1 What should we know about our Family Contribution? l Asset - - PDF document

1 College Funding Services

lWebsite: www.ineedfinancialaid.com lToll Free: 844-CFS4AID (237-4243) lEmail: info@ineedfinancialaid.com

How do they determine if I’m eligible?

— COA – EFC = NEED

— COA = Cost of Attendance

— (Includes tuition, books, room/board, etc.)

— EFC = Expected Family Contribution

— (Based on parent and student income, assets, age, number

• f students in school, etc.)

— Need = Amount of aid the family is eligible

2

What should we know about our Family Contribution?

lAsset Protection Allowance lWhat is considered an asset? lParental Assets vs. Student Assets lIs debt considered? lHow should we value our home?

— www.finaid.com — Calculators — Federal Housing Index

What should we know about our Family Contribution?

lParent Income vs. Student Income lStudent Income allowance = $6,420 lSelf-employed families

l Do NOT include business assets/worth on FAFSA if you have

less than 100 employees

l Salary to a dependent as tax benefit detrimental for financial

aid

How much should students borrow?

l NO MORE than Average Starting Salary by Major:

l Engineering $62,891 l Computer Science $62,103 l Business $57,229 l Communications $48,253 l Math/Science $44,299 l Education $40,267 l Humanities/Social Sciences $38,049 l Unknown $30,000

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Financial Aid

l Myths vs. reality:

l Income too High l Grades too Low l Own a home l I can always apply next year

Sources of Financial Aid

lFEDERAL GOVERNMENT

l Pell Grants l SEOG Grants l College Work/Study l Subsidized and Unsubsidized Stafford Loans l PLUS

Sources of Financial Aid

State Government

l Special programs for in-state residents. l Contact HESAA l www.hesaa.org l NJ Class Loans l NJ TAG Grant

4

Sources of Financial Aid

Colleges and Universities

l Private universities have endowment funds, outside of

federal and state funds.

l Create competition l Give preferential packaging to students who are in top

25% of applicants.

What if I do not qualify for Need-Based Aid?

lMerit Aid

l Top 25% of applicants l School by school basis; some more generous than

• thers (some not at all)

lValue Schools

l Average School cost $30-$70K l Lower end of range = Value

l Ex. Binghamton

l COA = $36,000

l Honors Programs

American Opp. Tax Credit - AOTC

— $2,500 Credit Per Child, Per Year — Phased out for families with AGI between $160,000-$180,000 — Phased out for single parents AGI between $80,000-$90,000 — In order to qualify for maximum credit you must pay college at least $4,000 from a source other than 529

5

How can I qualify for AOTC if my AGI is over $180,000?

— Possible to capture credit through the student — Student must file taxes, claim themselves and show earned income — If family has self-employment income, student should be employee — If family has other property student can be property manager — Other ways to be creative — Consult your CPA

How do you apply?

— The FAFSA (Free Application for Federal Student Aid)

— EVERYONE must fill out this form to get aid — You cannot apply for Federal Loans if you do not fill one out — Not accessible until Oct. 1st, 2017 — Accessible at FAFSA.ed.gov — 2016 is base income year for class of 2018 — “Prior Prior” is new base income year — DEADLINES ARE PARAMOUNT

FAFSA - FSA ID

lNew Login/Access Procedure: FSA ID

l Required by student and one parent l Needed to access/submit the FAFSA l Username/Password (Replaced PIN number system) l Create Prior to preparing FAFSA:

l FSAID.ed.gov

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CSS/PROFILE

l Most private schools require this form l Much more invasive and complex l Home equity treated as liquid asset l Section Q l www.collegeboard.com l $25.00 for 1st school, $16.00 for each thereafter

How do you apply for aid?

lInstitutional Applications

l Some schools require their own additional forms.

l i.e., UPENN, Princeton

l They should be consistent with other forms l Usually asks similar questions to the other two forms

How do you apply for aid?

lFAFSA lCSS/PROFILE lCollege Institutional Forms lAdditional Forms:

l Business/Farm Supplement l Divorced/Separated Situations

7

Case Studies

What you actually pay at each school:

Case Studies

What you actually pay at each school:

How to appeal for the best possible package

5 Point Plan of Attack

• 1. Bring color/background to your story
• 2. Ask for specific amount of additional aid
• 3. Show awards offered by other colleges
• 4. Challenge expenses not considered on taxes
• 5. Be persistent

@ Rerrsselaer I

."'".FFTNANCTALATD Stefan Blair

• Apt. 18F

90 La Salle Street

New York. NY 10027-4724 Dear Stefan:

i am pieaseci to infonn you oi tire financiai aid awarcils.l beiow for the 2tJi6-201'/ ard year. Detaiieci

information on awards, policies, and procedures may be found in the "Student Guide to Financial Aid".

cosr oF ATTENDANCE'

i68,284

Tuition

Undergraduate Fees Room and Board Books and Supplies Personal and Misc. Direct Loan Fee

TOTAL RENSSELAER AND OTHER FINANCIAL AID....

