1 Student Financial Aid What High School Seniors & Parents Should Know Dan Robinson Pace University...
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Transcript of 1 Student Financial Aid What High School Seniors & Parents Should Know Dan Robinson Pace University...
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Student Financial Aid
What High School Seniors & Parents Should Know
Dan RobinsonPace University
Campus Director - Pleasantville
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What is Financial Aid?
Funds that help pay the cost of attending college
Financial aid may awarded based on Financial need (need-based) Other criteria, such as academic or athletic
ability (merit-based)
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Different Types of Aid
Scholarships Grants Work Study Loans
Free Money
Self-help aid
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Sources of Financial Aid
Federal government New York State Colleges – Institutional aid Other sources
Businesses Foundations Clubs/Organizations
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Need-based Financial Aid
Need-based Aid Your family’s ability to pay for educational
costs is evaluated Determined from information collected on
financial aid applications FAFSA, CSS Profile
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How Financial Need is Determined
Cost of Attendance (COA)
– Expected Family Contribution (EFC)
= Financial Need
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Cost of Attendance (COA)Direct ExpensesTuition and feesRoom and board
Indirect expensesBooks and suppliesTransportationMiscellaneous expenses
COA – EFC = Financial Need
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Examples of Need Determination
College A
College B
College C
COA $ 15,000 $40,000 $60,000
- EFC 5,000 5,000 5,000
= Financial Need $ 10,000 $ 35,000 $55,000
Financial Aid Programs
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Federal Student Aid Programs
Pell Grant – free money Supplemental Educational Opportunity Grant
(FSEOG) – free money Work-Study – earned money Direct Stafford Loan – borrowed money Direct PLUS Loan – borrowed money
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Federal Aid Eligibility
To qualify for federal student aid a student must
Be a U.S. citizen or eligible non-citizenHave a valid Social Security NumberRegister with Selective Service, if student
is male
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Federal Aid Eligibility
Students also must Have a high school diploma or recognized
equivalent, such as a GED/TASC Be enrolled, or accepted for enrollment, in an
eligible degree or certificate program Maintain satisfactory academic progress
requirements
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NYS Student Aid Programs
Tuition Assistance Program (TAP) Scholarships for Academic Excellence New York Achievement & Investment in Merit
Scholarship (NY-AIMS) STEM Incentive Program Math & Science Teaching Incentive Program Veterans Tuition Award
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NYS Student Aid Eligibility Requirements
Students must: Be New York State residents If dependent, parents must also be NYS
residents Attend and be matriculated at an eligible college
in New York State Meet other eligibility criteria for specific programs
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NYS Student Aid Programs
Tuition Assistance Program (TAP)Undergraduates Need-based, up to $5,165/yearFull-time and part-time study in NYSBased on NYS net taxable income (must be
below $80,000)
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TAP Award Determination
TAP award amount determined by Type of institution and the tuition charge Financial status (dependent or independent) Other family members enrolled in collegeCombined family NYS taxable income
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Other NYS Student Aid Programs NYS Achievement & Investment in Merit Scholarship (NY-
AIMS) $500 annual award for study in New York State For students must achieve two of the following criteria
– graduate with a GPA of 3.3 or above– graduate “with honors” on a NYS Regents diploma– receive a score of 3 or higher on two or more AP examinations– graduate within the top 15% of high school class
Apply online on hesc.ny.gov in May 2016
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Other NYS Student Aid Programs NYS STEM Incentive Program
Provides full SUNY tuition scholarship at SUNY/CUNY colleges only
Must be ranked in top 10% of class For undergraduate programs leading to a degree in
Science, Technology, Engineering or Mathematics Must execute service agreement Apply online at hesc.ny.gov in January
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Institutional Aid
Depends on funding at each college College determines eligibility criteria for
need-based and non-need-based programs Academic, athletic, and other talent-based
scholarships and grants May require an additional application
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Research College Financial Aid Websites
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Use Net Price Calculators
The Application Process
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How to Apply
To be considered for student aid, a student must complete all forms required by a college Free Application for Federal Student Aid
(FAFSA) NYS Tuition Assistance Program (TAP)
Application Institutional Forms Other as required
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Apply for Federal Aid- FAFSA Filing
