Financial Aid 2009 - 10 Tom DaRin Vice President for Enrollment Management Nazareth College.

Financial Aid Financial Aid 2009 - 102009 - 10

Tom DaRinTom DaRin

Vice President for Enrollment Vice President for Enrollment ManagementManagement

Nazareth CollegeNazareth College

Two Forms of FinancialTwo Forms of Financial AidAid Need Based AidNeed Based Aid: Demonstrated : Demonstrated

need must be established first. need must be established first. Sources – federal, state, and Sources – federal, state, and college.college.

No Need/Merit Based AidNo Need/Merit Based Aid: Merit : Merit means different things at different means different things at different places (academics, athletics, visual places (academics, athletics, visual and performing arts, geography are and performing arts, geography are some examples). Sources – federal some examples). Sources – federal (1), state, and college.(1), state, and college.

Formula To Determine Formula To Determine Demonstrated NeedDemonstrated Need

Cost of Attendance (tuition, fees, room/board, books, travel, personal)

minus

Expected Family Contribution (EFC)

equals

Demonstrated Need

Factors to determine the Factors to determine the ExpectedExpected Family Family

Contribution (EFC)Contribution (EFC) Determine student status: dependent or Determine student status: dependent or

independentindependent Parent(s) income in the prior tax year (2008). Parent(s) income in the prior tax year (2008).

Divorce: use custodial parent 1040Divorce: use custodial parent 1040 Number of family members pursuing a Number of family members pursuing a

college degree (exclude parents)college degree (exclude parents) Family sizeFamily size Student assets (20% of the total)Student assets (20% of the total) Student income above $3,400 (50% above Student income above $3,400 (50% above

$3,400)$3,400) Parents assets (5.6% of the total).Parents assets (5.6% of the total).

AssetsAssets

Include: savings and checking accounts, Include: savings and checking accounts, bonds (including savings bonds), 529 bonds (including savings bonds), 529 Savings Plans, Uniform Gift to Minors, Savings Plans, Uniform Gift to Minors, trusts, investments such as trusts, investments such as second/vacation home, land, business second/vacation home, land, business valuevalue

Do not include (for federal Do not include (for federal methodology): home equity (primary methodology): home equity (primary residence), 401K, IRA’s, employer residence), 401K, IRA’s, employer sponsored pension programssponsored pension programs

Financial Aid Forms Financial Aid Forms FAFSAFAFSA(Free Application for Federal (Free Application for Federal

Student Aid)Student Aid) Required at every college that awards Federal Required at every college that awards Federal

Title IV student aid.Title IV student aid. File after January 1, but before published File after January 1, but before published

college deadlines.college deadlines. Must be filed each year the student is in college.Must be filed each year the student is in college. Up to 10 colleges may be listed at one timeUp to 10 colleges may be listed at one time It takes 2-5 days (electronically) before colleges It takes 2-5 days (electronically) before colleges

receive data from the federal processor receive data from the federal processor you will receive a you will receive a SARSAR (Student Aid Report) from the (Student Aid Report) from the

processor. Check it carefully for errors or omissions. processor. Check it carefully for errors or omissions. The SAR is generated within minutes after submitting The SAR is generated within minutes after submitting the FAFSA and sent to you via email.the FAFSA and sent to you via email.

Financial Aid Forms Financial Aid Forms FAFSAFAFSA(Free Application for Federal (Free Application for Federal

Student Aid)Student Aid)continuedcontinued FAFSA must be filed electronically at FAFSA must be filed electronically at

www.fafsa.ed.gov. No fee is charged.www.fafsa.ed.gov. No fee is charged. Electronic filers must submit a PIN, in lieu of a Electronic filers must submit a PIN, in lieu of a

signature, for both the parent and student signature, for both the parent and student (www.pin.ed.gov). Parent and student may (www.pin.ed.gov). Parent and student may apply for the PIN at apply for the PIN at anyany time. Save your PIN. time. Save your PIN.

NoteNote: If you are eligible to file a 1040 A or : If you are eligible to file a 1040 A or 1040 EZ tax form, your EFC is calculated 1040 EZ tax form, your EFC is calculated using a simpler federal methodology. For using a simpler federal methodology. For example, if you file the 1040 A or EZ form, and example, if you file the 1040 A or EZ form, and your AGI is <$30,000, your EFC = 0. That your AGI is <$30,000, your EFC = 0. That would qualify you for a maximum Pell Grant. would qualify you for a maximum Pell Grant.

