Financing a College Education After this program, you should know - - PowerPoint PPT Presentation

Financing a College Education

After this program, you should know …

 The types of aid available to students  How and when to apply for financial aid  How financial aid eligibility is calculated

Sources of Financial Aid

Federal Programs State Programs Institutional Programs Private 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

Web site: www.fafsa.ed.gov 2014-2015 FAFSA on the Web available

• n or after January 1, 2014

FAFSA on the Web Worksheet: Available prior to January 1st Questions follow order of FAFSA on

the Web

FAFSA on the Web Worksheet

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

 Grants – Gift Aid  Scholarships – Gift Aid  Work-Study Positions – Self Help Aid  Loans – Self Help Aid

Grants

 Federal Grants  Pell Grants  Supplemental Education Opportunity Grant

(SEOG)

 Teacher Education Assistance for College

and Higher Education (TEACH) Grant

 Institutional Grants  Need-based Grants  Sometimes Merit-based Grants

Grants (continued)

 Other Grants/Assistance - STATE

 New York State Tuition Assistance Program (TAP)  New York State Aid for Part-Time Study (APTS)  New York State Part-time TAP and ADA TAP  New York State Merit Scholarships  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 $24,000)

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!

Merit Scholarships

Eligibility based upon student’s profile:

 High School Academic Record  Standardized Test Scores  School and Community Involvement  Athletic Talents

Private Scholarship Search

 Your school counselor’s office, web

page or newsletter

 College(s) you are applying to  Newspaper  Local businesses and civic

• rganizations

 Parents’ places of employment

Scholarship Search Sites

 www.fastweb.com - FastWeb Scholarship

Search

 www.collegeboard.com - College Board’s

Scholarship Search

 www.petersons.com - The Education

Supersite

How is financial aid eligibility and need determined?

Cost of Attendance (COA) minus Expected Family Contribution (EFC) equals Financial Need

Cost of Attendance (COA)

 Tuition and Fees  Books and Supplies  Room and Board Expenses (dorm, with parents,

• ff-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

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

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

SUNY Financial Aid Day

 Saturday, February 22nd @ JCC  JCC is a host site – you do not have to be

attending JCC to participate

 Financial Aid staff in computer labs to assist in

completion of FAFSA

 9 am – 12 noon  Call JCC’s Financial Aid Office @ 786-2355 to

register!

Questions?

Thank you for attending tonight’s presentation!