MCHENRY COUNTY COLLEGE Financial Aid Overview

MCC – PROMISE Due to overwhelming demand, new applications for the MCC Promise are no longer being accepted. Northwest Herald 9-24 & 9-25 October, 22 nd 2009 (815)

THE FAO STAFF Laura McGee– ◦ Director Lynn McCabe – ◦ Specialist/Veterans Carolyn Gray– ◦ Specialist/Scholarships Leana Davis – ◦ Specialist/Outreach/Work Study Maria Tech – ◦ Specialist/Promise Annette Roewer– ◦ Part-time Assistant Brittany Menta– ◦ Part-time Assistant

WHAT IS FINANCIAL AID GIFT AID: Grants Scholarships SELF HELP: Loans Work Study

GRANTS FEDERAL PELL SEOG ACG/SMART STATE MAP IIA INSTITUTIONAL Four Year Universities Private Universities

LOANS Federal Stafford Loan / Federal Direct Loan ◦ 6.8% fixed Federal Perkins Loan ◦ 5.0% Federal Parent Loan (PLUS) ◦ 8.5% interest Institutional Loan ◦ varies Alternative/Private Loan ◦ varies

SCHOLARSHIPS HS Guidance Office College website ◦ mchenry.edu/scholarships State of Illinois website ◦ collegezone.com Clubs & organizations Labor unions & employers Online scholarship search

Scholarship Application Tips Never pay a fee Never give out your social security number Make sure the applicant fits ALL the scholarship criteria Maintain a decent GPA Develop interests and talents into specific activities Be sure to get letters of recommendation ◦ Employers ◦ Teachers ◦ Clubs Advisor

WORK STUDY Available for undergraduate and graduate students Pay is usually at least minimum wage Most employment is on campus Colleges try to work around student schedule

EDUCATIONAL OPPORTUNITIES AND THE MILITARY Available during and after military service See your local recruiter or Veteran Coordinator at your college for more details

How To Apply: F A F S A Free Application for Federal Student Aid FAFSA On The Web ◦ ◦ Highly recommend for speed and accuracy Paper Version & Special Needs Assistance ◦ Department of Education (800)

How To Apply: F A F S A Must be completed annually ◦ When taxes are filed complete the FAFSA ◦ Available January 1 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 attend college Speeds process time Apply for the pin numbers now ◦

REQUIRED INFORMATION Demographic info including: ◦ Social security number(s) ◦ Student Income ◦ Parent Income ◦ Untaxed Income ◦ Investments information ◦ School choices

MOST COMMON FAFSA QUESTIONS Which Parent Income Do I Use? ◦ Both parents if married or ◦ Parent & step parent (if remarried) or ◦ Parent that student lived with the most during 12 months prior to filing FAFSA What If Parents Who Filed Taxes Jointly Are Now Divorced Or Separated? ◦ Use only the income from the parent that student lived with the most during 12 months prior to filing FAFSA; be sure to include child support if received

MOST COMMON FAFSA QUESTIONS Who Is Included As a Member Of The Household? ◦ Your parents and yourself ◦ Anyone you or your parents' support more than 50% Can I List More Than One School? ◦ You may list ten (10) schools on the FAFSA

MOST COMMON FAFSA ERRORS Leaving items blank ◦ Review instructions and note sections on the FAFSA ◦ Worksheet MCC Financial Aid Office and Online Forgetting to sign and mail a signature page if a pin was not used to sign online. ◦ Signature page must include all necessary signatures. ◦ Signature page must be mailed to the DOE. Incorrect information. ◦ TAX INFO-Double check your tax information and be sure to pull from the correct line item. ◦ DEPENDENCY STATUS QUESTIONS- must have documentation

WHAT HAPPENS AFTER I FILE THE FAFSA You will receive a Student Aid Report via or US mail. This will include an EFC from the Dept of Education. Schools listed on your FAFSA will then request additional information. It is critical the requested information is returned ASAP! The financial aid office will send you an award notification detailing your eligibility.

COST OF ATTENDANCE Tuition and fees Room and board Books and supplies Transportation costs Miscellaneous personal expenses Loan fees

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

EDUCATION TAX CREDITS American Opportunity Tax Credit ◦ tutorial available at ◦ Go to

FAFSA COMPLETION WORKSHOP Date: Watch our Website ◦ ◦ 3 rd Thursday in February in prior years ◦ MCC Software Conversion Complete the FAFSA online at MCC Open to students attending any college Must bring: ◦ 2009 Federal income tax forms ◦ Social Security Cards(s) ◦ Untaxed income/Asset Information

MCHENRY COUNTY COLLEGE We are your community college – please use us as a resource. Even if you are attending another college, please contact us with any financial aid questions Website: Office Hours: ◦ Mon-Thurs…….8:00 am – 7:30 pm ◦ Friday…………..8:00 am – 4:30 pm ◦ Saturday………..8:00 am – 1:00 pm

QUESTIONS THANK YOU FOR COMING!