Senior Advisory 12-17-14 Financial Aid 101. “How will I pay for college?” Financial Aid.

Senior Advisory12-17-14

Financial Aid 101

“How will I pay for college?”

Financial Aid

•Median Weekly Earnings, Age 25+

Education Pays

Types of Financial Aid

Scholarships Grants Loans Work Study

GIFT AID

SELF-HELP AID

Big 3 Maximum Award AmountsGRANTS

— State of Illinois Monetary Award Program (MAP)

— Federal Pell Grant

— Federal Supplemental Education Opportunity Grant (FSEOG)

Total = up to $14,270

Source

of Loan

Repayment

Options

&

Grace

Period

Interest

Rate

When evaluating loan options, consider the following:

Loans: Worth it or not?

Start by knowing your rights and responsibilities—loans can be helpful, but you should be fully informed before signing on the dotted line.

Subsidized

vs.

Unsubsidized

No Social Security #? MANY SCHOLARSHIPS ARE

AVAILABLE!!! See your counselor!

Completing the FAFSA Application Online

Important Dates

Map Grant: Apply as soon as possible after Jan. 1, usually runs out around March

Pell Grant: Available until June 30, 2015

When to Apply for the 2015-2016 Academic Year

* Note: In Illinois, grants and dollar amounts are subject to appropriations by the Illinois

General Assembly and approved by the Governor.

Comparing Award Letters & Decision Day

Award letters distributed around April 1st Decision Day is May 1st!

Colleges determine need based on:

Cost of Attendance (COA)– Expected Family Contribution (EFC)

= Financial Need

WHAT ARE THE COSTS? Tuition & fees Room & board Books, supplies, transportation, &

miscellaneous personal expenses, including documented costs for personal computer

Loan fees Study abroad costs Disability-related expenses

WIU 2005-2006 Yearly Costs*

Tuition (in-state) $4,968.00Fees $1,442.70Health insurance $ 488.00Room/Board (Double) $6,143.00 Room/Board (Single) $7,366.00  

Other estimated costs   Books and supplies $1,000.00Miscellaneous/Personal $2,806.00Total $16,847.70

Gather Information

We need to see some documents for you to fill out the FAFSA in a timely and correct manner

Start talking to your parents NOW about gathering financial information so you can be ready to go in January!

Documents Needed: Your Social Security Number (and parents’, if possible) Your Permanent Resident Registration Number (if you

are not a U.S. citizen) (and parents’, if possible)

Your most recent federal income tax returns, W-2s, and other records of money earned. (Note: You will be able to transfer your federal tax return information into your FAFSA using the IRS Data Retrieval Tool.)

Bank statements and records of investments (if applicable)

Records of untaxed income (if applicable)

IMPORTANT INFO Complete FAFSA EARLY using your parents’ 2013 tax

info!!!

The name and Social Security Number you enter on the FAFSA MUST match what you have on your Social Security Card!!!!

If there are any discrepancies or “red flags” (parents without a SSN, tax info doesn’t match, your name or SSN isn’t the same as what IRS has) you will be flagged for verification by your college.

FAFSA Workshops at Amundsen

January and February

Tuesdays: Counselor Workshops from 1:00-2:15 PM in College and Career Center

Fridays: Ladder Up Workshops from 1:00-2:15 PM in College and Career Center

Please bring documents, if possible!