STUDENT FINANCIAL SERVICES 2010–11 Financial Aid Award Guide
WELCOME TO STUDENT FINANCIAL SERVICES Our staff is committed to assisting you with financing your education at SAIC. We strive to partner with students and families in obtaining scholarships, grants, loans, and student employment to ensure you are awarded the best financial aid package you are eligible to receive.
STUDENT FINANCIAL SERVICES 36 South Wabash Avenue, suite 1218 Chicago, IL 60603-3103 Voice 312.629.6600 Fax 312.629.6601 E-mail FinAid@saic.edu Office Hours: 8:30 a.m.–4:30 p.m., Monday through Friday
GENERAL INFORMATION Free Application for Federal Student Aid—FAFSA www.fafsa.gov
Enclosed with this brochure, you will find your
Students are encouraged to file the FAFSA annually
award letter and further instructions. Please
by the institutional priority deadline of March 15
review this packet of information, which is
to receive maximum consideration for available
designed to assist you in understanding your
funds. Confirmation is sent 3–5 days after the
complete financial aid package.
FAFSA is processed. You should review it and make corrections immediately. If estimated 2009 tax
Payment in full or payment arrangements are
information was used, it should be updated with
due by the first day of class. This includes
actual figures filed with the IRS as soon as possible.
securing loan funds as outlined in this guide. A budgeting worksheet has also been included
Verification
to assist you in determining how much loan
The federal government randomly chooses some
funding you may need to satisfy your payment
FAFSA applications for a process called verification.
arrangements. Information regarding billing and
Through verification certain data elements listed
making payments will be sent early summer.
on the processed FAFSA must be verified by the Student Financial Services office. Students are
Our Student Financial Advisors are happy to
notified in the financial aid award packet if they
assist you with the financial aid process and
have been selected for verification and what
other payment options. Please feel free to visit
documents are needed. These documents should
the Student Financial Services office, Monday
be submitted immediately to the Student Financial
through Friday from 8:30 a.m. to 4:30 p.m., in
Services office to avoid a delay in processing.
suite 1218 of the Sullivan Center on a walk-in
RE-EVALUATING YOUR FINANCIAL AID
Enrollment Status Initial financial aid awards are calculated based
basis. Appointments are available upon request
Verification Deadlines: For purposes of the Federal
should you be planning a visit to SAIC. You may
Pell Grant, verification must be completed by
If your family’s finances have changed after filing
financial aid award letter and, upon the student’s
also contact us by telephone at 312.629.6600, or
September 29, 2011, or 120 days after the last day
the FAFSA, due to loss of employment, loss of
degree or certificate program. If your actual
e-mail us at finaid@saic.edu.
of the student’s enrollment, whichever is earlier. For
untaxed income, separation, divorce or death,
enrollment will be different than that listed on
on the number of hours reflected on the student
purposes of the Federal Stafford and PLUS loan
or if you feel there was information about your
your award letter, your award will need to be
My staff and I are looking forward to serving you
programs, verification must be completed before
situation that you were unable to provide on the
recalculated. You should notify the Student
and are ready to help in any way that we can.
the last day of attendance; for all other types of
FAFSA, you should submit a letter of appeal to the
Financial Services office immediately in writing
aid, verification must be completed before June 30,
Financial Aid Appeals Committee with supporting
via e-mail at finaid@saic.edu. This will ensure that
2011. Students that miss the required deadlines risk
documentation. Your financial aid award package
your future invoices reflect the proper information.
losing their eligibility for funds.
will be reviewed to determine if this information
This could also expedite the refund of any credit
affects your eligibility for aid.
balance created on your account.
Sincerely,
Patrick S. James Director of Student Financial Services
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Refunds and Advances
the State of Illinois (IL) Monetary Award Program
SAIC Need-Based Grants
Refunds are processed for actual credit balances
(MAP) Grant. If you were determined to meet the
Need-based SAIC grants are awarded to students
on a student account. Financial aid advances may
eligibility criteria for the MAP grant, an award is
who demonstrate need through their FAFSA
be requested by students who anticipate having a
included on your award letter. This award may
application. Scholarships are awarded to students
credit balance on their account once all financial
be an estimate made by the Student Financial
who meet the above funding requirements and
aid funds (including loans) are received and
Services office and, if so, is identified as a “State of
donor established criteria.
credited to the student account.
IL MAP Grant (Est).” MAP grants are limited based
GRANTS AND SCHOLARSHIPS
on the number of applicants and funding levels
Outside Scholarships
appropriated by the Illinois General Assembly.
