FINANCIAL AID SERVICES SEMESTER AND SUMMER STUDENT AID RESOURCES PRESENTATION FEBRUARY 19, 2019
PRESENTERS Alkida Shtembari Assistant Director and Scholarships Specialist Elizabeth (Betty) Riquez Director
ATTACHMENTS 1.How to Apply for Financial Aid 2.Types of Student Aid 3.New York Excelsior Scholarship 4.External Scholarship Resources 1
Summer at Baruch WHAT’S YEAR ROUND PELL (YRP) 150% BACK-END VS. FRONT-END PELL SUMMER FEDERAL DIRECT LOANS & PRIVATE LOANS SUMMER TAP EXTERNAL SCHOLARSHIPS 2
YEAR ROUND PELL 150% The U.S. Education Department announced that year-round Pell Grants will be available. This decision allows students to graduate sooner by taking summer classes. The program, known as Year Round Pell, allows students to receive a Pell Grant for up to 150 percent of their current scheduled award. What does this mean? If a student is awarded $6,095 for the year, the student may receive up to 3,047.50 for attending college in the summer. This additional Pell usage in the current FAFSA year requires enrollment of 6 credits in the Summer. However, students enrolling in less than 6 credits can use Pell from the upcoming FAFSA year. 3
YEAR ROUND PELL (YRP)150% - ELIGIBILITY Have completed a 2018-2019 FAFSA Be Pell Grant Eligible Enroll for at least 6 half-time (6+ credits) Be meeting Satisfactory Academic Progress (SAP) Comply with Verification Process (if selected) Have lifetime Pell Grant eligibility remaining 4
YEAR ROUND PELL - VERIFICATION The role of the college in the verification process Acceptable verification documents Failure to complete verification 5
EXAMPLES OF YEAR ROUND PELL 6
ADDITIONAL PELL: EXAMPLE 1- SEMESTERS 12 6 crd crd 9 crd • Spring Three Quarters • Enrolled Half Time Summer • Enrolled Full Time Fall Summer Term 37.5% Term 25% Eligible Term 50% Eligible Eligible 75% from the Initial 100% 25% remaining from the Initial 100% Scheduled Award Scheduled Pell Award used + between the fall and spring 12.5 % from the Additional Pell =37.5% 75% + 37.5% = Total 112.5% Before the student can receive any Additional Pell (up to 50%), the student Student must be enrolled for at must use up the 100% of the original least Three Quarters in the spring to Scheduled Award and be enrolled at tap into the Additional 50% Pell least half-time. Grant *Note: Pell eligible students registered less than half-time (i.e. 5.5 credits or below) are NOT eligible for the 150% Pell for the summer and will only be eligible for a Pell award if they did not exhaust their Pell Grant eligibility prior to the summer 7
BACK-END VS. FRONT-END PELL 18-19 18-19 Front-end Pell Back-end Pell 100% 100% Summer 18 Fall 2018 3 Credits 9 Credits 12.5% Pell deducted from 37.5% Pell spring term Fall 2018 Spring 2019 12 credits 9 credits 37.5% Pell 50% Pell Spring 2019 Summer 2019 9 credits 6 credits 37.50% remaining since 25% remaining from student already used the scheduled 100% 12.5% in summer 18 Pell Award 8
Summer Federal Direct Loans & Private Loans To be eligible for Summer Federal Direct Loans, students must: Be enrolled at least half-time (6 credits) Have a completed FAFSA loaded in CUNYfirst Meet Satisfactory Academic Progress (SAP) Have not exhausted their loan eligibility Private Loans available through loan services such as: Navient, Sallie Mae, Wells Fargo, etc. 10
SUMMER TAP ELIGIBILITY To be eligible for Summer TAP , students must: have been enrolled full time in the prior spring have earned a combined total of 24 credits in the prior two semesters (transfer credits do not apply) meet all of the NYS Satisfactory Academic Progress Guidelines have not exhausted their TAP eligibility 9
EXTERNAL SCHOLARSHIP RESOURCES •Outside scholarships, also known as private •Submit an application directly to the scholarships, are not managed or following sites: administered by Baruch College, but by •The College Board outside entities. Although Baruch does not •Collegenet.com award these funds, federal, state and •Scholarships.com Baruch policies require that the university use outside scholarships as a resource •http://college.usatoday.com/2016/0 against federal need and cost of 1/06/best-scholarship-resources/ attendance. Scholarship checks are received by the Bursar’s Office and submitted to Financial Aid Services for approval. 11
WEBSITES FAFSA.GOV BARUCH FEDERAL SCHOOL CODE: 007273 FSAID.GOV CREATE/RETRIEVE FSAID HESC.ORG BARUCH NYS SCHOOL CODE: 1409 BARUCH.CUNY .EDU/FINANCIALAID/ FINANCIAL AID SERVICES WEBSITE 12
Q&A Questions? Please contact us! Admitted students must use their Baruch email and include their full name and CUNYfirst EMPLID E-mail: financial.aid@baruch.cuny.edu
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