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Page 1: Helping students and families reach higher. Ladder Up’s Services Tax Assistance Family < $45,000 Individual < $20,000 Over 20 locations Financial

Helping students and families reach higher

Page 2: Helping students and families reach higher. Ladder Up’s Services Tax Assistance Family < $45,000 Individual < $20,000 Over 20 locations Financial

Ladder Up’s Services Tax Assistance

Family < $45,000 Individual < $20,000 Over 20 locations

Financial Aid Assistance Outreach and FAFSA help at schools Individual help (hotline, appointments by request)

www.goladderup.org

Page 3: Helping students and families reach higher. Ladder Up’s Services Tax Assistance Family < $45,000 Individual < $20,000 Over 20 locations Financial

Financial Aid 101

Paying for College2012-2013

Page 4: Helping students and families reach higher. Ladder Up’s Services Tax Assistance Family < $45,000 Individual < $20,000 Over 20 locations Financial

Financing CollegeThe Financial Aid Process:

Prepare….Apply….Receive…Repay

The FAFSA: Who can apply? What type of aid is available?

When do I apply? Where can

I apply? Why

should I apply?

Page 5: Helping students and families reach higher. Ladder Up’s Services Tax Assistance Family < $45,000 Individual < $20,000 Over 20 locations Financial

What is Financial Aid? Financial Aid helps make up the difference between what

you can afford to pay and the actual cost of college.

* Don’t underestimate your options.

* Never assume you’re personal finances will limit all types of financial aid.

* Don’t get sticker shock - college costs may not be what they seem.

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Page 6: Helping students and families reach higher. Ladder Up’s Services Tax Assistance Family < $45,000 Individual < $20,000 Over 20 locations Financial

Sources of Financial Aid

Page 7: Helping students and families reach higher. Ladder Up’s Services Tax Assistance Family < $45,000 Individual < $20,000 Over 20 locations Financial

Types of Financial Aid

gift aid

self-helpaid

GRANTS

SCHOLARSHIPS

WORK-STUDY

LOANS

Page 8: Helping students and families reach higher. Ladder Up’s Services Tax Assistance Family < $45,000 Individual < $20,000 Over 20 locations Financial

GRANTS

A complete FAFSA is required: Federal Pell Grant – up to $5,550 *

Federal Supplemental Educational Opportunity Grant (FSEOG) – up to $4,000 *

State of Illinois Monetary Award Program (MAP) Grant – $4,968*

* Maximum awards for 2012-13

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Page 9: Helping students and families reach higher. Ladder Up’s Services Tax Assistance Family < $45,000 Individual < $20,000 Over 20 locations Financial

LOANS - Federal Programs (for Undergraduates)

TypeFreshman Year MaxRate

PerkinsSubsidized

5%Fixed $5,500

Stafford Subsidized4.5%Fixed $3,500

Unsubsidized6.8% fixed

$5,500Unsub

PLUS* *Repayment starts in 60 days Credit-based

7.9%fixed

COA -Aid

Loan Program

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Page 10: Helping students and families reach higher. Ladder Up’s Services Tax Assistance Family < $45,000 Individual < $20,000 Over 20 locations Financial

Why Federal Student Loans?(Vs. Private Loans)

Remember: you must repay all loans even if you drop out! DON’T borrow more than you need!!!

NEW! Income-based repayment and Public Service Benefits (35)

In Progress: “Pay-as-You-Earn” Learn more at: federalstudentaid.ed.gov

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Page 11: Helping students and families reach higher. Ladder Up’s Services Tax Assistance Family < $45,000 Individual < $20,000 Over 20 locations Financial

Undocumented Students Status of Parent not important for FAFSA If student does not have SSN:

Do NOT complete the FAFSA Must rely on private scholarships and institutional aid Apply for as many as you can!

Eligible for in-state resident Illinois tuition Resources and private scholarships:

IACAC.org LATINOCOLLEGEDOLLARS.org Look in your community!

Page 12: Helping students and families reach higher. Ladder Up’s Services Tax Assistance Family < $45,000 Individual < $20,000 Over 20 locations Financial

Am I Eligible for Federal Financial Aid?

U.S. citizen or eligible noncitizen Valid Social Security Number High school diploma, GED or equivalent Register with Selective Service Seeking a degree or certificate Maintain satisfactory academic progress Not be in default on a student loan or owe money on

a federal student grant

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Page 13: Helping students and families reach higher. Ladder Up’s Services Tax Assistance Family < $45,000 Individual < $20,000 Over 20 locations Financial

Free Application for Federal Student Aid

FAFSA.GOV - IT’S FREE!

Apply early – Starts January 1st!

Federal, State, Institutional Aid

Fill out the FAFSA every year

you wish to receive aid

FAFSA

NOTE: Communicate with each college to inquire about steps to a complete application and any additional forms or applications.

Page 14: Helping students and families reach higher. Ladder Up’s Services Tax Assistance Family < $45,000 Individual < $20,000 Over 20 locations Financial

WWW.FAFSA.GOV

Page 15: Helping students and families reach higher. Ladder Up’s Services Tax Assistance Family < $45,000 Individual < $20,000 Over 20 locations Financial

Ladder Up Open EventsGet it done early, get it done right!

