financial aid 101: a beginners guide for students and families
TRANSCRIPT
What Is the Definition of Financial Aid?
Financial Aid is a catch-all term referring to any programthat offers money to assist with the costs associated withbeing a college student.
• LOANS• GRANTS & SCHOLARSHIPS• WORK PROGRAMS
Am I eligibl
e?
Who Is Eligible?You may be eligible for NY State aid if you are…
• a NY State resident• attending a college in NY State• attending full time 12 new credits
– half time attendance (APTS)
– Other scholarships have their own set of eligibility requirements
A STUDENT THAT MEETS CRITERIA AND HAS FILED THE TAP & HESC SCHOLARSHIP APPLICATIONS
You are eligible for FEDERAL financial aid if you are…
• a matriculated student enrolled at an eligible school
• a U.S. Citizen or Legal Permanent Resident Alien
• a male REGISTERED with the Selective Service
• in GOOD academic standing• not convicted of a drug felony
while receiving FEDERAL financial aid
• enrolled in at least 6 required credits
• not in default on a federal student loan
A STUDENT THAT HAS FILED A FREE APPLICATION for FEDERAL STUDENT AID: FAFSA
The FAFSA FormFree Application for Federal
Student Aid
Establishes eligibility Data transmitted directly to
schools Data shared with state
agencies (TAP) Generates Student Aid Report
(SAR) Internal Revenue Service
(IRS) data retrieval
www.fafsa.ed.gov2014-2015
application opens January 1
Apply for Federal PIN #Start ApplicationFAFSA4caster
Student Aid Report - SAR
Output document from FAFSA – via email within 3-5 days
Students should READ THE MESSAGES! Make sure all information is correct and use both
parent and student PIN to make changes using Corrections-on-the-web at www.fafsa.ed.gov
Information Provided:
Expected Family Contribution (EFC) Verification Indicator
Additional documentation will be required by all schools
CSS Profile Form
Who needs it?
Many private colleges require – helps them award nonfederal (institutional) funds.
Call the colleges that you are applying to or check their
websites.
Apply online at:student.collegeboard.org/css-
financial-aid-profile
Homework!!!
Financial Aid Keep documents in file – one for each student!
Usernames PIN numbers Student college ID number Etc…
Maintain Communication with each college! Watch your mail and email Watch any student portals
Schools will contact you! Be sure to respond in a timely manner!
Expenses Associated with College
Cost of Attendance = COA
Tuition and FeesRoom and BoardBooks and SuppliesPersonal ExpensesTransportation
Changes to COA are reviewed on a Case by Case Basis
Study OverseasChild CareDisability Services
Example:Cost of Attendance
Tuition and Fees $ 7293.00Room and Board $11,790.00Books and Supplies $ 1,000.00Personal Expenses $ 1,717.00Transportation $ 800.00
Total $22,600.00
Financial Aid FormulaCOA – EFC = NEED
College TC3 SUNY Cornell
COACost
$5007 Commuter
$22,600 $61,618
EFC FAFSA
-3500 -3500 -3500
NEED $1507 $19,100 $58,118
EFC remains the same, so COA will determine NEED
Federal Programs Federal PELL Grant
Eligible if EFC is 0 – 5081EFC of 0 = $5645 & EFC of 5081 = $605
Federal Direct Stafford Loan
Maximum subsidized based on year in college $3500 Fr. / $4500 Soph. / $5500 Jr. & Sr.Subsidized Fixed APR 3.86% - as of July 1, 2013Unsubsidized Fixed APR 3.86%
Additional Unsubsidized $2000Additional (Independent)
$4000/$5000 Federal Parent PLUS Loan
Max PLUS loan = COA minus AIDFixed APR 6.41% as of July 1, 2013
TEACH Max $4000 Must meet GPA & eligible degree
LIMITED CAMPUS BASED FUNDING
Federal SEOG Max $4000 (PELL Eligible)
Federal Perkins Loan Max $5500 Fixed APR 5%
Federal Work Study Max $4,000Paycheck earned for hours
worked and does not credit the balance
due to the school
Each college determines the fundamount awarded Funding is limited, so not all eligiblestudents can be awarded
New York State Programs
TAP Maximum Award $5000 Aid for Part Time Students
(APTS) Maximum Award $2000 EOP/HEOP: Educational
Opportunity Program Admission/Financial based
program World Trade Center
Scholarship Memorial Scholarship Military Service Recognition
Scholarship Math & Science Teaching
Incentive Scholarship Academic Excellence
Scholarship Fire Fighter, Police Officer,
Corrections OfficerParent deceased in the line of duty
Scholarships & Additional Funding
Sources
Where to look… High School Counselors Student/Parent Employer Youth/Religious
Organizations Fraternal Orders Ethnic & Cultural Groups College www.Fastweb.com www.Collegeboard.com
What to Ask… Renewable vs. Non-
Renewable Eligibility Requirements Need vs. Merit Scams – Don’t pay for free
money!
School Payment Plans – May vary… typically
parents spread costs over semester or year
Home Equity, Lines of Credit, Retirement Funds
Private Education Loans
Military Benefits, ROTC
Resident Assistants & Peer Mentors
Scholarships Additional Funding Resources
Professional Judgment
In exceptional or unusual circumstances, your
Financial Aid Officer can use “Professional
Judgment” to adjust FAFSA data and/or
consider student to be “independent”.
“Significant” loss of income/job Divorce/Separation Unusually high medical expenses not
covered by insurance Death of parent/spouse IRA Rollovers/inflated AGI Unsafe home conditions for student
Notification of Aid OfferedAward Letters
Comparing Award Offers (The “Bottom Line”)
What is COA of school?
How much total aid was offered?
What portion is “free” money vs. loans?
Financial Aid Shopping Sheet/Award Letters
Make decision, then accept or decline offers
SUNY Financial Aid Day
Register at: www.suny.edu/student
800-342-3811SUNY Cortland Financial Aid
DayFebruary 22, 2014
10:30 am Memorial Library