarships.comCappex College Search22 Contact Us Office of Financial Aid Lownik Hall, Main Floor 5700 College Road Lisle, IL (630) Monday Friday: 8:30am 5:00pm 23