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Making College Affordable: Applying For Financial Aid Moderator Richard Steele (WBEZ) Panelists Gloria Purifoy (Chicago Public Schools) Tim Opgenorth (UIC)

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Presentation on theme: "Making College Affordable: Applying For Financial Aid Moderator Richard Steele (WBEZ) Panelists Gloria Purifoy (Chicago Public Schools) Tim Opgenorth (UIC)"— Presentation transcript:

1 Making College Affordable: Applying For Financial Aid Moderator Richard Steele (WBEZ) Panelists Gloria Purifoy (Chicago Public Schools) Tim Opgenorth (UIC)

2 1. Myth: My child is 18 and of legal age. He/she can and should file for financial aid on his/her own. Reality: Students are usually considered a dependent until the age of 24. CLICK TO EDIT MASTER STYLE World-Class Education. World-Class City. 10 Myths of Financial Aid

3 2. Myth: I cannot apply for financial aid if I have a valid social security number but one or both my parents do not. Reality: Only students need a valid SSN. CLICK TO EDIT MASTER STYLE World-Class Education. World-Class City. 10 Myths of Financial Aid

4 3. Myth: Parents who are not U.S. Citizens or legal residents will be reported if they provide their personal and financial information. Reality: Parent data is never reported. CLICK TO EDIT MASTER STYLE World-Class Education. World-Class City. 10 Myths of Financial Aid

5 4. Myth: If I have no contact with my parents and cannot provide their information. I will be unable to apply for financial aid. Reality: You can still apply without parent information. CLICK TO EDIT MASTER STYLE World-Class Education. World-Class City. 10 Myths of Financial Aid

6 5. Myth: If my parent(s) refuse to provide their information, I can still apply for financial aid without parental information. Reality: The application will be considered "rejected," and you might not receive any federal student aid except for a loan. CLICK TO EDIT MASTER STYLE World-Class Education. World-Class City. 10 Myths of Financial Aid

7 6. Myth: It is unsafe to provide private information to people I do not know, especially on the Internet. highly secured. Reality: FAFSA on the Web is highly secured. CLICK TO EDIT MASTER STYLE World-Class Education. World-Class City. 10 Myths of Financial Aid

8 7. Myth: I (we) make too much to qualify for financial aid. Reality: There is no income cut-off to qualify for financial aid. CLICK TO EDIT MASTER STYLE World-Class Education. World-Class City. 10 Myths of Financial Aid

9 8. Myth: My bad credit or default loans will hurt my childs chances for financial aid. Reality: A parents debt or default loans are not considered on FAFSA and is not required. CLICK TO EDIT MASTER STYLE World-Class Education. World-Class City. 10 Myths of Financial Aid

10 9. Myth: If I am eligible for the full amount of financial aid, I should be able to meet all educational costs. Reality: Financial aid rarely covers the total cost of education. CLICK TO EDIT MASTER STYLE World-Class Education. World-Class City. 10 Myths of Financial Aid

11 10. Myth: I cannot file a FAFSA for my child because I do not claim him/her on my tax return. Reality: Tax dependency is independent of FAFSA eligibility. CLICK TO EDIT MASTER STYLE World-Class Education. World-Class City. 10 Myths of Financial Aid

12 A snapshot assessment of … Cost of education for the school of choice Estimate of the expected family contribution (EFC) Financial need and aid eligibility Estimate net price or gap in aid Need some student and parent financial information CLICK TO EDIT MASTER STYLE World-Class Education. World-Class City. Conduct A Financial Needs Analysis

13 Families need… To become familiar with college costs, available aid, and potential family costs. An early EFC estimate to prepare a financial plan to meet the cost of education. To know their federal and state funding eligibility. To be proactive in their college selection based on both an academic and financial fit. CLICK TO EDIT MASTER STYLE World-Class Education. World-Class City. Why Get An Early Need Assessment?

