Student Financial Services What you need to know

Student Financial Services What you need to know about financial aid!

Student Financial Services Questions you may have… What is Financial Aid? How to apply for Financial Aid? How is Financial Need Determined? Other Resources to Cover Expenses?

Student Financial Services What is Financial Aid? Financial aid refers to funding intended to help students pay education expenses including tuition, fees, room, board, books and supplies.

Student Financial Services How to Apply for Financial Aid FAFSA 2019 -20 (Free Application for Federal Student Aid)—Use 2017 tax data Institutional Forms Other Note: Communicate with each college to inquire about steps to complete the application process. You may be asked to submit tax documentation to the financial aid office to complete the verification process.

Student Financial Services Completing the FAFSA

Student Financial Services Free Application for Federal Student Aid (FAFSA) for 2019 -20 WHEN • October 1 (First date to submit FAFSA) and as close to this date as possible • Must be renewed every year WHO • Available to H. S. seniors, college students, returning adults • U. S. citizens and eligible non-citizens HOW • Available on-line at www. fafsa. gov • Or paper and pdf forms are available WHY • Determines eligibility for federal and state financial aid programs • Used by colleges and universities to award institutional aid

Student Financial Services FSA User ID Authentication

Student Financial Services Whose information goes on the FAFSA?

Student Financial Services DEPENDENT OR INDEPENDENT ? ?

Student Financial Services IRS DATA RETRIEVAL TOOL

Student Financial Services Common Errors Untaxed income and tax deferred pensions Providing incomplete data Not submitting required forms by deadlines Divorced/ remarried parent information Income Tax Paid *Review Student Aid Report (SAR) to avoid*

Student Financial Services Types of Financial Aid

Student Financial Services Federal Loan Programs Direct Subsidized Loan 5. 05% (1819) Direct Unsubsized Loan 6. 6% (1819) Federal Plus Loan 7. 6% (1819) Note: Direct Loan annual limits are determined by student’s class level and dependency status; FR-$5, 500, SO-$6, 500, JR/SR$7, 500 for dependent students

Student Financial Services Federal Work-Study Need-based employment program providing on and offcampus jobs to undergraduate students Compensation is at least the current federal minimum wage The availability of funds is limited; Financial Aid Offices may establish priority deadlines Student is paid by the college *FAFSA completion required

Student Financial Services Expected Family Contribution A need analysis formula established by Congress determines the student’s Expected Family Contribution (EFC); using information reported on the FAFSA. What? Why? Where? A comparative measure of how much a family can be expected to contribute over the course of an academic year. Used to determine a student’s eligibility for most federal and state assistance Shown on the Student Aid Report (SAR)

Student Financial Services What are the Costs? Tuition & Fees (actual or direct) Books & Supplies (estimated) Room & Board (actual or direct) Miscellaneous (estimated) Transportation (estimated) Cost of Attendance (COA)

Student Financial Services How to Determine Financial Need Cost of Attendance (COA) -Expected Family Contribution = Financial Need

Student Financial Services Compare Apples to Apples Actual or Direct Costs - Financial Aid Offered by Institution = Your Out of Pocket Expense

Student Financial Services Compare Apples to Apples University A Cost of Attendance (COA) University B $46, 920 Cost of Attendance (COA) Gift Aid Institutional Grants/Scholarships $32, 680 Gift Aid $18, 000 Institutional Grants/Scholarships 5, 000 Federal Pell Grant $4, 370 IL MAP Grant $4, 720 Total Gift Aid $27, 090 Total Gift Aid $14, 090 Net Price $19, 830 Net Price $18, 590 Loan Options Subsidized Loan $3, 500 Unsubsidized Loan $2, 000 Parent Plus Loan $15, 000 Parent Plus Loan $10, 000 Total Loan Options $20, 500 Total Loan Options $15, 500 Total Aid Offered w/Loans $29, 590 Total Aid Offered w/Loans $47, 590

Student Financial Services Other Ways to Pay For College 529 Savings & Prepaid Tuition Programs Employer Tuition Benefits Tuition Payment Plans Private/Outside Scholarships Veterans Benefits/Transfer of Entitlement

Student Financial Services Illinois Student Assistance Commission (ISAC) – www. isac. org (800) 899 -ISAC (4722) U. S. Department of Education (ED) - www. Federal. Student. Aid. ed. gov (800) 4 FED AID

Student Financial Services Steps to Remember Start planning for the future Complete the application process early Review and edit the Student Aid Report (SAR) Consider award letters Respond to college offers Advise school(s) of outside scholarships Advise school(s) of Special Circumstances Renew the FAFSA every year!

Student Financial Services QUESTIONS? ? Website: www. millikin. edu/cost-aid e-mail: Student. Financial. Services@millikin. edu phone: 217 -424 -6317