Students receiving grants, scholarships or awards from a source other than SAIC, must notify the
Eligibility for the MAP grant is tracked by the
Student Financial Services office of these awards.
equivalent number of semester credit hours of
SAIC is required to consider these awards as a
Federal Pell Grant
MAP benefits paid on your behalf. This is called
part of the student’s financial aid package, as
The Federal Pell Grant is a need-based program
MAP Paid Credit Hours. Payment for each term is
required by law. It may be necessary for SAIC to
for undergraduate students who have not earned
being made according to the equivalent number
adjust the award package to meet federal, state,
a bachelor’s degree or higher. The Pell Grant award
of credit hours eligible for MAP payment, with
and institutional awarding policies. Information on
amount is determined by the number of credits for
a minimum of 3 and a maximum of 15 MAP Paid
searching for outside scholarships is available on
which the student is enrolled and their Estimated
Credit Hours.
the SAIC website at www.saic.edu.
There is a limit on the number of MAP Paid Credit
Third-Party Assistance
Hours that can be paid while you are classified by
Students receiving assistance in paying their tuition
Federal Supplemental Educational Opportunity Grant (FSEOG)
your school as a freshman and sophomore. This
and fees must notify the Student Financial Services
limit is the equivalent of 75 MAP Paid Credit Hours.
office prior to the start of each semester. Examples
FSEOG is awarded to both independent and
If this maximum is reached, you must attain junior
of third-party assistance include college savings
dependent students with the highest need at SAIC.
status for your MAP grant eligibility to resume.
plans, veteran benefits, rehabilitation programs or
This is typically all undergraduates with an EFC of
The maximum number of MAP Paid Credit Hours
employee assistance programs. A student’s initial
zero, including those enrolled part-time.
that can be received is capped at 135. If a State of
award package may have to be adjusted according
IL MAP Grant (Est) is not included in your award
to federal, state, and institutional awarding policies
Academic Competitiveness Grant (ACG Grant)
letter, you are not eligible for the grant at SAIC.
to accommodate this assistance.
The Academic Competitiveness Grant is a grant for
Due to funding constraints, reductions to state
Veteran’s Benefits
undergraduate students who are also Pell Grant
funding may occur. SAIC cannot provide additional
A student who is a veteran of U.S. military service,
eligible, have completed a rigorous secondary
funding to otherwise MAP eligible students who
or an eligible dependent, may be eligible to receive
school program, and are enrolled in either the
may have missed the state FAFSA filing deadline.
Veteran’s Affairs Educational Benefits through the
Family Contribution (EFC), as calculated by the federal government.
first or second year of a degree-seeking program.
Post 911 (Chapter 33) and Yellow Ribbon programs.
Students may only qualify to receive one year of
SAIC Merit Scholarships
The SAIC Registrar is the Certifying Official for
the ACG grant at SAIC.
SAIC Merit scholarships are awarded during the
SAIC.
admission process. Inquiries about the merit
Illinois State Grant — Monetary Award Program (MAP)
process should be directed to the Admissions
To determine your eligibility for veteran’s benefits,
office at 312.629.6100 or admiss@saic.edu.
you should visit the Veteran’s Administration
Note to State of Illinois Residents
website at www.gibill.va.gov, or contact them at
By completing the FAFSA and agreeing to share
1.888.GIBILL1 (442.4551).
that information with the Illinois Student Assistance Commission (ISAC), you have been considered for
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STUDENT EMPLOYMENT
than 20 hours per week) and earn at least the
All students have a total or aggregate limit for borrowing Federal Direct Stafford Loans. The maximum
The Career Services office assists students in their
current federal minimum wage. Students are paid
for dependent undergraduate students is $31,000, of which no more than $23,000 may be subsidized; for
search for employment. Career Services maintains
bi-weekly. The amount of the award is dependent
independent undergraduate/post-baccalaureate students, it is $57,500 of which no more than $23,000 may be
an online database called “Launch” that lists
on the student’s need according to the FAFSA and
subsidized; and for graduate students it is $138,500, of which no more than $65,500 may be subsidized.
available on- and off-campus student employment
available funding through SAIC. FWS eligibility is
jobs and can be accessed through the SAIC Portal.
reflected on a student’s award letter. Students are
All students who are offered a Federal Direct Stafford Loan must complete:
They may be reached by phone at 312.629.6801 or
responsible for securing employment and can use
• online entrance counseling at www.dl.ed.gov, and
e-mail at careers@saic.edu and are located in the
the services available in the Career Services office
• a Master Promissory Note (MPN) at www.dlenote.ed.gov.
