FINANCIAL AID 101 All You Want To Know About Financial Aid, But May be Afraid To Ask!!

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1 FINANCIAL AID 101 All You Want To Know About Financial Aid, But May be Afraid To Ask!! 2

2 Topics We Will Discuss Tonight What is financial aid? Where to get started-free Application for Federal Student Aid (FAFSA) Professional Judgment Cost of Attendance Types and sources of financial aid 3

3 What is Financial Aid? Financial Aid is a catch-all term referring to any program that offers money to assist with the costs associated with being a student. 4

4 Where do I get started? Gather your 2014 income information Both parent(s) and student File your taxes early; you can apply for student aid even if you don t file tax forms. Decide which colleges should receive your information. You can have reports sent to up to six colleges at the time you apply. File as soon after January 1, 2015 as possible. 5

5 How do I apply? Complete the Free Application For Federal Student Aid (FAFSA) by applying online at Allow 2-4 weeks Get a pin number at Both the student and one parent need a pin Use the IRS transcript retrieval when applying 6

6 IRS Data Retrieval Process The IRS data retrieval tool (IRS DRT) will be available for on February 1 st. Per the Department of Education Handbook the IRS DRT is not available for students and parents under the following conditions: - The person did not indicate on the FAFSA that the tax return has been completed. - The marriage date is January 2015 or later.

7 IRS Data Retrieval Process (continued) The tax return was amended. - The person filed a Puerto Rican or foreign tax return. - The person is married and filed the tax return either as head of household or married but filing a separate return. - Neither married parent entered a valid SSN. - A non-married parent or both married parents entered all zeroes for the SSN. There is a helpful video at v=w47_ytrvyd4&feature=channel

8 Deadlines Matter For consideration of the state grant students attending an Illinois college should apply as soon as possible after January 1, Some colleges require additional forms - check with your college about forms they require or deadlines you must meet. Some colleges require students to file their FAFSA by a particular deadline. (Usually early spring) 9

9 What happens after I apply? A Student Aid Report is sent to the student. Verify that your information is correct. EFC = Expected Family Contribution DRN # and Transaction # are needed to electronically send your report elsewhere. Colleges contact you in order to continue with the financial aid process. Read all materials carefully! 10

10 Verification A student may be selected for a process called verification by the Department of Education or by the College you are planning to attend. If selected you must provide an official 2014 IRS transcript of your and your parents federal taxes, W-2 forms, and a verification worksheet. To order a transcript go to or call No financial aid can be released until this is completed. 11

11 Independent Status Criteria To be considered independent (do not need parent info): 24 years old Graduate or professional student (MA, PhD) Married You have children who receive more than half of their support from you. Legal dependents other than a spouse or children who receive more than half of their support from you. 12

12 Independent Status Criteria continued Veteran of the U.S. Armed Forces Are you currently serving on ac:ve duty in the U.S. Armed Forces for purposes other than training? When you were age 13 or older, were both your parents deceased, were you in foster care or were you a dependent/ward of the court? As of today, are you an emancipated minor as determined by a court in your state of legal residence? As of today, are you in legal guardianship as determined by a court in your state of legal residence? 13

13 Independent Status Criteria continued At any :me on or ader July 1, 2014, did your high school or school district homeless liaison determine that you were an unaccompanied youth who was homeless? At any :me on or ader July 1, 2014, did the director of an emergency shelter program funded by the U.S. Department of Housing and Urban Development determine that you were an unaccompanied youth who was homeless? At any :me on or ader July 1, 2014, did the director of a runaway or homeless youth basic center or transi:onal living program determine that you were an unaccompanied youth who was homeless or were self- suppor:ng and at risk of being homeless? 14

14 General Eligibility Requirements Be a U.S. ci:zen or eligible nonci:zen Be registered with Selec:ve Service AOend a college that is approved for federal funding Seeking a degree or cer:ficate Maintain sa:sfactory academic progress Must not owe a refund on a Federal grant Must not be in default on a Federal student loan Demonstrate financial need by FAFSA form 15

15 Professional Judgment Change of Circumstance Loss of income, divorce, unusual medical expenses, private school tuition expenses, etc. Dependency Override 16

16 Need Help with FAFSA? AOend a FAFSA Comple:on Day at JJC. Main Campus (U2008A and U2008B) Wednesday, February 11, 2015: 4:30-6:30 p.m. Wednesday, February 25, 2015: 4:30-6:30 p.m. Wednesday, March 11, 2015: 4:30-6:30 p.m. Wednesday, March 25, 2015: 4:30-6:30 p.m. City Center Campus (room 207) Wednesday, February 25, 2015: 1:00-3:00 p.m. Romeoville Campus (computer lab 77) Thursday, February 19, 2015: 4:30-6:30 p.m. Morris EducaGon Center (room M101) Tuesday, February 17, :30 p.m.- 6:30 p.m. To file a FAFSA, please bring copies of the following: 2014 federal income tax forms and copies of your 2014 W- 2s 17

