Paying for College

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The Financial Aid Process
Paying for College
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About ISAC

• Making college accessible and affordable for all
  Illinois students.
• - Mission Statement
• The Illinois Student Assistance Commission is the
  financial aid agency in the state of Illinois
  that administers scholarship, grant, loan and
  prepaid tuition programs.

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The Power of Education
Almost all jobs or careers require some training
after high school.
Source Bureau of the Census Bureau of Labor
Statistics (2007).
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Plan to go to college

• There are lots of things to think about and many
  questions you need to ask.

• How much will it cost?
• Can I afford college?
• What is financial aid?
• What is the FAFSA?
• When and how do I apply?
• Where can I get help?

Ask questions
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Ways to Finance College

• Financial Aid Programs
• 529 Savings Prepaid Tuition Programs
• Employer Tuition Benefits
• Tuition Payment Plans

Know your options
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Save for College

• The earlier you start, the easier it will be to
  accomplish your educational goals.

NOTE Use the interactive calculators on
collegezone.com
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Types of Financial Aid

• There are two basic types of financial aid

gift aid

• Grants
• Scholarships
• Work-Study
• Loans

self-help aid
These funds may be merit-based, need-based, or
non need-based.
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Sources of Financial Aid
Financial aid comes from a variety of sources.
federal government
state government
college (institutional aid)
outside/ private sources
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Sources of Financial Aid The Must-Get-To-Know
Financial Aid Sources

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Illinois Student Assistance CommissionState of
Illinois Financial Aid Programs
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Illinois Student Assistance CommissionState of
Illinois Financial Aid Programs
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U. S. Department of EducationFederal Financial
Aid Programs
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Federal Work-Study
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Loan Programs
When evaluating loan options, consider
Source of Loan
Repayment Grace Period
Interest Rate
Subsidized vs. Unsubsidized
Know your rights and responsibilities
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Federal Loan Programs (for Undergraduate)

• Program

Type
Grace
Rate
Note Stafford Loans (both subsidized and
unsubsidized) for Graduate students have a fixed
interest rate of 6.8 through 2013.
FAFSA Required Program Application Required
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Institutional and Private Sources
Know your trusted sources of information.
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Avoid Scholarship Scams

• View with caution any service that requires you
  to pay

• While most scholarship services are legitimate,
  some may be fraudulent and might charge a lot of
  money for little information.

• Report Scams

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How to Apply for Financial AidSubmit All Forms
Required by the College

• Note Communicate with each college to inquire
  about steps to a complete application.

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The Big ThreeFinancial Aid Programs
State of Illinois Monetary Award Program
(MAP) Federal Pell Grant Federal Supplemental
Education Opportunity Grant (FSEOG)

• Total 14,081

Maximum award for 2009-10
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Free Application for Federal Student Aid 3 Ways
to Access
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Important deadlines

• Note This date is subject to change and is
  based on funding by the Illinois General
  Assembly. Deadlines are earlier if funds are
  depleted.

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(No Transcript)
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Dependency Status

• For financial aid purposes, questions on the
  FAFSA will determine the status of the student.

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Determining Financial Need

• A need analysis formula established by Congress
  determines the students Expected Family
  Contribution (EFC).

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What are the costs?
Tuition Fees
Room Board
Transportation
Books Supplies
Miscellaneous Living Expenses

Cost of Attendance (COA)
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To Determine a Students Financial Need
COA Cost of Attendance
EFC Expected Family Contribution
Financial Need
-

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To Determine Financial Need (examples)
Financial Need
COA
EFC
3,000
10,000
7,000
College A
-

3,000
20,000
17,000
College B
-

3,000
35,000
32,000
College C
-

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Financial Aid Awards

• The financial aid administrator at the college
  will package all available aid and send an award
  letter for consideration.

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Financial Aid AwardYou too should have
Selection Criteria

• A few points to consider before you commit to a
  school

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College Affordability

• Financial aid helps make up the difference
  between what you can afford to pay and the cost
  of college.

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The Financial Aid Process
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• Take a minute or two to think about why you want
  to go to college

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Plan, find, apply and pay
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Find answers to your questions

• Illinois Student Assistance Commission
• (800) 899-ISAC (4722)
• collegezone.com
• collegezone_at_isac.org
• U.S. Department of Education
• (800) 4 FED AID
• FederalStudentAid.ed.gov

Were here to help.