Financial Aid Discussion. December 7, 2015

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1 Financial Aid Discussion December 7, 2015

2 Discussion Topics! Net Price Calculator! Forms and Deadlines! IRS Data Retrieval! Expected Family Contribution (EFC)! Financial Need! Financial Aid Types! Award Notification! Special Circumstances! Outside Resources! Questions

3 Net Price Calculator! Mandated by the Department of Education! All schools must have on their website as of October 29, 2011! Results are Estimated information only! Does not guarantee admission

4 Net Price Calculator

5 College costs

6 Forms Multiple forms needed to apply for financial aid FAFSA (Free Application for Federal Student Aid); All schools require this form CSS PROFILE required by most private schools NYS TAP Application required to apply for state grant assistance

7 Deadlines Meet all deadlines for financial aid as they vary from school to school. Regular Decision deadlines may be as early as February 1, 2016 Early Decision deadlines may be as early as November 1, 2015 Early Action deadlines may be as early as December 1, 2015

8 FAFSA-Free Application for Federal Student Aid! No application fee! Required by all institutions for federal aid eligibility! Should file electronically! Required even if only applying for a Federal PLUS loan

9 FAFSA Cont d! Both parent and student will need an FSA ID to electronically sign the application! Apply for the FSA ID prior to starting the application!

10 IRS Data Retrieval! Allows parents and students to access IRS tax return information and transfer data directly to FAFSA! This is the best way for colleges to verify income data on FAFSA! Available in early February 2016 after many aid filing deadlines

11 IRS Data Retrieval! Paper copies of federal tax returns no longer acceptable documentation! If families choose not to use IRS Data Retrieval process, schools will require each family to request and submit official IRS tax transcripts from the IRS website or an IRS office.

12 IRS Data Retrieval Unable to use IRS Data Retrieval if you meet the following criteria and will need to submit a Tax Return Transcript:! You file with a tax status of married filing separately! You indicate you will not file a tax return! You file an amended tax return! You file a foreign tax return! Marital status has changed

13 CSS PROFILE! $9 application fee and $16 charge for each school listed! Used by most private colleges to award institutional funds! Approximately 300 questions! Must be filed electronically! Corrections cannot be made online

14 NYS TAP Application! NYS TAP Application (NYS residents only)! https://www.tapweb.org/totw/

15 Filing Tips! Use estimated 2015 tax information; aid packages are only as good as your estimate! If you have not filed your taxes prior to filing the FAFSA and your income has changed drastically since 2014, use the Income Estimator feature on the FAFSA.! Meet the deadlines. Do not wait for your student to be admitted as you may miss a deadline! Use exact spelling of name on social security card and correct social security number

16 What is the EFC?! EFC = Expected Family Contribution! Amount family can be expected to contribute (discretionary income, borrowing ability, assets)

17 ! Two components Parent contribution What is the EFC? Student contribution! Calculated using data from both the PROFILE and FAFSA! EFC calculation may differ from school to school

18 Financial Need Cost of Attendance Minus Expected Family Contribution Equals Financial Need

19 Financial Need: An Example Tuition 40,658 Room/Board 14,674 Estimated Books 1,537 Estimated Personal Expenses 1,929 Direct Loan Fee 67 Cost of Attendance 58,865 Minus EFC 20,000 Equals Financial Need 38,865

20 Types of Financial Aid- Scholarships! Scholarships are typically not based on financial need! Academic or talent components! Require full time enrollment and cumulative GPA for renewal! Do not need to be repaid

21 Types of Financial Aid- Grants! Grants federal, state, institutional aid based on financial need and are not repaid! Federal Pell Grants, Federal SEOG (EFC < $5198), Teach Grants, Iraq and Afghanistan Service Grants! NYS TAP Grants (reciprocal agreements with Delaware, Rhode Island, Vermont) NYS TAP Grant looking for net NYS Taxable income < $80,000

22 Types of Financial Aid- Grants! Institutional Grants normally limited options at public institutions. Privates will have more resources, however not all private colleges have the same funding levels to spend! Awards may change from year to year if financial need changes

23 Factors affecting size of Grants & Scholarships Student Eligibility Criteria Financial Aid Packaging Philosophies Merit Need Circumstance/personal attributes Chance Desperation (when it is a buyer s market) Meet full need (Ivy s) Combination of merit and need-based gift aid Only merit aid No Discount charge what you want people to pay

24 Types of Financial Aid - Loans! Loans federal and private loans. Some require financial need and are repaid with interest! Federal Direct Subsidized and Unsubsidized Loans Subsidized is need based and interest does not accrue while the student attends at least half time. Current interest rate is 4.29% (until 6/30/16) Unsubsidized is not based on need and interest does accrue immediately. Current interest rate is 4.29% (until 6/30/16)

25 Types of Financial Aid - Loans! Federal Perkins Loan Program expired on September 30, 2015! Federal Direct PLUS Loan Federal loan program available to parents to help meet their EFC. Current interest rate is fixed at 6.84% (until 6/30/16)

26 Types of Financial Aid - Loans! Private, Alternative Loans Loan programs that allow students to meet their educational costs Require a cosigner and the student must be 18 Interest rates can be variable or fixed rate Maximum eligibility is cost of attendance minus aid

27 Borrowing! General rule of thumb: Don t borrow more than expected first year salary in field of study Monthly payment will typically be around 1% of total student loan debt. Example: $300 for $30,000 debt

28 Types of Financial Aid - Employment! Employment Opportunities! Federal Work Study based on financial need! Students normally work hours a week and are paid directly for any hours worked

29 Award Notification! Financial aid packages are released once all forms have been submitted and the student has been accepted for admission Single release date Rolling release

30 Special Circumstances Circumstances able to be considered:! Business Failure/Long term loss of employment! Medical expenses not covered by insurance! Loss of a spouse or parent whose income was used on FAFSA! Parent divorce or separation after FAFSA has been filed

31 Special Circumstances Circumstances we are unable to consider:! Consumer debt (mortgage, car, personal loans, credit cards, etc.)! Inability to liquidate assets (such as rental properties)! Cash flow problems! Bankruptcy! Adjustments to overtime pay

32 Outside Resources! Explore outside agencies and local organization for awards! Check with your employer! Never pay to apply for scholarships

33 Helpful Websites! studentaid.ed.gov! mappingyourfuture.org! collegecost.ed.gov! fafsa4caster.ed.gov! studentlendinganalytics.com! collegeboard.org! projectonstudentdebt.org! studentloanborrowerassistance.org

34 Questions?

35 Contact Information Barbie Bargher Assistant Director Student Financial Services Ithaca College (phone) (fax)

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