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Making College Affordable: Applying For Financial Aid

Moderator Richard Steele (WBEZ) Panelists Gloria Purifoy (Chicago Public Schools) Tim Opgenorth (UIC). Making College Affordable: Applying For Financial Aid. World-Class Education. World-Class City. CLICK TO EDIT MASTER STYLE. 10 Myths of Financial Aid.

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Making College Affordable: Applying For Financial Aid

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  1. Moderator Richard Steele (WBEZ) Panelists Gloria Purifoy (Chicago Public Schools) Tim Opgenorth (UIC) Making College Affordable: Applying For Financial Aid

  2. World-Class Education. World-Class City. CLICK TO EDIT MASTER STYLE 10 Myths of Financial Aid 1. Myth: My child is 18 and of legal age. He/she can and should file for financial aid on his/her own. Reality:Students are usually considered a dependent until the age of 24.

  3. World-Class Education. World-Class City. CLICK TO EDIT MASTER STYLE 10 Myths of Financial Aid 2. Myth: I cannot apply for financial aid if I have a valid social security number but one or both my parents do not. Reality: Only students need a valid SSN.

  4. World-Class Education. World-Class City. CLICK TO EDIT MASTER STYLE 10 Myths of Financial Aid 3. Myth: Parents who are not U.S. Citizens or legal residents will be reported if they provide their personal and financial information. Reality: Parent data is never reported.

  5. World-Class Education. World-Class City. CLICK TO EDIT MASTER STYLE 10 Myths of Financial Aid 4. Myth: If I have no contact with my parents and cannot provide their information. I will be unable to apply for financial aid. Reality: You can still apply without parent information.

  6. World-Class Education. World-Class City. CLICK TO EDIT MASTER STYLE 10 Myths of Financial Aid 5. Myth: If my parent(s) refuse to provide their information, I can still apply for financial aid without parental information. Reality: The application will be considered "rejected," and you might not receive any federal student aid except for a loan.

  7. World-Class Education. World-Class City. CLICK TO EDIT MASTER STYLE 10 Myths of Financial Aid 6. Myth: It is unsafe to provide private information to people I do not know, especially on the Internet. Reality: FAFSA on the Web is highly secured.

  8. World-Class Education. World-Class City. CLICK TO EDIT MASTER STYLE 10 Myths of Financial Aid 7. Myth: I (we) make too much to qualify for financial aid. Reality: There is no income cut-off to qualify for financial aid.

  9. World-Class Education. World-Class City. CLICK TO EDIT MASTER STYLE 10 Myths of Financial Aid 8. Myth: My bad credit or default loans will hurt my child’s chances for financial aid. Reality: A parent’s debt or default loans are not considered on FAFSA and is not required.

  10. World-Class Education. World-Class City. CLICK TO EDIT MASTER STYLE 10 Myths of Financial Aid 9. Myth: If I am eligible for the full amount of financial aid, I should be able to meet all educational costs. Reality: Financial aid rarely covers the total cost of education.

  11. World-Class Education. World-Class City. CLICK TO EDIT MASTER STYLE 10 Myths of Financial Aid 10. Myth: I cannot file a FAFSA for my child because I do not claim him/her on my tax return. Reality: Tax dependency is independent of FAFSA eligibility.

  12. World-Class Education. World-Class City. CLICK TO EDIT MASTER STYLE Conduct A Financial Needs Analysis A snapshot assessment of … • Cost of education for the school of choice • Estimate of the expected family contribution (EFC) • Financial need and aid eligibility • Estimate net price or “gap” in aid • Need some student and parent financial information

  13. World-Class Education. World-Class City. CLICK TO EDIT MASTER STYLE Why Get An Early Need Assessment? Families need… • To become familiar with college costs, available aid, and potential family costs. • An early EFC estimate to prepare a financial plan to meet the cost of education. • To know their federal and state funding eligibility. • To be proactive in their college selection based on both an academic and financial fit.

  14. College Cost and Aid Calculators World-Class Education. World-Class City. CLICK TO EDIT MASTER STYLE • Financial Aid Needs Estimator:http://webapps01.act.org/fane/docs/ • EFC Calculator:www.whatsnextillinois.org • UIC website: http://www.uic.edu/depts/financialaid/ • FAFSA4Caster:https://fafsa.ed.gov/FAFSA/app/f4cForm?execution=e1s1

  15. Be An Educated Consumer World-Class Education. World-Class City. CLICK TO EDIT MASTER STYLE Investigate options. Ask each school: • The percent of need they meet with financial aid • Their ratio of grants and scholarships awarded versus work study and loans • Do they offer an early financial aid award estimate

  16. Be An Educated Consumer World-Class Education. World-Class City. CLICK TO EDIT MASTER STYLE Choose optimal postsecondary fit based on: • Academic admissibility match • Career accessibility and personal fit • Financial affordability

  17. Be An Educated Consumer World-Class Education. World-Class City. CLICK TO EDIT MASTER STYLE Be sure your choice is a wise investment: • Can you meet your gap in aid annually? • Choose a major that makes sense for your potential debt to income outlook.

