Student Financial Aid

Transcription

1 Student Financial Aid What High School Students & Parents Should Know Michael Turner: What is Financial Aid? Financial aid helps pay the cost of attending college Some financial aid programs are need-based Some financial aid programs are based on other criteria not need 1

2 Sources of Financial Aid Federal government New York State Colleges Institutional aid Private sources Types of Financial Aid Scholarships free money Grants free money Work Study Loans 2

3 Need-based Financial Aid Need-based Aid Your family s ability to pay for educational costs is evaluated Definition of Need Cost of Attendance (COA) Expected Family Contribution (EFC) = Financial Need 3

4 Cost of Attendance (COA) Tuition and fees Room and board Books and supplies Transportation Miscellaneous personal expenses Loan fees Study abroad costs Dependent care expenses Expenses related to a disability COA EFC = Financial Need Expected Family Contribution (EFC) COA EFC Financial Need Amount the family can reasonably be expected to contribute Calculated with federal formula Includes parents & student s contributions combined Stays the same regardless of college selected 4

5 Examples of EFC & Need College A College B College C COA $ 11,000 $30,000 $60,000 - EFC 5,000 5,000 5,000 = Financial Need $ 6,000 $ 25,000 $55,000 FAFSA Application 5

6 Start with FAFSA.gov FAFSA4caster: FAFSA.gov 6

7 How to Apply for Federal Aid FAFSA available after Jan. 1 File online: Worksheet includes built-in edits Skip-logic for faster filing Check status, make corrections online Check college s: Required application materials Application deadlines Federal Aid Eligibility FAFSA will request information on student s: High school or GED completion program U.S. citizen or eligible non-citizen status Social Security Number Selective Service registration, if applicable Colleges and Universities (Up to 10) 7

8 Parental Information Collected Parent/Stepparent marital status Parent/Stepparent 2013 earned income Untaxed income (e.g. child support) U.S. income taxes paid Household size Number in postsecondary education Real estate and investment net worth Common Documents Needed Social Security Cards US Permanent Resident Card, if non-citizen Student, Parent Income Tax Information 2013 Federal 1040/A/EZ, 2013 W-2 Can use prior year taxes as estimate Records of untaxed income Such as child support received, interest income Information on cash, savings and checking account balances Investments, including stocks, bonds, real estate Excludes retirement accounts, value of primary residence 8

9 IRS Retrieval Tool Connects to IRS for tax data of completed tax returns Electronic filers about 2 weeks after submittal Use for original FAFSA and corrections Federal Student Aid Programs 9

10 Federal Aid Pell Grant Supplemental Educational Opportunity Grant (FSEOG) Work-Study Perkins Loan Direct Stafford Loans Direct PLUS Loan Federal Pell Grant Need-based grant Award amount based on COA, EFC and enrollment status Must maintain good academic standing Up to $5,645 10

11 Federal Work Study Campus-based Not all schools participate Need-based program Part-time work on or off campus Students receive paycheck for hours worked, up to total award amount Cannot be deducted from tuition bill Federal Student Loans Perkins Loan Direct Subsidized Stafford Loan Direct Unsubsidized Stafford Loan Direct PLUS Loan 11

12 New York State Student Aid Programs Apply for New York State Aid 12

13 New York State Aid Eligibility To receive, a student must: Be a New York State Resident If dependent, Parents must also be NYS Residents Attend and be matriculated at an eligible school in New York State Meet other eligibility criteria for specific programs NYS Student Aid Programs Tuition Assistance Program (TAP) Aid for Part-Time Study NYS Scholarships for Academic Excellence NYS Math & Science Teaching Incentive Program Veterans Tuition Award 13

14 NYS Student Aid Programs Tuition Assistance Program (TAP) Undergraduates Up to $5,000/year Full-time and part-time study in NYS Need-based grant Calculated on NYS Income Tax information NYS Student Aid Programs NYS Scholarships for Academic Excellence $1,500 and $500 awards to top scholars at each high school High Schools select recipients 14

15 TAP Calculator: HESC.ny.gov Institutional Aid Programs 15

16 Institutional Aid Depends on funding at each college College determines eligibility criteria for need-based and non-need-based programs Academic, athletic, and other talentbased scholarships and grants May require an additional application CSS Profile Application used by certain colleges to award institutional aid programs Collects more detailed information Application Fee, waivers available Check with school to see if it is required Available online on October 1 st 16

17 Questions to Ask Colleges If we are a high-need family, will the college meet our full need? Are you need-blind or need-aware in your admissions process? What is the financial aid philosophy of the college? What if we have special circumstances? 17

18 Research College s Financial Aid Website Source: Net Price Calculators 18

19 Private Scholarship Programs Private Scholarships Thousands of programs with millions of dollars in funds available Charitable foundations, businesses, religious institutions, civic and minority organizations All have their own individual applications and requirements 19

20 Private Scholarships Internet scholarship searches Fastweb.com Collegeboard.org Scholarships.com Local library resources Parents places of employment Scholarship Myths Searching and applying for scholarships is only the student s responsibility. You have to have financial need to get a scholarship. Students have to have excellent grades, SAT/ACT scores to get a scholarship. Scholarship searching is done during senior year of high school. It s only $500, so why bother? 20

21 Next Steps After Applications are Filed Schools student listed on FAFSA receive an electronic record Schools begin financial aid packaging process Student may be required to provide additional documentation at this time When processing is finished, an award letter is sent to student 21

22 Financial Aid Award Letter College award letter contains Amount of federal aid for which students are eligible, including loan options Amount of state aid for which students are eligible Institutional aid CAUTION! Don t pay a fee to file the FAFSA! FAFSA and NYS TAP application are FREE Contact the high school guidance office or the college s financial aid office if you need help in completing the FAFSA 22

23 StartHereGetThere.org StartHereGetThere.org 23

24 Questions??? 24