Apply starting January 1st of senior year* Available online at fafsa.gov
Skip-logic for faster filingCheck status, make corrections online
Be sure to check your colleges’ FAFSA
filing deadlines
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FAFSA.gov
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Before Starting the FAFSA
Student and parent should apply for a Federal Student Aid ID at FSAID.ed.gov
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Common Documents Needed to complete FAFSA
Social Security Numbers/CardsUS Permanent Resident Card, if non-citizenStudent, Parent Income Tax Information
2015 Federal tax return & 2015 W-2 Can use prior year taxes as estimate
Records of untaxed income Such as child support received, interest income
Cash, savings and checking account balancesInvestments, including stocks, bonds, real estate
Excludes retirement accounts, value of primary residence
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FAFSA: Student Section Student Information & Eligibility
Basic info: address, email, name of high school, citizenship status
Student Income information College Information
Up to 10 colleges may be listed; can be updated by correction; must choose housing option
Dependency Determination Questions that will determine student’s dependency
status
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FAFSA: Parent, Income, & Signature Section Parent Information & Income
Marital status, name, date of birth, SSN, state of
residenceHousehold size, Number in college Income reported on 2015 tax return (or estimate), untaxed income, asset information
Signature Section Sign using the student and parent’s FSA ID
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Reporting Income: IRS Data Retrieval Tool
Connects to IRS for tax data of completed tax returns
Data usually available 2 weeks after filing taxes electronically
Can be used at first FAFSA submission or during updates/corrections
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IRS Retrieval Tool
Transfers required tax data to the FAFSA
May avoid submitting copies of tax transcript
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Common Questions: Eligibility
We don’t think we qualify for need-based financial aid, do we still file the FAFSA?
YES!!!Schools cannot determine institutional
grants without the FAFSAAt some schools, FAFSA may be needed
for merit-based aid
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Common Questions: Dependence
Can a student apply for financial aid without reporting their parent’s information? In most cases, students under 24 will be
required to report parent informationFor special circumstances, consult with the
financial aid office
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Common Questions: Parents If a student’s parents are divorced or separated, whose info is
provided?Custodial Parent
What if both biological parents are living together but
unmarried? Both parents file together
Do stepparents report their income? Yes
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Common Questions: Assets Do you report your home value or retirement
accounts on the FAFSA as an asset?No, your primary residence and tax deferred
retirement accounts are excluded from FAFSA How are 529 college savings plans treated?
The value of 529 Plans, for all children, need to be reported as a parent investment on the FAFSA
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Frequent FAFSA Errors Student’s Social Security Number Student’s name Unmarried/divorced/remarried parent information Parents/ stepparents earned income Untaxed income – pre-tax contribution to retirement fund Household size Number in postsecondary education Real estate and investment net worth
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How to Apply- New York State Aid
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The TAP Application
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CSS ProfileAdditional application used by some colleges to award
institutional aid Check with college
Collects more detailed income and asset information and
non-custodial parent infoApplication Fee, waivers may be availableApply starting October 1st of senior year online at
collegeboard.org
Next Steps
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After Applications are Filed…
Schools listed on FAFSA receive an electronic record – cannot see other schools listed on FAFSA
Schools begin financial aid packaging process Student may be required to provide additional
documentation at this time When processing is finished, an award letter is
sent to student
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Financial Aid Award Letter
College award letter contains Amount of federal aid for which students are
eligible, including loan options Estimate of state aid for which students are
eligible Institutional aid (Merit awards, grants, etc.) Breakdown of costs
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Award Letter Comparison Tool
HESC.ny.gov/CompareAwardLetters
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Scholarship Searching Online scholarship search websites
Fastweb.com Collegeboard.org Scholarships.com
Check local library, employer or union Avoid scholarship scams
Unnecessary fees, ID theft www.studentaid.ed.gov/types/scams
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StartHereGetThere.org
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StartHereGetThere.org
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Big Changes for 2017-18
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Questions???
Thank You!