Financial Aid Overview FAFSA Award Letter Alternate Payment Options AGENDA. 30 minutes Q&A. 15 minutes

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1 PAYING FOR COLLEGE

2 AGENDA Financial Aid Overview FAFSA Award Letter Alternate Payment Options 30 minutes Q&A 15 minutes

3 Financial Aid Overview

4 What is Financial Aid? Financial aid makes college more affordable for you. Financial aid refers to specific borrowed, given, or earned money that can be obtained from various sources to help pay for postsecondary educational expenses. It is intended to make up the difference between what your family can afford to pay and what college costs.

5 Gift Aid $$ that does not need to be repaid Self-HelpAid $$ earned or must be repaid Types of Financial Aid Grants & Scholarships Work- Study & Loans Need Based: Aid that is awarded based on a family s financial situation. Merit Based: Awarded for purposes outside of a family s financial situation, such as academics or talent.

6 federal government UIC [institutional aid] Sources of Financial Aid Pell Grant Work-Study Stafford Loans Perkins Loans IL state government Monetary Award Program- MAP Illinois Veteran Grant IVG Illinois National Guard Grant - ING UIC Access to Excellence Grant UIC Housing Award Chicago Grant Outside/private sources Scholarships: Local organizations Churches Civic Groups *Check with your high school guidance office

7 FAFSA Free Application for Federal Student Aid

8 FAFSA WHEN WHO January 1 (First date to submit FAFSA) and as close to this date as possible UIC Priority FAFSA Deadline: February 15 th Must be renewed every year Available to HS seniors, college students, returning adults U.S. citizens and eligible non-citizens HOW Available on-line (preferred way) Paper and pdf form WHY Determines eligibility for federal & state financial aid programs Used by UIC to award institutional aid

9 What information is needed? o Social Security Number. Be sure that it is correct! o Records of income (from the previous year), such as income earned from work and business, child support paid or received, and any other untaxed income. If available, refer to the W-2 Forms and the Federal Income Tax Return IRS 1040, 1040A, or 1040EZ. o Information about assets, such as savings, certificates of deposit, stock options, bonds, 529 plans and other college savings programs, and investment real estate, business, and farm. o Driver s license number, if the student has one. o Alien Registration Number, if not a U.S. citizen. Completing the FAFSA

10 EFC Expected Family Contribution Is a measure of your family s financial strength and is calculated according to a formula established by Congress. Your EFC is not the amount of money your family will have to pay for college nor is it the amount of federal student aid you will receive. What? Why? Where? A comparative measure of how much a family can be expected to contribute over the course of an academic year Used to determine a student s eligibility for most federal and state assistance Shown on the Student Aid Report (SAR), the output document sent to a student after the FAFSA is processed

11 What are the Costs? + Tuition & Fees Room & Board Transportation Books & Supplies Miscellaneous Living Expenses Direct Expenses Direct Expenses IndirectExpenses Cost of Attendance (COA) Direct Expenses Billed by UIC and normally payable before the start of classes each semester. *Note: UIC does not require students to live on campus, even for the first year. Indirect Expenses Not billed automatically to a student s account, but are associated with the cost of attending college. UIC will give an average for indirect expenses, but the actual amount students spend may vary.

12 Cost of Attendance TUITION + FEES HOUSING ILLINOIS RESIDENTS $14,588-$18,745 NON-RESIDENTS $26,978-$31,144 RATES LOCKED FOUR YEARS $7,840-$12,180 $15,000 $26,000 $38,000 In State Commuting In State Campus Housing Out of State Campus Housing

13 AWARD LETTER Example

14 AWARD LETTER Indirect vs. Direct costs These are the direct costs that are due normally at the beginning of each semester. These are estimated/indirect costs that vary from student to student. The student can now determine what offered aid programs they would like to accept.

15 AWARD LETTER Breaking down costs Award Summary Fund Gift Aid (does not require repayment) Federal Pell Grant Federal Supplemental Grant State of Illinois MAP Grant University Tuition Grant Private Scholarship # 1 Reported Private Scholarships Total Gift Aid Status Accepted Accepted Accepted Accepted Accepted Accepted Fall , , , , Spring , , , , Summer 2014 Total 5, , , , , , Net Costs (COA minus Gift Aid) 9, This student s award letter shows that after all Gift Aid (no repayment!), the estimated COA would drastically drop from $29,594 for the academic year to $9,318. Work Options (wages earned) Federal Work Study Total Work Options Loans (must be repaid) Federal Perkins Loan Federal Direct Loan Subsidized Total Loan Options Status Offered Offered Offered Fall 2013 Notice in the Status column above, Gift Aid is accepted automatically. The student has not accepted any Self- Help Aid (Grants/Loans). Students can accept or reject self- help aid based off of their specific needs. 1, , , Spring , , , Summer 2014 Total 3, , , , , Total Cost if using all aid offered: 0.00

