Welcome to
Benedictine University
Financial Aid 101:
Funding a College Education
2015-2016 Award Year
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What is Financial Aid?
Funds provided to students and families to
help pay for a postsecondary education.
Financial aid is the bridge between the
family’s ability to pay for that education
and the costs associated with obtaining it.
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The role of Financial Aid
The primary responsibility to fund a
student’s postsecondary education lies
with the student and his/her parents.
Families are evaluated based on their
present financial condition.
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Types of Financial Aid
 Gift assistance: Scholarships and Grants
 Self-help: Direct and Private Loans and
Employment/Federal Work-Study
 Financial Aid may be awarded based on
Merit, Need or Entitlement.
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Sources of Financial Aid
 Institutional – Colleges and Universities
 Federal Government – US Dept. of ED.
 State Government – ISAC
 Private: companies, labor unions,
religious organizations, fraternities or
sororities, community organizations,
civic groups, etc.
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Institutional Aid
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Scholarships can be awarded to the student based
on Merit (GPA, ACT score, etc)
Some may have GPA requirements
Some may have enrollment requirements
BenU funds are applicable towards Fall & Spring
Contact your admissions counselor with questions
about eligibility
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Federal and State Aid-Grants
 Federal Pell Grant
– Award can be up to $5,775* per academic year
*on a 0 EFC. Higher EFC will result in less Pell funds.
 Federal SEOG
(Supplemental Educational Opportunity Grant)
– Award ranges from $500 to $4,000 per
academic year
– Student must be Pell eligible
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Federal and State Aid-Grants (cont.)
 ISAC MAP Grant
(Illinois Monetary Award Program)
– Full award amount $4,720*
– Based on 15 credit hour enrollment
– File your FAFSA early for priority awarding
*Estimated
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Federal Loans
 Loans Offered for the student:
– Direct Subsidized Stafford Loan
– Direct Unsubsidized Stafford Loan
– Perkins Loan
 Loans Offered for the parent:
– Direct Parent PLUS Loan
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Direct Loan information
Direct Loans are low-interest loans for students and parents
to help pay for the cost of a student's education after high
school. The lender is the U.S. Department of Education
rather than a bank or other financial institution.
 Students borrow directly from the federal government and
have a single contact for everything related to the
repayment of their loans.
 Student can choose from several repayment plans and you
can switch repayment plans if your needs change.
 Learn more at Direct Loans on the Web at:
www.Direct.ed.gov
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Federal Loans (cont.)
 Subsidized Stafford Loan
– Maximum award amount $3,500
– Award based on NEED
– Fixed interest rate of 4.66%*
– 6 month grace period before repayment
– No interest accumulates during enrollment
* 10-year Treasury note yield + 2.05% (Capped at 8.5%)
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Federal Loans (cont.)
 Unsubsidized Stafford Loan
– Maximum for dependent students $5,500
– Fixed interest rate at 4.66%*
– 6 month grace period before repayment
– Interest will accumulate
* 10-year Treasury note yield + 2.05% (Capped at 8.5%)
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Federal Loans (cont.)
 Perkins Loan
– Amounts can vary
– Fixed interest rate of 5%
– 9 month grace period
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Federal Loans (cont.)
 Parent PLUS Loan
– Amount ranges $1,000 up to COA
– Fixed interest rate of 7.21%*
– Parents can request to have the loan deferred
until the student has graduated.
– Credit checks information – not score
* 10-year Treasury note yield + 4.6% (Capped at 7.9%)
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Federal Work Study
 Federal Work Study
– Need based financial aid
– Not applied directly to tuition
– Earned financial aid
 Students can work in a variety
of jobs to earn FWS funds.
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Determining Aid
How much
money will I
receive?
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Determining the COA
Your COA is the amount it will cost you to go to school.
Most colleges calculate your COA to show your total cost
for the school year (for instance, for the fall semester plus
the spring semester).
Tuition and Fees
+ Room and Board
+ Books and Supplies
+ Transportation
+ Misc. Expenses
------------------------------------------= Total Cost of Attendance (COA)
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What is the EFC?
 The Expected Family Contribution (EFC) is a number
on a scale from 0 to 999,999.
 The EFC is not the amount of money that your family
must provide. Think of the EFC as an index schools use
to determine how much financial aid you may receive if
you attend their school.
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Financial Need
Financial need differs from school to school and
is determined using the COA at those institutions.
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Financial Need
 Financial need is used to help determine the
student’s eligibility for “need based” aid.
