Presentation on theme: "Financial Aid 101. Step 1: Apply Apply for Financial Aid by completing a Free Application for Federal Student Aid (FAFSA) Make sure to include the Title."— Presentation transcript:
Step 1: Apply Apply for Financial Aid by completing a Free Application for Federal Student Aid (FAFSA) Make sure to include the Title IV funding code for DACC: 001669 You can fill out your application online by going to www.fafsa.ed.govwww.fafsa.ed.gov If you fill out your FASFA application on the Internet, you will need a PIN to electronically sign your application To obtain this PIN you will need to go to www.pin.ed.gov to request one www.pin.ed.gov
Step 2: Verify You will need to work with the Financial Aid Office (FAO) to verify your file You will be asked to provide copies of the information that you reported on your FAFSA such as: –Federal Tax Transcripts (Unless using the FAFSA IRS Match and no changes are made to these fields) –State Tax returns (If Independent Illinois resident) –Untaxed Income, Food Stamp (if applicable) –Documents of Child Support Paid and/or Received Once these are received, we can determine your student aid eligibility. If corrections are needed we will let you know this.
Step 3: Award You will receive an award letter advising you of your estimated and actual awards for the Academic Year. This will be based on full time/full year enrollment and will be adjusted to your actual enrollment status each term. Note: After this initial notice all other Student Aid information will be found at the student’s online school account (the Jaguar Spot). The Federal and Illinois State programs available at DACC are: –Federal Pell –Illinois MAP (Monetary Award Program) –Federal College Work Study –Federal Student Loans
Federal Pell Grant Need based gift program awarded by the Department of Education –These funds can be used for tuition, fees, books, and supplies –Excess Pell balances will be issued to the student as a refund each term. These are mailed to the student’s primary address. It is important to keep your address current with the DACC Records office.
Illinois MAP MAP is a need based tuition assistance program administered by the State of Illinois Student Assistance Commission (ISAC). Eligibility is based on the results of your FAFSA application. Results will be forwarded to your state of residency by the Department of Education. To be awarded MAP: If Independent status on FAFSA you must provide verification that you resided in the state of Illinois continuously for 12 months prior to the first date of the Fall semester. If Dependent status on FAFSA parent(s) must be Illinois resident.
Federal College Work Study Positions on Campus that allow you to work around your class schedule Pay is minimum wage Wages are considered an income exclusion by the Department of Education when you apply for federal aid the next academic year Complete the DACC application in the HR Office located on the 2 nd floor of Vermilion Hall.
Student Loans DACC participates in the Federal Education Direct Loan Program (DL). Loans are not “packaged” upfront. The student has an Active participation role by completing the DACC Loan Request Form (LRF). This is to be submitted each award year. The LRF is the indication a student wishes to borrow, the amount requested and time period the loan is to cover. FAO-determines eligibility based on the student’s Cost of Attendance less the Expected Family Contribution (EFC) and less all other student aid and educational resources. Student’s must be enrolled in at least 6 credit hours (at half- time status) each term the loan is to cover. The loan interest rate is determined each year by the Department of Education. The LRF can be found at DACC FA Forms: http://www.dacc.edu/finaid/LoanRequestForm.pdf http://www.dacc.edu/finaid/LoanRequestForm.pdf
Helpful Hints Apply every year and apply early! Keep copies of everything you receive from the Financial Aid Office Monitor the DACC Financial Aid website for important dates and reminders Invest in a Student Calendar offered each Academic Year at the DACC Bookstore in order to monitor Financial Aid activities Respond promptly to requests for information Know your school, state and federal deadlines DACC’s FAO Webpages link: http://www.dacc.edu/finaid/index.php
Contact Information Send specific questions to: Email: firstname.lastname@example.org@dacc.edu Phone: (217) 443-8891 Fax: (217) 443-8268 DACC 2000 East Main Danville, IL 61832 Attn: Financial Aid Office (FAO) Or to contact a specific Financial Aid Office Member use this link: Financial Aid Contact Information Financial Aid Contact Information