Financing a College Education

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1 Financing a College Education

2 After this program, you should know The types of aid available to students How and when to apply for financial aid How financial aid eligibility is calculated

3 Sources of Financial Aid Federal Programs State Programs Institutional Programs Private Scholarships

4 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

5 When do I apply for financial aid? Submit the FAFSA form to the federal process after January 1 st The typical Freshmen FAFSA deadline: by February 1 st (check with individual schools) You can estimate your informationjust have tax info. ready

6 How do I apply for financial aid? Complete the Free Application for Federal Student Aid (FAFSA) File electronically at: and sign (both student and parent) electronically using your federal PIN (apply at

7 PIN Registration Web site: Can get PIN before January 1 st (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

8 FAFSA on the Web Web site: FAFSA on the Web available on or after January 1, 2014 FAFSA on the Web Worksheet: Available prior to January 1 st Questions follow order of FAFSA on the Web

9 FAFSA on the Web Worksheet

10 FAFSA on the WEB

11 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

12 Almost Finished! Sign electronically with PIN!

13 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 Your application will not be available until your FAFSA is processed.

14 Once the FAFSA is filed Financial Aid Application Process File FAFSA by February 1st (Priority Deadline) Student Aid Report (SAR) sent to schools and students Federal aid eligibility (Grants, Loans, and Work-Study) State aid eligibility (Grants and Scholarships) Institutional aid eligibility (Grants, Loans, and Work-Study)

15 Types of Financial Aid Grants Gift Aid Scholarships Gift Aid Work-Study Positions Self Help Aid Loans Self Help Aid

16 Federal Grants Pell Grants Grants Supplemental Education Opportunity Grant (SEOG) Teacher Education Assistance for College and Higher Education (TEACH) Grant Institutional Grants Need-based Grants Sometimes Merit-based Grants

17 Grants (continued) Other Grants/Assistance - STATE New York State Tuition Assistance Program (TAP) New York State Aid for Part-Time Study (APTS) New York State Part-time TAP and ADA TAP New York State Merit Scholarships New York State Higher Education Opportunity Program (HEOP or EOP) No NYS Awards are processed until after the NYS budget is passed and finalized

18 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 $24,000)

19 Federal Work-Study Program Students must work to receive the funds Funds are paid directly to the student Students work an average of 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

20 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!

21 Merit Scholarships Eligibility based upon student s profile: High School Academic Record Standardized Test Scores School and Community Involvement Athletic Talents

22 Private Scholarship Search Your school counselor s office, web page or newsletter College(s) you are applying to Newspaper Local businesses and civic organizations Parents places of employment

23 Scholarship Search Sites - FastWeb Scholarship Search - College Board s Scholarship Search - The Education Supersite

24 How is financial aid eligibility and need determined? Cost of Attendance (COA) minus Expected Family Contribution (EFC) equals Financial Need

25 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

26 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).

27 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

28 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

29 Helpful Hints Watch financial aid deadlines Review your financial aid forms carefully Check accuracy of information reported Retain copies of paperwork for your records Special Conditions

30 Useful Web Sites - File and correct the FAFSA electronically - Apply for PIN (student and parent) to sign applications electronically - File for NYS TAP grant - Check status of NYS TAP and scholarship awards, complete the veteran supplemental applications

31 SUNY Financial Aid Day Saturday, February JCC JCC is a host site you do not have to be attending JCC to participate Financial Aid staff in computer labs to assist in completion of FAFSA 9 am 12 noon Call JCC s Financial Aid to register!

32 Questions? Thank you for attending tonight s presentation!

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