17 How is it determined what I get? Cost of AOendance (Tui:on, fees, living expenses, transporta:on and misc.) Minus Expected Family Contribu:on (EFC) = Unmet Need Using various kinds of resources, the government helps cover a student s unmet need. 18

18 What can I get? Federal Aid: Pell Grant FSEOG - Fed. Supplemental Ed. Opportuni:es Grant State Aid: MAP Grant - Monetary Award Program Grant CWS - College Work Study - Earned aid. Student Loans PLUS (Parent) Loans 19

19 Pell Grants Free federal aid you don t repay. Maximum $5,730 annual - $2,865/$2,865 per semester, based on full- :me aoendance. Based on financial need - the more need, the higher the award. Pell amounts are the same at every college. If money is led ader costs are paid, the extra money is returned to students. 20

20 FSEOG - Fed. Supplemental Ed. Opportunities Grant Free federal aid you don t repay. Maximum of $4000 annually. (usually ranges from $400 to $2000 per year) Based on financial need - Often a 0 EFC. Award will vary with the school. Far fewer students receive SEOG than receive Pell. If money is left after costs are paid, the extra money is returned to students. 21

21 CWS - College Work Study Earned aid - nothing to repay. Employment by the college you are attending. Will be budgeted a particular amount of hours. Work schedule is often flexible to accommodate your class schedule 22

22 America Reads America Counts Program It has the same criteria as the Federal Work-Study program. The student will tutor children off campus at elementary and middle schools or the library. 23

23 MAP - Monetary Award Program Free state aid you don t repay. Pays only tuition costs. (Not lab fees or textbooks) Maximum $4,968 annually next year. Varies by the institution. Only available to Illinois residents attending Illinois institutions. (Must be an Illinois resident one year prior to attending.) 24

24 Student Loans Perkins Maximum annual undergraduate loan is $5,500. Most favorable type - is based on need. College is the lender. 0% interest while attending - 5% interest during repayment. First payment is due 9 months after date of last attendance or if student drops below 1/2 time attendance. 25

25 Student Loans William D. Ford Direct Loan Program (Direct Loans) - funds provided directly from the federal government. - Subsidized Student Loans -Unsubsidized Student Loans 26

26 Subsidized Student Loans Are need based. While attending college, the interest is paid by the federal government. Must attend college at least 1/2 time. First payment is due 6 months after date of last attendance or if student drops below 1/2 time attendance. Interest rate changes each July. Current rate fixed rate is 4.66% during repayment. Loan is not based on credit history. 27

27 Unsubsidized Student Loans Are NOT need based. (Cannot exceed cost of attendance.) Interest is charged while attending college. Must attend college at least 1/2 time. First payment is due 6 months after date of last attendance or if student drops below 1/2 time attendance. Interest rate changes each July. Current fixed rate is 4.66% during repayment. Loan is not based on credit history. 28

28 How much can I borrow? Dependent annual subsidized limits: $3500 (First year students) $4500 (Second year students) $5500 (Third year students) $5500 (Fourth year students) Dependent undergraduate students whose parents can borrow PLUS = $2,000 Unsubsized 29

29 PLUS Loans Parent is the borrower. Parent must be credit worthy and complete a PLUS loan application to the college. Repayment begins after last disbursement, but parents may contact their loan servicer to request in-school deferment. Refer to the Direct Plus Loan Borrower s Rights and Responsibilities Statement for more information on repayment options. Limit is cost of attendance minus any student financial aid. Current fixed rate is 7.21% for DL 30

30 JJC Scholarships Joliet Junior College Scholarships are available for both part and full-time students who are new, continuing, or transfer students. Apply online for scholarships at each year between January 1 st and April 1 st. Scholarships will be awarded and applied starting in the following fall semester. 31

31 Scholarships ALWAYS apply for at least a few scholarships DO NOT pay for fee-based scholarship searches ISAC has a good and FREE scholarship search program 32

32 Scholarships Continued Check the Internet for scholarship sources. Good places to start are: Advice: Stay with free service 33

33 Tax Credit Questions? For information contact the Internal Revenue Service (IRS) at or their web site at Ask for Publication 970. Consult with a tax advisor 34

34 Final Tips Financial aid is a yearly process. Tax return information is needed when completing the FAFSA form. Ask questions throughout the financial aid process. Inquire and consider all options that are available to you. If considering the tax credits, please consult with a tax advisor or IRS for more detailed information. 35

35 Final Tips, Continued Keep copies of all forms and worksheets for your records. Collect literature on financial aid and on preparing for college costs. Surf the internet. Inform the financial aid office about any changes affecting the family s income. 36

36 QUESTIONS????? 37

37 For More Information Contact David Seward Director of Financial Aid/Veterans 1215 Houbolt Road Joliet, IL (815) Linda Thompson Assistant Director of Financial Aid/Veterans 1215 Houbolt Road Joliet, IL (815)

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