1. FINANCIAL AID 101 2

2. Topics We Will Discuss Tonight What is financial aid? Where to get started-Free Application for Federal Student Aid (FAFSA) Cost of Attendance Types and sources of financial aid 3

3. What is Financial Aid? Financial Aid is a catch-all term referring to any program that offers money to assist with the costs associated with being a student. 4

4. Where do I get started? Gather your 2015 income information –Both parent(s) and student –File your taxes early; you can apply for student aid even if you don’t file tax forms. Decide which colleges should receive your information. You can have reports sent to up to six colleges at the time you apply. File as soon after January 1, 2016 as possible. 5

5. General Eligibility Requirements Be a U.S. citizen or eligible noncitizen Be registered with Selective Service Attend a college that is approved for federal funding Seeking a degree or certificate Maintain satisfactory academic progress Must not owe a refund on a Federal grant Must not be in default on a Federal student loan Demonstrate financial need by FAFSA form 6

6. How do I apply? Complete the Free Application For Federal Student Aid (FAFSA) by Applying online at www.FAFSA.ed.govwww.FAFSA.ed.gov –Get an FSA ID and password at www.fsaid.ed.gov Both the student and one parent need an FSA ID –Use the IRS transcript retrieval when applying –Allow 7-10 business days for schools to receive –Submit any requested documents 7

7. Deadlines Matter For consideration of the state grant students attending an Illinois college should apply as soon as possible after January 1, 2016. –Don’t wait! Apply as soon as possible! Some colleges require additional forms - check with your college about forms they require or deadlines you must meet. Some colleges require students to file their FAFSA by a particular deadline. (usually early spring) 8

8. What happens after I apply? A Student Aid Report is sent to the student. –Verify that your information is correct. –EFC = Expected Family Contribution –DRN # and Transaction # are needed to electronically send your report elsewhere. Colleges will send you a letter outlining your financial aid package. Read carefully! 9

9. Verification A student may be selected for a process called Verification by the Department of Education or by the College you are planning to attend. If selected you must provide an Official 2015 IRS transcript of your and your parents’ federal taxes, W-2 forms, and a verification worksheet. To order a transcript go to www.irs.gov/individuals/article/0,,id=232168,00.html or call 1-800-908-9946. www.irs.gov/individuals/article/0,,id=232168,00.html No financial aid can be released until this is completed. 10

10. Independent Status Criteria To be considered “independent” (do not need parent info): 24 years old Graduate or professional student (MA, PhD) Married You have children who receive more than half of their support from you. Legal dependents other than a spouse or children who receive more than half of their support from you. 11

11. Independent Status Criteria continued Veteran of the U.S. Armed Forces Are you currently serving on active duty in the U.S. Armed Forces for purposes other than training? When you were age 13 or older, were both your parents deceased, were you in foster care or were you a dependent/ward of the court? As of today, are you an emancipated minor as determined by a court in your state of legal residence? As of today, are you in legal guardianship as determined by a court in your state of legal residence? 12

12. Independent Status Criteria continued At any time on or after July 1, 2014, did your high school or school district homeless liaison determine that you were an unaccompanied youth who was homeless? At any time on or after July 1, 2014, did the director of an emergency shelter program funded by the U.S. Department of Housing and Urban Development determine that you were an unaccompanied youth who was homeless? At any time on or after July 1, 2014, did the director of a runaway or homeless youth basic center or transitional living program determine that you were an unaccompanied youth who was homeless or were self-supporting and at risk of being homeless? 13

13. Professional Judgment Change of Circumstance –Loss of income, divorce, unusual medical expenses, private school tuition expenses, etc. Dependency Override 14

14. Need Help with 2016-2017 FAFSA? 15 Attend a FAFSA Completion Day at JJC. Main Campus (Rooms C 2014-2017) Wednesday, February 17, 2016: 4:30 - 6:30 p.m. Wednesday, March 2, 2016: 4:30 - 6:30 p.m. Wednesday, March 23, 2016: 4:30 - 6:30 p.m. Wednesday, April 27, 2016: 4:30 - 6:30 p.m. City Center Campus (room 207) Thursday, March 3, 2016: 1:00-3:00 p.m. Romeoville Campus (computer lab 74) Wednesday February 24, 2016: 4:30-6:30 p.m. To file a FAFSA, please bring copies of the following: 2015 federal income tax forms and copies of your 2015 W-2s