Supplemental Financial Aid Forms Supplemental Financial Aid Forms

College Scholarship Service (CSS) College Scholarship Service (CSS) ProfileProfile Used by certain colleges to collect Used by certain colleges to collect

information early and/or information not information early and/or information not provided on FAFSAprovided on FAFSA

ProfileProfile information is generally used to information is generally used to award institutional (college) aidaward institutional (college) aid

ProfileProfile is is notnot a substitute for FAFSA a substitute for FAFSA A fee is required for processing ($25 initial A fee is required for processing ($25 initial

registration including first college/$16 each registration including first college/$16 each additional college)additional college)

Contact Contact CSSCSS directly to process a directly to process a ProfileProfile form. Only accepted online at form. Only accepted online at collegeboard.comcollegeboard.com

Only send Only send ProfileProfile to those colleges that to those colleges that require itrequire it

Estimate carefully if you complete it before Estimate carefully if you complete it before tax information is availabletax information is available


TAPTAP (New York (New York TTuition uition AAssistance ssistance PProgram)rogram) Grant assistance available to New York Grant assistance available to New York

residents, who graduated from a NY residents, who graduated from a NY high school, and attend a college in NY high school, and attend a college in NY (2 year or 4 year, public or private). (2 year or 4 year, public or private).

FAFSA filers, who are NYS residents, FAFSA filers, who are NYS residents, automatically receive a pre-populated automatically receive a pre-populated TAP application directly from HESC TAP application directly from HESC (Higher Education Services Corporation) (Higher Education Services Corporation) in Albanyin Albany

Complete the application and return to Complete the application and return to HESC HESC onceonce you have determinedyou have determined which which NY college you will attend. (Probably NY college you will attend. (Probably after May 1) after May 1)

Based on NYS taxable income (not Based on NYS taxable income (not Federal AGI) of $80,000 or less. Federal AGI) of $80,000 or less.


TAPTAP (New York (New York TTuition uition AAssistance ssistance PProgram)rogram)continuedcontinued Minimum Award $500 (NYS taxable Minimum Award $500 (NYS taxable

income between $46 – 80K)income between $46 – 80K) Maximum Award $5000 (private Maximum Award $5000 (private

college) / 90% SUNY tuition (state college) / 90% SUNY tuition (state supported colleges)supported colleges)

Renewable for 8 Renewable for 8 full timefull time semesters. semesters. Funding contingent upon state budget Funding contingent upon state budget approval. (10 semesters for those approval. (10 semesters for those enrolled in NYS HEOP or EOP enrolled in NYS HEOP or EOP programs).programs).


InstitutionalInstitutional (forms used by individual (forms used by individual colleges/universities)colleges/universities)

Used to collect information not found on Used to collect information not found on the FAFSAthe FAFSA

Information received is used to award Information received is used to award institutional (college) aidinstitutional (college) aid

The institutional form is not used to The institutional form is not used to determine federal and state eligibilitydetermine federal and state eligibility

Submit the form by the required due dateSubmit the form by the required due date No fee to fileNo fee to file The form, if used, is usually found in the The form, if used, is usually found in the

same packet as the admissions same packet as the admissions application.application.

When will I hear from When will I hear from colleges?colleges?

No financial aid may be awarded until a No financial aid may be awarded until a student has been student has been accepted for admissionaccepted for admission..

Four to six weeks after you submit the Four to six weeks after you submit the required forms most colleges are ready to required forms most colleges are ready to send a financial aid package to the send a financial aid package to the student. Remember, it’s contingent upon student. Remember, it’s contingent upon which forms need to be submitted, when which forms need to be submitted, when they are submitted, and the quality of the they are submitted, and the quality of the information.information.

What can delay the What can delay the process?process?

Inconsistent or inaccurate information Inconsistent or inaccurate information (ex. incorrect Social Security number). (ex. incorrect Social Security number). Colleges will ask for tax forms to verify Colleges will ask for tax forms to verify what you have reported.what you have reported.

