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Leon M. Goldstein High School for the Sciences
TOPICS
Who is eligible to apply for aid? Who is considered a dependent student? How much does college cost? How and when to apply for financial aid? Sources and types of financial aid Resources for counselors and students
Eligible Students
Citizen Eligible non-citizen
1. Permanent U.S. Resident with a permanent resident card
2. Conditional permanent resident or holder of I-94 with “Asylum Granted” or “Refuge”
Eligible Students
If the student is not a:
-citizen or
-eligible non-citizen
No federal aid is available Student may be eligible for in-state tuition
In-State Tuition for Undocumented and Out of Status Students
Attended an approved New York State high school for two or more years, graduated and applied to attend CUNY or SUNY within five years of receiving NYS diploma
Attended an approved New York State program for the general education development diploma (GED) exam preparation, received the GED issued in NYS, and have applied to public institutions within the five years of receiving the NYS GED, or
Enrolled in a CUNY institution in the fall 2001 semester and was authorized to pay in-state tuition
STATEMENT OF INTENT- student must complete a statement of intent to legalize status
Resources for Undocumented Students
Scholarships: Peter Vallone Scholarship- NYC student attending CUNY www.salef.org
Immigration Resources: American Immigration Lawyers Association (AILA) www.aila.com Immigration Daily www.ilw.com National Association of International Educators www.nafsa.org US Department of Homeland Security www.dhs.org US Citizenship and Immigration Services www.uscis.gov
Dependent or Independent?
Born before January 1, 1986 (09-10) Married on the day of application Enrolled in master’s or doctoral degree program Currently serving on active duty in the US Armed
Forces A Veteran of the US Armed Forces Have children that receive more than half of their
support from the application Have other dependents
Dependent OR Independent? New
Dependent or ward of the court, in foster care, or both parents deceased after age 13
Emancipated minor as determined by the court Legal guardian Unaccompanied youth who was homeless Unaccompanied youth who was homeless, self-
supporting, and at risk of being homeless
How Much Does College Cost?
Cost of Attendance (COA) includes:
1. Tuition and Fees
2. Room and Board
3. Books and Supplies
4. Transportation
5. Miscellaneous personal expenses
How Much Does College Cost?
4 Year PRIVATE On-Campus Student
Tuition and Fees: $25, 021Room and Board: $9,706Books and Supplies: $962Transportation: $618Personal Expenses: $1,194Total Budget: $37,501
How and When To Apply
1. Collect information
2. Request a federal PIN: www.pin.ed.gov
3. Complete FAFSA online: www.fafsa.ed.gov
4. Complete TAP online
5. Watch for Student Aid Report (SAR)
6. Keep records
7. Contact the financial aid office
1. Collect Information
Student’s and parent’s SSN and DOB Parent’s marital status Tax returns for students and parents W-2’s for student and parents Records of untaxed income for student and parents (such as social
security benefits, public assistance, etc.) Bank, stock, real estate, and business records for student and
parents Student’s driver’s license number Student’s alien registration number (for non US citizens) PINS for student and one parents
2. Request Federal PIN @ www.pin.ed.gov
Get a PIN number NOW for Each Student AND One Parent!
Information processed within 71 hours
Replaces mailing signatures
TIP
Students can get a head state by using:www.FAFSA4caster.ed.gov
Increase student’s knowledge of the financial aid process and provide information about other sources of aid.
“FAFSA4caster Tip” appear throughout the site and provide students with information that will help make preparing for college and the financial aid process easier.
FAFSA4caster will transfer all of your data to the FAFSA on the Web application, making it a lot easier.
3. Complete FAFSA @ www.fafsa.ed.gov
TIP
Why pay for advice on federal student aid? Information is free. Applying is free.
Beware of www.fafsa.com! Free advice is available from: A high school counselor A college financial aid administration The Federal Student Aid Information Center at
1-800-4-FED-AID (TTY: 1-800-730-8913)
4. Complete TAP Online! Immediately after
completing FAFSA online, from the FAFSA confirmation page, link to the TAP-on-the-Web (look for NY Residents)
Establish your TAP PIN: You may choose to use the same number as your federal PIN
What’s Next???
5. Watch for SAR:
Available in 7-10 days
6. Keep documents in a file
7. Contact the financial aid office
How and When To Apply?
