Post on 09-Feb-2016
description
Financing a College
Education
After this program, youshould know …
How and when to apply for financial aid
The types of aid available to students
How financial aid eligibility is calculated
How to find additional information on scholarships
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 1st (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
FAFSA on the Web
Web site: www.fafsa.ed.gov2013-2014 FAFSA on the Web available on or after January 1, 2013
FAFSA on the Web Worksheet:Available prior to January 1st
Questions follow order of FAFSA on the Web
FAFSA on the Web Worksheet
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.
When do I apply for financial aid?
Submit the FAFSA form to the federal process after January 1st
The typical Freshmen FAFSA deadline: by February 1st
(check with individual schools)
You can estimate your information- just have tax info. ready
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
File FAFSA by February 1st (Priority Deadline)
(Grants, Loans, and Work-Study)
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
Sources of Financial AidFederal ProgramsState ProgramsInstitutional ProgramsPrivate 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
Types of Financial Aid
Scholarships – Gift Aid Grants – Gift Aid
Work-Study Positions – Self Help Aid
Loans – Self Help Aid
Merit Scholarships
Eligibility based upon student’s profile:
High School Academic Record
Standardized Test ScoresSchool and Community
InvolvementAthletic Talents
Grants Institutional Grants
Need-based Grants Sometimes Leadership Grants
Federal Grants Pell Grants Supplemental Education
Opportunity Grant (SEOG) Teacher Education Assistance for
College and Higher Education (TEACH) Grant
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 $24,0000)
Grants (continued) Other Grants/Assistance - STATE
New York State Tuition Assistance Program (TAP)
New York State Merit Scholarships New York State Aid for Part-Time Study
(APTS) New York State Part-time TAP and ADA
TAP New York State Higher Education
Opportunity Program (HEOP or EOP) No NYS Awards are processed until
after the NYS budget is passed and finalized
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!
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 (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
Private Scholarship Search
Your school counselor’s office, web page or newsletter
Local library resources 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
Other 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
Questions?
Thank you for attending
tonight’s presentation!