Download - Financial Aid Information
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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
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Assist students in paying for college
How? Evaluating family’s eligibility for
need-based aid Distributing limited resources
in an equitable manner
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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
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Collects family’s personal and financial information used to calculate the student’s EFC
Complete FAFSA on the Web at fafsa.ed.gov
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www.pin.ed.gov
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For Entrance Counseling and Master Promissory Notes
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Federal State Private
Corporate Churches Clubs or organizations Banks
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Federal Pell Supplemental Educational
Opportunity Grant
State Monetary Award Program (Tuition & Fees)
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Scholarship SearchesScholarship Searches-Fast Web (National)-Institutional-Departmental
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Academic
Athletic
Other talent-based scholarships
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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.
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Subsidized (Need Based)-Interest paid by government while enrolled
Unsubsidized -Interest paid by student/parent
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Base Annual Loan Limits- combined subsidized and unsubsidized
$5,500 for undergraduatestudents with < 30 cumulative hours
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Current Interest Rate:
7/1/2011 – 6/30/2012
UNSUB 6.8% Fixed
SUB 3.4% Fixed
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Six-month grace period
Maximum repayment period between 10 and 20 years depending on repayment plan chosen
Deferment and cancellation provisions available
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PLUS Loans-federal loan
Alternative Loans-private loan
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Must complete FAFSA Allows a parent to borrow
money to assist with cost of attendance
Federal Direct Loan
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Current fixed interest rate 7/1/2011 – 6/30/2012 = 7.9%7.9%
Payment begins 60 days after 2nd disbursement
Deferment option available
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Private loans with co-signer
Allows students to borrow up to Cost of Attendance minus other aid
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Installment Plans
College Illinois
Other 529 Education Funds
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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
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Scholarship Searches
Complete the FAFSA - After January 1 Each Year
Keep copies of all correspondence
Respond to all correspondence