Curt GaumeDirector of Student Financial Aid

Canisius College

AmherstHigh School

Financial Aid PresentationFinancial Aid Presentation

An Overview

How to ApplyHow Eligibility Is DeterminedTypes of Financial AidAward Notification

TopicsTopics

How to Apply

Section ISection I

Family’s financial information is required to calculate the student’s Expected Family Contribution (EFC).

Student Aid Report (SAR)

Electronic version of FAFSA

FAFSA on the web at www.fafsa.ed.gov

Limited distribution of Paper FAFSA

Paper vs. Electronic Processing

Free Application for FederalFree Application for FederalStudent Aid (FAFSA)Student Aid (FAFSA)

2010-11 FAFSA on the Web2010-11 FAFSA on the Web

Student must call the Federal Student Aid Information Center (FSAIC) to request a paper FAFSA 1-800-433-3243

It will take 3 to 7 days to receive the FAFSA

You may request up to three copies

Or download a PDF version of the FAFSA form at www.FederalStudentAid.ed.gov

Paper FAFSAPaper FAFSA

May be Used to Award Institutional Aid from the College

Required to Apply for N.Y.S. Financial Aid (TAP Program)

Complete and mail FAFSA after January 1st

FAFSA (Cont.)FAFSA (Cont.)

Tuition Assistance Program Application TAP Application part of FAFSA on the Web.Data from FAFSA is used to create the paper

Express TAP Application.TAP is a College Specific Program.

1st New York University/College listed on FAFSA is the school of record

www.hesc.com

How to Apply for TAPHow to Apply for TAP

After Completing the FAFSAAfter Completing the FAFSALook for:Look for:

TAP Application WebsiteTAP Application Website

Profile - College Scholarship ServiceUsed by approximately 240 CollegeTotal Electronic Applicationwww.collegeboard.comNon-Federal Aid ApplicationFees:

$25.00 for the 1st Profile Application $16.00 for everyone beyond the 1st

Secondary Application Secondary Application ProfileProfile

Some Colleges May Have an Institution Need Based Aid Application

Or a Specific Scholarship ApplicationColleges will Distribute Their Own Forms

Secondary Application - Secondary Application - College FormsCollege Forms

Suggested Timetable (2010-2011):

Complete & Mail Forms 2/15/10College Receives Data 2/22/10College Begin to Award Aid 3/01/10National Reply Date (Deposit) 5/01/10

Forms to be CompletedForms to be Completed

How is Eligibility Determined

Section IISection II

Parent contribution from total income and assets

Student contribution from total income and assets

Number in the HouseholdNumber attending College

Expected Family Expected Family ContributionContribution

General Eligibility for Federal AidMatriculation toward a degreeU.S. Citizenship or eligible non-citizenRegistration with Selective Service

(males ages 18-25)No drug related convictions

Who is EligibleWho is Eligible

Divorced/remarried parent information

Income earned by parents/stepparents

Untaxed income

U.S. income taxes paid

Household size

Number in postsecondary education

Frequent FAFSA QuestionsFrequent FAFSA Questions

Cost of Attendance (COA)

– Expected Family Contribution (EFC)

= Financial Need

Definition of NeedDefinition of Need

Basic Components of the Cost of the Attendance

Tuition and FeesBooks & SuppliesRoom and BoardTransportationMiscellaneous Personal Expenses

Cost of AttendanceCost of Attendance

Cornell University

Canisius College

SUNY Buffalo

Cost of Attendance

$52,414

$32,772

$14,236

Family Contribution

-9,023

-9,023

-9,023

Financial Need

$43,391

$23,749

$5,213

Example - CarlosExample - Carlos

Types of Financial Aid

Section IIISection III

Eligible students:Undergraduates pursuing first baccalaureate or

professional degree

Semi-Entitlement Program

Portable

Actual award amount based on COA, EFC, and enrollment status

Maximum award for 2009-10= $5,350

Federal Pell Grant

Eligible students:Undergraduates pursuing first baccalaureate or

professional degreeAwarded first to students with “exceptional

financial need” (i.e., students with lowest EFCs at that school)

Priority to Federal Pell Grant recipientsAnnual award amounts:

$100 minimum$4,000 maximum

Federal Supplemental Opportunity Grant (SEOG)

Eligible students: Undergraduate, graduate, and professional students

Employment may be on or off campusEligible employers:

