1. Financial Aid Overview Presented by: Leana Davis and Ina Weiskopf

2. 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

3. 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.

4. GRANTS FEDERAL

5. 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

6. 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 loanwww.studentloans.gov – Exit Counseling is completed when student does not apply for loan the following semester

7. SCHOLARSHIPS  HS Guidance Office  College Website – www.mchenry.edu/scholarships www.mchenry.edu/scholarships  State of Illinois Website – www.collegeillinois.org www.collegeillinois.org  Clubs & Organizations  Labor Unions & Employers  Online Scholarship Searches

8. 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

9. 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

10. ADVOCACY  Be informed  Learn how to make a difference  Improve access to higher education

11. www.studentaid.ed.gov

12. www.facebook.com/FederalStudentAid

13. 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 www.mchenry.edu/financialaid/veterans

14. DEFINITION OF NEED COST OF ATTENDANCE (COA) - EXPECTED FAMILY CONTRIBUTION (EFC) =FINANCIAL NEED

15. 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

16. HOW TO APPLY: FAFSA  Free Application for Federal Student Aid  Must be completed annually – When taxes are filed complete the FAFSA – Available January 1 st  FAFSA on the web – www.fafsa.govwww.fafsa.gov – Built in edits – Detailed instructions – More timely submissions

17. 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

18. 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.govwww.pin.ed.gov

19. REQUIRED INFORMATION  Demographic Information  Social Security No.  Student & Parent Income  Untaxed Income  Investment Information  School Choices

20. 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

21. 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

22. 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

23. 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

24. 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

25. 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

26. 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 http://www.mynextmove.org

27. 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

28. 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

29. EDUCATION TAX CREDIT  American Opportunity Tax Credit – Tutorial available at www.youtube.comwww.youtube.com Search: American Opportunity Tax Credit  www.irs.gov/individuals/students www.irs.gov/individuals/students

30. FAFSA Completion Workshop  Complete the FAFSA online at MCC – February 19 th 5:30 – 8:00 – Make appointment beginning February 1 st – Open to students attending any College/University  High School FAFSA Completion Workshops – Dates to be determined. Contact your guidance counselor for details

31. 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/financialaidwww.mchenry.edu/financialaid  Phone: (815) 455-8761  Office Hours: – M-Th 8:00a – 6:00p – F8:00a – 4:30p