9/11/2019 Marist College I l ALV • M:\V VOKK • ONI.INI-: An 4')r I'lnanciial Y\id .'uui div i-AI\SA M Ainsi Agenda • Whtl b fi ntncal «id? • Cost of tncndmcc (COA) • Free Applkadoa fo r Federal Stadeat Aid (FAFSA) • Expected Family Comifoation (EFCl • What is fi nandal need? • Souroeaoflinaadalaid • The CSS PROFILE MAKIS-r What is Financial Aid? 3 ol ( AM I'ijiajiCial :2k! 'ti iU ^hidrnLv ikintficrs U> ;2jv MAKISr
9/11/2019 What is Cost of Attendance (CO A)? • Btllable costs Inciuilrt:'. • TuilitVi itaJ I'cc?: • Notpbitlable costs • fiijom itJ BoiftJ • Varies fi om college to college • l.tooVs « iruwl maklstI Completing the FAFSA www.fafsa.ed.gov Create an FSA m and pmitflfdalhttps fe akl edyov npa& tpdc Tbe FSA ID wtU provUe coccss to cemia US. Dqwtwcn of • Doth the ittilcnt <nd a pmcl dcdJ m FSA [Dandpxisverd to dcctrcnically tigp tfccFAFSA Provide a valid email address fo r (he Studeat Aid Rqwrt (SAR) to be emailed m >>5 days tMAKIb'l' Prior-Prior Year FAFSA The2020'202i FAFSA b avatUtle to fi le as of October 1.2019 you CAN SUBMIT USING TAX THE FAFSA FROM INFORMATION FROM AJLyi.mo- OCTOeCRV2019 JUNEmMtt juMEsasoeo JURIST
9/11/2019 Documents Used to Complete the FAFSA: • Federal bMone Tax RctnnisClRSDatt Retrieval) • W-2*i • Driver's Hoease & SSN • Records ef Botaxed iaeone • dtild snpportreccived^wd Business dli records Records of stocks, bonds & investmenls Alien R^istnition munberlARNKifnot aU.S. dtizen .MAKIS'I IRS Data Retrieval Tool • Lftilize die IRS Data Retrieval • IRS win suthenticste taxpayer's idcntisy • If match fbood. IRS populates tax mformxttoa • Applicant dtooscs whether or not to transfer dsta to the FAFSA httpt:/yttutlrat«ld«Ly<»/ML'feAOufr»vlrwlrt.teit MAItlST How Does The FAFSA work? J ti itiMfflditeui L f Si t\ iMAKIS'l
9/11/2019 What is the Expected Family Contribution (EFC)? * Ctlculated unng data fr otti ihe fedenl applicadoti fo rm (FAFSA) and a fo dml fo rmula. Ills used to detenntaesQideat aid dtgibUHy. * For the 202O-21 academic year, the FAFSA may be fi led beting October 1, 2019 * Amount fo mily can reasonably beexpeoed to contribute * Stays the same regardless of college .MAKIS1 5 Factors Considered in Calculating the EFC: 1. Income ! rCiB^icit nut AniiS> 2. Assets y Household size 4. Number of stsdcnis b coD^ 5. Age of oMcr parent AIAKLST What is Financial Need? Cost of Attendance - F.xnecled Kaniilv Cotitrilnition tl-.f C) = Financial Need makistI 1
9/11/2019 Types of Financial Aid Ctfl AM; • Need based: Federal College Work Sdtoltnhtps (meriVacadaaic) Study Grtatt (oeed based) * Non-need based: Campos Employneiit .MAKIST Gift Aid: Scholarships • NY State Scbolanhip fo r Academic • Academic Schoianhtp EaceQencc • Atomnilcgacy SefeoUfthip ■ New Ycsk Slate Achievement and • Athldie ScboUrship Investment m Merit Scholarship (NY- • Music SdMlaishtp AIMS) • Theatre Scbolsnfaip Prtvale • ROTC Sdtolanhtp • Endowed Scholanhips • Outside Scholanhips AlAKIST Gift Aid: Grants • Federal Pell Gnnt: $657 • $6,195 • Supplemental Educational Opportanhy Grant (SEOG) • TEACHGrant: upto$4,000/year<$16.000over4years> State • NY State TAP: $500 - $5,165 * Need-Based Grant in Aid .MAKIST
9/11/2019 Student Employment Allows student to earn cnooey to help pay educattooal costs and team *Yeal life" work skills Awarded as Camptts Work Study or Campus Employmcnl Earnings not ^lied toward the bH Student receives a paychedc MAKIS'I Federal Direct Loans: (Subsidized and Unsubsidized) nir»et * Need'Based * Ooverement pays interest canted while b school lltitnt>tMl>^ r>li^ I^ii. * Financial need b not a cottstderation * btteresl ts accrued I'tr^htiun luvt jflouji lojnlidih S5JOO * Interest payments can be made cr deferred .MAIUST Federal Direct PLUS Loan * Bctrowers arc parents of dcpeodcat FAFSA must be fi led to leccitc a Federal PLUS Loan Aottnal loan timtt: cost of atteadaaee minns aD other fi nancial aid Repayment begins after fi nal dtsbuncmcpt for the year unless granted a defcmcnt iMARIST
9/11/2019 Private Loans * Loao ta the student's neme * Credit-tuaed * CaabonowaptodtecostofaneBdaacemtassallothcrfaancial etd ■ lotcscst nto (fixed or varbbk). tamx. aad fees vaiy with tender .MAKiST Monthly Payment Plan • Convcftienialtenative to tomp-sua. semester payments • Payments can be made over a specified lime period ■ Annual qtpUcalson fee • No credit review MAKISr The College Scholarship Service (CSS) Financial Aid PROFILE • Used by some colleges and umversittes to award their own instctutioiul fi nftncia! aid (bnds. Ttus form ts in addition to compteting the PAFSA. • Available October l,20l9.Review thecolleges' websita to determine ifthe PROFILE Is required or for priority fi ling dates. • S25 for the tnttial ^ticadon; S16 charged for each additional college you request • Students register and complete dte PROFILE online at • PROFILE is 001 lequired fo r ft denl fi nandai aid MARIST
9/11/2019 Additional Information Reported on the CSS PROFILE VS. FAFSA Hotoe value^mtMlgage mfoRnation Privtte scbool ttthica Butness owner mfofination MedicKl tad dcottl expenses Non-custodial parent infbimarioo Outstanding debts Projected fi nancial iofbnnatioo fo r dw ootniag year Espfartttica of special dfcunutaaces .MAKIST Overall Points to Remember • Read the FAFSA tod PROFILE in$tm<tica> caicfeDy • rtnancial aid and state requtrcmeals and may vary with tnstttuiions • The FAFSA most be completed eriatewed every year the student b in colkgc to order to be efigble for fi oaitcial aid MAItlS'l Key Web Sites Federal Student Aid Downloadable Rcsousccst FAFSA on the Web: fa f-caed yu Department of Education Student Information; hitp ;«.ttirffntaid m New York State TAP: u nygm Net Price Calculator: A tool used to estimate net cost ofa specific institution Marbl CoHege Of!ice of Stodem nnandsl Services; mami afa ^ Financial Aid Videos: bwp<- mnrin »dii IMAKIST 8
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