Making Financial Aid Work for You January 29, 2014
AGENDA Financial Aid Video Types of Financial Aid Federal/State Grants Scholarships Loan/Work Study Financial Aid Forms Completing the FAFSA Tips on Completing the FAFSA Financial Aid Results Summary Points Questions & Answers
FINANCIAL AID OVERVIEW http://studentaid.ed.gov/types
FINANCIAL AID Types of Financial Aid Federal/State Grants Scholarships Loans/Work Study
FEDERAL & STATE GRANTS
THE BIG THREE FINANCIAL AID PROGRAMS State of Illinois Monetary Award Program (MAP) Federal Pell Grant Total = $14,450 Maximum award for 2014-2015 Federal Supplemental Education Opportunity Grant (FSEOG)
SOURCES OF FINANCIAL AID Financial aid comes from a variety of sources. federal government state government college (institutional aid) outside/ private sources
ILLINOIS STUDENT ASSISTANCE COMMISSION STATE OF ILLINOIS FINANCIAL AID PROGRAMS Program Acronym Type of Aid Annual Amount Monetary Award Program MAP Grant Need-based up to $4,720 **IL Veteran Grant- (1 year active duty) IVG Grant Entitlement 120 units (4 yrs) **IL National Guard Grant (active duty) ING Grant Entitlement 120 units (4 yrs) **Grants for Dependents of Police, Fire & Correctional Officers (deceased or 90% disabled) Grant 4 yrs ** YOU MUST APPLY FOR THESE WITH A SEPARATE APPLICATION
ILLINOIS STUDENT ASSISTANCE COMMISSION STATE OF ILLINOIS FINANCIAL AID PROGRAMS Program Acronym Type of Aid Annual Amount IL State Scholars Program ISSP Certificate of Achievement Minority Teachers of Illinois Scholarship Program Illinois Special Education Teacher Tuition Waiver $0 MTI Scholarship up to $5,000 SETTW Waiver at a state school up to 4 yrs
U. S. DEPARTMENT OF EDUCATION FEDERAL FINANCIAL AID PROGRAMS Program Acronym Type of Aid Annual Amount Federal Pell Grant Federal Supplemental Education Opportunity Grant FSEOG Grant Need-based Grant Exceptional Need Campus-based up to $5,730 $100-$4,000 Iraq & Afghanistan Service Grant Federal TEACH Grant Program Grant Up to $53,708 TEACH Grant up to $4,000 a yr
SCHOLARSHIPS How to find them & How to get them
WHERE DO YOU FIND SCHOLARSHIPS? PRINTED MATERIALS Guidance Office Bulletin Boards Scholarship Books ONLINE www.fastweb.com www.cappex.com https:// bigfuture.collegeboard.org/ scholarship-search www.niu.edu/ scholarships/search/ index.shtml www.careercruising.com
SCHOLARSHIP TIPS HOW ARE SCHOLARSHIPS JUDGED? 1. NEATNESS COUNTS! 2. WATCH ALL DEADLINES! 3. ASK SOMEONE ELSE TO LOOK IT OVER! Is your application neat? Are all of the required documents there? Is every question filled in? Are there thorough and well thought out answers? Is there correct use of grammar and spelling? Have I explained any special circumstances?
THE INTERVIEW YOU CAN ACE IT! FOLLOW SOME SIMPLE STEPS AND USE THE MANNERS YOUR MOTHER TAUGHT YOU! Develop and know your personal value structure Be punctual Dress appropriately Have some questions ready Don t be negative Don t chew gum! Show your appreciation Thank you s!
$500 WILL MAKE A DIFFERENCE! Scholarships are free money you don t have to pay back! What are your other options? BORROW OR EARN Example: It takes you 1 hour to fill out a scholarship worth $500. How long would it take you to earn $500? How much would you end up paying back if you borrowed $500?
SCHOLARSHIPS & YOUR FINANCIAL AID PACKAGE If your scholarships total more than the total amount of your cost of schooling, your financial aid package will be reduced by the college. What can you do? Make sure the loans are being reduced and not the free money! Be sure to talk with your financial aid office
PAY ATTENTION! Students~ Do NOT send emails to admission counselors, financial aid counselors, or scholarship organizers from offensive or questionable email addresses!
