Financing a College

Education

Financial Aid Night2014-15

After this program, youwill have learned about…

The types of aid available to students

How and when to apply for financial aid

How financial aid eligibility is calculated

Sources of Financial Aid

Federal ProgramsState ProgramsInstitutional ProgramsPrivate Scholarships

General Financial Aid Requirements

Matriculated (admitted by Admissions)

U.S. citizen or eligible non-citizen

Selective service – Registration required

Social Security number

Satisfactory Academic Progress

Drug-related convictions may cause a student to lose financial aid

When do I apply for financial aid?Submit the FAFSA form

anytime after January 1st

The FAFSA deadline used by some colleges is February 1st

- but ALWAYS check deadlines with individual schools your are applying to!

You can estimate your information- just have tax info. ready

How do I apply for financial aid?The first step is to complete the Free Application for

Federal Student Aid (FAFSA)

File electronically at: www.fafsa.gov and sign (both student and parent) electronically using your federal PIN (apply at www.pin.ed.gov)

*Please note* The PIN application process MAY change in Spring 2015. Make sure to check the PIN website for up-to-date information

PIN Registration

Web site: www.pin.ed.gov

Can get PIN before January 1st (will need Name, SSN, DOB)

Not required, but speeds processing (days vs. weeks)

Used by students and parents to sign FAFSA and corrections, including subsequent school years

Students and parents can make their own PIN – and they can be the same

FAFSA on the Web

Web site: www.fafsa.gov2015-2016 FAFSA on the Web available on or after January 1, 2015

FAFSA on the Web Worksheet:Available prior to January 1st

Questions follow order of FAFSA on the Web

FAFSA on the WEB

IRS Data Retrieval Tool

Tool designed to transfer tax information to FAFSA. Use if you can!

Must have federal taxes complete to utilize this tool. Typically need to wait about 2 weeks after filing to use.

Will impact processing of financial aid and potential verifications. Less likely if use DRT

Almost Finished!Sign electronically with

PIN!

Don’t Forget To Apply For Tap!

If you apply for federal aid online, you will be able to access the TAP application by selecting the appropriate link on the FAFSA confirmation page

If you miss the link to the TAP application from your FAFSA confirmation page you can apply online at www.tapweb.org . Your application will not be available until your FAFSA is processed.

Once the FAFSA is filed …

Financial Aid Application Process

Federal aid eligibility

(Grants, Loans, and Work-Study)

State aid eligibility

(Grants and Scholarships)

Institutional aid eligibility

Student Aid Report (SAR) sent to schools and students

File FAFSA by February 1st (Priority Deadline for some colleges)

(Grants, Loans, and Work-Study)

Types of Financial Aid

Grants – Gift Aid Scholarships – Gift Aid

Work-Study Positions – Self Help Aid

Loans – Self Help Aid

Grants Federal Grants

Pell Grants Supplemental Education

Opportunity Grant (SEOG) Teacher Education Assistance for

College and Higher Education (TEACH) Grant

Institutional Grants Need-based Grants Sometimes Merit-based Grants

Grants (continued)

Other Grants/Assistance - STATE New York State Tuition Assistance

Program (TAP) New York State Aid for Part-Time Study

(APTS) New York State Part-time TAP and ADA

TAP New York State Merit Scholarships New York State Higher Education

Opportunity Program (HEOP or EOP) No NYS Awards are processed until

after the NYS budget is passed and finalized

Teacher Education Assistance for College and Higher Education

(TEACH) Grant

Undergraduate and graduate students who plan to teach in a school which serves students from low-income families and in a high-need field (e.g., mathematics, science, special education, foreign language, etc.)

In exchange for the TEACH grant, students must agree to serve (4 years as a full-time teacher within the first 8 years after graduation)

If students are unable to fulfill the service requirement, the grant converts to an unsubsidized Direct Loan

Award amount: $4,000 a year (maximum of $24,000)

Federal Work-Study Program

Students must work to receive the funds

Funds are paid directly to the student

Students work an average of 10-20 hours per week on campus at most schools

Work is related to students’ educational and career goals – start writing your resume early!

Usually limited funding, so apply early and follow through with the employment process

Educational Loans

Federal Direct Loans (U.S. Dept of Ed) Subsidized Federal Stafford Loan Unsubsidized Federal Stafford Loan

Max to borrow = $5500 Dependent Freshmen

Parent Loan for Undergraduate Students (PLUS)Max to borrow = COA-other aid student receives

Federal Perkins Loan – check with school if offer

Alternative/Private Loans – Know the Rates!

Scholarships

Your school counselor’s office, web page or newsletter

College(s) you are applying to

Newspaper

Local businesses and civic organizations

Parents’ places of employment

Scholarships Con’t

Eligibility typically based upon student’s profile:

High School Academic Record

Standardized Test ScoresSchool and Community

InvolvementAthletic Talents

Scholarship Search Sites

www.fastweb.com - FastWeb Scholarship Search

www.collegeboard.com - College Board’s Scholarship Search

www.petersons.com - The Education Supersite

Scholarship searches should be FREE!!!

How is financial aid eligibility and need

determined?Cost of Attendance (COA)

minusExpected Family

Contribution (EFC)equals

Financial Need

Cost of Attendance (COA)

Tuition and Fees Books and Supplies Room and Board Expenses

(residence hall, with parents, off-campus home or apartment)

Transportation Expenses Personal Expenses

Expected Family Contribution (EFC)

Determines eligibility for federal funding and need-based institutional aid

Calculated using formula established by the U.S. Congress

Based upon family’s financial profile The EFC will be displayed on the

confirmation page when filing FAFSA on the web (will also display information about federal Pell grant).

Financial Need

Determines eligibility for federal Pell and SEOG grants, federal Perkins and subsidized Stafford loans, and federal work-study awards.

Usually utilized in combination with a student’s academic profile to determine eligibility for institutional awards

Needs Analysis Examples of How Need “Changes” Colleges send Award Letters

showing you how the financial aid meets that need.

School 2 year 4 year Public

4 year Private

COA 10,000 16,000 51,000

-EFC -9,000 -9,000 -9,000

Need 1,000 7,000 42,000

Helpful Hints & Final Thoughts

Watch financial aid deadlines Review your financial aid forms

carefully Check accuracy of information

reported Retain copies of paperwork for your

records Special Conditions Maintaining aid eligibility

Useful Web Sites

www.fafsa.gov - File and correct the FAFSA electronically

www.pin.ed.gov - Apply for PIN (student and parent) to sign applications electronically

www.tapweb.org - File for NYS TAP grant

www.hesc.org - Check status of NYS TAP and scholarship awards, complete the veteran supplemental applications

Need Help Applying??

SUNY FINANCIAL AID DAY

Saturday, February 28th 9:00 am – Noon

Call 786-2355 to Register

Questions?

Thank you for

attending !