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Paying for College

The Financial Aid Process. Paying for College. Types of Financial Aid. There are two basic types of financial aid:. gift aid. Grants Scholarships Work-Study Loans. self-help aid. These funds may be merit-based, need-based, or non need-based. Sources of Financial Aid.

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Paying for College

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  1. The Financial Aid Process Paying for College

  2. Types of Financial Aid There are two basic types of financial aid: gift aid Grants Scholarships Work-Study Loans self-help aid These funds may be merit-based, need-based, or non need-based.

  3. Sources of Financial Aid Financial aid comes from a variety of sources. federal government state government college (institutional aid) outside/ private sources

  4. Sources of Financial Aid The ‘Must-Get-To-Know’ Financial Aid Sources

  5. Illinois Student Assistance CommissionState of Illinois Financial Aid Programs

  6. Illinois Student Assistance CommissionState of Illinois Financial Aid Programs

  7. U. S. Department of EducationFederal Financial Aid Programs

  8. Federal Work-Study

  9. Loan Programs When evaluating loan options, consider… Source of Loan Subsidized vs. Unsubsidized Interest Rate Repayment ~ Grace Period Know your rights and responsibilities

  10. Federal Loan Programs (for Undergraduate) Type Rate Grace Program Note: Stafford Loans (both subsidized and unsubsidized) for Graduate students have a fixed interest rate of 6.8% through 2013. * FAFSA Required ** Program Application Required

  11. Avoid Scholarship Scams View with caution any service that requires you to pay Report Scams While most scholarship services are legitimate, some may be fraudulent and might charge a lot of money for little information.

  12. The Big ThreeFinancial Aid Programs State of Illinois Monetary Award Program (MAP) Federal Pell Grant Federal Supplemental Education Opportunity Grant (FSEOG) Total = $14,081 * Maximum award for 2009-10

  13. Free Application for Federal Student Aid 3 Ways to Access

  14. Important deadlines *Note: This date is subject to change and is based on funding by the Illinois General Assembly. Deadlines are earlier if funds are depleted.

  15. Dependency Status For financial aid purposes, questions on the FAFSA will determine the status of the student.

  16. Determining Financial Need A need analysis formula established by Congress determines the student’s Expected Family Contribution (EFC).

  17. What are the costs? Tuition & Fees Room & Board Transportation Books & Supplies Miscellaneous Living Expenses + Cost of Attendance (COA)

  18. To Determine a Student’s Financial Need COA Cost of Attendance EFC Expected Family Contribution Financial Need - =

  19. To Determine Financial Need (examples) Financial Need COA EFC $10,000 $3,000 $7,000 College A - = $20,000 $3,000 $17,000 College B - = $35,000 $3,000 $32,000 College C - =

  20. Financial Aid Awards The financial aid administrator at the college will package all available aid and send an award letter for consideration.

  21. The Financial Aid Process

  22. Plan, find, apply and pay…

  23. Contact Us! Kaitlin Gauen Sara Henschen Work Cell: 217-720-5661 Work Cell: 217-720-5663 E-mail: kgauen@isac.org E-mail: shenschen@isac.org

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