15. How is it determined what I get? Cost of Attendance (Tuition, fees, living expenses, transportation and misc.) Minus Expected Family Contribution (EFC) = Unmet Need Using various kinds of resources, the government helps cover a student’s unmet need. 16

16. What can I get? Federal Aid: – Pell Grant – FSEOG - Fed. Supplemental Ed. Opportunities Grant State Aid: – MAP Grant - Monetary Award Program Grant CWS - College Work Study - Earned aid. Student Loans PLUS (Parent) Loans 17

17. Pell Grants Free federal aid you don’t repay. Maximum $5,775 annual - $2,888/$2,887 per semester, based on full-time attendance. Based on financial need - the more need, the higher the award. Pell amounts are the same at every college. If money is left after costs are paid, the extra money is returned to students. 18

18. FSEOG - Fed. Supplemental Ed. Opportunities Grant Free federal aid you don’t repay. Maximum of $4000 annually. (usually ranges from $400 to $2000 per year) Based on financial need - Often a “0” EFC. Award will vary with the school. Far fewer students receive SEOG than receive Pell. If money is left after costs are paid, the extra money is returned to students. 19

19. CWS - College Work Study Earned aid - nothing to repay. Employment by the college you are attending. Will be budgeted a particular amount of hours. Work schedule is often flexible to accommodate your class schedule 20

20. America Reads America Counts Program It has the same criteria as the Federal Work-Study program. The student will tutor children off campus at elementary and middle schools or the library. 21

21. MAP - Monetary Award Program Free State Aid. Pays only tuition costs. (Not lab fees or textbooks) Maximum $4,968 annually next year. Varies by the institution. Only available to Illinois residents attending Illinois institutions. (Must be an Illinois resident one year prior to attending.) 22

22. Student Loans Perkins –Maximum annual undergraduate loan is $5,500. –Most favorable type - is based on need. –College is the lender. –0% interest while attending - 5% interest during repayment. –First payment is due 9 months after date of last attendance or if student drops below 1/2 time attendance. 23

23. Student Loans William D. Ford Direct Loan Program (Direct Loans) - funds provided directly from the federal government. - Subsidized Student Loans -Unsubsidized Student Loans 24

24. Subsidized Student Loans Are need based. While attending college, the interest is paid by the federal government. Must attend college at least 1/2 time. First payment is due 6 months after date of last attendance or if student drops below 1/2 time attendance. Interest rate changes each July. Current rate fixed rate is 4.66% during repayment. Loan is not based on credit history. 25

25. Unsubsidized Student Loans Are NOT need based. (Cannot exceed cost of attendance.) Interest is charged while attending college. Must attend college at least 1/2 time. First payment is due 6 months after date of last attendance or if student drops below 1/2 time attendance. Interest rate changes each July. Current fixed rate is 4.66% during repayment. Loan is not based on credit history. 26

26. How much can I borrow? Dependent undergraduate subsidized limit –$3500 (First year students) –$4500 (Second year students) –$5500 (Third year students) –$5500 (Fourth year students) May borrow up to $2000 additional unsubsidized 27

27. PLUS Loans Parent is the borrower. Parent must be “credit worthy” and complete a PLUS loan application to the college. Repayment begins after last disbursement, but parents may contact their loan servicer to request in-school deferment. Refer to the Direct Plus Loan Borrower’s Rights and Responsibilities Statement for more information on repayment options. Limit is cost of attendance minus any student financial aid. Current fixed rate is 7.21% for DL 28

28. JJC Scholarships Joliet Junior College Scholarships are available for both part and full-time students who are new, continuing, or transfer students. Apply online for scholarships at www.jjc.edu/info/scholarships each year between January 1 st and April 1 st. Scholarships will be awarded and applied starting in the following fall semester. www.jjc.edu/info/scholarships 29

29. Final Tips Financial aid is a yearly process. Tax return information is needed when completing the FAFSA form. Ask questions throughout the financial aid process. Inquire and consider all options that are available to you. If considering the tax credits, please consult with a tax advisor or IRS for more detailed information. 30

30. Final Tips, Continued Keep copies of all forms and worksheets for your records. Collect literature on financial aid and on preparing for college costs. Surf the internet. Inform the financial aid office about any changes affecting the family’s income. 31

31. QUESTIONS????? 32

32. For More Information Contact Joliet Junior College Financial Aid/Veterans Office 1215 Houbolt Road Joliet, IL 60431-8938 (815) 280-2528 finaid@jjc.edu 33