College Financial Aid and Planning Seminar

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College Financial Aid and Planning Seminar

• Hinsdale South Guidance Department

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Where Is All the Money?

• Scholarships
• Grants
• Student Loans
• Parent Loans

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FEDERAL METHODOLOGY

• Cost of Attendance - EFC NEED

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Cost of Attendance

• TUITION
• FEES
• ROOM
• BOARD
• TRANSPORTAION
• BOOKS

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COSTS WILL VARY
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EFC REMAINS THE SAME
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PELL GRANT

• EFC MUST BE LOW
• USED AT ANY SCHOOL
• APPLY TOWARD ANY OF THE TOTAL COSTS
• MAXIMUM IS APPX. 4000

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ACADEMIC COMPETITIVENESS GRANT

• PELL GRANT ELIGIBLE
• RIGOUROUS HIGH SCHOOL PROGRAM
• EXTRA 750 AND 1300

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NATIONAL SMART GRANT

• PELL ELIGIBLE
• GOOD GRADES IN COLLEGE
• PURSUING CERTAIN MAJORS
• 4000 MORE

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ILLINOIS MONETARTY AWARD PROGRAM (MAP)

• EFC MUST BE AROUND 10000 OR LOWER
• MUST BE A SCHOOL IN ILLINOIS
• CAN BE USED FOR TUITION FEES
• MAXIMUM APPX. 5000

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COLLEGE/FEDERALWORK STUDY

• EFC LESS THAN TOTAL COST
• WORK ON OR OFF CAMPUS
• EARN 2000 OR MORE
• WORK 10 TO 15 HOURS PER WEEK

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PERKINS LOAN

• EFC LESS THAN COST OF ATTENDANCE
• NO INTEREST WHILE IN COLLEGE
• ATTRACTIVE INTEREST RATES
• STUDENT LOAN/ NOT PARENTS
• FLEXIBLE REPAYMENT

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SUBSIDIZED FEDERAL STAFFORD LOAN

• EFC LESS THAN COST OF ATTENDANCE
• STUDENT LOAN
• ATTRACTIVE INTEREST RATES
• NO INTEREST WHILE IN COLLEGE
• FLEXIBLE REPAYMENT OPTIONS
• MAXIMUMS 3500, 4500 5500, 5500

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NO NEED

• EFC EQUAL TO
• OR GREATER
• THAN THE
• COST OF
• THE COLLEGE

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UNSUBSIDIZED FEDERAL STAFFORD LOAN

• STUDENT LOAN
• ATTRACTIVE INTEREST RATES
• FLEXIBLE REPAYMENT
• INTEREST ONLY
• 5500, 6500, 7500, 7500

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EFC CALCULATION

• PARENTS TOTAL INCOME
• STUDENTS INCOME
• PARENTS SAVINGS AND INVESTMENTS
• STUDENTS SAVINGS AND INVESTMENTS

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COLLEGES OWN MONEY

• ACADEMIC SCHOLARSHIPS
• ATHLETIC SCHOLARSHIPS
• TALENT SCHOLARSHIPS
• NEED AS DEFINED BY FEDS
• NEED AS DEFINED BY COLLEGE
• OTHER

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MARKETING ABILITIES TO THE COLLEGES

• ACADEMIC SCHOLARSHIPS
• ATHLETIC SCHOLARSHIPS
• TALENT SCHOLARSHIPS

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RESEARCHING PRIVATE BASED SCHOLARSHIPS

• Senior checklist
• Guidance web site
• www.fastweb.com

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FORMS

• FAFSA (www.fafsa.ed.gov)
• PROFILE (www.collegeboard.com)
• OWN FORM

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www.pin.ed.gov

• E-mailed to you in 1 to 5 days
• Mailed to your address
• Student needs pin/parents need pin

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SPECIAL CIRCUMSTANCES

• DIVORCED HOUSEHOLD
• INDEPENDENT STUDENT

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APPEAL PROCESS

• CHANGE IN FINANCIAL SITUATION
• EXTRAORDINARY MEDICAL EXPENSES
• PRIVATE HIGH SCHOOL OR GRADE SCHOOL
• COST OF PARENTS COLLEGE

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STUDENT AID REPORT

• Add additional schools
• Crosscheck

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AWARD LETTER

• PELL GRANT
• ILLINOIS MONETARY AWARD
• COLLEGE WORK STUDY
• SUBSIDIZED FEDERAL STAFFORD LOAN
• COLLEGE GRANT
• COLLEGE SCHOLARSHIP

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COMPARING AWARDS

• MAY 1 DEADLINE

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Tax Benefits

• AGI less than 110,000
• AGI less than 140,000

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COLLEGE FUNDING OPTIONS

• Pre-pay tuition programs
• 529 College Savings Accounts
• Roth IRAs

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BORROWING OPTIONS

• 401K OR 403B PLANS
• HOME
• ALTERNATIVE STUDENT LOAN
• PLUS