Financing a College
Education
High School Financial Aid Night
Presentation
After this program, youwill have learned about…
The types of aid available to students
How and when to apply for financial aid
How financial aid eligibility is calculated
Sources of Financial Aid
Federal ProgramsState ProgramsInstitutional ProgramsPrivate Scholarships
General Financial Aid Requirements
Matriculated (admitted by Admissions)
U.S. citizen or eligible non-citizen
Selective service – Registration required
Social Security number
Satisfactory Academic Progress
Drug-related convictions may cause a student to lose financial aid
Applying for Financial Aid
**PLEASE NOTE**If you are a parent of a Junior (or below), the FAFSA application will be able to be completed earlier for the 2017-2018 aid year.
Parents of Seniors – the FAFSA application process will remain UNCHANGED from last year for 2016-2017.
When do I apply for financial aid?Submit the FAFSA form
anytime after January 1st
The FAFSA deadline used by some colleges is February 1st
- but ALWAYS check deadlines with individual schools your are applying to!
You can estimate your information- just have tax info. ready
How do I apply for financial aid?The first step is to complete the Free Application for
Federal Student Aid (FAFSA)
File electronically at: www.fafsa.gov and sign (both student and parent) electronically using your FSA ID (apply at https://fsaid.ed.gov)
*Please note* Both the student and one of the parents in the household need FSA IDs
FAFSA on the Web
Web site: www.fafsa.gov NOT .com!!!
2016-2017 FAFSA available on or after January 1, 2016
FAFSA on the Web Worksheet:Available prior to January 1st
Questions follow order of FAFSA on the Web
FAFSA on the Web Worksheet
FAFSA on the WEB
FSA ID Registration Web site:
https://fsaid.ed.gov Can get FSA ID before January 1st
Must use separate email addresses!!!
Used by students and parents to sign FAFSA, make corrections and sign MPNs for loans
IRS Data Retrieval Tool
Tool designed to transfer tax information to FAFSA. Use if you can!
Must have federal taxes complete to utilize this tool. Typically need to wait about 2 weeks after filing to use.
Will impact processing of financial aid and potential verifications if you DON’T use DRT.
Don’t Forget To Apply For Tap!
(NYS students going fulltime to NYS colleges) If you apply for federal aid online, you will
be able to access the NYS TAP application by selecting the appropriate link on the FAFSA confirmation page at the end of the FAFSA
If you miss the link to the TAP application from your FAFSA confirmation page you can apply online at www.tapweb.org . Your application will not be available until your FAFSA is processed.
Once the FAFSA is filed …
Financial Aid Application Process
Federal aid eligibility
(Grants, Loans, and Work-Study)
State aid eligibility
(Grants and Scholarships)
Institutional aid eligibility
Student Aid Report (SAR) sent to schools and students
(Priority Deadline for some colleges – Feb 1st – contact school for info)
(Grants, Loans, and Work-Study)
Types of Financial Aid
Grants – Gift Aid Scholarships – Gift Aid
Work-Study Positions – Self Help Aid
Loans – Self Help Aid
Grants Federal Grants
Pell Grants Supplemental Education
Opportunity Grant (SEOG) Teacher Education Assistance for
College and Higher Education (TEACH) Grant
Institutional Grants Need-based Grants Sometimes Merit-based Grants
Grants (continued)
Other Grants/Assistance - STATE New York State Tuition Assistance
Program (TAP) New York State Aid for Part-Time Study
(APTS) New York State Merit Scholarships New York State Higher Education
Opportunity Program (HEOP or EOP) No NYS Awards are processed until
after the NYS budget is passed and finalized
Teacher Education Assistance for College and Higher Education
(TEACH) Grant
Undergraduate and graduate students who plan to teach in a school which serves students from low-income families and in a high-need field (e.g., mathematics, science, special education, foreign language, etc.)
In exchange for the TEACH grant, students must agree to serve (4 years as a full-time teacher within the first 8 years after graduation)
If students are unable to fulfill the service requirement, the grant converts to an unsubsidized Direct Loan
Award amount: $4,000 a year (maximum of $24,000)
Federal Work-Study Program
Students must work to receive the funds
Funds are paid directly to the student
Students work an average of 10-20 hours per week on campus at most schools
Work is related to students’ educational and career goals – start writing your resume early!
Usually limited funding, so apply early and follow through with the employment process
Educational Loans
Federal Direct Loans (U.S. Dept of Ed) Subsidized Federal Stafford Loan Unsubsidized Federal Stafford Loan
Max to borrow = $5500 Dependent Freshmen
Parent Loan for Undergraduate Students (PLUS)Max to borrow = COA-other aid student receives
Federal Perkins Loan – check with school if offer
Alternative/Private Loans – Know the Rates!
Scholarships
Your school counselor’s office, web page or newsletter
College(s) you are applying to
Local businesses and civic organizations
Parent/student places of employment
Scholarships Con’t
Eligibility typically based upon student’s profile:
High School Academic Record
Standardized Test ScoresSchool and Community
InvolvementAthletic/Artistic TalentsNeed may also be a factor
Scholarship Search Sites
www.fastweb.com - FastWeb Scholarship Search
www.collegeboard.com - College Board’s Scholarship Search
www.petersons.com - The Education Supersite
Scholarship searches should be FREE!!!
How is financial aid eligibility and need
determined?Cost of Attendance (COA)
minusExpected Family
Contribution (EFC)equals
Financial Need
Cost of Attendance (COA)
Tuition and Fees Books and Supplies Room and Board Expenses
(residence hall, with parents, off-campus home or apartment)
Transportation Expenses Personal Expenses
Expected Family Contribution (EFC)
Determines eligibility for federal funding and need-based institutional aid
Calculated using formula established by the U.S. Congress
Based upon family’s financial profile The EFC will be displayed on the
confirmation page when filing FAFSA on the web (will also display information about federal Pell grant).
Financial Need
Determines eligibility for federal Pell and SEOG grants, federal Perkins and subsidized Stafford loans, and federal work-study awards.
Usually utilized in combination with a student’s academic profile to determine eligibility for institutional awards
Needs Analysis Examples of How Need “Changes” Colleges send Award Letters
showing you how the financial aid meets that need.
School 2 year 4 year Public
4 year Private
COA 12,000 16,000 51,000
-EFC -9,000 -9,000 -9,000
Need 3,000 7,000 42,000
Helpful Hints & Final Thoughts
Watch financial aid deadlines Review your financial aid forms
carefully Check accuracy of information
reported Retain copies of paperwork for your
records Special Conditions Maintaining aid eligibility
Useful Web Sites
www.fafsa.gov - File and correct the FAFSA electronically
www.tapweb.org - File for NYS TAP grant
www.hesc.org - Check status of NYS TAP and scholarship awards, complete the veteran supplemental applications
Need Help Applying??
SUNYFINANCIAL AID DAY
February 20th 9am-Noon
Call 786-2355 to Register
Questions?
Thank you for attending !
Please complete survey & return to Guidance
Counselor