Not answering all questions that Not answering all questions that pertain to you and your situation.pertain to you and your situation.

Not filing the required forms and/or Not filing the required forms and/or not filing them on time.not filing them on time.

Not properly signing the FAFSA via Not properly signing the FAFSA via your PIN.your PIN.

Important Tips to Important Tips to RememberRemember

Students with a May 1 reply date for accepting Students with a May 1 reply date for accepting an offer of admission must have an offer of admission must have allall forms forms submitted no later than March 1(Jan./1 – submitted no later than March 1(Jan./1 – Feb/15 preferred)Feb/15 preferred)

Financial Aid offers may go out on a rolling Financial Aid offers may go out on a rolling basis (first in, first out) depending upon basis (first in, first out) depending upon admission notification dates. Others may place admission notification dates. Others may place the financial aid award in with the acceptance the financial aid award in with the acceptance letter (if admission notification is later than letter (if admission notification is later than 3/15)3/15)

File all the required forms by the earliest File all the required forms by the earliest deadline published. Do not wait to hear from deadline published. Do not wait to hear from Admissions before filing for financial aid. If Admissions before filing for financial aid. If need be, estimate taxes and submit forms. need be, estimate taxes and submit forms. Verification comes later.Verification comes later.

Sources of Financial AidSources of Financial AidFederalFederal (need and merit (need and merit

based)based) Pell GrantPell Grant: : $4731 maximum award$4731 maximum award per year (’08-09/’9-’10 per year (’08-09/’9-’10

TBA). Based on high demonstrated need. Minimum award TBA). Based on high demonstrated need. Minimum award $890.$890.

ACGACG (Academic Competitive Grant) and (Academic Competitive Grant) and SMARTSMART Grant: Grant: ACGACG are for are for PellPell eligibleeligible first and second year students who come out first and second year students who come out of a competitive secondary school program of study. $750 for of a competitive secondary school program of study. $750 for year 1; $1300 for year 2. year 1; $1300 for year 2. SMARTSMART Grants are for Grants are for Pell eligiblePell eligible third and fourth year students with a minimum 3.0 gpa in third and fourth year students with a minimum 3.0 gpa in federally recognized programs in science, math, IT, engineering, federally recognized programs in science, math, IT, engineering, and specialized languages. $4000 per year. ACG and SMART and specialized languages. $4000 per year. ACG and SMART grants are awarded above the student’s Pell eligible amount.grants are awarded above the student’s Pell eligible amount.

TEACH GrantsTEACH Grants: $4000 per year (x4 years UG/x2 Graduate). : $4000 per year (x4 years UG/x2 Graduate). Must teach in a federally designated high need school district in Must teach in a federally designated high need school district in a high need area (math, science, special ed, foreign languages) a high need area (math, science, special ed, foreign languages) for a minimum of 4 years. New in 2008-09. Separate for a minimum of 4 years. New in 2008-09. Separate application must be filed at teachgrant.ed.gov. Merit aid – application must be filed at teachgrant.ed.gov. Merit aid – based on high SAT/ACT scores and must maintain a 3.25 gpa. based on high SAT/ACT scores and must maintain a 3.25 gpa.

Sources of Financial AidSources of Financial AidFederal (Federal (all need basedall need based))

Campus Based AidCampus Based Aid: based on the level : based on the level of demonstrated need and the amount of demonstrated need and the amount available at each college.available at each college.

*Supplemental Education Opportunity *Supplemental Education Opportunity Grant (SEOG)Grant (SEOG)

*Perkins Loan (5% interest). *Perkins Loan (5% interest). Repayment begins 9 months after Repayment begins 9 months after graduation.graduation.

*Federal Work Study (rate of pay varies)*Federal Work Study (rate of pay varies)

Sources of Financial AidSources of Financial AidFederalFederal (all need based) (all need based)

Stafford Loan or Direct LoanStafford Loan or Direct Loan (Subsidized or (Subsidized or Unsubsidized)Unsubsidized)

$3500$3500 Freshman / Freshman / $4500$4500 Sophomore / Sophomore / $5500$5500 Junior & Junior & Senior (Annual Limits)Senior (Annual Limits)

An additional An additional $2,000$2,000 may be borrowed per year beyond may be borrowed per year beyond these annual limits; unsubsidized onlythese annual limits; unsubsidized only

Subsidized Loan:Subsidized Loan: loan amount is used to meet loan amount is used to meet demonstrated need. Repayment begins 6 months after demonstrated need. Repayment begins 6 months after graduation. Interest rate set by federal government. graduation. Interest rate set by federal government. All 2009-10 loans at All 2009-10 loans at 5.6%.5.6%. Colleges may be lenders Colleges may be lenders (direct) or you may apply through a bank. $31,000 (direct) or you may apply through a bank. $31,000 would be the max to borrow. 10 years to repay.would be the max to borrow. 10 years to repay.

