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Financial aid

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  • 1. Liz CaldieraroAdvisor IIFinancial Aid:Survival Basicssiue.edu
  • 2. Who actuallyunderstandsthis stuff?siue.edu
  • 3. FAFSAwww.fafsa.gov2013–20141. Complete your FAFSA2. FAFSA processed3. Application received by University4. Award letter or verification?siue.edu
  • 4. CougarNet• siue.edu/cougarnet• Web access to your personal records!• Check the status of your application foradmission• Check on the availability of classes• View your bill and find out how much youowe• View financial aid documentsrequested/received• View and print Award Statement• Check on your financial aid awards• Update your local, billing, and emailaddresses• And so much more!• Login often!siue.edu
  • 5. What is verification, andwas I selected? Why do I have to be verified? What is the Selective Servicerequirement? How do I know I am verified? How long will it take to getout of this process?siue.edu
  • 6. Verification: What’s needed?1. Institutional Verification Form (IVF) 2013-14• siue.edu/financialaid2. Parent’s 2012 federal Tax Return Transcript• irs.gov; IRS Data Retrieval Tool in the FAFSA; (800) 908-9946; or visit yourlocal IRS office3. Parent(s) W2(s) for 20124. Student’s 2012 federal Tax Return Transcript• irs.gov; IRS Data Retrieval Tool in the FAFSA; (800) 908-9946; or visit yourlocal IRS office• Student’s W2(s) for 2012siue.edu
  • 7. siue.edu
  • 8. Once inside the FAFSA, go to the financial section of the application on www.fafsa.gov.Click on the link to make a correction. Once inside, go to the financial section.1. Enter your PIN* and click Link To IRS• You will not be asked to enter your PIN if you entered a PIN to begin your FAFSA.2. Your FAFSA will be saved and you will be transferred to the IRS website. On the IRS website,enter the requested information.3. Once the IRS has validated your identification, your IRS tax information will display. You caneither transfer your information from the IRS, or choose to return to FAFSA on the Web from theIRS website. If you do not transfer your information or choose not to return from the IRSwebsite, you will have to login to open your saved FAFSA.4. If you transfer your IRS tax information, questions that are populated with tax information willbe marked with “Transferred from the IRS.”Questions? Call: 1-800-433-3243siue.eduHow the Student IRS Data Retrieval Tool Works
  • 9. Verification:Checking Missing Documents1. Go to CougarNet at siue.edu/cougarnet2. Click “Enter CougarNet with your e-ID” (1st option) or“Enter CougarNet with your University ID” (2nd option)3. Click “Financial Aid” (3rd option) or (3rd tab)4. Click “Eligibility” (2nd option)5. Click “Student Requirements” (1st tab)6. Current Academic Year Requirements will appear7. “Established” means the document must be turned in to our office immediately!8. If you wish to view a year different from the current year, click on“Select Another Year” at the bottom of the screen.siue.edu
  • 10. I have my award letter;now what?siue.edu
  • 11. Your Award Letter$ Cost of Attendance/Budget$ EFC (Expected Family ContributionNumber)$ Types of Aidsiue.edu
  • 12. Student’s Cost of Attendance/Budgetdoes not equal actual costs! Tuition and Fees Room and Board Personal Expenses Books and Supplies Transportationsiue.edu
  • 13. Direct Costs* for Two SemestersIllinois Resident, 15 hours• Tuition $7,296.00• Fees (Includes Textbook Rental Fee of $175.50) $2,370.40• Shared room in Residence Hall $5,461.00• Meal Plan A $3,070.00Total Direct Costs $18,197.40* Based on 2013-14 Costssiue.edu
  • 14. siue.edu• Tuition $18,240.00• Fees (Includes Textbook Rental Fee of $175.50) $2,370.40• Shared room in Residence Hall $5,461.00• Meal Plan A $3,070.00Total Direct Costs $29,144.40* Based on 2013-14 CostsDirect Costs* for Two SemestersOut-of-State Resident, 15 hours
  • 15. Expected Family Contribution number isused to determine how much, if any,need-based/gift aid a student can receive.EFC can range from $0 – $99,999.What is an EFC?siue.edu
  • 16. Examples of Need-Based Aid• Grants (Pell, MAP, SEOG, etc.)• Federal Student Employment• Scholarships• Subsidized Loansiue.edu
  • 17. Types of Loans• Stafford Loans• Federal Plus Loans• Alternative LoansLoans are considered financial aid,and all loans must be repaid.siue.edu
  • 18. 1. Subsidized2. UnsubsidizedThere are two types ofStafford (Student) Loanssiue.edu
