1. Senior Advisory 12-17-14 Financial Aid 101

3. “How will I pay for college?” Financial Aid

4. Median Weekly Earnings, Age 25+ Education Pays

5. Types of Financial Aid  Scholarships  Grants  Loans  Work Study GIFT AID SELF-HELP AID

6. Big 3 Maximum Award Amounts GRANTS Up to $4,720* Up to $5,550 Up to $4,000 —State of Illinois Monetary Award Program (MAP) —Federal Pell Grant —Federal Supplemental Education Opportunity Grant (FSEOG) Total = up to $14,270

7. Source of Loan Source of Loan Repayment Options & Grace Period Repayment Options & Grace Period Interest Rate Interest Rate When evaluating loan options, consider the following: Loans: Worth it or not? Start by knowing your rights and responsibilities— loans can be helpful, but you should be fully informed before signing on the dotted line. Subsidized vs. Unsubsidized Subsidized vs. Unsubsidized

8. No Social Security #?  MANY SCHOLARSHIPS ARE AVAILABLE!!! See your counselor!

9. Completing the FAFSA Application Online

11. Important Dates Map Grant: Apply as soon as possible after Jan. 1, usually runs out around March Pell Grant: Available until June 30, 2015 When to Apply for the 2015-2016 Academic Year * Note: In Illinois, grants and dollar amounts are subject to appropriations by the Illinois General Assembly and approved by the Governor.

12. Comparing Award Letters & Decision Day  Award letters distributed around April 1 st  Decision Day is May 1 st ! Colleges determine need based on: Cost of Attendance (COA) – Expected Family Contribution (EFC) = Financial Need

13. WHAT ARE THE COSTS?  Tuition & fees  Room & board  Books, supplies, transportation, & miscellaneous personal expenses, including documented costs for personal computer  Loan fees  Study abroad costs  Disability-related expenses

14. WIU 2005-2006 Yearly Costs* Tuition (in-state) $4,968.00 Fees $1,442.70 Health insurance $ 488.00 Room/Board (Double) $6,143.00 Room/Board (Single) $7,366.00 Other estimated costs Books and supplies $1,000.00 Miscellaneous/Personal $2,806.00 Total $16,847.70

15. Gather Information  We need to see some documents for you to fill out the FAFSA in a timely and correct manner  Start talking to your parents NOW about gathering financial information so you can be ready to go in January!

16. Documents Needed:  Your Social Security Number (and parents’, if possible)  Your Permanent Resident Registration Number (if you are not a U.S. citizen) (and parents’, if possible)  Your most recent federal income tax returns, W-2s, and other records of money earned. (Note: You will be able to transfer your federal tax return information into your FAFSA using the IRS Data Retrieval Tool.)  Bank statements and records of investments (if applicable)  Records of untaxed income (if applicable)

18. IMPORTANT INFO  Complete FAFSA EARLY using your parents’ 2013 tax info!!!  The name and Social Security Number you enter on the FAFSA MUST match what you have on your Social Security Card!!!!  If there are any discrepancies or “red flags” (parents without a SSN, tax info doesn’t match, your name or SSN isn’t the same as what IRS has) you will be flagged for verification by your college.

19. FAFSA Workshops at Amundsen  January and February Tuesdays: Counselor Workshops from 1:00- 2:15 PM in College and Career Center Fridays: Ladder Up Workshops from 1:00- 2:15 PM in College and Career Center Please bring documents, if possible!