 Need based aid includes: Federal & State grants, Direct Subsidized
Stafford Loans, Perkins Loans, and Federal Work Study
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How the COA works
COA $10,000
Financial NEED
EFC 2500
EFC 2500
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INTERMISSION
The presentation will resume in 10 minutes
Coming up….
The Financial Aid Application Process
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Financial Aid
Application Process
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FAFSA Overview
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What is the FAFSA?
 The FAFSA (the Free Application for
Federal Student Aid) is the first step in the
financial aid process. You use it to apply
for federal student aid, such as grants,
loans and work-study.
 In addition, most states and schools use
information from the FAFSA to award
students non-federal aid.
 The FAFSA is used to calculate the
Expected Family Contribution (EFC).
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www.fafsa.gov
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New applicants complete 2015-16
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The importance of filing early
 Many schools will award on a first
complete, first awarded basis.
 Some State and Federal aid programs
have limited funding.
 Illinois State deadline: To be determined
 The FAFSA can be completed with
estimated information and updated later.
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Helps and Hints box…
The Help and Hints box displays additional information on
your currently selected question. Unsure of how to answer?
Look at the box to the right during the application!
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When filling out the FAFSA…
 Be sure to use the Previous and Next
buttons on the application itself.
Do not use your browser’s back button!
 Any time during the process you can save
the application and log back in to finish.
 Benedictine University Code: 001767
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Financial Aid Application Process
 Step 1: Students and Parents apply for PIN at
www.pin.ed.gov
The PIN Application Process consists of 3 steps:
1: Enter Personal Information
Name, SSN, address, email, etc.
2: Submit Your PIN Application
1 to 3 days processing time
3: Receive Your PIN
It will be sent to your provided e-mail.
Never share your PIN with anyone!
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www.pin.ed.gov
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FSA ID – April 2015
 FSA ID – replacement for PIN
 Used to log into FAFSA, Studentloans.gov,
NSLDS, and other Federal aid sites.
 Process will be live April 2015
 PIN will still work for 2015-16 Aid Year
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Financial Aid Application Process
Step 2: Complete 2015-2016 FAFSA online at:
www.fafsa.gov
Select 2015-2016 FAFSA
Begin entering the student’s information…
Things you will need:
• Student & Parent 2014 Taxes &W2’s
• Assets and bank information
• About 20 minutes
• Estimated data can be used
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FAFSA Sections
 Student Demographics
 School Selection
 Dependency Status
 Parent Demographics
 Financial Information
 Sign & Submit
 Confirmation
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Student and School
 Student Demographics
– Name, DOB, and SSN
– Males 18-25 must register for the Selective Service to
receive FSA funds
 School Selection
– Up to 10 schools can be entered
– Schools can be removed and others added
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Dependency status and Parent information
 Dependency Status
– Determines if you need to enter parental info
– Under 23 and Independent? Additional info may need
to be submitted to confirm your status.
 Parent Demographics
– Parent information – Primary support
– Number in the Home and College: Separate from taxes
– Unable to provide info? You can still submit.
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IRS Information Retrieval
 You can download your filed 2014 Tax information
directly from the IRS after February 1st 2015.
 Enter your PIN and Link To IRS
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IRS Information Retrieval
 Once transferred, questions with tax information will be
marked with “Transferred from the IRS”
 It’s important that you do not adjust the transferred data.
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Important reminders
 Financial Information
– SNAP SHOT as of today
 If you used the IRS tool, many fields will already
be completed.
 Paperwork to have on hand
– 2014 tax information
– W-2’s
– Bank statements
– Investment information
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Information on Assets and Investments
 Assets that should be included:
– Mutual Funds, CD’s, Stocks, Bonds, 529 Savings
plans, Trust funds, money market funds, etc…
– Net worth of real-estate and rental property, second
or summer homes.
 Assets that should NOT be included:
– Family’s principal home / farm
– Value of Life insurance plans
– Retirement plans, pension funds, annuities, etc…
 Business value: Value minus debt
 Remember to be realistic and only list present value.
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Submitting your FAFSA
 Sign & Submit
– Sign with a PIN (instant processing)
– Sign on paper (7-10 days)
– Submit with no signature (longer process)
 Confirmation
– Once you receive a confirmation number, the
application is submitted.
– Processing time is 1-3 days
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Submission - Confirmation Page
You can retain a copy
of this page for your
records.
This page is proof of
your submitted
FAFSA application.
DRN:
Data release number.
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After you are done…
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After you are done…
 A few days after you complete your FAFSA,
you will get your Student Aid Report (SAR).
