Heather McKane Dean of Student Financial Services at Aurora University Presents:
WHY FINANCIAL LITERACY IS IMPORTANT
Why College Students Drop Out Financial Pressures 5%4% 3% Academic Disqualification 9% Poor Social Fit 38% Family Support 13% Health Problems Distance From Home 28% Mental/Emotional issues
Look at college as a rational investment, not a coming-of-age ritual where money is no object. - Zac Bissonnette, Debt-Free U (2010) Time, Money, and Energy
Free Application for Federal Student Aid & Financial Aid Timeline
What can I do before January 1? • FAFSA4caster • Apply for Admission • Apply for PIN • Research the process • Net Price Calculators
AU’s Net Price Calculator
What can I do after January 1? File FAFSA A.S.A.P!
Expected Family Contribution A need analysis formula established by Congress determines a student’s EFC Expected Family Contribution; Expected Family Contribution using information reported on the FAFSA. What? Why? Where? A comparative measure Used to determine a Shown on the Student of how much a family can student’s eligibility for Aid Report (SAR) be expected to contribute most federal and state over the course of an assistance academic year
Step 1: File the FAFSA • www.fafsa.ed.gov • File as soon as possible after January 1 • AU School Code: 001634 Step 2: Review your Student Aid Report • Make any necessary corrections Step 3: Receive & Review Your Award Letter • Determine an estimate of your Out-of-Pocket Step 4: Return All Requested Paperwork to College Aid Processed
Scholarships, Need-Based Grants, & Veteran Benefits
AU Merit Scholarships Freshman Transfer Renewable, merit-based scholarships awarded to full-time Renewable, merit-based scholarships awarded to full-time freshmen based on cumulative high school GPA and ACT scores transfer students based on cumulative transfer GPA • T.P. Stephens - $12,500 • Presidential Transfer - $7,000 ** • Board of Trustees - $10,000 • Deans’ Transfer - $6,500 ** • James E. Crimi Presidential - $9,500 • Spartan Transfer - $5,000 • Deans’ Scholarship - $8,500 • AU Transfer Grant - $2,500 • AU Opportunity Grant- $7,000 • AU Promise Grant- $2,000 ** An additional scholarship of $1,500 is added for those with a membership in Phi Theta Kappa
Other AU Scholarships/Grants • Advent Christian Endowed Scholarship • Alumni Legacy Grant • Aurora University Family Discount • Dunham Scholarship • Future Educators of America (FEA) • Music and Theatre Scholarship • Out-of-State Resident Grant
Need-Based Grants State • Illinois MAP Grant Federal • Pell Grant • Federal Supplemental Educational Opportunity Grant (SEOG) Institutional Grants • Need-based grants awarded to students with need not met by State and/or Federal grants
VA Benefits • Office of Financial Aid is the certifying office for: Ch.30 (Montgomery GI) Ch. 33 (Post 9-11) Ch. 35 (Dependent) Any other chapter of VA benefits • What we need from students: Yellow- Ribbon Copy of DD-214 OR Participant Certificate of Eligibility (COE) VA Contact Information: www.gibill.va.gov/1-888-442-4551
Student Employment
The Office of Student Employment • More than 350 students employed on campus • More than 30 departments hire student workers • Many different types of on-campus employment opportunities: Clerical/Data Entry Event Set-Up Contact Information Bookstore/Library Location: Eckhart Hall–Room 106 Food Services E-mail: studentjobs@aurora.edu Phone: 630-844-6880 www.aurora.edu/admission/financialaid/student-employment
Federal Work-Study A need-based employment program that provides on- and off-campus jobs to students A completed FAFSA is The availability of funds is required limited; priority deadlines may apply Compensation is at least the The student is paid by the current federal minimum college bi-weekly wage (Max 15 hrs/wk)
Communities In Schools • Off-campus, after school program through the area school districts and the City of Aurora • Over 260 AU students are employed with this program ▫ Participate in activities and experiences in the following subject areas: Academics (math, reading, science) Enrichment “hands - on” activities Fine and performing arts Homework help/tutoring Recreations and sports Socialization
Benefits of Working On Campus • Earn extra money • No gas required - you can walk to your job • Great way to meet new people • Enhances skills for your future career • Build your resume • Increase networking skills • See how a college campus is operated from the inside
Loans
Direct Loan Programs • Low-interest loan the student takes out on his/her own behalf • The FAFSA must be completed • Repayment begins 6 months after the student graduates, leaves school, or falls below half-time enrollment
Subsidized vs. Unsubsidized • Financial Need Subsidized = need-based Unsubsidized = non need-based • Payment of Interest ▫ Subsidized Federal government pays while student is in college and during grace/deferment periods. ▫ Unsubsidized Payment is always student’s responsibility.
