Financial Aid and Scholarships: Planning for your Child s Educational Expenses

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1 Financial Aid and Scholarships: Planning for your Child s Educational Expenses Renee G. Dann, Assistant Director/Coordinator Financial Aid and Scholarships January 15, 2015

2 Goals for Tonight What are basic financial aid terms? What is financial aid? How does the financial aid process work? What is need-based financial aid? How do I know if my student will qualify? What kind of financing options are available? What forms are involved? Where can I get free, reputable information? How do we search for scholarships?

3 Basic Financial Aid Terms FAFSA PIN SAR EFC MPN SEOG Subsidized Unsubsidized PLUS TAP SAP

4 What is Financial Aid? Scholarships ( gift ) Money that does not have to be paid back, awarded on the basis of merit or skill (no FAFSA required). Grants ( gift ) Money that does not have to be paid back, awarded on the basis of financial need. Loans ( self-help ) Money students and parents borrow to help pay educational expenses. Employment ( self-help ) Money students earn to help pay educational costs.

5 Sources of Money for College Federal Government Federal Pell Grant, Direct Loans, Federal Work-Study State Government New York State Tuition Assistance Program, Scholarships for Academic Excellence Colleges & Universities Merit scholarships and need-based grants Private organizations Scholarships

6 Cost of Attendance Tuition and Fees +Room and Board Total Direct Charges Books and Supplies +Transportation and Personal Estimated Personal Expenses

7 Expected Family Contribution The formula used to calculate the Expected Family Contribution is determined by law and includes, among many other data items, the following components: Parent s prior year income Student s prior year income Value of parents assets Value of student s assets The number of household members The number of household members (excluding parents) attending college at least half time The age of the older parent

8 Basic Financial Aid Formula $ Cost of Attendance - $ Family Contribution $ Financial Need For Financial Aid Eligibility: Family contribution is a constant Cost of education is variable

9 Family Contribution the Same State Community Private College College College Cost $25,000 $15,000 $40,000 Family -10,000-10,000-10,000 Need $15,000 $ 5,000 $30,000

10 FAFSA on the Web Web site: FAFSA on the Web available on January 1 of senior year FAFSA on the Web Worksheet: Used as pre-application worksheet Questions follow order of FAFSA on the Web

11 Personal Identification Number (PIN) Web site: Sign FAFSA electronically Can request PIN before January Not required, but speeds processing Will be used by students and parents throughout aid process, including subsequent school years

12 Merit Scholarships Offered by colleges and universities; separate from need-based grants Amounts vary compare to direct charges Ask about: Selection criteria Application process Renewal terms and conditions

13 Special Circumstances Cannot report on FAFSA just a processor Send explanation to financial aid office at each college College will review appeal and may request additional documentation Examples: Loss of job Care of elderly parent Change in employment status Private school tuition for dependent student Daycare or unusual dependent care expenses Medical/dental expenses not covered by insurance Change in parents marital status

14 College Financing Options Federal Direct Parent Loan (PLUS Loan) Unsubsidized Direct Student Loan Payment Plans IRS 529 Plans Cooperative Education Military resources

15 529 Plans Every state offers 529 savings plans Tax-exempt college savings plans with minimal impact to federal financial aid eligibility Guarantees minimum fixed rate of return (typically 3%) Controlled by account owner, not the student Qualified educational expenses (tuition, fees, book, supplies, equipment; room and board for students enrolled at least half-time [6 credits])

16 New York State Tuition Assistance Program (TAP) Award ranges from $500 - $5,165 annually Administered by the Higher Education Services Corporation (HESC) Eligibility US citizen or eligible non-citizen Legal resident of New York State Graduated from high school, have an earned GED Enrolled full-time each semester (12 hours or more) Matriculated/degree-seeking Meet NYS SAP requirements (different than federal standards) Not in default Meet income criteria

17 Basic Application Steps Apply for admission Apply for a Personal Identification Number (PIN) Obtain one PIN for each person signing File FAFSA on line at Watch for your Student Aid Report (SAR) via Make any needed corrections after filing taxes

18 More Application Advice File any additional forms College-based, state-based forms Research other sources of aid Free, reputable web-based searches Guidance Counselor for local scholarships Keep photocopies of documents submitted Explain special circumstances Meet deadlines!

19 FINANCIAL AID Applying at a Glance Apply for financial aid/file FAFSA Receive electronic SAR; review for errors Selected for verification? After you turn in documents, FAO makes changes if necessary and submits to DOE. Receive initial/revised financial aid package/award letter Yes submit tax return transcripts, dependent/independent worksheet, other documents No wait for award letter

20 Aid Information on the Web RIT Office of Financial Aid & Scholarships FinAid! The SmartStudent Guide to Financial Aid FastWeb Free Scholarship Search Dept. of Education - FAFSA on the Web

21 Contact Information Renee G. Dann (585)

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