SCHOLARSHIP NEWSLETTERCHANGES TO FAFSAOur ISAC representative for the 2016-2017 school year:Jalaine Hart
ISACorps member (Waubonsee Community College District)
Illinois Student Assistance Commission
FINANCIAL AID INFORMATION NIGHT (FAFSA)
On September 22, 2016 from 6:00-7:30pm in the Performing Arts Center, OEHS will host financial aid experts from ISAC (Illinois Student Assistance Commission) to walk senior parents and students through the financial aid application process.
We recommend all seniors and parents attend, as financial aid is an integral part of the college application process. There will be a presentation in Spanish as well.FINANCIAL AID COMPLETION NIGHT
OEHS will be offering a FAFSA Completion Event on October 13 and November 2 (Spanish speaker available that night), 2016 from 6:00-7:30pm. For students and parents who are seeking extra assistance during the filing process, computer labs will be open. Bring the necessary documents to complete the application.
What will I need to fill out the FAFSA?
To complete the Free Application for Federal Student Aid (FAFSA), you will need:...
•Your Social Security Number
•Your Alien Registration Number (if you are not a U.S. citizen)
•Your most recent federal income tax returns, W-2s, and other records of money earned. (Note: You may be able to transfer your federal tax return information into your FAFSA using the IRS Data Retrieval Tool.)
•Bank statements and records of investments (if applicable)
•Records of untaxed income (if applicable)
•An FSA ID to sign electronically.
If you are a dependent student, then you will also need most of the above information for your parent(s).NEW: Dunham Fund Quick Path- Waubonsee Community CollegeThanks to a grant from the Aurora-based Dunham Fund, WCC will debut its new Dunham Fund accelerated degree program in the fall of 2016. For more information contact Suzette Murray, Assistant Vice President of Career/Technical Education, 630-466-7900, ext. 2358.Overview:
Waubonsee Foundation ScholarshipsThe Waubonsee Community College Foundation Scholarships application process for the 2016-2017 academic year opened October 30, 2015. Linda Lindell from Waubonsee will be at OEHS for a scholarship information session on November 18 at 8:00am in the Community Room.
- Allows students to earn an AA/AS degree with a business emphasis in just one year
- Students must be college ready
- Students must demonstrate financial need
- Students must reside in Dunham Fund service area
- Designed for highly-committed and motivated students
Students can see Mrs. Rodriguez in the College and Career Center if they would like to attend. Seniors must complete the New Student Information Form and receive a Student ID/X number before they apply for these scholarships!Conquering College CostsOn Sept. 9th at 6pm, OEHS Student Services will sponsored "Conquering College Costs" for the parents of all high school students. Frank Palmasani, author of "Right College, Right Price" and creator of the financial fit online program delivered a seminar that highlights 30 steps you can take to save thousands of dollars in college costs and pay for college without excessive debt. His newly developed seminar will combine the latest information about scholarships, financial aid, student loans, and the latest college search process when financial issues are a factor. All parents are encouraged to attend!If you missed it, Frank Palmasani will also be presenting at OHS on September 22 at 6:30pm. All parents are welcome.Overview of the College Financial Aid Process
Please visit: https://studentaid.ed.gov/sa/fafsa for an overview and video on FAFSA.
Financial Aid Process Timeline:
Fall of student’s senior year:
- Contact colleges financial aid offices or check their websites for deadlines and required forms, e.g. the CSS Profile or institutional forms.
- Starting 2016- the Application for Financial Aid will open October 2016.
After January 1 of student’s senior year (Class of 2016):
- Immediately utilize the FAFSA on the web worksheet at www.fafsa.gov to ready yourself for filing the FAFSA. The annual version of the FAFSA required for your student corresponds with the school year in which he or she will be a first-year college student.
- File the online FAFSA as soon as possible, using the login you already acquired. File no later than the second week of February. If you are waiting for W-2s or the completion of your tax forms, you may estimate answers by using last year’s tax information. Once you have the most current tax forms completed, you must update your FAFSA by logging into your FAFSA account.
After you complete the FAFSA:
- You will receive a copy of your Student Aid Report (SAR). If your SAR needs to be corrected, contact the financial aid office at your college for instructions.
Sometime between March and July:
- You will receive financial aid award letters from each college you listed on the FAFSA.
- Don’t compare the total awards from each institution. Compare the remaining costs.
- Furthermore, scrutinize how much and what types of loans you have been given. Some aid packages may meet all demonstrated need with loan only, while others will include grants, which you do not need to repay.
After you receive your award letter, you need to accept all or part of the financial aid offered.
- Sign and return the letter to the college. This is not a commitment to attend the institution, but please inform them ASAP if you decide not to attend so that they are able to distribute those funds to someone else.
Key Financial Aid Terms:
ISAC INFORMATIONThe Illinois Student Assistance Commission (ISAC) is pleased to announce the availability of two online aid estimators via ISAC's Student Portal.
- Aid package - A combination of scholarship, grant, loan and/or work-study determined by a college financial aid office.
- Grants - Awards based on financial need that do not require repayment. Grants are available through the federal government, state agencies and educational institutions.
- Scholarships - Awards to students based on merit or merit plus need that do not have to be repaid.
- Expected Family Contribution (EFC) - An amount you and your family are expected to contribute toward your education. It is used in determining eligibility for federal student aid.
- Free Application for Federal Student Aid (FAFSA) - The application required for students to be considered for federal student financial aid. The FAFSA is processed free of charge and is used by most state agencies and colleges.
- Student Aid Report (SAR) - The report you will receive after your FAFSA has been processed that will list your EFC.
These estimators – which currently use formulas for the upcoming 2016-17 academic year – may be used to help students get an idea of the types and amounts of federal and state financial assistance for which they may potentially qualify. Once the decision is made to apply for admission and attend college, students must then submit the Free Application for Federal Student Aid (FAFSA®) to actually apply for most forms of federal, state and institutional financial assistance – including ISAC's Monetary Award Program (MAP) grant.
Accessing the Aid Estimators
The aid estimators described below may be accessed by visiting ISAC's Student Portal, and then scrolling down to the "Federal & State Aid Estimators" section of the "Financial Aid Planning & Applying" area. They are also available via the Calculators page at isac.org.
The FAFSA4caster, made available by the U.S. Department of Education's Office of Federal Student Aid, uses self-reported tax information to arrive at an estimate of the student's federal financial aid. Estimates are provided for Federal Pell Grant, Federal Work-Study and maximum Direct Loan (subsidized and unsubsidized) eligibility. The FAFSA4caster can also estimate the student's expected family contribution (EFC), which is needed for the MAP Estimator described below.
MAP grants, which do not need to be repaid, may be available for qualifying Illinois residents who demonstrate financial need and attend approved Illinois colleges.
Students' EFCs [and, if dependent, their adjusted gross income (AGI)/earnings from the most recent tax year, as well as their cash, savings and checking account balances] are required in order for the MAP Estimator to generate the amount of their estimated MAP grants at up to three approved Illinois colleges.
A future enhancement will allow students to store MAP Estimator data and results as part of their Profile in ISAC's Student Portal. This upcoming feature will streamline the process the next time the student uses the estimator, or in the event that results from the previous visit are misplaced or forgotten. Students will need to be signed in to the portal – rather than accessing it as a guest – in order to take advantage of this option, once it becomes available.