Stafford Loan Limits Dependent Independent (no PLUS denial) (or Dependent w/ PLUS denial Subsidized Unsubsidized Subsidized Unsubsidized Freshman $3,500 $2,000 $3,500 $6,000 Sophomore $4,500 $2,000 $4,500 $6,000 Junior $5,500 $2,000 $5,500 $7,000 Senior $5,500 $2,000 $5,500 $7,000 * Dependent Aggregate Loan Limit = $31,000 (no more than $23,000 in Subsidized loans) * Independent Aggregate Loan Limit = $57,500 (no more than $23,000 in Subsidized loans)
U. S. Department of Education Federal Loan Programs, 2011-12 Type Rate Grace Subsidized 5% 9 Perkins Fixed Months Stafford* Subsidized 3.4% 6 Fixed Months (2011-2012) Unsubsidized 6.8% 6 fixed Months PLUS Credit-based 7.9% Within first fixed 60 days *Note: New Stafford Loans (both subsidized and unsubsidized) for Graduate students have a fixed interest rate of 6.8% through 2013.
Know What You’re Signing All federal student loan borrowers must complete and sign a Master Promissory Note (MPN), agreeing to repay: loan funds interest As with any debt, you are responsible for paying your loan even if you: feel that you did cannot find a job not receive the did not complete in your field of educational school study services you purchased
Alternative Loans • Not federally insured • Competitive, variable interest rates ▫ Most are based on prime + premium (lender determines) • Undergraduates must have credit-worthy cosigner • Student must contact lender directly
Outside Scholarships • Where to search • What to do before applying • Completing the process • Avoid scams • Follow up www.aurora.edu Financial Aid Additional Resources
Scam Alert! fafsa.com VS fafsa.gov
fafsa.com
fafsa.gov
Trusted Web Sites Get your hands on up-to-date, accurate and trusted sources of information to learn what you need to know. CollegeIllinois.org KnowHow2GOIllinois.org WhatsNextIllinois.org FederalStudentAid.ed.gov FAFSA.gov PIN.ed.gov CollegeNavigator.ed.gov
Still Puzzled? Here are some common scenarios:
In Out Unlike Wal alma mart rt , Schools do not price match.
Special Circumstances 1) Loss of Income/Benefits 2) Separation/Divorce of Student or Parents 3) Death/Disability of Parent/Spouse 4) Major Medical Expenses Paid 5) Tuition Paid at Private Elementary, Middle and/or High Schools 6) Other
How to Determine Out of Pocket Direct Costs (Tuition, room and board) - Gift assistance (Scholarships/Grants) - Loans Out of pocket expense “GAP” (Plus books and miscellaneous expenses)
How to Determine Out of Pocket Fall Spring Total Estimated Semester Hours 15** 15** SCHOLARSHIPS/GRANTS AU Opportunity Grant $3,250.00 $3,250.00 $6,500.00 *IL MAP Grant (EST) $2,484.00 $2,484.00 $4,968.00 Federal PELL Gant $350.00 $350.00 $700.00 Federal SEOG Grant $642.00 $642.00 $1,284.00 LOANS*** Direct Sub Stafford Loan $1,750.00 $1,750.00 $3,500.00 Direct Unsub Stafford Loan $1,000.00 $1,000.00 $2,000.00 Award Total $9,476.00 $9, 476.00 $19,952.00 * Award amount and eligibility are subject to change pending action by the Illinois General Assembly and/or your actual semester hour enrollment per semester . ** Please notify the financial aid office if your semester hours and/or living arrangements differ from our estimate. This can be done by fax, telephone, in writing, or by email at: finaid@aurora.edu. *** Your loan disbursement dates have been pre-determined by AU based on your semester or module enrollment and/or eligibility. Please watch for your loan disclosures statement which provides your estimated disbursement dates and amounts. This statement will be provided to you by the U.S. Department of Education. Earnings under the FWS program should NOT be included when determining the balance you may owe, as paychecks are given directly you. Student Employment FWS Allocated $750.00 $750.00 $1,500.00
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