How much does college cost? How do I apply for aid? When should I apply for aid? What types of financial aid are available to me?

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2 How much does college cost? How do I apply for aid? When should I apply for aid? What types of financial aid are available to me?

3 Cost of attendance (COA) includes: Tuition and Fees Room & Board Books and Supplies Transportation Personal Expenses/ Miscellaneous

4 Collect information Create FSA ID (formerly Federal Pin) Complete FAFSA online: Complete TAP Application online: Keep records Communicate with Financial Aid Offices!!!

5 FAFSA = Free Application for Federal Student Aid Application available on or after January 1 st, 2015 Pre-application worksheet: Available prior to January 1 st Questions follow order of FAFSA on the Web

6 Provides early estimate of Federal student aid When ready to submit FAFSA, will transfer data onto web application

7 Student and Parent/s SSN s and DOB s Parent Marital Status 2014 Student/ Parent Federal Income Tax Returns 2014 Student/ Parent W2 Earning Statements Records of untaxed information (i.e. bank accounts, stocks. Bonds, real estate holdings, business records, etc.) Student Permit/ Driver License Information Student Alien Registration Number (if eligible non-citizen)

8 Can list up to 10 different colleges Can file early and w/out 2014 tax information if trying to meet early priority deadlines

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10 Available in early Spring Taxes must have been submitted to IRS 2-4 weeks prior

11 Enter your filing status and address information EXACTLY as it appears on your tax return! Information needs to match the Federal return precisely. For example, if the 1040 states St. but you enter Street the IRS will not locate your return

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13 You will need to enter wages from W2 statements manually W2 Information cannot transfer over from IRS DRT

14 Signing the FAFSA Electronically via FSA ID (recommended) Print Signature Page Submit without signature Receive Confirmation page Can link right to TAP application

15 Social Security Numbers Divorced/ remarried parental information Income earned by parent/s and/or step-parent/s Untaxed income (i.e. Child Support) U.S. Income taxes paid Household size Number of household members in college Real estate and investment net worth

16 If necessary, corrections to FAFSA application can be made by: Using FAFSA on the web (using FSA ID) Submitting documentation to Financial Aid Offices Examples of corrections can include: adding/deleting college information, updating tax information, etc.).

17 Dependent vs. Independent Students Student vs. Dept. of Ed. Perspective Dependency Overrides Very specific criteria/ hard to prove Parental abandonment/ Abuse Deceased parents Self-sufficiency alone is NOT grounds for Override Professional Judgments/ Special Circumstances Divorce/ Separation/ Death of parents One time IRA withdrawal Loss/Change in Employment Extraordinary out of pocket Medical/Dental Expenses Unusual dependent care expenses

18 Uses demographic information directly from FAFSA Available to full-time (12 credits +) students who will attend NYS schools Specific income and eligibility requirements Students will have to create a HESC user ID and PIN (NOT the same as the Federal FSA ID)

19 SAR report available within 3-5 business days Expected Family Contribution (EFC) is printed in upper right hand corner Review to verify accuracy of information Make corrections via the web if necessary Watch your / mail. Schools will contact you. Make sure to respond quickly!! Verification (i.e. Tax transcripts, W2s, etc.) Proof of selective service, income, etc. H.S. Transcripts/ GED s Sometimes there are issues that require follow up Conflicting tax/ income/ dependency information

20 Scholarships Grants Gift Aid Loans Employment Opportunities Self Help Aid

21 Institutional Scholarships: Based on Academic Performance (Merit) Partial to Full Tuition Contact Office of Admissions application deadlines Institutional Grants: Limited funding Need vs. No need Amounts vary by institution Awarded on a first come, first served basis

22 Pell $293 - $5730 max for school year Portable Must demonstrate Financial Need Based on students EFC (from FAFSA) and enrollment status Lifetime limit of 12 semesters pf eligibility (LEU) SEOG $100 - $4000 / year Must be Pell eligible Students must demonstrate exceptional financial need (as defined by institution) Typically given to students registered for at least half time

23 TAP $500 - $5130 max for Students must be enrolled in at least 12 credits in degree program NO REPEATS! NYS residency requirements for BOTH students and parent/s Income specific limitations Can receive up to four full time years or 8 semesters APTS $100 - $1000 Part time (3-11 credits) Based on NYS Net Taxable Income Limited funds Applications available at school s Office of Financial Aid or website

24 3.25 GPA or qualifying score on Admissions test Student must agree to teach full time for at least 4 years within 8 years of graduation date at a school serving a high %age of low income students Agree to teach in a specific high need subject area $4000 annual, max. Repayment required if service obligations are not met (i.e. grant becomes loan).

25 Federal Direct Loan Program Subsidized vs. Unsubsidized Interest rate fixed at 4.66% for academic year Up to $5500/year for Dep. Freshmen / $9500 Ind. Freshmen Up to $6500/ year for Dep. Sophomores / $10500 Ind. Sophomores Up to $7500/ year for Dep. Juniors & Seniors / $12500 Ind. Juniors & Seniors 6 month grace period following graduation year repayment period (flexible plans available) No pre-payment penalties Federal Direct Parent Loan Parents and Step-parents 7.21% Interest Rate for academic year Available up to Cost of Attendance (COA) Credit Check prior to certification Two repayment options

26 Priority given to students who show exceptional need Up to $5500 maximum per year Fixed 5% interest rate 9 Month grace period Quarterly repayment schedule Deferment and cancellation provisions available

27 Student loans offered by private lending institutions Repayment begins after graduation Variable interest rates (Some may offer fixed rates) Typically need co-signer

28 Undergraduate and/or Graduate students Employment may be on or off campus Students earn a monthly paycheck Flexible hours

29 Private business scholarships Employers/ Unions Civic organization scholarships (i.e. PTA, Elks Club, etc.) 529 Plans Payment Plan Arrangements

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32 Your award letter explains the combination of federal grants, loans, and work-study a college is offering you. The offer might contain state and institutional aid. If you receive award letters from multiple colleges or career schools, you should compare them and decide which school works best for you. Most schools will send award letters starting in March / April.

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