Welcome to Financial Aid 101:

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Welcome to Financial Aid 101

• Carol A. Vandre
• ICHS Counselor

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Are you wondering...

• What is financial aid?
• How do I apply for financial aid?
• How is financial aid eligibility determined?
• What should I do next?

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What is financial aid? Types of Financial Aid

• Scholarships
• Grants
• Loans
• Employment

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Types of Scholarships

• Academic
• Athletic
• Career Interests
• Institutional

• Private
• State
• Talent

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Scholarship Sources

• Guidance counselor/high school counseling office
• www.indiancreekschools.org
• Public library
• University Scholarship Coordinator
• University/College Library
• Student/Parent employer
• Local Chamber of Commerce
• Local organizations (churches, Rotary, PTA)

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Scholarship Web Sites

• www.niu.edu/scholarships
• www.fa.niu.edu
• ISAC www.collegezone.com
• www.fastweb.com
• www.finaid.com
• www.freschinfo.com
• www.srnexpress.com
• www.scholarships.com

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Grants

• Federal Pell Grant
• State MAP Grant (Monetary Award Program)
• State IIA Grant (Illinois Incentive for Access
  Grant)
• FSEOG (Federal Supplemental Educational
  Opportunity Grant)

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Loan Options

• Federal Stafford Loan (8.25 interest cap)
• Subsidized
• Unsubsidized
• Federal Perkins Loan (5 interest)
• Federal PLUS Loan (9 interest cap)
• Parent Loan for Undergraduate Students

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Federal Stafford LoansCombined sub and
unsubsidized
Freshman 3,500 Sophomore 4,500 Junior
5,500 Senior 5,500 Student-at-large/postgradu
ate 5,500 Graduate student 20,500
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Student Employment

• Bookstore Clerks
• Computer Aides
• Residence hall front desk staff
• Food service
• Health Services

• Library Clerks
• Lifeguards
• Ticket Sales
• Public Safety (student patrols)
• University Programming Activities

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How do I apply for financial aid?

• FAFSA (Free Application for Federal Student Aid)
• Check with your college/university for
• Institutional Financial Aid Verification Form
• Signed non-returnable photocopies of student
  and/or parent income tax returns and W-2 forms
• College Scholarship Service (C.S.S.) profile

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FAFSA on the Webwww.fafsa.ed.gov

• Available January 1, 2008
• Use the paper form as a worksheet
• Secure- FAFSA on the web uses 128-bit encryption
• Save often!
• Dont forget the signature page or pin number!

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FAFSA on the Web Pin Number

• www.pin.ed.gov
• Supply Name, date of birth and social security
  number
• Wait three days for e-mail notification of pin or
  7-10 days for pin number to arrive via U.S. Mail
• Use to electronically sign FAFSA, make changes,
  etc.

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Cost of Attendance
Tuition and Fees 6,652 Room and
Board 5,544 Transportation 500
Books and Supplies 1,000 Student Medical
Insurance 580 Miscellaneous Living
Expenses 1,924 Cost of Attendance
16,200
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How is financial aid eligibility determined?
Cost of Attendance - Expected Family
Contribution (EFC) Financial Need
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Financial Need Examples2008-2009 Budget
16,200 - 3,000 13,200
16,200 - 1,000 15,200
16,200 - 8,000 8,200
16,200 - 5,500 10,700
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Putting it all together!
Student
Institutional Verification Forms, tax return
copies, C.S.S. profile, College Specific
information
FAFSA (Free Application for Federal Student Aid)
ISAC (Illinois Student Assistance Commission)
Federal Pell Processor
School Choices
Letter regarding MAP award
SAR (Student Aid Report)
Letter of clarification Award Letter
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What should I do next?

• Helpful Hints
• File by priority date-- March 1
• Respond to any letters requesting additional
  documentation, in a timely manner
• Remember to sign all documents where necessary
• Keep photocopies of all documents submitted
• Call the college or university with questions

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Rules of Thumb

• If you must pay money to get money, it might be a
  scam
• If it sounds too good to be true, it probably is
• Never invest more than a postage stamp to get
  information about scholarships
• Nobody can guarantee that youll win a
  scholarship
• Use caution if an application fee is required
• Contact ISAC and/or your college financial aid
  office with any questions or concerns

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Questions
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Thank you

• Make sure to take information from the back table
  with you.
• Please call for a private conference if you need
  more assistance.