  18. World-Class Education. World-Class City. CLICK TO EDIT MASTER STYLE Types of Financial Aid • Scholarships • Grants • Loans • Employment

  19. World-Class Education. World-Class City. CLICK TO EDIT MASTER STYLE Scholarships and Grants • Money that does not need to be repaid • Scholarships are awarded on the basis of merit, talent, skill, or a unique characteristic • Grants are usually awarded on the basis of financial need

  20. World-Class Education. World-Class City. CLICK TO EDIT MASTER STYLE Loans • Money students and parents borrow to help pay for educational expenses • Repayment usually begins after education is finished • Look at loans as an investment in the future

  21. World-Class Education. World-Class City. CLICK TO EDIT MASTER STYLE Employment • Allows student to earn money to help pay educational costs • A paycheck; or • Non-monetary compensation, such as room and board

  22. World-Class Education. World-Class City. CLICK TO EDIT MASTER STYLE Free Application for Federal Student Aid (FAFSA) • A standard form that collects demographic and financial information about the student and family • Information is used to calculate the Expected Family Contribution (EFC) • Colleges use EFC to award financial aid

  23. World-Class Education. World-Class City. CLICK TO EDIT MASTER STYLE Completing the FAFSA • The FAFSA was available as of January 1, 2011 for the 2011-12 academic year • Most colleges set a FAFSA priority filing deadline, with March 1st being the most common

  24. World-Class Education. World-Class City. CLICK TO EDIT MASTER STYLE FAFSA on The Web • Available in English or Spanish • FAFSA Website: www.fafsa.gov

  25. World-Class Education. World-Class City. CLICK TO EDIT MASTER STYLE Federal Student Aid PIN • Need PIN to sign the form electronically • PIN Website: www.pin.ed.gov

  26. World-Class Education. World-Class City. CLICK TO EDIT MASTER STYLE Frequent FAFSA Errors • Social Security Numbers • Divorced/remarried parental information • Income earned by parents/step-parents • Untaxed income • U.S. income tax paid • Household size • Number of household members in college • Real estate and investment net worth • Lack of proper signatures

  27. World-Class Education. World-Class City. CLICK TO EDIT MASTER STYLE Financial Need Cost of Attendance (COA) • Estimated Family Contribution (EFC) = Financial Need Examples: COA EFC Need 20,000 5,000 $15,000 15,000 5,000 $10,000

  28. World-Class Education. World-Class City. CLICK TO EDIT MASTER STYLE Cost of Attendance • Includes direct and indirect costs • Is the total ESTIMATE of students expenses at the particular institution • Varies widely from college to college

  29. World-Class Education. World-Class City. CLICK TO EDIT MASTER STYLE Cost of Attendance Example - UIC • Direct Costs • Tuition $9,134 • Fees $3,730 • Indirect Costs • Books and Supplies $1,200 • Transportation $1,452 • Misc./Personal $2,176 • Room and Board $10,882

  30. World-Class Education. World-Class City. CLICK TO EDIT MASTER STYLE Financial Aid Award Example - UIC FALL SPRING TOTAL Offered Awards: Presidents Award $1,500 $1,500 $3,000 Private Scholarship $1,000 $1,000 $2,000 Federal Pell Grant $1,300 $1,300 $2,600 State of IL MAP Grant (Est). $2,484 $2,484 $4,968 UIC Access to Excellence Grant $2,500 $2,500 $5,000 Federal Direct Loan–Subsidized $1,750 $1,750 $3,500 Federal Direct Loan–Unsubsidized $1,000 $1,000 $2,000 Federal Parent Loan $1,000 $1,000 $2,000 Federal Work Study $1,500 $1,500 $3,000 Total Aid Awarded $14,034 $14,034 $28,068 Note: Student can choose to accept/decline any aid type offered.

  31. World-Class Education. World-Class City. CLICK TO EDIT MASTER STYLE Helpful Websites • FinAid - An easy-to-use guide to financial aid programs and terms http://www.finaid.org • Illinois Student Assistance Commission – The State of Illinois site for financial aid information http://www.collegezone.com • Student Aid on the Web – The U.S. Department of Education’s site for financial aid information http://studentaid.ed.gov/PORTALSWebApp/students/english/index.jsp

  32. World-Class Education. World-Class City. CLICK TO EDIT MASTER STYLE Questions

  33. World-Class Education. World-Class City. CLICK TO EDIT MASTER STYLE

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