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Making College Affordable: Applying For Financial Aid

Join Moderator Richard Steele and panelists Gloria Purifoy from Chicago Public Schools and Tim Opgenorth from UIC for an informative discussion on making college affordable. We will debunk the top 10 myths of financial aid, providing clarity on essential topics such as eligibility, dependency, and parental information requirements. Gain insights into conducting a financial needs analysis, exploring cost calculators, and understanding various forms of financial aid. Empower your family to navigate the college funding process effectively!

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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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