Financial Aid Flow Chart

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Financial Aid Flow Chart

Send FAFSA to Federal Processor
Student Parents Complete FAFSA (Free
Application for Federal Student Aid)
Federal Processor Calculates EFC (Expected Family
Contribution)
Information is sent to the Office of Student
Financial Aid
OSFA (Office of Student Financial Aid)
Determines aid based on EFC
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Financial Aid Need

• We determine your financial need by
• Cost of Attendance
• (-)
• Expected Family Contribution (EFC)
• Financial Need

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Cost of Attendance 2007-2008 (Reflects
Guaranteed Tuition)The Board of Trustees has not
yet approved tuition for 2007-2008.The amounts
listed below are estimated.
Students will have either a University
Housing contract which will be directly billed by
the University or Private Certified
Housing/Apartments which is an indirect cost.
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Types of Need-Based Aid

• Grants (Federal, State or Institutional)
• Do not have to be repaid
• Eligibility is determined by financial need and
  awarding policy
• Scholarships
• College and Department
• (Merit Need-Based)
• Institutional (Need-Based)
• Private scholarships

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Employment Opportunities

• Federal Work-Study Programs (Need-Based)
• Other campus off campus jobs
• To view current job postings, see the Virtual
  Job Board on the OSFA website!

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Types of Need-Based Aid

• Federal Direct Subsidized Loan
• Interest
• Fixed at 6.8
• Deferred while student is enrolled
• Repayment
• 6 months grace period
• after graduation or ceasing to be
• enrolled in at least 6 hours.
• Loan limits vary by class level.
• (Fr. 3,500, Soph. 4,500, Jr./Sr. 5,500)

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Types of Need-Based Aid

• Federal Perkins Loan and
• University Loan
• Interest
• Fixed at 5
• Deferred while student is enrolled
• Repayment
• 9 months (Perkins) or 6 months (University
• Loan) grace period after graduation or
• ceasing to be enrolled in at least 6 hours
• (Paper promissory note and reference
• form will be enclosed with the Award Letter.)

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Types of Non Need-Based Aid

• Federal Direct Unsubsidized Loan
• Interest
• Fixed at 6.8
• Accrues after disbursement
• Repayment
• 6 months grace period after graduation or
• ceasing to be enrolled in at least 6 hours
• Loan limits vary by class level.
• (Fr. 3,500, Soph. 4,500, Jr./Sr. 5,500)

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Direct Loan Processing Requirements

• Entrance Interview
• Required for any new student accepting a federal
  loan
• Electronic Master Promissory Note
• Must be completed in order to receive the
  Federal Direct Subsidized or Unsubsidized student
  loan funds

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Types of Non Need-Based Aid

• Federal Direct Parent Loan for Undergraduate
  Students (PLUS)
• Interest
• Fixed at 7.9
• Accrues upon disbursement
• Repayment
• Begins within 60 days after total loan has
• been disbursed (March or April of the
• academic year)
• Requirements
• Credit Check through Dept. of Education
• PLUS Loan Request Form
• Master Promissory Note

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Estimated Cost of Attendance
Financial Aid Awards
STUDENT AWARDS FALL SPRING TOTAL
Federal Pell Grant 200.00 200.00 400.00
State of Illinois MAP Grant 2,235.50 2,235.50 4,471.00
ACG Freshmen 375.00 375.00 750.00
Bellamy Scholarship 750.00 750.00 1,500.00
General Scholarship Fund 750.00 750.00 1,500.00
Meyer, Marjorie Estate Schol 293.00 293.00 586.00
Federal Work Study 1,500.00 1,500.00 3,000.00
Federal Perkins Loan 1,000.00 1,000.00 2,000.00
Fed Direct Loan Subsidized 1,750.00 1,750.00 3,500.00
STUDENT AWARD TOTALS 8,853.50 8,853.50 17,707.00
PARENT LOANS      
Fed Direct Parent Plus 4,618.00 4,617.00 9,235.00
TOTAL AID AWARDED 13,471.50 13,470.50 26,942.00
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Special Circumstances

• A familys financial situation may be different
  from the tax year information on the FAFSA.
• Examples include
• Loss of Employment
• Loss or reduction of Social Security Benefits
• Divorce or separation
• Other

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Additional Questions

• Do you have a general financial aid question?
  Check our website
• www.osfa.uiuc.edu
• Do you have a question that is not answered on
  our website? E-mail us at
• finaid_at_uiuc.edu

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Financial Aid Summary

• Visit the OSFA website
• Search for private scholarships
• Review the different types of aid

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Contact Information

• Office of Student Financial Aid
• Student Services Arcade Building
• 620 E. John Street, MC-303
• Champaign, IL 61820

Website www.osfa.uiuc.edu E-mail
finaid_at_uiuc.edu Phone [phone] Fax
217-265-5516
Hours Reception Desk 9am - 5pm Telephones
830am noon 1pm 5pm Walk-In Counseling
9am 430pm