College Financial AidCollege Financial Aid

What is it ?What is it ? How do I apply ?How do I apply ?

How can I prepare How can I prepare NOW ?NOW ?

What is Financial Aid ?What is Financial Aid ?

11stst we need two pieces of information: we need two pieces of information:

The cost of attending collegeThe cost of attending college

minusminus

what the family can contribute toward what the family can contribute toward that costthat cost

= Financial need= Financial need

Financial AidFinancial Aid is... is...

… … the attempt to meet the attempt to meet that financial need in that financial need in

order to make it order to make it affordable for the student affordable for the student

to attend a given to attend a given institution.institution.

Cost of AttendanceCost of AttendanceCost of AttendanceCost of AttendanceTuition & Fees Room &

Board

Books & Supplies

Miscellaneous Personal Expenses Loan

Fees

Transportation

How to apply for Financial AidHow to apply for Financial Aid

The FAFSA FORMThe FAFSA FORM

The CSS College ProfileThe CSS College Profile

The FAFSA FormThe FAFSA FormStands for Free Application for Stands for Free Application for Federal Student Aid Federal Student Aid It is a form similar to an Income Tax It is a form similar to an Income Tax Return Return Must be completed by BOTH the Must be completed by BOTH the student and parent(s) student and parent(s) This document cannot be filed until This document cannot be filed until afterafter January 1st January 1st

Before you submit your Before you submit your FAFSAFAFSA

You must have applied to a college You must have applied to a college prior to submitting your FAFSA prior to submitting your FAFSA applicationapplication

Make sure you have included your Make sure you have included your tax information for the year just tax information for the year just endedended

Check that you have answered all the Check that you have answered all the questions on the formquestions on the form

ElectronicElectronic

www.fafsa.ed.gov

*** TIME SAVER TIP *** if applying to a college in NY State!

Bonus Time!Bonus Time!

If you are planning to If you are planning to attend a college in attend a college in New York State, you New York State, you will be asked after will be asked after completing your completing your FAFSA form “Do you FAFSA form “Do you now want to go to now want to go to HESC (NY State site HESC (NY State site for financial aid)for financial aid)

CLICK YES!CLICK YES!

FAFSA Follow-UpFAFSA Follow-Up

Once it is processed you should be able to Once it is processed you should be able to print out a Student Aid Report (SAR)print out a Student Aid Report (SAR)

Check the statement for accuracy, if there Check the statement for accuracy, if there are any mistakes correct them line by line are any mistakes correct them line by line and resubmitand resubmit

Remember the FAFSA is processed for Remember the FAFSA is processed for freefree

The CSS College ProfileThe CSS College ProfileThis is a document required by more This is a document required by more pricey private institutionspricey private institutions

It may be filed early in the senior year as It may be filed early in the senior year as soon as the student knows which school soon as the student knows which school he/she will be applying tohe/she will be applying to

Please remember that The FAFSA must Please remember that The FAFSA must still be filedstill be filed

Two Categories of AidTwo Categories of AidTwo Categories of AidTwo Categories of Aid

Non-need basedTo recognize special skills, talent or athletic ability

Need-based Need to demonstrate financial need

College LoansCollege LoansIt is important to stress that loans are an It is important to stress that loans are an integral part of almost all financial aid integral part of almost all financial aid packagespackagesRemember education is an important Remember education is an important investment in the future of your child and investment in the future of your child and loans are not a bad thingloans are not a bad thing We take out loans to buy a car, a home and We take out loans to buy a car, a home and many other things in life; this particular loan many other things in life; this particular loan pays a great return over the course of the pays a great return over the course of the student's lifestudent's life

Students with a college education earn Students with a college education earn considerably more during the course of considerably more during the course of

their lifetime than those withouttheir lifetime than those without

Weigh the benefits of college loansWeigh the benefits of college loans

Federal Family Education Federal Family Education Loan ProgramLoan Program

(FFELP)(FFELP)

Federal Family Education Federal Family Education Loan ProgramLoan Program

(FFELP)(FFELP)

Federal Stafford LoansFederal Stafford Loans

Subsidized vs. UnsubsidizedSubsidized vs. Unsubsidized

ScholarshipsScholarshipsHow to find themHow to find them

&&

How not to get takenHow not to get taken!

Scholarships are given for:Scholarships are given for:

GradesGrades

Athletic AbilityAthletic Ability

1st Generation College Student1st Generation College Student

Other outstanding talentsOther outstanding talents

They are based upon merit as They are based upon merit as opposed to financial need!opposed to financial need!

How to find themHow to find them

Talk with the financial aid counselors at the Talk with the financial aid counselors at the college you are considering applying tocollege you are considering applying to

The local scholarships are posted in all three The local scholarships are posted in all three guidance officesguidance offices

The complete list of local scholarships and the The complete list of local scholarships and the individual applications are available at our new individual applications are available at our new website: www.newburghschools.org website: www.newburghschools.org then click on the guidance linkthen click on the guidance link

The InternetThe Internet

http://www.fastweb.com/http://www.fastweb.com/

Don’t get ripped-offDon’t get ripped-off

Free SeminarFree Seminar

Application feesApplication fees

Guaranteed Guaranteed winningswinnings

We have We have information/sources information/sources that no one else hasthat no one else has

Claims of influence Claims of influence with scholarship with scholarship sponsorssponsors

Sources of Sources of ScholarshipsScholarships

The Colleges and Universities The Colleges and Universities

Your employer, Union, or any Your employer, Union, or any Organization that you belong to (i.e. Organization that you belong to (i.e. Rotary or Lions Club)Rotary or Lions Club)

Local Scholarships which are offered Local Scholarships which are offered by service clubs and foundations in the by service clubs and foundations in the Newburgh/New Windsor areaNewburgh/New Windsor area

Creative ways to reduce the Creative ways to reduce the cost of collegecost of college

Earn College credit Earn College credit while in high schoolwhile in high school (AP & Articulation (AP & Articulation Programs)Programs)The Montgomery GI BillThe Montgomery GI BillJoining the Air National Joining the Air National Guard entitles you to Guard entitles you to FREE SUNY tuitionFREE SUNY tuitionAttend a Community Attend a Community College for the first two College for the first two yearsyears

School Counselors are not School Counselors are not experts on financial aid !experts on financial aid !

Each college has a financial aid officer Each college has a financial aid officer with a staff who have great expertise with a staff who have great expertise in financial aid. in financial aid.

You should not hesitate to contact the You should not hesitate to contact the financial aid office at a college or financial aid office at a college or University in order to have your University in order to have your questions answeredquestions answered

Check our Website for moreCheck our Website for more

http://www.newburghschools.org

If you have any questions, we’ll be here If you have any questions, we’ll be here to help you !to help you !

NFA Department NFA Department

ofof

Counseling & GuidanceCounseling & Guidance