Sources of Financial AidSources of Financial AidFederalFederal (all need based) (all need based)

Unsubsidized Loan:Unsubsidized Loan: Student has no Student has no demonstrated need or other forms of aid demonstrated need or other forms of aid are meeting need. Repayment on are meeting need. Repayment on interest portion of the loan while in interest portion of the loan while in college. Repayment on principal begins college. Repayment on principal begins 6 months after graduation. Interest rate 6 months after graduation. Interest rate at at 6.8%.6.8%.

Stafford Loans or Direct Loans are Stafford Loans or Direct Loans are studentstudent loans. The student will repay. loans. The student will repay.

Sources of Financial AidSources of Financial AidStateState (need and merit (need and merit

based) based)

TAP:TAP: Need BasedNeed Based Grant assistance available to New York State Grant assistance available to New York State

residents who graduated from a NY high residents who graduated from a NY high school and attend a college in NYS (2 year or school and attend a college in NYS (2 year or 4 year, public or private).4 year, public or private).

Minimum Award Minimum Award $500$500 Maximum Award Maximum Award $5000$5000 (private college) / (private college) /

90%90% SUNY tuition (state supported colleges) SUNY tuition (state supported colleges) Renewable for 8 Renewable for 8 full timefull time semesters. Funding semesters. Funding

contingent upon state budget approval. 10 contingent upon state budget approval. 10 semesters for HEOP or EOP students.semesters for HEOP or EOP students.

Sources of Financial AidSources of Financial AidStateState (need and merit (need and merit

based) based) continuedcontinued

New York State Scholarships for Academic New York State Scholarships for Academic Excellence:Excellence: Merit BasedMerit Based

Each high school gets one $1500 award and school size Each high school gets one $1500 award and school size determines the number of $500 awards.determines the number of $500 awards.

Leaders of Tomorrow Lottery Scholarships: Leaders of Tomorrow Lottery Scholarships: Merit BasedMerit Based

Each high school receives one $1250 scholarship. Renewable Each high school receives one $1250 scholarship. Renewable for four years. Student must attend full time and maintain a for four years. Student must attend full time and maintain a 3.0 gpa.3.0 gpa.

Math and Science Teaching Incentive Math and Science Teaching Incentive Scholarship: Scholarship: MeritMerit BasedBased

Apply beginning spring of freshmen year. $4,350 retroactive Apply beginning spring of freshmen year. $4,350 retroactive for the year. Teaching service obligation for the recipient. for the year. Teaching service obligation for the recipient. You must reapply each year and academic performance You must reapply each year and academic performance determines if renewed.determines if renewed.

Sources of Financial AidSources of Financial AidInstitutional (need and merit Institutional (need and merit

based)based) No Need/Merit Based Scholarships:No Need/Merit Based Scholarships: Awarded without regard to demonstrated need. Awarded without regard to demonstrated need.

Based on Academic AbilityBased on Academic Ability Athletic Ability (Div. I or Div. II, NCAA or NAIA)Athletic Ability (Div. I or Div. II, NCAA or NAIA) Special Talents and abilities (Artistic, Musical, Dramatic, Special Talents and abilities (Artistic, Musical, Dramatic,

Leadership, etc. )Leadership, etc. ) Some colleges may require a separate application Some colleges may require a separate application Awards may be for one year only; some may be Awards may be for one year only; some may be

renewablerenewable Merit aid may be combined with need based aid to Merit aid may be combined with need based aid to

meet demonstrated needmeet demonstrated need

Sources of Financial AidSources of Financial AidInstitutional (need and merit Institutional (need and merit

based)based)continuedcontinued

Need Based Scholarship or Grant:Need Based Scholarship or Grant: Awarded based on demonstrated need and Awarded based on demonstrated need and

academic ability (FAFSA must be filed)academic ability (FAFSA must be filed) Grant-in-aid for athletic ability (Div. I or Div. Grant-in-aid for athletic ability (Div. I or Div.