Sullivan Center at 36 South Wabash Avenue.
to assist them in their search for FWS positions.
Students must complete all necessary payroll
SAIC Institutional Employment
documents within 3 days of being hired by an
The SAIC Institutional Employment program
on-campus department in order to meet federal
is available to international students, teaching
employment regulations. Students are paid bi-
assistants (TAs) for graduate students, students
weekly and may earn at least federal minimum
participating in the Cooperative Education
wage. Further information and documents are
Internship Program, and students hired to fill a
available on the SAIC Portal.
limited number of highly specialized positions. Much like the FWS program, students work to earn
Federal Work-Study Program (FWS)
money for their education. Both undergraduate
The Federal Work-Study program provides
and graduate students employed through the
students the opportunity to earn money for their
institutional employment program work part-time
education. Both undergraduate and graduate
(typically, not more than 20 hours per week).
students may work part-time (typically, not more
STUDENT LOANS Beginning with the 2010–11 year, SAIC will participate in the Direct Lending program for Federal Stafford and PLUS loans.
Federal Direct Stafford Loans Annual limits for Federal Direct Stafford Loans are determined by academic level and student need. Repayment begins six months after the student graduates or ceases to attend at least half-time. Interest rates are fixed. Interest rebates may be available for on-time payments. Beginning July 1, 2010, for undergraduate students, the Federal Direct Subsidized Stafford Loan rate is 4.5%; for Federal Unsubsidized Stafford Loans, the rate is 6.8%. For graduate students, the interest rate for all Federal Stafford Loans is 6.8%. For all loans, an origination fee of 1% is deducted by the federal government before disbursement.
Credits Earned
Subsidized Unsubsidized Dependent/Independent Dependent * Independent
Freshman
(0–29)
$3,500
$2,000
$6,000
Sophomore
(30–59)
$4,500
$2,000
$6,000
Juniors & Seniors
(60 or more)
$5,500
$2,000
$7,000
Post Baccalaureate
$5,500
NA
$7,000
Graduate
$8,500
NA
$12,000
* If a parent is denied a Federal Direct PLUS Loan, SAIC will automatically award an additional unsubsidized loan upon receiving the denial notification from the Department of Education. For freshman and sophomore students, this eligibility is $4,000 and for junior and senior students it is $5,000. See page 10 for more information on PLUS loans.
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Federal Perkins Loan
ADDITIONAL LOANS
This program provides need-based, low interest (5%) educational loans to students. Recipients are notified
Federal Direct PLUS Program
of their eligibility on their award letter. While students are in school on at least a half-time basis, and during a
The Federal Direct PLUS Loan has an interest rate
predetermined grace period, the loan is interest free. Interest charges and repayment of the loan begin at the
of 7.9% and is available to credit-worthy graduate
conclusion of the nine month grace period.
students and parents (biological, adoptive or step-parent) of undergraduate students. Post-
Eligible students must:
baccalaureate students are not eligible. Repayment
• submit a completed Federal Perkins promissory note (available in their financial aid award packet or on the
begins 60 days after the loan is disbursed. A
SAIC Portal) to the Student Financial Services office, and • complete a Federal Perkins Loan Online Entrance Counseling session at www.mappingyourfuture.org.
4% origination fee is deducted by the federal government before disbursement. Borrowers may borrow up to the student’s estimated cost of attendance minus any other aid. If a parent is denied a PLUS Loan due to adverse credit history, the student is automatically awarded an additional unsubsidized loan of $4,000 for freshmen and sophomores, and $5,000 for juniors and seniors.
Upon receiving the SAIC PLUS request, SAIC will forward additional instructions that will include completing an online electronic promissory note.
Private (or Alternative) Education Loans Private education loans are offered by private lenders and are available to students to assist with their educational and living expenses after federal loans have been completely exhausted. These loans are credit-based and should only be used as a final funding option. Most students need a credit worthy co-signer. The credit worthiness of the co-signer may affect the interest rate of the loan.
Searching for a Private Lender Students will need to research lenders for their best possible private loan options by contacting
In order to secure a Federal Direct PLUS Loan, borrowers must: •
complete an SAIC PLUS request form
•
not have adverse credit history
If you are a graduate student you must also: •
complete an online entrance interview at
them or searching the Internet. In particular, students may find the website www.finaid.org to be helpful. Please note that this website is informational only and is not endorsed by SAIC. SAIC does not endorse any specific lender in any educational loan program.
www.dl.ed.gov
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FINANCIAL AID CHECKLIST
PARAMETERS OF FINANCIAL AID SATISFACTORY PROGRESS POLICY
Please complete these 5 steps to determine your annual costs and secure financing for the year. Academic progress standards will be measured at the end of each academic year. Progress will be measured in credit hours completed versus credit hours attempted, which will include withdrawals that are not “administrative withdrawals” and NCRs (no credit earned). Administrative withdrawals are defined as those
STEP 1 ____
withdrawals that result in waiver of tuition charges and cancellation of financial aid funds awarded. Review the enclosed award letter, financial aid award guide, and Missing Information Letter (enclosed if further documents are needed) Complete the financial aid process by July 1, 2010 for 2010–11 year. Payment in full or payment arrangements, must be completed by the first day of class each semester.
