Financial Aid: What You Need to Know to Pay for College

1. Department of College and Career Preparation 2009 Financial Aid: What You Need to Know to Pay for College

2. What is financial aid? Financial aid is need based funding allotted to students (and parents) to assist with the payment of college tuition. There are three types of financial aid available - • Grants • Loans • Scholarships

3. Grants • Grants = “Gifts” • Grants = Money that the student does not have to pay back. • Grants are given to the student based upon the amount of money the parent and student have saved in the bank prior to completing financial aid papers. • The less money a family makes, the more money the family will be eligible to receive in grant funding. • Grant funding does have a cap. No matter how little money a family makes, the student can only receive up to a certain amount of grant funding per year. • The amount of grant funding allotted per year depends on several factors including: how many people live in the household, how many people are in college, and if the family is on any type of government assistance.

4. Illinois Grants Illinois Monetary Award Program (MAP) • Pays up to full Illinois tuition and fees • Open to Illinois residents who demonstrate financial need • FAFSA needs to be filed online by March 1st (preferred filing date) • Award based on financial need, as defined in the state formula • For more information, contact the Illinois Student Assistance Commission (ISAC)

5. Illinois Grants Federal Pell Grant • Annual award of $400 to $4,731 • Open to U.S. citizens demonstrating financial need • FAFSA needs to be filed online by March 1st • Award based on financial need, as defined in the federal formula • For more information, contact the Illinois Student Assistance Commission (ISAC)

6. Illinois Grants Federal Supplemental Educational OpportunityGrant (SEOG) • Annual award of $200 to $2,200 • Open to U.S. citizens demonstrating financial need • FAFSA needs to be filed online by March 1st • Award based on financial need, as defined in the federal formula • For more information, contact the Illinois Student Assistance Commission (ISAC).

7. Illinois Grants Silas Purnell Illinois Incentive for Access Grant (IIA) • Annual amount up to $500. • Open to Illinois residents for first year of bachelor's program only • FAFSA needs to be filed online by March 1st • Must have a zero expected family contribution (EFC), as defined in the federal formula. • For more information, visit the Illinois Student Assistance Commission (ISAC) Web site.

8. Illinois Grants Illinois Veterans Grant (IVG) • Grant covers tuition and mandatory fees • A mandatory fee is defined as one that is non-refundable and one that is charged to all students. • The Facilities Maintenance Fee is not charged to all students and as such is not covered by IVG. • Course Fees are not charged to all students and as such are not covered by IVG. • Open to Illinois residents who have served honorably in the U.S. Armed Forces • For more information, contact the Illinois Student Assistance Commission (ISAC).

9. Illinois Grants Illinois National Guard Program (ING) • Grant covers Illinois tuition and activity fees • Open to Illinois residents after one full year of service in the Illinois National Guard as an enlisted person or company grade officer up to captain • For more information or application, contact the Illinois Student Assistance Commission (ISAC) by October 1st.

10. Illinois Grants Science and Mathematics Access to Retain Talent Grant (SMART) • Eligible students may receive up to $4,000 for their third and fourth academic years of study. • Must be a U.S. citizen • FAFSA needs to be filed online by March 1st • Must be a Federal Pell Grant recipient • Must be enrolled in a four-year degree program • Must be enrolled full-time • Must have at least a cumulative 3.0 G.P.A. on a 4.0 scale in the coursework required for the student's major • Must be in third or fourth academic year • Must be pursuing a major in science, mathematics, technology, engineering, or a critical foreign language • For more information, contact the Illinois Student Assistance Commission (ISAC).

11. Illinois Grants Illinois Grant for Dependents of Police or Fire Fighters • Grant covers tuition and some fees. • Open to the spouse and children of the Illinois police or fire personnel killed in the line of duty and to spouse and children of State of Illinois Department of Corrections officers killed or 90% disabled in the line of duty • For more information or an application, contact the Illinois Student Assistance Commission (ISAC).

