financing a college education. after this program, you should know … how and when to apply for...
TRANSCRIPT
Financing a College
Education
After this program, youshould know …
How and when to apply for financial aid
The types of aid available to students
How financial aid eligibility is calculated
How to find additional information on scholarships
Sources of Financial Aid
Federal ProgramsState ProgramsInstitutional ProgramsPrivate Scholarships
General Financial Aid Requirements
Matriculated
U.S. citizen or eligible non-citizen
Selective service
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 to the federal process after January 1st
The typical Freshmen FAFSA deadline: by February 1st
(check with individual schools)
You can estimate your information- just have tax info. ready
How do I apply for financial aid?
Complete the Free Application for Federal Student Aid (FAFSA)
File electronically at: www.fafsa.ed.gov and sign (both student and parent) electronically using your federal PIN (apply at www.pin.ed.gov)
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
Effective three years ago, students and parents can now make their own PIN – and they can be the same
FAFSA on the Web Worksheet
FAFSA on the Web
Web site: www.fafsa.ed.gov2013-2014 FAFSA on the Web available on or after January 1, 2013
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.
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)
(Grants, Loans, and Work-Study)
Types of Financial Aid
Scholarships – Gift Aid Grants – Gift Aid
Work-Study Positions – Self Help Aid
Loans – Self Help Aid
Merit Scholarships
Eligibility based upon student’s profile:
High School Academic Record
Standardized Test ScoresSchool and Community
InvolvementAthletic Talents
Private Scholarship Search
Your school counselor’s office, web page or newsletter
Local library resources
Local businesses and civic organizations
Parents’ places of employment
Grants Institutional Grants
Need-based Grants Sometimes Leadership Grants
Federal Grants Pell Grants Supplemental Education
Opportunity Grant (SEOG) Teacher Education Assistance for
College and Higher Education (TEACH) Grant
Grants (continued)
Other Grants/Assistance - STATE New York State Tuition Assistance
Program (TAP) New York State Merit Scholarships New York State Aid for Part-Time Study
(APTS) New York State Part-time TAP and ADA
TAP 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 $24,0000)
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
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 Alternative/Private Loans – Know the
Rates!
Cost of Attendance (COA)
Tuition and Fees Books and Supplies Room and Board Expenses (dorm,
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
How is financial aid eligibility and need
determined?Cost of Attendance (COA)
minusExpected Family
Contribution (EFC)equals
Financial Need
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
Watch financial aid deadlines Review your financial aid forms
carefully Check accuracy of information
reported Retain copies of paperwork for your
records Special Conditions
Scholarship Search Sites
www.fastweb.com - FastWeb Scholarship Search
www.collegeboard.com - College Board’s Scholarship Search
www.petersons.com - The Education Supersite
Other Useful Web Sites
www.fafsa.ed.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
We’re Here to Help!
Attend SUNY Financial Aid Day at SUNY Jefferson on Saturday, February 9th from 8:45 am –12:00 pm – register online at www.suny.edu/studentevents or call our office at 786-2355.
Questions?
Thank you for attending
tonight’s presentation!