financial aid information

Illinois State UniversityFinancial Aid OfficeCampus Box 2320

Normal, IL 61790-2320(309) 438-2231

FAX (309) 438-3755

Eureka CollegeFinancial Aid Office

300 East College AveEureka, IL 61530(309) 467-6311

FAX (309) 467-6897

Assist students in paying for college

How? Evaluating family’s eligibility for

need-based aid Distributing limited resources

in an equitable manner

1. Submit the Free Application for Federal Student Aid (FAFSA) prior to school’s priority filing date

2. Check information from each school to determine:

Required application materials Application deadlines

Collects family’s personal and financial information used to calculate the student’s EFC

Complete FAFSA on the Web at fafsa.ed.gov

www.pin.ed.gov

For Entrance Counseling and Master Promissory Notes

Federal State Private

Corporate Churches Clubs or organizations Banks

Federal Pell Supplemental Educational

Opportunity Grant

State Monetary Award Program (Tuition & Fees)

Scholarship SearchesScholarship Searches-Fast Web (National)-Institutional-Departmental

Academic

Athletic

Other talent-based scholarships

Do I need a job?

• Helps earn money for expenses• Helps with time management• Research has proven students who work 10 to 15 hours a week have a better GPA than those who do not work at all.

Subsidized (Need Based)-Interest paid by government while enrolled

Unsubsidized -Interest paid by student/parent

Base Annual Loan Limits- combined subsidized and unsubsidized

$5,500 for undergraduatestudents with < 30 cumulative hours

Current Interest Rate:

7/1/2011 – 6/30/2012

UNSUB 6.8% Fixed

SUB 3.4% Fixed

Six-month grace period

Maximum repayment period between 10 and 20 years depending on repayment plan chosen

Deferment and cancellation provisions available

PLUS Loans-federal loan

Alternative Loans-private loan

Must complete FAFSA Allows a parent to borrow

money to assist with cost of attendance

Federal Direct Loan

Current fixed interest rate 7/1/2011 – 6/30/2012 = 7.9%7.9%

Payment begins 60 days after 2nd disbursement

Deferment option available

Private loans with co-signer

Allows students to borrow up to Cost of Attendance minus other aid

Installment Plans

College Illinois

Other 529 Education Funds

JAN FEB MAR APR MAY JUNE JULY

Fill Out FAFSA

Beginning January 1

Complete Additional

Requests for Documentation

ASAP

Check with School about

FAFSA Deadline

Award Letters Sent

Deadline to Decide Which

School Attending

Summer Orientation

Billing Cycle Begins

Scholarship Searches

Complete the FAFSA - After January 1 Each Year

Keep copies of all correspondence

Respond to all correspondence