Presentation on theme: "Financial Aid Information Session. Agenda Application Process How is aid determined? What are the different types of financial aid? Billing Procedures."— Presentation transcript:
Financial Aid Information Session
Agenda Application Process How is aid determined? What are the different types of financial aid? Billing Procedures
Types of Applications Free Application for Federal Student Aid (FAFSA) NYS Tuition Assistance Program (TAP) Application Other applications or forms as required by the college such as Institutional Scholarship and/or Financial Aid Application Federal Tax Returns (along with schedules and W-2s) or other income documentation Federal Verification Worksheet
PIN Registration PIN (Personal Identification Number) serves as the electronic signature on ED documents Student and at least one parent needs a PIN Apply for student and parent PINs TODAY at:
FAFSA on the Web FAFSA on the Web available as of January 1, 2013 Pre-Application Worksheet: Available prior to January 1 st Assists in completion of FAFSA on the Web
Application Filing Tips FAFSA on The Web Need Federal 1040 Forms and W- 2 Forms Based on previous year’s tax information Complete a FAFSA on the Web Worksheet available at Check the FAFSA for accuracy prior to submission Sign the application using student and parent’s PIN Federal PIN Number – Print out a copy of the FAFSA before submitting data Keep a copy of the Submission Confirmation Page
Welcome to TAP on the Web! This online application process allows you to apply for New York State's Tuition Assistance Program (TAP). The New York State Higher Education Services (HESC) is the state agency that helps people pay for college by administering the TAP, guaranteeing student loans, offering guidance and administering a College Savings program for students and families. If you have not submitted a TAP application, you may do so at: To complete your online TAP application, you must first create a user name and personal identification number (PIN). Tuition Assistance Program (TAP) Full-Time (12 credit hours) New York State resident Must meet income requirements Annual awards range from $500 - $5,000 (the award cannot exceed tuition)
Determination of Eligibility
Need Cost of Attendance minus Expected Family Contribution Tuition Room and Board Books & Supplies Transportation Misc. Expenses Income Assets Allowances Other Resources # Children in College ↓ ↓
EFC – expected family contribution Families need to understand their financial situation apps.collegeboard.com/fincalc/efc_welcome.jsp Families need to understand colleges’ financial aid policies
Filing Tips Have tax information readily available Allow time to meet deadlines Check application for accuracy Save application periodically Print a copy before submitting Print Confirmation Page Use TAP link on Confirmation Page
Federal and State Aid
T YPES OF A ID Grants Pell TAP SEOG Loans Direct Stafford Loans PLUS Loans Perkins Loans Work Federal Work Study
Pell Federal Grant Must complete FAFSA Application Must provide verification if required Based on EFC Maximum yearly award is $5,645 Award pro-rated based on enrollment Limited to 6 years
T UITION A SSISTANCE P ROGRAM New York State Grant Must be New York State Resident Must complete TAP Application Based on New York State Taxable Income Awards range from $0 - $5,000 per year Award can not exceed tuition charge Must be enrolled full-time Limited to 8 payments (6 at Two-Year School)
SEOG Federal Grant Must complete FAFSA Application Must provide verification if required Limited funding
D IRECT S TAFFORD L OANS Federal Loans Must complete FAFSA Application Must provide verification if required Complete Entrance Counseling Complete Promissory Note No credit check Six month grace period 3.4% Subsidized interest 6.8% Unsubsidized interest
PLUS L OANS Federal Loans Loan is in parent’s name Subject to credit check Different terms than Student Loans FAFSA must be completed by student Verification must be completed if required Can defer PLUS Loans now 7.9% interest
P ERKINS L OANS Federal Loan Loan is in student’s name Must complete FAFSA Application Must provide verification if required Complete Entrance Interview Complete Promissory Note Limited funding Nine month grace period (5%)
F EDERAL W ORK S TUDY Federal Fund Must complete FAFSA Application Must provide documentation if required Limited Funding
Outside Scholarships These can come from many different resources. Parent employee benefit or student employer Clubs, associations, foundations Armed forces, Peace Corps, AmeriCorps Civic organizations Community service oriented Athletic Leadership Searching is FREE! No need to pay for any services. Just takes some work!
Process Research colleges of interest. Know what costs are and what to expect Make reference notes for yourself: personal information, list of activities, community service, transcripts, personal and academic references, essay. Be neat. Adhere to deadlines. MOST IMPORTANT – APPLY AND APPLY EARLY!!! Start early…junior year in high school.
Websites Popular search engines and websites. Visit as many as possible! Apply for as many as you think you may qualify for. See handout list of scholarships and sites.