FILE EARLY!Right after January 1st of the student’s
senior year Check “will file taxes” Estimate financial information accurately Questions? Call 1-800-4FEDAID (433-
3243) or www.fafsa.ed.gov
How Is Financial Need Determined?
Estimated Family Contribution (EFC) is determined from:
Parents’ income and assets-Primary home value excluded
Student’s income and assets Size of family
-Age of parents Number of children in college
COA minus EFS=Need
Sources and Types of Financial Aid
Federal New York State Private Lenders
Gift Aid-Scholarships
-Grants
Self-help aid-Employment Opportunities
-Loans
Sources and Types of Financial Aid
Private Scholarship Search -At your college of interest -Free Internet scholarship searches
-www.fastweb.com-www.students.gov- Local library resources- Local businesses and civic organizations (including professional associations) related to student’s field of interest
-Parents’ employer/union
Sources and Types of Financial Aid Major Grant Programs
PELL Grant• Must have EFC between
$0-$4,041• Maximum annual award
$4,731*• Minimum award $523
*scheduled to go up each year until 2014-2015
NYS TAP GrantDependent Undergraduate
Students-Award Range $500-$5,000
Independent Undergraduate Studies-Award Range: $500-$3,025
Sources of Types of Financial Aid
Academic Competitiveness Grant Pell recipient Enrolled at least half-time first or second year
student ”Rigorous high school program” graduate Advanced or Honors Regents designations Other rigorous program criteria
$750 first year, $1300 second year
Sources and Types of Financial Aid
SMART Grant
National Science and Mathematics Assess to Retain Talent Pell recipient For Juniors and Seniors enrolled at least half-time in a
four year institution Majoring in physical, life, or computer sciences,
mathematics, technology, engineering, or in a foreign language that is critical to US national security
Have a minimum 3.0 GPA $4000 per year
Sources and Types of Financial Aid
Federal Work Study Based on financial need On or Off-campus employment Usually 12-15 hours per week
Stafford Loans: Federal FamilyEducated Loans and Direct Loans
Subsidized5.6% (09-10)4.5% (10-11)3.4% (11-12)6.8% (12-13)
Based on need Federal government pays
interest while student is in school
$3500 for freshmen
Unsubsidized
6.8% fized interest Not based on need Student is responsible for
interest while in school Max loan cost of education
minus financial aid +$2000 for freshmen
Sources and Types of Aid
Perkins Loan Need based Low interest rate (5%) Student pays no interest while in school Max $5,500* per year May be forgiven
Sources and Types of Financial Aid
Parents Loans for Undergraduate Students (PLUS): For parents of dependent students Borrow up to the entire cost of college less financial aid No adverse credit (parent must pass credit check)Time Payment Plans: May vary…typically, families may spread the direct costs
over the semester or year.
A Note on Borrowing
Before you borrow: remember you must repay loans
The more money you borrow, the more money and the longer it will take you to repay your loan
To estimate your monthly payments go to: www.finaid.org/calculators/loanpayments.phtml
You must file the FAFSA for all federal loans Federal loans have lower interest rates than
most private loans
2008-09 TEACH Grant
Up to $4000 per year For students who intend to teach:• A high-need field• That serves students of low income
Four year service contract More information: www.studentaid.ed.gov
The NYS Math and Science Teaching Incentive Program
Increase the number of math and science teachers Bachelor and/or master degree level in exchange for agreeing to
teach math or science for five years on a full-time basis at a secondary school
Award The annual award for full-time study equals the annual tuition
charged to NYS residents at a 4-year SUNY college The maximum annual award is $4,350 4 years of full-time undergraduate study and one year of full-time
graduate study leading to permanent certification as a secondary education teacher in mathematics or science
The NYS Math and Science Teaching Incentive Program
Eligibility: Be a US Citizen or eligible non-citizen Matriculate in an approved undergraduate or graduate
program at a degree-granting institution that leads to a career as a math and science teacher in secondary education
Have a cumulative college grade point average (GPA) of 2.5 or higher
Not have a service obligation under another program Not be in default on a student loan
Resources
www.fsa4counselors.ed.gov www.collegegoalsundayny.com www.suny.edu/students www.FSAPubs.org www.nasfaa.org/redesign/parentsstudents.
html www.hesc.org