16 Complete FAFSA ASAP After January 1 st Receive and review Student Aid Report - SAR Receive and review Award Offer TIMELINE Respond to UIC Note: Intent-to-Enroll Deadline: May 1 st Renew FAFSA every year

17 VISIT OUR WEBSITE admissions.uic.edu Follow us! Apply2UIC BY CONTACT US: BY PHONE: (for the hearing impaired) Ask Questions. Question answers. #AskUI C

18

19 Alternate Payment Options.

20 Understanding the Funding Gap Not all families qualify for financial aid COST OF ATTENDANCE* TOTAL FINANCIAL AID** FUNDING GAP*** $28,000 $18,000 $10,000 *COST OF ATTENDANCE can vary drastically depending on lifestyle choices and individual course of study. **TOTAL FINANCIAL AID in this example consists of grants, scholarships, and federal loans. ***FUNDING GAP means the amount that the student has to pay out of pocket or through third- party loans.

21 Resources for Closing the Gap Savings Money set aside. Loans Money that is borrowed. Employment Income and/or benefits. 529 Savings Plans Third-Party Part-Time Employee Rewards Programs Never too late to start Credit-Based Co-signer often needed Education Benefits Payment Plans* Rewards programs can be tricky. The idea is to earn additional rewards toward education costs through normal, everyday spending. One example is Upromise. NOTE Studies show working part-time, oncampus while in school increases retention and academic success.

22 Supporting Your Student s Success Do Recognize your student is financially responsible according to the law. Develop a financial plan together, and regularly discuss any changes that need to be made. Encourage positive financial behaviors. Share stories about your financial successes & failures. College students often list their parents as a primary source for financial advice and education. Don t Keep information about the cost of education from your student. Try to take care of everything by yourself. Your student will appreciate it more in the end if they are involved in the process. Forget to breathe 57% of parents do not talk to their children about their expectations about how college will be funded.* *Source: College Savings Indicator Study. fidelity/individual- investing/time- to- break- open

23 FERPA & Authorized Payer FERPA, or the Family Educational Rights & Privacy Act, is a federal law that gives eligible students certain rights with respect to their education records. FERPA gives students the following rights: The right to inspect & review their education records; The right to control disclosure of personally identifiable information contained in their education records; The right to request amendments to their education records when those records are inaccurate, misleading or otherwise in violation of the student s privacy or other rights; The right to file a complaint with the U.S. Department of Education if the University violates FERPA regulations. Students must setup their parents as Authorized Payers in order to allow the parent to discuss his or her student accountatthe University. *To learn more about the Family Educational Rights and Privacy Act (FERPA), visit

24 Major: What It s Worth the benefits of both a bachelor s degree and an associate s degree still tend to outweigh the costs, with both degrees earning a return of about 15 percent over the past decade Jaison R. Abel & Richard Deitz (2014), Do the Benefits of College Still Outweigh the Costs? NET ROI FOR DEGREES VARY (Earnings) (Total Cost of Education) = NET ROI

25 How to Have the Money Talk o Discuss early. Talk early and often about responsibilities and expectations related to the cost of education and living expenses while in school. o Be mindful. Don t discuss money when either of you are hungry, lonely, tired or sleepy. Your brain just doesn t function as well if you feel this way. o Develop a plan. Set S.M.A.R.T. financial goals & talk about how to achieve them together. Your financial goals will dictate your budget. Don t forget to write it down. o Stay accountable. Track all spending and regularly evaluate how to cut costs or make adjustments to your financial plan/budget with your student. o Encourage increasing degree ROI. UIC has many services available for students to help make them more marketable & develop advanced skills outside the classroom. Support your student s interest in extracurricular activities and making the most of resources on campus to reduce costs and increase potential.

26 Stay Connected USFSCO s Student Money Management Center provides financial education to students at all three University ofillinoiscampuses. Subscribe to our monthly parent e-newsletter at studentmoney.uillinois.edu

27 VISIT OUR WEBSITE admissions.uic.edu Follow us! Apply2UIC BY CONTACT US: BY PHONE: (for the hearing impaired) Ask Questions. Question answers. #AskUI C

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