II).II). May be combined with merit based financial aidMay be combined with merit based financial aid Renewable based on changing demonstrated Renewable based on changing demonstrated

need and level of achievement each year in need and level of achievement each year in college.college.

Sources of Financial AidSources of Financial AidOutside Sources (need and merit Outside Sources (need and merit

based)based) Employer, high school organizations, community Employer, high school organizations, community

organizations, philanthropic organizations, etc.organizations, philanthropic organizations, etc. Private loans for students. Fewer lenders participate. Private loans for students. Fewer lenders participate.

Higher interest rates than Stafford Loans. Co-signer Higher interest rates than Stafford Loans. Co-signer needed. Stringent credit check. Interest rates can needed. Stringent credit check. Interest rates can range between 5 – 13.5% plus origination fees from 0 – range between 5 – 13.5% plus origination fees from 0 – 6%.6%.

Numerous free web sites (Numerous free web sites (www.www.collegeboard.comcollegeboard.com oror www.fastweb.comwww.fastweb.com). Do not pay money to get money! ). Do not pay money to get money!

Outside sources may impact the financial aid package Outside sources may impact the financial aid package When notified of outside awards colleges may reduce When notified of outside awards colleges may reduce

their own aid.their own aid. Most outside awards are smaller amounts so impact on Most outside awards are smaller amounts so impact on

aid package is modestaid package is modest Total need based aid received may not exceed Total need based aid received may not exceed

demonstrated needdemonstrated need

Financial Aid Package:Financial Aid Package:Meeting Full NeedMeeting Full Need

Assumptions: Assumptions: Student will attend college in NYS.Student will attend college in NYS. Family has one in college.Family has one in college. The college has resources to meet The college has resources to meet

the full demonstrated need of each the full demonstrated need of each student who applies for aid.student who applies for aid.

Financial Aid PackageFinancial Aid PackageMeeting Full NeedMeeting Full Need

College A SUNY College B Private College C Private Cost $16,000 Cost $32,000 Cost $50,000 EFC $ 8,000 EFC $ 8,000 EFC $ 8,000

Need $ 8,000 Need $24,000 Need $42,000 Package Package Package

Stafford Loan Subsidized

$ 3,500 Stafford Loan Subsidized

$ 3,500 Stafford Loan Subsidized

$ 3,500

Work-Study $ 1,500 Work-Study $ 2,000 Work-Study $ 3,000

NYS TAP $ 500 NYS TAP $ 500 NYS TAP $ 500 Perkins Loan $ 2,000 Perkins Loan $ 2,000 Perkins Loan

$ 2,500

Scholarship $ 500 Scholarship $ 16,000 Scholarship $ 32,500

Total Aid $ 8,000 Total Aid $24,000 Total Aid $42,000

Financial Aid PackageFinancial Aid PackageMeeting Full NeedMeeting Full Need

Most colleges do not have the Most colleges do not have the resources to guarantee that full need resources to guarantee that full need will be met. Those that can typically will be met. Those that can typically have very large endowments and a have very large endowments and a lower percentage of students lower percentage of students requiring need based aid.requiring need based aid.

Financial Aid Package: Financial Aid Package: PreferentialPreferential PackagingPackaging

Packaging Scenario: John DoePackaging Scenario: John Doe* Top 15% of high school classTop 15% of high school class* 90 unweighted average (3.5 gpa) in core 90 unweighted average (3.5 gpa) in core

subjectssubjects* 1780 SAT (600 Critical Reading/600 Math/580 1780 SAT (600 Critical Reading/600 Math/580

Writing)Writing)* graduating from a NYS high schoolgraduating from a NYS high school* Intended major: BiologyIntended major: Biology* Family: Family:

* Federal AGI $90,000 Federal AGI $90,000 * Family of 4Family of 4* 1 in college1 in college* NYS taxable income $73,000NYS taxable income $73,000