CAUTION! Don t hand out your social security number to just anybody (FAFSA is secure) Don t pay fees Watch out for official sounding names Legitimate loan companies deduct fees from your disbursement checks; they don t collect fees up front Don t take an offer you didn t apply for If you can t find the company s telephone number or address there s a reason; it s a scam! Don t give out credit card or checking account information
LOANS AND WORK STUDY
FEDERAL LOAN PROGRAMS (FOR UNDERGRADUATE) Program Type Rate Grace Perkins Subsidized 5% Fixed Stafford Subsidized 4.66% Fixed Unsubsidized 4.66% Fixed 9 months 6 months 6 months Plus Credit-based 6.21% Within first 60 days * FAFSA Required ** Program Application Required
FEDERAL WORK STUDY
COMPLETING THE FAFSA
FAFSA OVERVIEW VIDEO FAFSA Overview
WHEN SHOULD I APPLY? As soon as possible after January 1 st each year Definitely by March 1 st if at all possible. MAP money disappears by the middle of February Use last year s taxes for an estimate if you re running out of time and then return to the FAFSA to fill in the correct numbers later.
WHAT SHOULD I DO BEFORE FILLING OUT THE FAFSA? Complete your Tax Forms You do not need to file your taxes, just have them filled out with the correct numbers from your W-2s. If you must estimate your taxes in order to fill out the FAFSA, you MUST file a FAFSA Correction. This could delay your financial aid award letter or change your award amount. Make copies of your tax forms in case the college requests a copy for verification purposes. Fill out the FAFSA on the Web Worksheet if possible File for a PIN (Personal Identification Number)
HOW TO APPLY Three ways to obtain the FAFSA form On the web at www.fafsa.gov Obtain a PDF of the FAFSA at www.federalstudentaid.ed.gov Call and ask for a paper copy at 1-800-4-FED-AID If at all possible, file your FAFSA online. It s easier and faster! Filling Out the FAFSA Video
HOW DO I GET A PIN? You will need a PIN number for the parent AND another PIN number for the student. Apply for a PIN at www.pin.ed.gov Make sure both PIN numbers are unique.
WHY DO I NEED A PIN? Sign documents electronically FAFSA online Review & correct FAFSA online Loan Promissory Notes View Loans & Grants online Reapply for Financial Aid
TIPS TO REMEMBER ABOUT YOUR PIN NEVER share your PIN number with anyone. Write your PIN down and put in a secure location, as you will need the same PIN each year and for as long as you have children in college.
PIN ALTERNATIVE If for some reason your PIN is not available or isn t working, you may print out the signature page, sign it, and mail it in. NOTE: Do not do both. Either sign with the PIN number, or sign the signature page and mail it. Do NOT do both!
TIPS ON COMPLETING THE FAFSA
FILLING OUT THE FAFSA Go to www.fafsa.ed.gov and click Start Here. Choose the tab at the top of the page for the 2015-2016 school year. Follow the online instructions to fill out the form. Remember to click SAVE at the bottom of the page so that if your Internet fails, you will not have to start the form from the beginning. If you need help, click Help? at the bottom of the page. If you need to talk to a real person, click Contact Us at the top left corner of the page to chat with a real person. Help is also available at 1-800-4-FED-AID or at www.studentaid.ed.gov/completefafsa. After you are finished, use the parent PIN and the student PIN to sign the document and click SUBMIT. Print your confirmation page and put it in a secure, safe place in case you need the confirmation number at a later date.
FILLING OUT THE FAFSA Go to www.fafsa.ed.gov Fill out the Worksheet before sitting at the computer Use the TIP Sheet- provided as a handout Help for common mistakes made on FAFSA
FINANCIAL AID RESULTS What's Next Video
NOW WHAT? Receive your SAR (Student Aid Report) File any required Institutional Forms Receive a Financial Aid Award letter from each college you are considering. Make a good economic choice. Mark out any financial aid you do not want to accept, sign the award letter, and mail back to the school. Keep a copy for your records. Make your final decision by May 1 st and pay your deposit to hold your seat.
SUMMARY POINTS
THE FINANCIAL AID PROCESS Step 1 Step 2 Step 3 Step 4 Step 5 Step 6 Step 7 Complete FAFSA Receive and review the Student Aid Report Complete verification process (if required) Receive and review Award Letter Respond to college Complete all pending processes Renew FAFSA every year
WHEN ACCEPTING FINANCIAL AID Read the SAR (Student Aid Report) carefully and respond to all of your schools; free up the money you are not going to use at the other schools. Pay close attention to the TYPES of awards listed; accept the free money and make an educated decision about student loans Is there award money leftover? Savings account Books and supplies Save for next semester Don t take more than you need! Is there still a remaining out-of-pocket expense? Additional scholarships/loans Parent PLUS loan; remember payments start in 6 months! Call Financial Aid Office College Savings
FAFSA COMPLETION NIGHT Newark High School Wednesday, January 28, 2015 7:00 pm PC Lab
POWERPOINT PRESENTATION & HANDOUTS Will be available in the Counseling Office Can also be obtained from the school s website: Newark Student Services http://www.newarkhs.k12.il.us/_studentservices/ _stuservfinancial.html
QUESTIONS & ANSWERS Making Financial Aid Work for You