www.collegezone.com The trusted source for college information. FY 2007-08 Financial Aid for a College Education
www.collegezone.comThe trusted source for college information.
FY 2007-08
Financial Aid for a College Education
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Illinois Student Assistance Commission (ISAC) – www.collegezone.com
state agency that administers state and federal scholarships and grants, college savings and prepaid tuition programs, and educational loans
U.S. Department of Education (ED) – www.ed.gov
federal agency that provides college funding in the form of grants, scholarships, and educational loans
We’re here to help…
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Note: These funds may be merit-based, need-based, or non need-based.
What help is available?
Gift Aid
Scholarships
Grants
Self-help
Work-Study
Loans
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Free Application for Federal Student Aid
www.fafsa.ed.gov
The FAFSA information is used to calculate the Expected Family Contribution (EFC) and determine the student’s eligibility for most federal
and state assistance.
Students apply for federal and some state aid by completing the FAFSA
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What are the costs?
Tuition & Fees
Room & Board
Transportation
Books & Supplies
Miscellaneous Living Expenses
Cost of Attendance (COA)
+
What are the costs?
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$ Financial Need
$ Cost of Attendance (COA)
minus
$ Expected Family Contribution (EFC)
=
How is “financial need” calculated?
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NO! “Financial Need” is determined using the cost of attendance at individual institutions.
Is my “Financial Need” the same at all institutions?
College “A”
COA $18,000EFC - 5,000
College “B”
COA $8,500EFC - 5,000
FINANCIAL NEED $13,000 FINANCIAL NEED
$3,500
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Independent vs. Dependent
The student is DEPENDENT for the 2007-08 academic year unless:
• Born before January 1, 1984
• Masters or doctorate student in 2007-08
• Married at the time of application
• Has children or other dependents who live with and receive more than half of their support from the student
• Orphan or ward of the court
• Serving on active duty in the U.S. Armed Forces for purposes other than training
• Veteran of the U.S. Armed Forces
NOTE: Not living with parents does not make the student independent.
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File the
Free Application for
Federal Student Aid(FAFSA)
www.fafsa.ed.gov
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* Note: This date is subject to change and is based on funding by the Illinois General Assembly. Deadlines are earlier if funds are depleted.
Meet the deadlines!
January 1, 2007First date to submit FAFSA
No Later than August 15, 2007*MAP Grant - Continuing Student Applicants
No Later than September 30, 2007*MAP Grant - First Time Student Applicants
June 30, 2008Federal Pell Grant
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• Round off figures to the nearest dollar • Indicate numbers less than 10 with a (0) zero first• Answer questions referring to the “school year” as
the year July 1, 2007 through June 30, 2008• Answer enrollment plans according to the first
choice college or university• Be sure to list an Illinois college as one of the six
school choices• Print in capital letters, with black ink, if filing a
paper FAFSA• Do not write “N/A” or margin notes
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Hints and Reminders for Completing the FAFSA
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• Selective Service• Assets to include in federal methodology• Family Farm
Hints and Reminders
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FAFSA on the Web 2007-2008
• Available January 2007• English or Spanish• Skip logic and online editing• Electronic signature• Can save for 45 days• Electronic notification• Faster processing
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Renewal FAFSA
The FAFSA must be completed each year. Available only on FAFSA on the Web.
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Receive the Student Aid Report (SAR) Acknowledgement Form (A SAR will be received within 2 weeks if FAFSA is filed
on the Web or 4 weeks if filed in paper version)
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Review the SAR for necessary corrections.
Contact the financial aid office for correction procedures.
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The college prepares an award package and then sends you an award letter.
Scholarships Grants Work-Study Loans
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Student signs the award letter.
Keep a copy!
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Return the signed award letter to the college, if required.
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Notify other colleges where you applied of your admission decision.
Notify other colleges where you applied of your admission decision.
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Notify College of Notify College of Private ScholarshipsPrivate Scholarships
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Federal Pell Grant...
Need-based grant Uses: tuition, fees, room, board, living expenses Amount of award is calculated by the college based
on information from the SAR Maximum award for 2006-07 is $4,050
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Federal Supplemental Educational Opportunity Grant (FSEOG)
Need-based grant Maximum award of up to $4,000 based on
availability of funds at the college
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Monetary Award Program (MAP)
Need-based grant Pays tuition and mandatory fees up to $4,968 for
2006-07 Must attend a MAP-approved Illinois school
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Silas Purnell Illinois Incentive for Access (IIA) Grant Program
Awarded to freshmen who have a zero Expected Family Contribution (EFC)
Must attend a MAP-approved Illinois school at least half time
$500 grant
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ISAC’s Specialized Grant Programs
Grants for Illinois Veterans and Illinois National Guard Members
Grants for Dependents of Police/ Fire/Correctional Officers Program
Bonus Incentive Grant Program
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Federal Academic Competitiveness Grant (ACG)
Must be a Federal Pell Grant recipient Be enrolled full-time Grant may be used for any educational expense,
such as tuition and fees, room and board, and living expenses
Have completed a rigorous (as defined by a state or local educational agency) program of study
New!
