Take the Quiz.
Earn credit towards the borrowing badge by taking this quiz on what you’ve learned through Navigating Financial Aid at http://go.uillinois.edu/mmmfinancialaidquiz.
Slides for the Navigating Financial Aid webinar can be found at http://go.uillinois.edu/mmmfinancialaidslides.
By participating in at least three Borrowing Badge-eligible events, you could earn a digital badge to enhance your online professional portfolio. Learn more about the Financial Literacy Badges Program by visiting: badges.illinois.edu/usfsco.
The Free Application for Federal Student Aid (FAFSA) is required for federal, state & most institutional aid. Apply online at www.fafsa.ed.gov & include proper federal school code:
- University of Illinois at Urbana-Champaign: 001775
- University of Illinois at Chicago: 001776
- University of Illinois at Springfield: 009333
In order to qualify for financial aid through the FAFSA, you must:
- Be a US citizen or legal permanent resident
- Be accepted in a degree-seeking program
- Enroll at least half-time (6 credit hours for undergrad or professional students, 5 credit hours for graduate students)
- Demonstrate financial need
The 2018/2019 FAFSA collects financial info for parents & students as well as family size and number of family members in college to calculate the Expected Family Contribution, which is used to determine financial need and helps determine eligibility for federal financial aid.
35% of students are randomly selected for verification each year. If selected, you won't receive your award letter until everything requested is received by your financial aid office.
Use the IRS data retrieval tool to transfer your family's tax information to the FAFSA for faster verification of information.
Financial Aid Award Letter
There are 3 main areas of award letters for University of Illinois at Urbana-Champaign, University of Illinois at Chicago and University of Illinois at Springfield:
- Cost of Attendance
- Assumptions (or Need Calculations for Urbana)
- Award Summary
Cost of Attendance
The actual cost of attendance could be significantly more or less depending on:
- Your classes
- Housing costs
- Lifestyle choices
Cost of attendance includes both direct costs, payable to the University, like tuition, mandatory fees and dorm experiences as well as indirect costs, like books, transportation and personal expenses, which are often the most variable type of expenses for students.
Types of Financial Aid
Gift aid & self-help aid are two types of financial aid processed through financial aid offices.
Gift aid is a type of aid that does not need to be repaid. Examples of gift aid include grants, provided through government, scholarships or waivers.
Federal Pell Grant
Learn more about Pell at https://studentaid.ed.gov/sa/types/grants-scholarships/pell
Federal Supplemental Educational Opportunity Grant
Learn more about FSEOG at https://studentaid.ed.gov/sa/types/grants-scholarships/fseog
Monetary Award Program (MAP)
Learn more about MAP at http://www.isac.org/students/during-college/types-of-financial-aid/grants/monetary-award-program/
Self-help aid includes student loans, which need to be repaid and federal work study, which is a special type of financial aid where you work on campus for the funds listed on your award letter.
Federal Work-Study aid is paid by the federal government for on-campus jobs and students must demonstrate financial need to qualify.
University of Illinois at Chicago students must type in a request for Federal Work-Study on the award letter. University of Illinois at Urbana-Champaign and University of Illinois at Springfield students can request Federal Work-Study on the FAFSA.
Important things to remember about Federal Work-Study:
- Most positions are on-campus
- Max of 20 hours per week
- Flexible with class schedule
- Student's responsibility to find job
Learn more about Federal Work-Study (FWS) at https://studentaid.ed.gov/sa/types/work-study
Student Employment Opportunities
Federal Direct Stafford Loans can be either subsidized or unsubsidized. Subsidized federal loans are need-based and no interest accrues while in school. Unsubsidized federal loans are not need-based and interest accrues immediately after it is disbursed.
If you meet the aggregate loan limits, you will not be awarded any more federal student loans.
Parent PLUS Loans for Undergraduate Students
- Parents of dependent undergraduate students can apply at studentloans.gov
- Fixed interest rate of 7% for 2017/2018
- Parent is responsible for repayment, and it cannot be transferred to student
- Repayment can be deferred until after student graduates or leaves school
- Parent PLUS loans are contingent on credit approval
Grad PLUS Loans
- FAFSA is the application
- Fixed interest rate of 7% for 2017/2018
- Repayment can be deferred until after leaving school
- Grad PLUS loans are contingent on credit approval
In addition to accepting loans on the award letter, students must complete a Master Promissory Note (MPN) and Entrance Counseling. Steps can be completed at studentloans.gov.
Track Your Borrowing
Loan & federal grant history is available at www.nslds.ed.gov.
You can use the Repayment Estimator to review repayment options for your loans.
Want to learn about repayment? Watch our webinar on Student Loan Repayment.
Financial Aid Offices
This is a Borrowing Badge Eligible Program.