  • 19. Subsidized Loan1. Need-based aid2. Deferred payment3. Government pays the interest, per policy4. 6.8% Interest rate (Fixed)siue.edu
  • 20. Unsubsidized Loan1. Offered to all students (based onfederal policy)2. Interest accrues, but can be deferred3. Deferred principal payment4. 6.8% Interest rate (Fixed)siue.edu
  • 21. Federal (Parent) Plus Loan• Loan is in the parent’s name• Based on credit merit• Approved: 7.9% fixed w/deferred payment option• Denied: Offer studentadditional $4,000 inunsubsidized loan• Must complete a FAFSAsiue.edu
  • 22. Alternative Loans• Loans are in the student’s name• Based on credit merit• Loans are deferred until student graduates• Interest is variable, same as fundingeducation on a credit cardsiue.edu
  • 23. Three Steps to Receiving yourDirect Stafford Loans1. Accept Award Letter on CougarNet.2. Complete a Master Promissory Note(MPN) with Direct Loans.3. Complete Entrance Loan Counseling.siue.edu
  • 24. 1. Go to CougarNet at siue.edu/COUGARNET2. Click “Enter CougarNet with your e-ID” (1st option) or“Enter CougarNet with your University ID” (2nd option)3. Click “Financial Aid” (3rd option) or (3rd tab)4. Click “Award” (3rd option)5. Click “Award for Aid Year” (1st option)6. Click Drop-down menu7. Select correct aid year; Click “Submit”8. Click “Accept Award Offer” (5th tab)9. Accept and/or decline items listed10. Click “Submit Decision”siue.edu
  • 25. You will need your 4-digit PIN from your FAFSA.siue.edu1. Go to Direct Loans’ website www.studentloans.gov;2. In the box “Manage My Direct Loan,”click on green “Sign In” bar;3. Complete the Sign In screen and click on “Sign In;”4. In the menu on the left, under the 3rd bullet “MasterPromissory Note,” click on “Complete MPN;”5. Click on the “Subsidized/Unsubsidized.”
  • 26. 1. Go to Direct Loans’website, www.studentloans.gov;2. In the box “Manage My Direct Loan,” Click on green “Sign In bar;3. Complete the Sign In screen and click on “Sign In”;4. In the menu on the left, under the 4th bullet “Counseling” click on“Complete Entrance Counseling”;5. Click on the “Complete Entrance Counseling”;6. Under “Counseling Type” click the appropriate radio button for yourstatus and then click “Continue”.siue.eduStep #3: Complete Entrance Loan CounselingYou will need your 4-digit PIN from your FAFSA.
  • 27. 1. Accept loan on your Award Letter on CougarNet.2. (Parent) Sign a Master Promissory Note for the FederalPlus Loan (www.studentloans.gov).3. Complete Plus application (www.studentloans.gov).Student MUST complete a FAFSA;Parent, you will need your 4-digit federal PIN from the FAFSA.siue.eduSteps for Accepting Your Federal Plus Loan
  • 28. 1. Go to Direct Loans’website, www.studentloans.gov;2. In the box “Manage My Direct Loan,” Click on green “Sign In” bar;3. Complete the Sign In screen and click on “Sign In”;4. In the menu on the left, under the 3rd bullet “Master Promissory Note”; clickon “Complete MPN”;5. Click on the “Parent PLUS”;6. The parent must agree on the promissory note for the Department ofEducation to run a credit check or the school will not receive the application.siue.eduHow to Complete your MPN forYour Federal Plus LoanStudent MUST complete a FAFSA;Parent, you will need your 4-digit federal PIN from the FAFSA.
  • 29. PrivacyWe are dedicated to the protection of ourstudents’privacy and identity; therefore,only certain information can be obtainedfrom our office without the student beingpresent and having proper identification.No information will be given without thestudent’s identification number.siue.edu
  • 30. siue.edu
  • 31. We are here for you!• Day one: Advisors are available from 8:30 a.m. – 4:30p.m. for one-on-one advising in the Financial AidOffice. This is optional.• Day two: Upstairs in the MUC (3–4 p.m.).This is optional.• Small-group sessions led by financial aid advisors.• Review of CougarNet screens and learn how the aid onthe Award Letter applies to the student’s bill.siue.edu
  • 32. Reminders• A FAFSA must be completed each year.• There are no paper award letters given.• CougarNet and Cougar Webmail are the media bywhich we communicate with our students.• Check CougarNet at least once a week to view anychange in award or to submit any missingrequirements.siue.edu
  • 33. Important Contact InformationOffice of Student Financial Aid2308 Rendleman HallEdwardsville, IL 62026(618) 650-3880(618) 650-3885 (fax)siue.edu/financialaidfinaid@siue.eduInternal Revenue Service (irs.gov)(800) 908-9946siue.edu

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