Student Financial Aid. Managing College Costs February 13, 2015

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1 Student Financial Aid Managing College Costs February 13, 2015

2 Best Advice NIU all Financial Aid Communications sent to NIU Visit or Website Trending Topics Quick Links Tutorials IRS Tax Returns Tax Benefits for Education: IRS Publication 970 File Early

3 Shared Access Delegate information for up to 2 people Share Academics, Admissions, Financials, Financial Aid, and To Do List Login to MyNIU Portal and click on Student Center Link and click Share My Information

4 Tricks of the Trade Financial Aid Advising Apply Early Maximize Federal Direct Student Loans Repayment Strategy

5 Special Circumstances Decrease in income or financial resources as compared to what was reported on the FAFSA. Child Support Loss of Employment Loss of Overtime, Bonus, Decrease in Pay Retirement Divorce or Separation

6 Free Application for Federal Student Aid FAFSA FAFSA PIN Best Time to File As soon as possible beginning January 1 st FAFSA4caster Provides early estimates

7 New Spring 2015: FSA ID New login process for student and borrower based Federal Student Aid (FSA) websites. User selected username and password will replace PIN. FAFSA on the Web NSLDS Student Access StudentLoans.gov TEACH Grant Websites

8 Parent Information Parents are Divorced or Separated: The parent whom you lived with the most during the 12 months prior to filing the FAFSA is the parent responsible for completing the FAFSA. Parent Completing the FAFSA is Remarried: The step parent must also report their income and assets.

9 Documents for You will need: FAFSA PIN Social Security Number Driver s License 2014 Federal Income Tax Returns 2014 W 2 Statements Untaxed Income Information Bank Statements, current Investment Account Statements, current

10 Filing FAFSA Early Input completed tax return data or your BEST estimate estimated data is acceptable. Financial aid will be awarded on estimated information and may be adjusted. An Estimated Aid Package will be sent and will expire on June 30, 2015 if FAFSA still has Will File as tax filing status

11 If Indicated Will File on FAFSA Complete Taxes Update FAFSA with actual tax information after taxes are completed Use the IRS Data Retrieval Tool when/if updating estimated tax information Link to IRS. Change tax filing status to I have already completed my return.

12 FAFSA IRS Data Retrieval Tool Simplifies the application process. Reduces the chance of being required to submit additional documentation. Use the IRS Data Retrieval Tool when/if updating estimated tax information. It is as easy as clicking Link to IRS.

13 Common FAFSA Errors (Parent) Updating asset information. Be sure to report wages earned from work. DO NOT report value of primary residence. Sign the completed FAFSA using PIN.

14 Common FAFSA Errors Household Size / Number in College Mom, Dad, College Student and Sibling (4/1) Mom, Dad, College Student 1 and College Student 2 (4/2) Parents in College (Not to be included on FAFSA) Contact Us Degree seeking program Enrolled at least half time

15 Common FAFSA Errors (Student) DO NOT Include Cents $ = $700 NOT $70,000 Reporting parent IRS Adjusted Gross Income (AGI) for both student and parent

16 Next Steps February Additional information/documentation requests March Award notifications Late Spring/Early Summer Apply for additional loans if needed

17 Award Notification The Award Notification will designate: The financial aid programs (grants, loans, NIU awards) in which you are eligible to participate. The dollar amount of assistance you will receive. Estimated Cost of Attendance

18 Cost of Attendance / Budget Direct Expenses billed by NIU Tuition & Fees (14 hrs/semester) Room & Board (Stevenson/Grant Double & Huskie Unlimited Meal Plan) Indirect Expenses need to budget for Books & Supplies Travel & Personal Expenses

19 Budget (Fall & Spring) Tuition & Fees $ 12,148 Student Health Insurance $ 1,488 Room & Board $ 10,756 Books & Supplies $ 1,300 Travel & Personal Expenses $ 2,662 $ 28,354

20 Sample Budget ($24,000) Fall Spring Total Tuition & Fees (15) 5,996 5,996 11,992 Room & Board 5,378 5,378 10,756 11,374 11,374 22,748 Books & Supplies ,000 11,874 11,874 23,748

21 Tuition & Fees Tuition Estimator Tuition General Student Fees Housing Meal Plan Option to Input Financial Aid Huskie Installment Plan (HIP)

22 Grants Gift aid that does not require repayment. Federal, State, NIU FAFSA Required File EARLY for Illinois State MAP Grant NIU encourages all students to complete the FAFSA.

23 NIU Transfer Merit Scholarships Automatic based upon the application for admission. Require 30 transferable hours completed at time of admission. Apply for admission and submit all official documents by Feb. 20, 2015 to receive priority consideration.

24 Private Scholarships Begin now for Fall 2015 Search early and often Deadlines and criteria may vary FastWeb.com Scholarships.com LIKE NIU Scholarships on FaceBook

25 Student Loan Options Federal Direct Student Loans Offered on Award Notification Interest Rate Set July 1 st (currently 4.66%) Private Student Loans Credit Worthy Co signer

26 Parent Loan Options Federal Parent PLUS Loan For Parents of Dependent Undergraduates Interest Rate Set July 1 st (currently 7.21%) Credit Check Repayment Denial/Adverse Credit Home Equity or Private/Personal Loans

27 Federal Direct Loan Annual Maximums Dependent Dependent Student Student (with PLUS denial) Independent Student Freshman $5,500 $ 9,500 $ 9,500 Sophomore $6,500 $10,500 $10, cumulative hours Junior/Senior $7,500 $12,500 $12, cumulative hours

28 Spring 2015 Transfers Direct Loan FAFSA on file Spring award notification will offer half of yearly academic maximum for Direct Loans. 48+ cumulative hours= $3,750 You may have the eligibility to receive the other half of your yearly academic maximum.

29 Visit Us at our Office Andrea Allen Financial Aid Advisor Coordinator Student Financial Aid Office Swen Parson Hall

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