Financial Aid and the FAFSA Presented by Ina

Financial Aid and the FAFSA Presented by: Ina Hall

WHAT IS FINANCIAL AID? GIFT AID SELF HELP § Grants § Loans § Scholarships § Work-Study Financial Aid is funds provided to students and families to help pay for postsecondary educational expenses.

Completing the FAFSA should not be stressful! - Be prepared. Student should complete it, with little or no help from parents. - If you realize you submitted incorrect information you can always go back into the FAFSA make changes. - Simple, honest mistakes will not jeopardize the financial aid you are eligible for.

Complete the Early FAFSA Available October 1, 2019 for 2020 -2021 School year § Create an FSA ID- 1 for student 1 for parent signing Electronic signature for your federal student aid documents. ü Each student and one parent need an FSA ID ü Write this down ü Do not create anyone’s FSA ID but your own ü Use different emails www. FAFSA. ed. gov

1 -800 -4 -FIN-AID OR my. Student. Aid APP

IRS Data Retrieval Tool Transfer the data directly into their FAFSA from the IRS Web site. You will not be able to use the DRT if: § Students or parents who are married and filed as Married Filing Separately § married and filed as Head of Household § filed a Puerto Rican or foreign tax return ü will need to enter their tax return information manually.

IRS Data Retrieval Tool

MOST COMMON FAFSA QUESTIONS § Which parent’s income do I use? – Both if parents are married – Parent and Step-parent if remarried § What if parents filed taxes jointly and are now divorced? – Use only the income of the parent the student lived with the most during the 12 month period prior to filing the FAFSA; be sure to include child support received

Parent’s Assets and Investments § Do not include IRA, pension, 401 k, or other types of retirement accounts.

MOST COMMON FAFSA ERRORS – Gender – Selective Service – Social Security Number links FAFSA to school – No FSA ID entered for electronic signature.

If any FAFSA question is confusing….

REQUIRED INFORMATION § § § § Demographic Information Social Security No. (Alien Registration Number) Student & Parent Income from 2 years ago Untaxed Income Investment Information School Choices (up to 10) Birth dates Marriage or divorce dates

WHAT HAPPENS AFTER I SUBMIT THE FAFSA? § Identify your degree or certificate early § College receives FAFSA within 10 -14 days – College corresponds to student • Missing Information • No need email • Award email

Cost of Attendance Comparison & Loan Repayment Expenses for 2018 -2019 dependent student (doesn’t include books, travel & misc. ) § Illinois State University § Mc. Henry County College Tuition and fees* $14, 516 Tuition and fees* $3, 844 Room and board $9, 850 Room and board $1, 646 Total $24, 366 Total $5, 490 $24, 366 X 4 years = 97, 464 Interest rate averaging at 5%= $26, 587 Total repayment= $124, 051 Monthly payment for next 10 years= $1, 034. 00 $5, 490 X 2 years at MCC= $10, 980 Transfer to ISU to finish degree=$48, 732 Total for 4 years= $59, 712 Interest rate averaging at 5%= $16, 289 Total repayment= $76, 001 Monthly payment for next 10 years= $633. 00 *Tuition & fees based on 15 credit hours per semester

MCHENRY COUNTY COLLEGE § We are your community college – please us as a resource § Even if you are attending another college/university, please contact us with any financial aid questions § Website www. mchenry. edu/financialaid § Phone: (815) 455 -8761 § Office Hours: – M-Th –F 8: 00 a – 6: 00 p 8: 00 a – 4: 30 p