EWSIS presentsFinancial Aid Night

What You Need to Know About Financial Aid and How to Get

Scholarships

Jeannie Shim

Guidance Counselor & College Advisor

Myths About Financial Aid

• “…my parents make too much money, so I won’t qualify for aid.”

• “…only students with good grades get financial aid.”

• “…you have to be a minority to get financial aid.”

• “…the form is too hard to fill out.”

Total Cost of Attendance

Direct Costs (Billed)• Tuition• Mandatory Fees• Health Service Fees• Room• Board

Indirect Cost (Unbilled)• Travel• Books• Supplies• Personal Expenses

What is Expected Family Contribution (EFC)?

The amount of money a family is able to contribute towards a student’s education in one academic

year, according to federal government.

Ex. An EFC of $1000.00 means that the family is expected to contribute $1000.00 toward the student’s education for that academic year.

What is Financial Aid and Financial Need?

• Financial Aid is funds provided to students and families to help pay for postsecondary educational expenses.

• Financial Need is the Cost of Attendance – Expected Family Contribution (EFC)

Types of Financial Aid

• Scholarships- Money that does not have to be paid back (awarded based on merit or skill, usually need to apply)

• Grants- Money that does not have to be paid back (awarded based on financial need)

• Loans- Money borrowed by student and parent that needs to be repaid after education is finished

• Work/ study- Students work to help pay educational costs (non-monetary compensation, such as room and board)

Sources of Financial Aid

• Federal Government- FAFSA, Pell, FSEOG, Perkins, Stafford, PLUS

• NY State- TAP, HESC, APTS, HEOP, EOP, SEEK and CD

• Private Sources- CSS Profile, individual colleges

• Civic Organizations & Churches

• Employers

New York State Aid Eligibility (TAP)New York State Residents who are:

- US Citizens - Permanent Residents

- Undocumented students are NOT eligible- Full time students

- Maintaining a C average

- TAP Awards range from $250.00- $2,500.00- Only applicable for NYS students applying to NYS

schools

- To apply for TAP, you must apply for FAFSA. Upon completing the FAFSA, there will be a Submission

Confirmation Page. A link will take you to TAP online.

Eligibility for NYS Opportunity Programs

• For HEOP, EOP and SEEK -Legal New York State resident for at least 12 months prior to

enrollment in the program.

• For CD -Legal New York City residents for at least 12 months prior to

enrollment in the program.

• For all programs -Immigration status does not technically bear on eligibility -To receive full financial support, students need to be eligible for federal and state financial aid

Free Application for Federal Student Aid (FAFSA)

• All 12th grade students must file FAFSA (undocumented students must NOT file)

• Must be filed as soon after January 1st, 2011• All information must be true and all questions must

be completed• Parent’s and student’s 1040 income tax are

needed• PIN is required to file electronically• College codes must be included

DO NOT WAIT TO COMPLETE 2010 INCOME TAXES TO FILL OUT THE FAFSA!!!

2010 INCOME TAX RETURNS MUST BE COMPLETED BY FEBRUARY 15, 2011.

THERE IS A PRIORITY DEADLINE ON FINANCIAL AID FOR SCHOOLS. THIS MEANS THAT MONEY WILL BE

GIVEN OUT ON A FIRST COME, FIRST SERVED BASIS.

UNDOCUMENTED STUDENTS SHOULD NOT FILL OUT THE FAFSA. THEY MAY BE ELIGIBLE FOR

INSTITUTIONAL SCHOLARSHIPS OR THE PETER VALLONE SCHOLARSHIP (CUNY).

File the FAFSA as early as possible to be eligible for the maximum amount of aid you may qualify

for.

Most students are considered dependent unless in foster care or have ward of the court status.

Parents are defined only as biological or adoptive parents. Legal guardians or anyone else are not

included in the FAFSA, regardless of the student’s home or living situation.

If parents are not married or are separated, only the custodial parent is included.

Custodial parents is the one with whom the student lives more than the other.

If child lives with each parent equally, then the custodial parent is the one who provides

more financial support. Who claims the student on income taxes is not relevant to

determining custodial parent.

If custodial parent is remarried, the stepparent’s income must be reported.

If a student has applied to more than ten colleges, more can be added later. You may go online to add/delete schools. Remove colleges

listed before to add new colleges. However, if you make changes to the FAFSA after deleting a

college, be sure to reverse the steps and re-add that deleted college if it will need any future

updates.

Frequent FAFSA Errors

• Social Security Numbers

• Divorced/remarried parental information

• Income earned by parents/stepparents

• Untaxed income

• U.S. income taxes paid

• Household size

• Number of household members in college

• Real estate and investment net worth

STUDENT AID REPORT (SAR)

Once you submit the FAFSA, you will receive a SAR via mail or email. You must review it carefully for errors and update the information with your 2010 income

tax returns.

CSS PROFILE

• A requirement in addition to the FAFSA for certain institutions. You may apply through www.collegeboard.com. This application is not free. There is a $25 registration fee and $16 fee for each additional school.

• Schools will ask for verification and possibly send other financial aid school forms. You must fill them out and send out supporting documents ASAP. Most schools ask you to send a copy of your tax returns to their financial aid office.

Student Loans

• Subsidized Stafford Loan- $5,500 (1st yr)-No interest while in school and 6 month grace period after graduation

• Federal Perkins Loan- $4,000-No interest while in school and 9 month grace period after graduation

• Federal PLUS Loan- total cost of education-Interest gathered while in school and 60 days after enrollment

• Unsubsidized Stafford Loan- $5,500 (1st yr)-Interest gathered while in school and 6 mth grace pd. after graduation

Your College Admission and Financial Aid Application Schedule

January • File the FAFSA and, if

required, the college’s financial aid application form.

File your TAP Application online at the end of the FAFSA.

• Remind your family to keep copies of all tax returns.

• Keep a folder to track college applications.

February• Send colleges your mid-

year 12th grade report.

March• Colleges begin to send

acceptance notices.• Apply for NYS TAP

April• If you are accepted by a

college, you must make an enrollment decision, accept or refuse the financial aid offered, and send in the required housing and tuition deposits.

Your College Admission and Financial Aid Application Schedule

April (cont.)• Colleges send out financial

aid packages to accepted students.

• Review your financial aid package with the college financial aid office.

May• Notify the colleges which

you decided not to attend. If you decline admission, and have received an aid package, notify the college financial aid office so it can offer the award to another student.

• If you have to borrow money from the Federal Family Education Loan Program (FFEL), or Federal Direct Student Loan Program, you will have to sign a promissory note which guarantees you will repay the loan.

June• Make sure Mrs. Park

receives copies of all scholarship offers and financial aid packages.