The SAR summarizes the
information you
submitted on the FAFSA.
You can access the SAR
on FAFSA.gov, updating
the FAFSA if needed.
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After you are done…
 The school will cross reference admission
records with FAFSA applications to
determine a student’s aid eligibility.
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What to expect next…
 Verification - Should the student be selected for verification,
additional documents will be requested by the Office of Financial Aid.

Typically this could include:
–
–
–
–
IRS Tax Return Transcripts - www.irs.gov/transcript
W-2’s for the student and parent if applicable.
A signed verification worksheet.
Other documents may be requested by the Office of Financial Aid
on an individual basis.
 Students will receive a letter letting them know what
they will need to submit.
 Submit the documents as soon as you can!
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Award Notification: The Award Letter
 If the student is accepting
all awards as offered, keep
award letter for your
records.
 If the student is declining
or adjusting awards, sign
and return award letter
reflecting adjustments.
 Students must indicate
any outside awards and
scholarships on the award
letter.
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www.StudentLoans.gov
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How to Apply - Student
 Step 1: Federal Loan Entrance Counseling
– Read the content and answer the questions
– Read the Borrower's Rights and Responsibilities
 Step 2: Federal Loan Master Promissory Note (MPN)
– You will be required to enter:
• Your personal information
• Two references for the loan
• Federal PIN to sign the MPN
– Keep going until you receive a confirmation
The Office of Financial Aid will access your completed
MPN and counseling and set up dates for the transmission
of loan funds.
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How to Apply - Parent
 Step 1: Request a PLUS Loan
– Credit Check application
– Requested Loan amount
 Step 2: Federal Loan Master Promissory Note (MPN)
– You will be required to enter:
• Your personal information
• Your student’s information
• Federal PIN to sign the MPN
– Keep going until you receive a confirmation
The Office of Financial Aid will access your completed
MPN and counseling and set up dates for the transmission
of loan funds.
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Appealing your Financial Aid
 A completed FAFSA is not set in stone.
 If the student or parent has extenuating
circumstances that can / will result in a
change to the family’s ability to support the
student, an appeal can be submitted.
 The appeal process may require additional
time and documentation.
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Things to Remember!
 Applying for Financial Aid is a separate
process from Admissions and Housing.
 Students must complete the FAFSA application
every year to be eligible to receive Federal
Student Aid.
 Do not assume you are too poor to go to
college or too rich to receive aid. Always
apply to get your answer.
 Apply as early as possible! Some aid programs
can run out of funding.
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The changing landscape
 Having a College Plan: Graduation is
closer than you think!
 After college: repayment and loan
forgiveness.
– Legal?
– Teaching?
– Public Service?
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You & your student
 FERPA: Federal Education Rights and Privacy Act
 Importance of checking the mail (and email!)
 Personal fiscal responsibility
 Your adult student
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Financial Aid Resources
from the Government
The US Department of Education
www.studentaid.gov
youtube.com/FederalStudentAid
Illinois Student Assistance Commission
www.isac.org
Federal Trade Commission
www.ftc.gov/scholarshipscams
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www.StudentAid.gov
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Financial Aid Workshops
ISAC – Before college outreach
isac.org/students/before-college/financial-aid-planning
The primary goal of ISAC's outreach efforts is to help
families navigate the steps of the college admission and
financial aid processes.
Check out the list of events in Illinois for the one nearest
you on Outreach Activities Calendar.
All events listed are open to the public.
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Surf the Net! – Scholarships
Schools will allow you to add outside scholarships to your existing financial
aid package. The only stipulation is that you do not exceed the cost of
attendance. Take some time and surf the Internet...it just might pay off!
The College Board
www.collegeboard.com
FinAid.Org
www.finaid.org
College.Net Mach25
www.collegenet.com/mach25
Free Scholarship Search
www.freschinfo.com
College Quest
www.collegequest.com
College Answer
www.collegeanswer.com
College Connection
www.collegescholarships.com
Scholarships.com
www.scholarships.com
Fast Web
www.fastweb.com
Cappex College Search
www.cappex.com/scholarships
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Questions?
 Students and parents can
contact us with questions
during the week by visiting
the office, email, or by phone.
 No appointments are
necessary!
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Contact Us
Office of Financial Aid
Lownik Hall, Main Floor
5700 College Road
Lisle, IL 60532
(630) 829-6100
FinancialAid@ben.edu
www.ben.edu/fa
Monday – Friday: 8:30am – 5:00pm
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Thank your for joining us!
Financial Aid 101:
Funding a College Education
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