SchoolsFederal, state, or local public agenciesCertain private nonprofit and for-profit organizations

Schools must use portion of FWS funds for community service employment activities

Federal Work Study (FWS)

Eligible students: Undergraduate, graduate, and professional studentsPriority to students who show “exceptional need,”

as defined by schoolLoan amount varies Maximum annual loan amounts:

$4,000—undergraduate students$6,000—graduate and professional students

Federal Perkins Loan

Interest rate: 5%

9-month grace period

Repayment period may be up to 10 years

Deferment and cancellation provisions available

Federal Perkins Loan

Student loans available under: Federal Family Education Loan (FFEL)

Program with funds provided by lenders(e.g., banks and credit unions)

Federal Direct Student Loan (Direct Loan) Program with funds provided directly by federal government via participating schools

School determines loan eligibility and delivers loan proceeds to students

Federal Student Loan

Subsidized: Must demonstrate “need”Unsubsidized: Not based on “need”Base annual loan limits (combined subsidized

and unsubsidized):$5,500 - 1st year ($3,500 Sub & $2,000 Un-sub)$6,500 - 2nd year ($4,500 Sub & $2,000 Un-sub)$7,500 for each remaining undergraduate year

($5,500 Sub & $2,000 Un-sub)$8,500 for each year of graduate/professional study

Federal Student Loan

Additional unsubsidized loan eligibility for independent undergraduate, graduate, and dependent students whose parents are unable to borrow PLUS:

$4,000 per year for 1st and 2nd year undergraduates

$5,000 per year for remaining years of undergraduate study

$12,000 per year for graduate/professional study

Federal Student Loan

Interest Rate is fixed at 6.8%

Decrease in the rate for undergraduate subsidized Stafford loans of:

6 % 2008 – 2009

5.6% 2009 – 2010

4.5% 2010 – 2011

3.4% 2011 – 2012

Back to 6.8% 2012 – 2013 & Beyond

Federal Student Loan

Repayment begins after 6-month grace period

Maximum repayment period between 10 and 30 years depending on repayment plan chosen

Deferment and cancellation provisions available

Federal Student Loan

Parent loan program for parents of dependent undergraduate students

Annual loan limit: COA minus other aid

Fixed Interest Rate – 8.5%

New PLUS loan program for graduate students

Federal PLUS Loan

Tuition Assistance Program (TAP)Attending NYY College$5,000 to $500 at Private College$4,350 to $500 at Public College2009 NYS Net Taxable Income$80,000 NTI or less

NYS Aid ProgramsNYS Aid Programs

New York State and school sponsored program

For educationally and economically disadvantaged students

Must meet academic and economic guidelinesProvides funding and academic services to

increase college success

New York State Opportunity Programs (HEOP/EOP)

Scholarships from CollegeAcademic Merit Talent Based Merit AwardsMay Require Separate Scholarship

ApplicationScholarship Letter should indicate:

Terms for RenewalThe Specific AmountProbation Opportunities

Institutional Financial AidInstitutional Financial Aid

Grants from CollegeAwarded AnnuallyAward based on “Financial Need”Determine Renewability

Athletic Grant-in-AidAwarded on Athletic AbilityContact Coach at the College

Institutional Financial Aid (Cont.)Institutional Financial Aid (Cont.)

Generally Awarded on an Annual BasisSources of Scholarships UnlimitedScholarships Must be Incorporated into

Award PackageScholarship Search Engines

www.fastweb.comwww.wiredscholar.comwww.scholarship.com

Private Sources of Private Sources of Financial AidFinancial Aid

Banks have created private education loans to supplement the federal loan programs

Student is the borrower – does requiring a co-signer for the loan

Loan amount is determined by the cost of attendance minus financial aid

Interest rate varies between lendersMay provide deferment provisions

Alternative Loan FinancingAlternative Loan Financing

www.finaid.orgwww.studentaid.ed.govwww.savingforcollege.comwww.ncaa.orgwww.collegesavings.orgwww.canisius.edu

Internet /World Wide WebInternet /World Wide Web(http://)(http://)

Award Notification

Section IVSection IV

Read CarefullyFollow InstructionsRespond on TimeBe Sure to file Additional FormsContact the Financial Aid Office with questions &

concernsMake the Process a Family Affair

Award NotificationAward Notification

Good Luck!Good Luck!