FINANCIAL AID COUNSELING I:

THE APPLICATION PROCESS

Options Institute at Goddard Riverside Community Center

Options Institute – Goddard Riverside Community Center

Agenda

Welcome Financial Aid Vocabulary and Overview First Steps to Filing FAFSA: The Rules Filing the FAFSA – A Case Study Special Circumstances

Financial Aid Vocabulary

Financial Aid Overview

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Total Cost of Attendance

Tuition Mandatory Fees Health Service

Fees Room & Board

Travel Books Supplies Personal

Expenses

Direct Costs Indirect Costs

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Syracuse University

2014-2015 Total Cost of Attendance Per Year

Tuition $ 40,380 Subtotal

Misc Fees $ 1,508 Direct

Housing and Meals $14,460 $56,348

Books and Supplies $ 1,376 Subtotal

Personal Expenses $ 970 Indirect

Travel Costs $ 626 $2,972

Total COA $59,320

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Expected Family Contribution

EFC is the amount of money a student’s family can afford to pay toward one year of college, as determined by the U.S. Department of Education.

An EFC amount of $1,000 means that the student’s family will be expected to contribute $1,000 towards his education in that year.

Who pays the rest of the total Cost of Attendance?

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Financial Need

“financial need”Colleges determine how much financial aid a student needs by subtracting the family’s Expected Family Contribution from the Cost of Attendance.

COA - EFC = Need $

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Financial Need

Joe Student has a federal EFC of $1,000.

What is his financial need at Syracuse University?Syracuse

University

If COA is… $59,320

and EFC is… $ 1,000

then Need is… $58,320

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Defining Financial Aid

Need is met by Financial Aid, which consists of:

$ Grants /Scholarships

$ Loans$ Federal Work-Study

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Where Does Aid Come From? Sources of

AidFin. Aid Form Types of Aid

Federal Government

FAFSA GrantsLoansWork Study

New York State Government (if NYS resident at a college in NYS)

TAP TAP GrantScholarships (special eligibilities)

Institution (college itself)

FAFSAProfile Institutional Forms

Grants (merit and need)Loans (less often)Scholarships

The Rules

First Steps to Filing the FAFSA

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FAFSA Basics

www.fafsa.ed.gov or

www.fafsa.gov

No deadline

Online or paper versions

Financial estimates

Student and parent PIN

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Who Should File the FAFSA?

Students eligible for federal financial aid: US Citizens Permanent Residents (Green Card Holders) Refugees/Asylees Other humanitarian groups: Parolees,

Victims of Human Trafficking, and Cuban-Haitian Entrants

Students eligible for institutional aid ONLY: Student Visa Holders, F-1 or 2 Exchange Visitors, J-1 or 2 visa holders G-series visa holders

 

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Who Should Not File the FAFSA

Undocumented Students

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Who is Considered Independent ?

Students automatically independent Age 24 and over Married Graduate student Supporting dependents Are/have served in US Armed Forces In legal guardianship Orphan, foster care, ward of court after age

13 Emancipated minor Unaccompanied homeless youth

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Who is Considered Independent?

The following does not make a student independent

Parent refusal to provide financial info

Student refusal to ask parents for info

Student living on her own for several years

Student refusal to communicate with parents

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Circumstances for Independence

Documented Involuntary Dissolution of Family Abuse in family

Abandonment

Incarceration or institutionalization of both parents

Parents lack physical or mental capacity to raise child

Dependency Override

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Income Reported on FAFSA

Parent(s) income +

Student income

Student income+

Student’s spouse income

Independent StudentDependent Student

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Who Is Considered a Parent

Biological or adoptive parents

Step-parents, if married to a biological or adoptive parent

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Who Is Considered a Parent

Here’s a hint to help you remember!

SIMBA S step- I if M married, B biological, or A adoptive

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Who Is Not Considered a Parent

Grandparents Foster parents Legal guardians Siblings Uncles Aunts Family friends

Unless, they have legally adopted the student.

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Parent Income Recorded on FAFSA

Custodial Parent(s)- REGARDLESS of GENDER

Data Collected on FAFSA

Single legal parent 1 parentTwo legal parents who are married to each other

2 parents

Legal parent who is married to a stepparent

2 parents

Two legal parents who are not married to each other and living together

2 parents

NEW!

NEW!

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Parent Income Recorded on FAFSA

For Divorced or Separated Parents: Report income of parent lived with most

If student lived with both parents equally, report income of parent who provides most financial support

If student is supported equally by both parents, use income of parent who makes the least

Remember: If the custodial parent is re-married, the step-parent’s income must also be reported.

Test Your Knowledge

Practice Situations

Meet Ali …

Filing the FAFSA