Downtown: Malcolm X College1900 West Van Buren Street, room 0602 and room 060311am – 8pm on Thursday, Jan. 3, Friday Jan. 4, and Monday Jan. 74pm – 8pm on Thursday, Jan. 10

North Side: Wilbur Wright College 4300 N Narragansett Ave, in computer labs L113 and L11511am – 6pm on Saturday, Jan. 54pm – 8pm on Wednesday, Jan. 911am – 8pm on Friday, Jan. 11

Page 16: Helping students and families reach higher. Ladder Up’s Services Tax Assistance Family < $45,000 Individual < $20,000 Over 20 locations Financial

Ladder Up Open Events

South Side: Gary Comer College7131 S South Chicago Ave1pm – 4pm on Saturday, Jan. 55:30pm – 8pm on Tuesday, Jan. 8

South Side: Kennedy King College747 W. 63rd Street, in computer lab V21710am – 8pm on Friday, Jan. 4, and Friday Jan. 1110am – 6pm on Saturday, Jan. 12

Page 17: Helping students and families reach higher. Ladder Up’s Services Tax Assistance Family < $45,000 Individual < $20,000 Over 20 locations Financial

Completing the FAFSA

Who Needs Parent Information?

DEPENDENT

INDEPENDENT

Student must report personal and parental income.

Student does not need to report parental income, only personal income.

Page 18: Helping students and families reach higher. Ladder Up’s Services Tax Assistance Family < $45,000 Individual < $20,000 Over 20 locations Financial

Born before January 1, 1990 (for the 2013-14 academic year) Married Graduate or professional student Veteran or currently serving on active duty Have legal dependents other than a spouse, for whom more than

50% of the support is provided Orphan, ward of the court, or in foster care after the age of 13 Emancipated minor or in legal guardianship as determined by a

court Unaccompanied youth who is homeless or at risk of being

homeless

INDEPENDENT

Student fits into at least one of the following categories:

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Page 19: Helping students and families reach higher. Ladder Up’s Services Tax Assistance Family < $45,000 Individual < $20,000 Over 20 locations Financial

Who is Considered a “Parent”?

BIOLOGICAL parent(s) with whom you live STEP-PARENTS married to your biological parent ADOPTIVE Parents (if adopted before age 13)

Grandparents and Legal Guardians are NEVER considered parents - TALK TO YOUR COLLEGE IF YOU BELIEVE YOU HAVE SPECIAL CIRCUMSTANCES.

FAFSA dependency may not be the same as for taxes (does not matter who parents claim)

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Page 20: Helping students and families reach higher. Ladder Up’s Services Tax Assistance Family < $45,000 Individual < $20,000 Over 20 locations Financial

Required Information and Documents

Social Security Numbers

BirthdatesStudent Alien Registration

Card

2012 Federal Income Tax

2012 W2 Forms

Asset Information

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Be prepared! Fill out the FAFSA Ready Worksheet now with 2011 information, ask questions, make

sure everything is right!

Page 21: Helping students and families reach higher. Ladder Up’s Services Tax Assistance Family < $45,000 Individual < $20,000 Over 20 locations Financial

What does the FAFSA calculate?

Expected Family Contribution

A need analysis formula that determines how much a family can be expected to contribute to a students education each year.

Used to determine a student’s eligibility for most federal and state assistance and some private scholarships.

EFC will automatically appear on your FAFSA confirmation page.

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Page 22: Helping students and families reach higher. Ladder Up’s Services Tax Assistance Family < $45,000 Individual < $20,000 Over 20 locations Financial

Tuition & Fees

Room & Board

Transportation

Books & Supplies

Miscellaneous Living Expenses

+

Cost of Attendance:

Page 23: Helping students and families reach higher. Ladder Up’s Services Tax Assistance Family < $45,000 Individual < $20,000 Over 20 locations Financial

Calculating Financial Need

Cost of Attendance

Expected Family Contribution

College Financial Aid Office:

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Page 24: Helping students and families reach higher. Ladder Up’s Services Tax Assistance Family < $45,000 Individual < $20,000 Over 20 locations Financial

Every School Has a Different Cost:

Option

AOption

B

COA EFC

Financial

Need

$3,000$10,000 $7,000

$3,000$20,000 $17,000

-

-

=

=

Option

C $3,000$35,000 $32,000- =

Page 25: Helping students and families reach higher. Ladder Up’s Services Tax Assistance Family < $45,000 Individual < $20,000 Over 20 locations Financial

Financial Aid AwardsThe financial aid administrator at the college will package all available aid and send an award letter consideration.

What is the total cost of attendance?

What is your financial aid eligibility?

What types of financial aid are included?

Was your financial need met?

What is the out-of-pocket cost? NOTE: May not be the same as your EFC!

FINANCIAL AID AWARD

LETTER

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Page 26: Helping students and families reach higher. Ladder Up’s Services Tax Assistance Family < $45,000 Individual < $20,000 Over 20 locations Financial

What Should I Be Doing NOW? (pre-January 1st)

1 • RESEARCH college programs

2 • APPLY to Colleges!

3 • COLLECT necessary documentation

4 • Complete NET PRICE calculators for colleges

5 • Research and apply for SCHOLARSHIPS

6 • Ask for HELP if you need it!

Page 27: Helping students and families reach higher. Ladder Up’s Services Tax Assistance Family < $45,000 Individual < $20,000 Over 20 locations Financial

Illinois Student Assistance Commission(800) 899-ISAC (4722) collegezone.com

U.S. Department of Education(800) 4 FED AIDwww.FederalStudentAid.ed.gov

Ladder Up’s LIFT ProgramJen Lambert, Financial Aid CoordinatorAdelle White, Financial Literacy Coordinator

[email protected] (312) 458-9105 @ladderup_LIFT

Find answers to your questions…

Add your e-mail to the sign in sheet or send us an e-mail to get important financial aid updates and reminders!

mailto:[email protected]

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