$2 5 , 5 O O

Fall20l6 Spring 2017

Total

$9,ooo $9,000

$18,ooo $1, 5oo $1, 500 $3, 000 91, 750 $1, 750 $3, 5oo $l-, oo0 $l-, ooo $2, ooo ESTIMATED FAMILY COST TO ATTEND RENSSELAER.. $4L,7 84

Receipt of awards not listed above or changes to infomation may change award eligibility or amounts. Awards you wish to decline or reduce should be crossed out, adjusted and initialed. Our "Student Guide to Financial Aid" as well as the "Financing a Rensselaer Education" document is available at http://admissions.rpi.edu/aid/info.html. Be sure to meet the May 1.2016 enrollment deposit deadline. Please feel free to contact a staff member if you have any questions regarding your aid. Sincerely,

March 12,2016

Rensselaer ID Number: 661637805 Regular Decision #49 ,520

>L, Z / I

$14,630

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$40

Rensselaer Leadership Arvard Federal Perkins Loan Federal Direct Subsidized Loan Federal Direct Unsub. Loan

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Larry Chambers Director

Rensselaer Polytechnic Institute Academy Hall | 1i0 8th Street I Tio11 NY 12180-1590 (518) 276-6813 | Fax: (5i8) 276-4797 I finaid@rpi.edu I wwrv'rpi.edu

Office of Financial Aid

Rensselaer Polytechnic Institute 110 8th Street | Troy, New York 12180-3590 USA | Academy Hall Phone (518) 276-6813 | Fax (518) 276-4797 | Email: finaid@rpi.edu www.rpi.edu

Stefan Blair

• Apt. 18F

90 La Salle Street New York, NY 10027-4724 April 13, 2016 Rensselaer ID Number: 661637805 Revised Dear Stefan: I am pleased to inform you of the financial aid award(s) below for the 2016-2017 aid year. Thank you for providing our Appeals Committee with your recent request for re-evaluation of your financial aid. Every attempt has been made to provide you with the most aid possible. Our Appeals Committee decisions are final. Compare this notification with your last notification for changes made. Detailed information on awards, policies, and procedures may be found in the "Student Guide to Financial Aid". COST OF ATTENDANCE.............................................................................................................$69,792

Tuition $49,520 Undergraduate Fees $1,277 Room and Board $14,630 Books and Supplies $1,264 Personal and Misc. $1,553 Direct Loan Fee $48 Laptop Computer $1,500

TOTAL RENSSELAER AND OTHER FINANCIAL AID.........................................................$32,000

Fall 2016 Spring 2017 Total RPI Access Grant $2,000 $2,000 $4,000 Rensselaer Leadership Award $9,000 $9,000 $18,000 Rensselaer Laptop Scholarship $1,500 $0 $1,500 Federal Perkins Loan $1,500 $1,500 $3,000 Federal Direct Subsidized Loan $1,750 $1,750 $3,500 Federal Direct Unsub. Loan $1,000 $1,000 $2,000

ESTIMATED FAMILY COST TO ATTEND RENSSELAER.................................................. $37,792 Receipt of awards not listed above or changes to information may change award eligibility or amounts. Awards you wish to decline or reduce should be crossed out, adjusted and initialed. Our "Student Guide to Financial Aid" as well as the "Financing a Rensselaer Education" document is available at http://admissions.rpi.edu/aid/info.html. Be sure to meet the May 1, 2016 enrollment deposit deadline. Please feel free to contact a staff member if you have any questions regarding your aid. Sincerely, Larry Chambers Director 661-63-7805

I

Seminar Evaluation Form

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Please mark the following questions using this evaluation scale:

1 – Strongly Disagree 3 – Neutral 5 – Strongly Agree 1) I am now more knowledgeable about the financial aid process 1 2 3 4 5 2) The seminar answered questions I had prior to attending 1 2 3 4 5 3) What did you like the most about the seminar and the information presented? _______________________________________________________________ _______________________________________________________________ _______________________________________________________________ 4) What did you like the least about the seminar and the information pre- sented? _______________________________________________________________ _______________________________________________________________ _______________________________________________________________ 5) How did you find out about and decide to attend this seminar? _______________________________________________________________ _______________________________________________________________ _______________________________________________________________ _____ Yes, I would like a free consultation Name ________________________________________________________ High School__________________________ Student Grade Level _______ Best # _________________ Email:_________________________________