Financial Aid Overview Presented by: Leana Davis and Ina Weiskopf
Dec 18, 2015
THE FAO STAFF Leana Davis – Director
Lynn McCabe– Coordinator of Veteran
Services
Carolynn Gray– Scholarship Specialist
Annette Roewer – Part-Time Assistant
Mary Matthei– FAO Secretary
Maria Tech -Loan Specialist
Ina Weiskopf - Work Study and Outreach Specialist
WHAT IS FINANCIAL AID?
GIFT AID
Grants
Scholarships
SELF HELP
Loans
Work-Study
Financial Aid is funds provided to students and families to help pay for postsecondary educational expenses.
GRANTS
FEDERAL PELL – Maximum $5730
– Tuition & Fees– Bookstore – No More than 12 semesters
SEOG - $400 (MCC)– $100 - $4000– Tuition & Fees
STATE MAP
– Tuition Only – Early Deadlines (Mar. 2nd)
INSTITUTIONAL Four year Universities Private Universities
LOANS
Direct Stafford Loan – 4.66% Fixed – Subsidized – 4.66% Fixed – Unsubsidized
Federal Perkins Loan– 5.0%
Federal Parent Loan (PLUS) – 7.21%
Institutional, Alternative, & Private Loans– Varies
LOAN TIPS
Don’t borrow more than you need – Delinquency/Default will damage students’ credit
Know your repayment options – 46% of borrowers who graduate become delinquent within
the first 5 years – Entrance Counseling and Master Promissory note needs to
be completed at www.studentloans.gov before loan– Exit Counseling is completed when student does not apply
for loan the following semester
SCHOLARSHIPS
HS Guidance Office College Website – www.mchenry.edu/scholarships
State of Illinois Website– www.collegeillinois.org
Clubs & Organizations Labor Unions & Employers Online Scholarship Searches
SCHOLARSHIP APPLICATION TIPS Never pay a fee Never give out social security numbers Applicant must fit ALL criteria Maintain a decent GPA Develop interests and talents into activities Letters of Recommendation – Employers– Teachers – Club Advisors
WORK-STUDY
Available for undergrad and grad students
Pay is at least minimum wage – $8.25 (IL)
Most employment is on campus
Colleges will work around student’s academic schedule
EDUCATIONAL OPPORTUNITIES & THE MILITARY
Available during and after military service
See your local recruiter or Veteran Coordinator at your college for more details – www.mchenry.edu/financialaid/veterans
COA – EFC = Need Example
COA: D - In Dist EFC Unmet Need
MAP Pell
Scholarships Federal Work-Study
$9,222.00 $3736.00 $5486.00
$1,568.00 $5,730.00 $4162.00
HOW TO APPLY: FAFSA
Free Application for Federal Student Aid
Must be completed annually – When taxes are filed complete the FAFSA – Available January 1st
FAFSA on the web – www.fafsa.gov – Built in edits – Detailed instructions– More timely submissions
HOW TO APPLY: FAFSA
FAFSA on the web worksheet – Used as a pre-application to help organize required
information
Special Needs & Questions– Department of Education (800)4FED-AID/(800)433-3243
Each student and parent attending college needs a separate FAFSA
PIN NUMBERS
Used to sign FAFSA on the web
Each student and one parent need a pin – Parents will receive one pin to be used for all their
students and for their own FAFSA should they complete one
Speeds process time
Apply for pin numbers now www.pin.ed.gov
REQUIRED INFORMATION
Demographic Information Social Security No. Student & Parent Income Untaxed Income Investment Information School Choices
MOST COMMON FAFSA QUESTIONS
Which parent’s income do I use? – Both if parents are married – Parent and Step-parent if remarried – Parent that student lived with the most during 12 months
prior to completing the FAFSA
MOST COMMON FAFSA QUESTIONS
What if parents filed taxes jointly and are now divorced?– Use only the income of the parent the student lived with
the most during the 12 month period prior to filing the FAFSA; be sure to include child support received
MOST COMMON FAFSA QUESTIONS
Who is included as a member of the household?– The student– The student’s parents/step parents living in the household – Anyone the parent(s) support more than 50%
Can more than 1 school be listed on the FAFSA?– Up to 10 schools can be listed on the FAFSA
MOST COMMON FAFSA ERRORS
Leaving items blank – Gender – Selective Service – Review Help and Hints section on FAFSA – Worksheets available online – Social Security Number , be sure to have SS# on record at
the school you want FAFSA sent to
MOST COMMON FAFSA ERRORS
Incorrect Information – TAX INFORMATION – Double check your tax information
and be sure to pull from the correct line item – DEPENDENCY STATUS ?’S – Must have documentation
FAFSA – IRS Data Retrieval – www.youtube.com• Search: IRS Data Retrieval - 2014-2015 FAFSA
MOST COMMON FAFSA ERRORS
No Signature (no pin)– Signature page must include ALL necessary signatures
(parent & student)– Most FAO’s will not accept a paper signature page and
require electronic signatures
WHAT HAPPENS AFTER I FILE THE FAFSA?
Identify your major early – Department of Education requirement
Visit your high school guidance office or college for career exploration tools– http://www.mynextmove.org
WHAT HAPPENS AFTER I FILE THE FAFSA?
Student Aid Report (SAR)– Via Email – Will include an EFC from the Department of Education
Institutional Information Record (ISIR)– Sent to colleges listed 10-14 days after FAFSA is submitted
WHAT HAPPENS AFTER I FILE THE FAFSA
Selected for Verification – Sent to email on file with college/FAFSA– Tax Transcripts– Additional Information
Award Notification – Based on full time enrollment
EDUCATION TAX CREDIT
American Opportunity Tax Credit – Tutorial available at www.youtube.com • Search: American Opportunity Tax Credit
www.irs.gov/individuals/students
FAFSA Completion Workshop
Complete the FAFSA online at MCC – February 19th 5:30 – 8:00– Make appointment beginning February 1st
– Open to students attending any College/University
High School FAFSA Completion Workshops– Dates to be determined. Contact your guidance counselor
for details
MCHENRY COUNTY COLLEGE
We are your community college – please use us as a resource
Even if you are attending another college/university, please contact us with any financial aid questions
Website www.mchenry.edu/financialaid Phone: (815) 455-8761 Office Hours:– M-Th 8:00a – 6:00p– F 8:00a – 4:30p