12. Illinois Grants Academic Competitiveness Grant • Eligible students may receive up to $750 for the first academic year of study and up to $1,300 for the second year of academic study. • Must be a U.S. citizen • FAFSA needs to be filed online by March 1st • Must be a Federal Pell Grant recipient • Must be enrolled full-time in an associate's or bachelor's degree program • Must have completed a rigorous secondary school program • May not have been previously enrolled in an undergraduate program • Must have a cumulative 3.0 G.P.A. on a 4.0 scale for the first academic year • For more information, contact the Illinois Student Assistance Commission (ISAC).

13. What are loans? • Loans = borrowed money that you don’t get to keep • Loans have to be paid back with interest. • Educational loans have lower interest rates that private, direct, or alternative loans.

14. Loans Federal Stafford Loan(subsidized/unsubsidized) • Maximum annual amount  for dependent students:$5,500 for freshmen of which no more than $3,500 can be subsidized$6,500 for sophomores of which no more than $4,500 can be subsidized$7,500 for juniors / seniors of which no more than $5,500 can be subsidizedMaximum annual amount  for independent students and students denied Parent PLUS Loan:$ 9,500 for freshmen of which no more than $3,500 can be subsidized$10,500 for sophomores of which no more than $4,500 can be subsidized$12,500 for juniors /seniors of which no more than $5,500 can be subsidized$22,500 for graduates of which no more than $8,500 can be subsidized • Open to U.S. citizens or permanent residents with financial need • Send FAFSA to processor by March 1stInterest rates:Subsidized Loans:     6.0%Unsubsidized Loans:  6.8%

15. Loans Federal Parent Plus Loanfor Dependent Students Only • Must be a dependent student to be eligible to apply for this loan • Maximum annual amount: up to total cost of education less other financial aid • Eligibility for this loan depends on credit worthiness of parent of the dependent student • Send FAFSA to processor (optional) • Complete PLUS application • Variable interest rate - maximum of 9% • Repayment  begins after the student has been out of school 6 months

16. Loans • Parents and students may also apply for direct, private, and alternative loans. Interest rates may vary. • Loan requirements and eligibility varies from half to full time enrollment to receive funding. • Some loans require immediate payment, while others may be deferred as long as the student is in school or paid back beginning six months after graduation.

17. Scholarships • Scholarships = free money that students obtain via academic, merit, honors, community service, and leadership opportunities. • Scholarships often require students to write essays and send copies of their transcripts and ACT scores. • For scholarship application packets, please see Ms. Little or Hazley in Room 120.

18. Average Tuition and Requirements Illinois Private Schools (Per Year) • Augustana College$31,326 (G.P.A 3.2+ ACT 21+) • Benedictine University$22,310 (G.P.A 3.2+ ACT 21+) • Blackburn College$16,670 (G.P.A 3.0+ ACT 18+) • Bradley University$24,224 (G.P.A 3.0+ ACT 18+) • Columbia College$19,170 (G.P.A 3.0+ ACT open) • Concordia University$23,468 (G.P.A 2.8+ ACT 21+) • DePaul University$27,344 (G.P.A 3.0+ ACT 24+) • Dominican University$24,700 (G.P.A 3.0+ ACT 21+) • Elmhurst College$27,249 (G.P.A 2.8+ ACT 22+) • Eureka College$17,390 (G.P.A 3.0+ ACT 21+) • Greenville College$18,797 (G.P.A 3.0+ ACT 22+) • Illinois Institute of Technology$29,364 (G.P.A 3.5+ ACT 24+) • Illinois Wesleyan University$33,982 (G.P.A 3.5+ ACT 24+) • Northwestern Illinois University $38,457 (G.P.A 3.5+ ACT 24+)

