Financing a College Education
After this program, you should know … 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 Programs State Programs Institutional Programs Private Scholarships
General Financial Aid Requirements Matriculated U.S. citizen or eligible non-citizen Selective service Social Security number Satisfactory Academic Progress Drug-related convictions may cause a student to lose financial aid
When do I apply for financial aid? Submit the FAFSA form to the federal process after January 1 st The typical Freshmen FAFSA deadline: by February 1 st (check with individual schools) You can estimate your information- just have tax info. ready
How do I apply for financial aid? Complete the Free Application for Federal Student Aid (FAFSA) File electronically at: www.fafsa.ed.gov and sign (both student and parent) electronically using your federal PIN (apply at www.pin.ed.gov)
PIN Registration Web site: www.pin.ed.gov Can get PIN before January 1 st (will need Name, SSN, DOB) Not required, but speeds processing (days vs. weeks) Used by students and parents to sign FAFSA and corrections, including subsequent school years Effective three years ago, students and parents can now make their own PIN – and they can be the same
FAFSA on the Web Web site: www.fafsa.ed.gov 2014-2015 FAFSA on the Web available on or after January 1, 2014 FAFSA on the Web Worksheet: Available prior to January 1 st Questions follow order of FAFSA on the Web
FAFSA on the Web Worksheet
FAFSA on the WEB
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. Will impact processing of financial aid and potential verifications. Less likely if use DRT
Almost Finished! Sign electronically with PIN!
Don’t Forget To Apply For Tap! If you apply for federal aid online, you will be able to access the TAP application by selecting the appropriate link on the FAFSA confirmation page 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 File FAFSA by February 1st (Priority Deadline) Student Aid Report (SAR) sent to schools and students Federal aid eligibility State aid eligibility Institutional aid eligibility (Grants, Loans, and (Grants, Loans, and (Grants and Scholarships) Work-Study) 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 Part-time TAP and ADA TAP 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
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 Alternative/Private Loans – Know the Rates!
Merit Scholarships Eligibility based upon student’s profile: High School Academic Record Standardized Test Scores School and Community Involvement Athletic Talents
Private Scholarship Search Your school counselor’s office, web page or newsletter College(s) you are applying to Newspaper Local businesses and civic organizations Parents’ places of employment
Scholarship Search Sites www.fastweb.com - FastWeb Scholarship Search www.collegeboard.com - College Board’s Scholarship Search www.petersons.com - The Education Supersite
How is financial aid eligibility and need determined? Cost of Attendance (COA) minus Expected Family Contribution (EFC) equals Financial Need
Cost of Attendance (COA) Tuition and Fees Books and Supplies Room and Board Expenses (dorm, 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 10,000 16,000 51,000 -EFC -9,000 -9,000 -9,000 Need 1,000 7,000 42,000
Helpful Hints Watch financial aid deadlines Review your financial aid forms carefully Check accuracy of information reported Retain copies of paperwork for your records Special Conditions
Useful Web Sites www.fafsa.ed.gov - File and correct the FAFSA electronically www.pin.ed.gov - Apply for PIN (student and parent) to sign applications 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
SUNY Financial Aid Day Saturday, February 22nd @ JCC JCC is a host site – you do not have to be attending JCC to participate Financial Aid staff in computer labs to assist in completion of FAFSA 9 am – 12 noon Call JCC’s Financial Aid Office @ 786-2355 to register!
Questions? Thank you for attending tonight’s presentation!
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