Financial Aid Overview

Presented by: Leana Davis and Ina Weiskopf

THE FAO STAFF Leana Davis – Director

Lynn McCabe– Coordinator of Veteran

Services

Carolynn Gray– Scholarship Specialist

Annette Roewer – Part-Time Assistant

Mary Matthei– FAO Secretary

Maria Tech -Loan Specialist

Ina Weiskopf - Work Study and Outreach Specialist

WHAT IS FINANCIAL AID?

GIFT AID

Grants

Scholarships

SELF HELP

Loans

Work-Study

Financial Aid is funds provided to students and families to help pay for postsecondary educational expenses.

GRANTS

FEDERAL PELL – Maximum $5730

– Tuition & Fees– Bookstore – No More than 12 semesters

SEOG - $400 (MCC)– $100 - $4000– Tuition & Fees

STATE MAP

– Tuition Only – Early Deadlines (Mar. 2nd)

INSTITUTIONAL Four year Universities Private Universities

LOANS

Direct Stafford Loan – 4.66% Fixed – Subsidized – 4.66% Fixed – Unsubsidized

Federal Perkins Loan– 5.0%

Federal Parent Loan (PLUS) – 7.21%

Institutional, Alternative, & Private Loans– Varies

LOAN TIPS

Don’t borrow more than you need – Delinquency/Default will damage students’ credit

Know your repayment options – 46% of borrowers who graduate become delinquent within

the first 5 years – Entrance Counseling and Master Promissory note needs to

be completed at www.studentloans.gov before loan– Exit Counseling is completed when student does not apply

for loan the following semester

SCHOLARSHIPS

HS Guidance Office College Website – www.mchenry.edu/scholarships

State of Illinois Website– www.collegeillinois.org

Clubs & Organizations Labor Unions & Employers Online Scholarship Searches

SCHOLARSHIP APPLICATION TIPS Never pay a fee Never give out social security numbers Applicant must fit ALL criteria Maintain a decent GPA Develop interests and talents into activities Letters of Recommendation – Employers– Teachers – Club Advisors

WORK-STUDY

Available for undergrad and grad students

Pay is at least minimum wage – $8.25 (IL)

Most employment is on campus

Colleges will work around student’s academic schedule

ADVOCACY

Be informed

Learn how to make a difference

Improve access to higher education

www.studentaid.ed.gov

www.facebook.com/FederalStudentAid

EDUCATIONAL OPPORTUNITIES & THE MILITARY

Available during and after military service

See your local recruiter or Veteran Coordinator at your college for more details – www.mchenry.edu/financialaid/veterans

DEFINITION OF NEED

COST OF ATTENDANCE (COA)

-

EXPECTED FAMILY CONTRIBUTION (EFC)

=FINANCIAL NEED

COA – EFC = Need Example

COA: D - In Dist EFC Unmet Need

MAP Pell

Scholarships Federal Work-Study

$9,222.00 $3736.00 $5486.00

$1,568.00 $5,730.00 $4162.00

HOW TO APPLY: FAFSA

Free Application for Federal Student Aid

Must be completed annually – When taxes are filed complete the FAFSA – Available January 1st

FAFSA on the web – www.fafsa.gov – Built in edits – Detailed instructions– More timely submissions

HOW TO APPLY: FAFSA

FAFSA on the web worksheet – Used as a pre-application to help organize required

information

Special Needs & Questions– Department of Education (800)4FED-AID/(800)433-3243

Each student and parent attending college needs a separate FAFSA

PIN NUMBERS

Used to sign FAFSA on the web

Each student and one parent need a pin – Parents will receive one pin to be used for all their

students and for their own FAFSA should they complete one

Speeds process time

Apply for pin numbers now www.pin.ed.gov

REQUIRED INFORMATION

Demographic Information Social Security No. Student & Parent Income Untaxed Income Investment Information School Choices

MOST COMMON FAFSA QUESTIONS

Which parent’s income do I use? – Both if parents are married – Parent and Step-parent if remarried – Parent that student lived with the most during 12 months

prior to completing the FAFSA

MOST COMMON FAFSA QUESTIONS

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

MOST COMMON FAFSA QUESTIONS

Who is included as a member of the household?– The student– The student’s parents/step parents living in the household – Anyone the parent(s) support more than 50%

Can more than 1 school be listed on the FAFSA?– Up to 10 schools can be listed on the FAFSA

MOST COMMON FAFSA ERRORS

Leaving items blank – Gender – Selective Service – Review Help and Hints section on FAFSA – Worksheets available online – Social Security Number , be sure to have SS# on record at

the school you want FAFSA sent to

MOST COMMON FAFSA ERRORS

Incorrect Information – TAX INFORMATION – Double check your tax information

and be sure to pull from the correct line item – DEPENDENCY STATUS ?’S – Must have documentation

FAFSA – IRS Data Retrieval – www.youtube.com• Search: IRS Data Retrieval - 2014-2015 FAFSA

MOST COMMON FAFSA ERRORS

No Signature (no pin)– Signature page must include ALL necessary signatures

(parent & student)– Most FAO’s will not accept a paper signature page and

require electronic signatures

WHAT HAPPENS AFTER I FILE THE FAFSA?

Identify your major early – Department of Education requirement

Visit your high school guidance office or college for career exploration tools– http://www.mynextmove.org

WHAT HAPPENS AFTER I FILE THE FAFSA?

Student Aid Report (SAR)– Via Email – Will include an EFC from the Department of Education

Institutional Information Record (ISIR)– Sent to colleges listed 10-14 days after FAFSA is submitted

WHAT HAPPENS AFTER I FILE THE FAFSA

Selected for Verification – Sent to email on file with college/FAFSA– Tax Transcripts– Additional Information

Award Notification – Based on full time enrollment

EDUCATION TAX CREDIT

American Opportunity Tax Credit – Tutorial available at www.youtube.com • Search: American Opportunity Tax Credit

www.irs.gov/individuals/students

FAFSA Completion Workshop

Complete the FAFSA online at MCC – February 19th 5:30 – 8:00– Make appointment beginning February 1st

– Open to students attending any College/University

High School FAFSA Completion Workshops– Dates to be determined. Contact your guidance counselor

for details

MCHENRY COUNTY COLLEGE

We are your community college – please use 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 8:00a – 6:00p– F 8:00a – 4:30p