To be making satisfactory progress, financial aid recipients must complete and receive credit toward the degree or certificate in their academic program for 2/3 of all credit hours attempted. Credits completed that do not count toward the degree or certificate program on record for the student will be treated as hours attempted but not completed in determining the 2/3 requirement.
STEP 2
At the end of each academic year, students not making satisfactory progress as defined above will be placed on probation for one academic year. During this period, the student will be eligible for financial aid. At the end
____
Complete the “Figure Your Costs” Budgeting Worksheet This necessary step will help you calculate your costs for the year and determine if you have sufficient funding. You will need to decide if additional loans or deferred payment plans are needed each semester.
of this probationary period, to be making satisfactory progress, the student must have completed 2/3 of all cumulative credit hours attempted at SAIC. That is, to regain satisfactory progress status, a student must have completed 2/3 of all credit hours taken during all academic terms he/she has been enrolled at SAIC. Students not making satisfactory progress will not be eligible for financial aid until the academic term following the term during which enough credit hours are earned to achieve the defined level of satisfactory progress, i.e., 2/3 of all credit hours attempted.
STEP 3 ____
Secure Loan Funds Complete the application process for your Federal Direct Stafford loan, and Federal Perkins Loan (if eligible, as noted in your award letter). If it is determined you need additional loans, graduate students and parents of dependent undergraduate students should apply for the Federal Direct PLUS loan. Post-baccalaureate and independent undergraduate students may need to consider the private loan as an additional resource, as they are not eligible to apply for the Federal Direct PLUS loan. Loan applications should be completed by July 1, 2010 for the Fall and Spring semesters.
Students not making satisfactory progress for financial aid purposes may appeal their suspension from financial aid eligibility based on unusual circumstances. Such appeals should be submitted to the Director of Student Financial Services. Eligibility for SAIC grant or scholarship funds and other SAIC financial aid programs will terminate when a student does not meet the satisfactory progress requirements stated above OR has completed the number of credit hours required for the degree or certificate in their program of record OR has reached the maximum attempted credit hours as follows: Credit hours required for degree/certificate completion
STEP 4 ____
Enroll in a Semester Payment Plan each semester (if needed) Enroll for payment plans by logging into SAIC Self-Service at go.artic.edu and clicking on the CASHNet link.
STEP 5 ____
Submit additional documents if necessary If verification or other documents are needed, you should submit them immediately to our office. You should refer to the Missing Information Letter enclosed in your award packet or log into SAIC Self-Service and review the To Do List section. You should complete the verification process by July 1, 2010 for the Fall and Spring semesters.
Maximum hours allowed to attempt
138
171
132
162
60
66
48
54
36
42
30
36
Students may appeal termination of eligibility for SAIC grant or scholarship funds and other SAIC financial aid based on unusual circumstances. Such appeals should be submitted to the Director of Student Financial Services. These standards of satisfactory progress apply only to eligibility for financial aid funds, and do not apply to satisfactory academic progress as monitored through the Student Affairs office.
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STUDENT FINANCIAL SERVICES 36 South Wabash Avenue, suite 1218 Chicago, IL 60603 312.629.6600 Fax 312.629.6601 FinAid@saic.edu www.saic.edu/sfs
ABOUT THE SCHOOL OF THE ART INSTITUTE OF CHICAGO A leader in educating artists, designers, and scholars since 1866, the School of the Art Institute of Chicago (SAIC) offers nationally accredited undergraduate, graduate, and postbaccalaureate programs to nearly 3,200 students from across the globe. Located in the heart of Chicago, SAIC’s educational philosophy is built upon an interdisciplinary approach to art and design, giving students unparalleled opportunities to develop their creative and critical abilities, while working with renowned faculty who include many of the leading practitioners in their fields. SAIC’s resources include the Art Institute of Chicago and its new Modern Wing; numerous special collections and programming venues provide students with exceptional exhibitions, screenings, lectures, and performances. For more information, please visit www.saic.edu
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