19. Average Tuition and Requirements Illinois Schools Public (Per Year) • Chicago State University$9,500 (G.P.A 2.5+ ACT 17+) • Eastern Illinois University$9,951 (G.P.A 2.5+ ACT 17+) • Illinois State University$11,201 (G.P.A 2.5+ ACT 18+) • Northeastern Illinois University$10,498 (G.P.A 2.5+ ACT 17+) • Northern Illinois University$10,652 (G.P.A 2.5+ ACT 17+) • Southern Illinois University/Carbondale$10,411 (G.P.A 2.8+ ACT 17+) • University of Illinois at Springfield $11,19 (G.P.A 3.2+ ACT +21) • University of Illinois at Chicago $12,028 (G.P.A 3.2+ ACT +21) • University of Illinois Urbana $12,660 (G.P.A 3.2+ ACT +21)

20. Average Tuition and Requirements Historically Black College (Per Year) • Clark Atlanta, $15,550 (G.P.A 3.2+ ACT 20+) • Florida A&M $24,916 (G.P.A 3.0+ ACT 20+) • Grambling University $8,972 (G.P.A 2.5+ ACT 18+) • Dillard University $ 13,000 (G.P.A 2.5+ ACT 17+) • Lane College $7,120 (G.P.A 2.0+ ACT 17+) • Howard University $ 14,240 (G.P.A 3.2+ ACT 20+) • Tuskegee University $14,740 (G.P.A 3.2+ ACT 20+) • Delaware University $ 13,000 (G.P.A 3.0+ ACT 17+) • North Carolina A&T University $13,482 (G.P.A 2.5+ ACT 17+) • Kentucky State University $ 13,490 (G.P.A 2.0+ ACT 16+)

21. Average Tuition and Requirements at 2 Year/Community College (Per Year) * Open admissions. Students must take a placement test. Joliet Junior College $2,976South Suburban College of Cook County $3,352Kankakee Community College$2,688Southeastern Illinois College $2,528Kaskaskia College $2,592Southwestern Illinois College $2,720 Kennedy-King College $3,213Kishwaukee College $2,848Triton College $2,558Wabash Valley College $2,154Wabaunsee Community College $2,880Lincoln Land Community College $2,892Wilbur Wright College $2,878Lincoln Trail College $2,154William Rainey Harper College $3,566

22. Average Tuition and Requirements at 2 Year/Community College(Per Year) * Open admissions. Students must take a placement test. Malcolm X College $2,878 College of DuPage $3,712Moraine Valley Comm. College $2,950College of Lake County $3,040Morton College $2,580Danville Area Community College $3,331Oakton Community College $2,865Elgin Community College $2,922Olive Harvey College $2,878Frontier Community College $2,154Harold Washington College $2,878Parkland College $2,944Harry S Truman College $2,878Rend Lake College $2,528Highland Community College $2,912Richard J. Daley College $2,878Illinois Central College $2,784Richland Community College $2,676

23. Total Cost per Year (Sample)

24. Possible Ways to Save on Costs • Apply for FAFSA as early as possible - Jan. 1st • Apply for college application fee waivers • Apply for scholarships • Apply for schools within 45 minutes of your home so you can commute • Research out of state schools that do not charge additional fees for out of state students • Apply for public institutions versus private • Apply for Historically Black Colleges

25. Ways to Save Time • Make sure you meet the requirements for the school you plan to attend, ex. g.p.a and ACT score • Make sure the school offers the major that you are interested in pursuing • Make sure for each college application includes the following: - College application fee waiver - Personal statement/essay - ACT - Transcript - Letters of recommendation - Personal and academic resumes • Have application reviewed by at least two individuals, i.e., Postsecondary Coach, Counselor, teacher, or parent

26. Closing Thoughts… Remember, there are several different types of colleges, universities, and vocational programs. Our goal is that every student graduates from Harlan Academy with a concrete postsecondary plan and realistic options to pay for their education. Please visit Room 120, the College and Career Resource Room, to speak with Ms. Little or Ms. Hazley if you have additional questions Thank you.