College A:College A:* Highly selective (less than 50% of applicants Highly selective (less than 50% of applicants

admitted)admitted)* Mean SAT: 1950Mean SAT: 1950* Mean grade point average: 3.75Mean grade point average: 3.75* Yield on admits to deposit: 35%Yield on admits to deposit: 35%* Located in the MidwestLocated in the Midwest* Top three programs: Political Science, Top three programs: Political Science,

Economics, BiologyEconomics, Biology


College A:College A:* Cost of Attendance:Cost of Attendance:

TuitionTuition $32,000$32,000Room/BoardRoom/Board $10,500$10,500FeesFees $ 1,000$ 1,000Books $ 1,000Books $ 1,000Personal/TravelPersonal/Travel $ 1,500$ 1,500TotalTotal $46,000$46,000

Financial Aid Package: Financial Aid Package: Preferential PackagingPreferential Packaging

College A:College A:* Demonstrated Need:Demonstrated Need:

Cost of AttendanceCost of Attendance $46,000 $46,000- Family ContributionFamily Contribution (FM) (FM) - $13,000- $13,000

Demonstrated NeedDemonstrated Need $33,000 $33,000

* Package:Package: Federal Stafford Loan(subsidized)Federal Stafford Loan(subsidized) $3,500$3,500 Federal Work Study(@ $7.75 per hr)Federal Work Study(@ $7.75 per hr)

$2,000$2,000 College A GrantCollege A Grant $17,500 $17,500 Regional ScholarshipRegional Scholarship $4,000$4,000 Total Aid OfferedTotal Aid Offered $27,000 $27,000


College A:College A:

Demonstrated NeedDemonstrated Need $33,000$33,000

Total Aid OfferedTotal Aid Offered $27,000 $27,000

GapGap $ 6,000 $ 6,000

Family Contribution (IM)Family Contribution (IM) $19,000$19,000


College B:College B:* More Selective (70% of applicants More Selective (70% of applicants

admitted)admitted)* Mean SAT: 1750Mean SAT: 1750* Mean grade point average: 3.5Mean grade point average: 3.5* Yield on admits to deposit: 29%Yield on admits to deposit: 29%* Located in the Northeast USALocated in the Northeast USA* Top three programs: Business, Top three programs: Business,

Communications, MusicCommunications, Music


College B:College B:* Cost of Attendance:Cost of Attendance:

TuitionTuition $24,500$24,500Room/BoardRoom/Board $ 9,500$ 9,500FeesFees $ 1,000$ 1,000Books $ 1,000Books $ 1,000Personal/TravelPersonal/Travel $ 1,000$ 1,000TotalTotal $37,000$37,000


College B:College B:* Demonstrated Need:Demonstrated Need:

Cost of AttendanceCost of Attendance $37,000 $37,000- Family ContributionFamily Contribution (FM) (FM) - $13,000- $13,000Demonstrated NeedDemonstrated Need $24,000 $24,000

* Package:Package: Federal Stafford Loan(subsidized)Federal Stafford Loan(subsidized) $3,500 $3,500 Federal Work Study(@ $7.75 per hr) Federal Work Study(@ $7.75 per hr)

$2,500$2,500 Federal Perkins Loan Federal Perkins Loan

$1,500$1,500 College B Merit ScholarshipCollege B Merit Scholarship

$14,500$14,500 Total Aid OfferedTotal Aid Offered

$22,000$22,000


College B:College B:



GapGap $ 2,000 $ 2,000

Family Contribution (IM)Family Contribution (IM) $15,000$15,000


College C:College C:* Less selective (90% of applicants Less selective (90% of applicants

admitted)admitted)* Mean SAT: 1590Mean SAT: 1590* Mean grade point average: 3.1Mean grade point average: 3.1* Yield on admits to deposit: 32%Yield on admits to deposit: 32%* Located in New York StateLocated in New York State* Top three programs: English, Top three programs: English,

Education, BiologyEducation, Biology


College C:College C:* Cost of Attendance:Cost of Attendance:

TuitionTuition $23,000$23,000Room/BoardRoom/Board $ 9,000$ 9,000FeesFees $ 1,000$ 1,000Books $ 1,000Books $ 1,000Personal/TravelPersonal/Travel $ 1,000$ 1,000TotalTotal $35,000$35,000