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Federal Academic Competitiveness Grant (ACG)
Maximum award amount• Up to $750 first-year students• Up to $1300 second-year students
Award amounts are dependent on legislative funding approved by the federal government.
U.S. Department of Education will notify eligible applicants by regular or electronic mail.
New!
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Federal Science and Mathematics Access to Retain Talent (SMART) Grant
Maximum award amount of $4,000 per academic year.
Be enrolled full-time at the third and fourth year academic level pursuing a major in mathematics, science (including physical, life and computer sciences) technology, engineering or critical foreign language.
Must maintain a 3.0 GPA for coursework required for the major.
The college determines eligibility for the SMART grant.
New!
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Robert C. Byrd Honors Scholarship Program
Academic scholarship for outstanding academic achievement
Must enroll full time during the academic year immediately following high school graduation
Students may receive $1,500 (depending on funding) per academic year for up to 4 years of undergraduate study
The scholarship is not limited to tuition and fees and may be used at any approved college or university in the United States.
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Merit Recognition Scholarship (MRS)
Scholarship based on academic achievement One-time $1,000 scholarship Student must rank in top 5% of graduating class
based on their sixth semester Uses: tuition, fees, and/or other expenses at ISAC-
approved colleges in Illinois and the four service academies
Funding and number of awards are subject to annual appropriations from the Illinois General Assembly
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Teacher Education Scholarship Programs
Illinois Future Teacher Corps Program Minority Teachers of Illinois (MTI) Scholarship
Program Illinois Special Education Teacher Tuition
Waiver Program
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Federal Work-Study (FWS)
Need-based employment program Provides jobs on- and off-campus Students earn at least current minimum wage Students normally work a maximum of 20 hours
per week
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Federal Perkins Loan
Need-based student loan The FAFSA must be completed The federal government is the lender, and the
school administers the loan 5% fixed interest rate Eligible undergraduates may borrow up to $4,000
annually Repayment begins 9 months after graduation or if
student drops below half-time enrollment Eligibility is determined by the college
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Federal Stafford Loan
Low-interest loan the student takes out on his/her own behalf
The FAFSA must be completed Fixed interest rate, 6.8% Repayment begins 6 months after the student
graduates or falls below half-time enrollment
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Federal Stafford Loans(Subsidized vs. Unsubsidized)
Financial Need Subsidized = need based Unsubsidized = not based on need
Payment of Interest Subsidized - federal government pays while student
is in college and during grace/deferment periods Unsubsidized - payment is always student’s
responsibility
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Federal PLUS Loan
Parent is the borrower Fixed interest rate, 8.5% Maximum loan amount is the cost of attendance
minus all financial aid received for the student Approval subject to a credit check Repayment begins within 60 days after the loan is
disbursed
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Helpful Internet Sites
• College Zonewww.collegezone.com
• Mapping Your Future www.mapping-your-future.org
• U.S. Department of Educationwww.ed.gov
• FAFSA on the Web www.fafsa.ed.gov
• College Web Site
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Remember collegezone.com
• State & Federal Aid Estimator• Map of Illinois colleges• College Illinois!• Program information• e-Messaging
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Private Loan Programs
Credit Checks Co-signer Higher Interest Rates Borrow cautiously
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Credit Cards are Easy Loansbut BEWARE!!
High Interest Rates Use Cautiously Safety
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Private Financial Aid Sources
Parents’ and/or student’s employer Private foundations Civic organizations
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Identifying Scholarship Scams
Guaranteed winnings Unexplained application fee No telephone number Mail drop number Sounds too good to be true
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Reporting Scholarship Scams
Better Business Bureau High School Counselor Financial Aid Office Friends
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Remember!
• Plan ahead• Apply early• Read CAREFULLY• Meet deadlines• Keep copies
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Illinois Student Assistance Commission
(800) 899-ISAC (4722) [email protected]
U.S. Department of Education
(800) 4 FED AIDwww.ed.gov
We’re here to help...
Questions?