14 Financial Aid Needs Estimator: EFC Calculator: UIC website : FAFSA4Caster: https://fafsa.ed.gov/FAFSA/app/f4cForm?execution=e1s1 https://fafsa.ed.gov/FAFSA/app/f4cForm?execution=e1s1 CLICK TO EDIT MASTER STYLE World-Class Education. World-Class City. College Cost and Aid Calculators

15 Investigate options. Ask each school: The percent of need they meet with financial aid Their ratio of grants and scholarships awarded versus work study and loans Do they offer an early financial aid award estimate CLICK TO EDIT MASTER STYLE World-Class Education. World-Class City. Be An Educated Consumer

16 Choose optimal postsecondary fit based on: Academic admissibility match Career accessibility and personal fit Financial affordability CLICK TO EDIT MASTER STYLE World-Class Education. World-Class City. Be An Educated Consumer

17 Be sure your choice is a wise investment: Can you meet your gap in aid annually? Choose a major that makes sense for your potential debt to income outlook. CLICK TO EDIT MASTER STYLE World-Class Education. World-Class City. Be An Educated Consumer

18 Scholarships Grants Loans Employment CLICK TO EDIT MASTER STYLE World-Class Education. World-Class City. Types of Financial Aid

19 Money that does not need to be repaid Scholarships are awarded on the basis of merit, talent, skill, or a unique characteristic Grants are usually awarded on the basis of financial need CLICK TO EDIT MASTER STYLE World-Class Education. World-Class City. Scholarships and Grants

20 Money students and parents borrow to help pay for educational expenses Repayment usually begins after education is finished Look at loans as an investment in the future CLICK TO EDIT MASTER STYLE World-Class Education. World-Class City. Loans

21 Allows student to earn money to help pay educational costs A paycheck; or Non-monetary compensation, such as room and board CLICK TO EDIT MASTER STYLE World-Class Education. World-Class City. Employment

22 A standard form that collects demographic and financial information about the student and family Information is used to calculate the Expected Family Contribution (EFC) Colleges use EFC to award financial aid CLICK TO EDIT MASTER STYLE World-Class Education. World-Class City. Free Application for Federal Student Aid (FAFSA)

23 The FAFSA was available as of January 1, 2011 for the academic year Most colleges set a FAFSA priority filing deadline, with March 1 st being the most common CLICK TO EDIT MASTER STYLE World-Class Education. World-Class City. Completing the FAFSA

24 Available in English or Spanish FAFSA Website: CLICK TO EDIT MASTER STYLE World-Class Education. World-Class City. FAFSA on The Web

25 Need PIN to sign the form electronically PIN Website: CLICK TO EDIT MASTER STYLE World-Class Education. World-Class City. Federal Student Aid PIN

26 Social Security Numbers Divorced/remarried parental information Income earned by parents/step-parents Untaxed income U.S. income tax paid Household size Number of household members in college Real estate and investment net worth Lack of proper signatures CLICK TO EDIT MASTER STYLE World-Class Education. World-Class City. Frequent FAFSA Errors

27 Cost of Attendance (COA) -Estimated Family Contribution (EFC) = Financial Need Examples: COA EFC Need 20,0005,000$15,000 15,0005,000$10,000 CLICK TO EDIT MASTER STYLE World-Class Education. World-Class City. Financial Need

28 Includes direct and indirect costs Is the total ESTIMATE of students expenses at the particular institution Varies widely from college to college CLICK TO EDIT MASTER STYLE World-Class Education. World-Class City. Cost of Attendance

29 Direct Costs –Tuition$9,134 –Fees$3,730 Indirect Costs –Books and Supplies$1,200 –Transportation$1,452 –Misc./Personal$2,176 –Room and Board$10,882 CLICK TO EDIT MASTER STYLE World-Class Education. World-Class City. Cost of Attendance Example - UIC

30 FALL SPRING TOTAL Offered Awards: Presidents Award $1,500$1,500$3,000 Private Scholarship$1,000 $1,000 $2,000 Federal Pell Grant$1,300$1,300$2,600 State of IL MAP Grant (Est).$2,484$2,484$4,968 UIC Access to Excellence Grant $2,500 $2,500 $5,000 Federal Direct Loan–Subsidized $1,750 $1,750 $3,500 Federal Direct Loan–Unsubsidized $1,000$1,000$2,000 Federal Parent Loan $1,000 $1,000 $2,000 Federal Work Study $1,500 $1,500 $3,000 Total Aid Awarded$14,034$14,034 $28,068 Note: Student can choose to accept/decline any aid type offered. CLICK TO EDIT MASTER STYLE World-Class Education. World-Class City. Financial Aid Award Example - UIC

31 FinAid - An easy-to-use guide to financial aid programs and terms Illinois Student Assistance Commission – The State of Illinois site for financial aid information Student Aid on the Web – The U.S. Department of Educations site for financial aid information glish/index.jsp glish/index.jsp CLICK TO EDIT MASTER STYLE World-Class Education. World-Class City. Helpful Websites

32 CLICK TO EDIT MASTER STYLE World-Class Education. World-Class City. Questions

33 CLICK TO EDIT MASTER STYLE World-Class Education. World-Class City.


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