College C:College C:* Demonstrated Need:Demonstrated Need:

Cost of AttendanceCost of Attendance $35,000 $35,000- Family ContributionFamily Contribution (FM) (FM) - $13,000- $13,000

Demonstrated NeedDemonstrated Need $22,000 $22,000

* Package:Package: College C Merit ScholarshipCollege C Merit Scholarship

$16,000$16,000 New York State TAPNew York State TAP $ 500 $ 500 Federal Perkins LoanFederal Perkins Loan $2,000 Federal Stafford $2,000 Federal Stafford

Loan (subsidized)Loan (subsidized) $3,500 $3,500 Campus EmploymentCampus Employment $1,000$1,000 Total Aid OfferedTotal Aid Offered $23,000 $23,000


College C:College C:



GapGap $ 0 $ 0

Cost to AttendCost to Attend $ 12,000 $ 12,000

FYI’sFYI’s You must reapply for financial aid each You must reapply for financial aid each

year (Renewal FAFSA). How has your year (Renewal FAFSA). How has your situation changed? File electronically situation changed? File electronically and receive an electronic renewal form.and receive an electronic renewal form.

If awards are renewable, make sure If awards are renewable, make sure you have met eligibility criteria.you have met eligibility criteria.

Make sure to read your financial aid Make sure to read your financial aid award letters carefully from each award letters carefully from each college. Do the math!college. Do the math!

Make sure you know the college costs Make sure you know the college costs for the year the student will attend.for the year the student will attend.

Recommendation: File your FAFSA and Recommendation: File your FAFSA and subsequent year’s Renewal FAFSA on subsequent year’s Renewal FAFSA on line. File on time! line. File on time!

FYI’s continuedFYI’s continued Students who are not Work-Study Students who are not Work-Study

eligible may seek employment on eligible may seek employment on campus. Pay is usually the same as campus. Pay is usually the same as work study.work study.

Timing and accuracy are crucial to Timing and accuracy are crucial to receiving your aid awards well before receiving your aid awards well before published deposit due dates.published deposit due dates.

Financial aid awards are only good until Financial aid awards are only good until May 1 for Regular Decision, Early May 1 for Regular Decision, Early Action, and Rolling Admission admits.Action, and Rolling Admission admits.

Any delay on a decision to attend may Any delay on a decision to attend may jeopardize your package.jeopardize your package.

Early Decision admits usually have only Early Decision admits usually have only 30 - 45 days after their acceptance 30 - 45 days after their acceptance before enrollment deposit is due. before enrollment deposit is due. Complete early forms well before due Complete early forms well before due dates.dates.

Parent OptionsParent Options PParent arent LLoan for oan for UUndergraduate ndergraduate SStudents tudents

(PLUS):(PLUS): Parents may borrow up to the full cost of Parents may borrow up to the full cost of

attendance less any financial aid received by the attendance less any financial aid received by the student.student.

Interest rate is Interest rate is 8.5%8.5% (7.9% at a Direct loan (7.9% at a Direct loan college). Interest cap is 9%.college). Interest cap is 9%.

CautionCaution: some colleges put PLUS into your : some colleges put PLUS into your financial aid package to make it appear that you financial aid package to make it appear that you owe nothing.owe nothing.

You must prove credit worthyYou must prove credit worthy Consider PLUS before borrowing a private Consider PLUS before borrowing a private

education loaneducation loan Monthly Payment Plans:Monthly Payment Plans:

some colleges offer their ownsome colleges offer their own others may work with companies that specialize others may work with companies that specialize

in this (ex. Tuition Pay/Sallie Mae or Tuition in this (ex. Tuition Pay/Sallie Mae or Tuition Management System)Management System)

Questions?Questions?

Tom DaRinTom DaRin

Vice President for Enrollment Vice President for Enrollment ManagementManagement

Nazareth College, Rochester, NY Nazareth College, Rochester, NY 1461814618

585-389-2830585-389-2830

[email protected]@naz.edu

www.naz.eduwww.naz.edu

Financial Aid 2009 - 10 Tom DaRin Vice President for Enrollment Management Nazareth College.

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Transcript of Financial Aid 2009 - 10 Tom DaRin Vice President for Enrollment Management Nazareth College.