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Michele A. Rizzo Asst. Dir. of Student Financial Aid Canisius College “Just the facts, ma’am!” Financial Aid 101.

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Presentation on theme: "Michele A. Rizzo Asst. Dir. of Student Financial Aid Canisius College “Just the facts, ma’am!” Financial Aid 101."— Presentation transcript:

1 Michele A. Rizzo Asst. Dir. of Student Financial Aid Canisius College “Just the facts, ma’am!” Financial Aid 101

2 An Overview What is Financial Aid? What is Financial Aid? Who is eligible? Who is eligible? How do I apply? How do I apply? Who completes the forms? Who completes the forms? When do I apply? When do I apply? What finds of aid might I receive ? What finds of aid might I receive ? Agenda

3 An Overview Scholarships – free money, some skill required Scholarships – free money, some skill required Grants – free money, usually need required Grants – free money, usually need required Loans – money that must be paid back Loans – money that must be paid back Employmen t – opportunity to earn money for college expenses Employmen t – opportunity to earn money for college expenses What is financial aid?

4 Merit -based aid – money given because of skill, such as academic, artistic, athletic, etc. Merit -based aid – money given because of skill, such as academic, artistic, athletic, etc. Need-based – money given because the student has need Need-based – money given because the student has need

5 An Overview General Eligibility for Federal Aid Matriculation toward a degree Matriculation toward a degree U.S. Citizenship or eligible non-citizen U.S. Citizenship or eligible non-citizen Registration with Selective Service (males ages 18 – 25) Registration with Selective Service (males ages 18 – 25) No drug related convictions No drug related convictions Who is eligible?

6 An Overview The Federal government believes that it is the parents’ and student’s responsibility to pay for college. THEREFORE: Parents’ and student information is required Parents’ and student information is required For divorce or separation situations, the parent with whom the student resides completes the forms For divorce or separation situations, the parent with whom the student resides completes the forms For joint custody situations, the parent who provides the most support completes the form For joint custody situations, the parent who provides the most support completes the form Who completes the forms?

7 A student is considered to be Independent by the Federal Government for if : They were born before Jan 1, At the beginning of the school year they will be working on a Master’s or Doctorate program. Married as of the date of application. Have legal dependents/children who receive more than ½ of their support from them. Both parents are deceased, or are a ward/dependent of the court (until 18) A veteran of the U.S. Armed Forces

8 How do I apply?

9 Family’s financial information is required to calculate the student’s Expected Family Contribution (EFC). Family’s financial information is required to calculate the student’s Expected Family Contribution (EFC). Student Aid Report (SAR) Student Aid Report (SAR) Paper versions of FAFSA Paper versions of FAFSA Electronic version of FAFSA Electronic version of FAFSA – FAFSA on the Web at Paper vs. Electronic Processing Paper vs. Electronic Processing Free Application for Federal Student Aid (FAFSA)

10 Apply Apply Reapply Reapply English and Spanish options English and Spanish options Access PIN Web site Access PIN Web site Check status of application Check status of application View SAR information View SAR information Make corrections Make corrections FAFSA on the Web

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12 To Register for a PIN:

13 May be Used to Award Institutional Aid from the College May be Used to Award Institutional Aid from the College Required to Apply for N.Y.S. Financial Aid (TAP Program) Required to Apply for N.Y.S. Financial Aid (TAP Program) Complete and mail FAFSA after January 1st Complete and mail FAFSA after January 1st FAFSA (Cont.)

14 Tuition Assistance Program Application Tuition Assistance Program Application –TAP Application part of FAFSA on the Web. Link to Express TAP Application - on “Confirmation Page” look for red heading “New York Residents Only”. –If link is missed, a reminder will be sent. TAP is a College Specific Program. TAP is a College Specific Program. –1 st New York University/College listed on FAFSA is the school of record How to Apply for TAP

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16 Profile - College Scholarship Service Profile - College Scholarship Service Used by approximately 240 College Used by approximately 240 College Total Electronic Application Total Electronic Application Non-Federal Aid Application Non-Federal Aid Application Fees: Fees: $ Registration Fee $ Registration Fee $ Per Each College $ Per Each College Secondary Application - Profile

17 Some Colleges May Have an Institution Need Based Aid Application Some Colleges May Have an Institution Need Based Aid Application Or a Specific Scholarship Application Or a Specific Scholarship Application Colleges will Distribute Their Own Forms Colleges will Distribute Their Own Forms Secondary Application - College Forms

18 Suggested Timetable ( ): Suggested Timetable ( ): Complete & Submit Forms 2/15/07 Complete & Submit Forms 2/15/07 College Receives Data 3/1/07 College Receives Data 3/1/07 College Begin to Award Aid 3/15/07 College Begin to Award Aid 3/15/07 National Reply Date (Deposit) 5/1/07 National Reply Date (Deposit) 5/1/07 When do I apply?

19 What kinds of aid might I receive?

20 Federal Federal –Pell Grant –Campus-Based Programs Supplemental Educational Opportunity Grant (FSEOG) Supplemental Educational Opportunity Grant (FSEOG) Federal Work Study (FWS) Federal Work Study (FWS) Perkins Loan Perkins Loan Sources & Types Financial Aid

21 –Federal Family Educational Loan Programs Stafford Student Loan Subsidized Stafford Student Loan Subsidized Stafford Student Loan (Unsubsidized) Stafford Student Loan (Unsubsidized) Parent Loan (PLUS) Parent Loan (PLUS) –Ford Direct Student Loan Program Same Provisions as Stafford Loan Same Provisions as Stafford Loan Federal (Cont.)

22 Tuition Assistance Program (TAP) Tuition Assistance Program (TAP) Attending NYS College Attending NYS College $5,000 to $500 at Private College $5,000 to $500 at Private College $4,350 to $500 at Public College $4,350 to $500 at Public College 2006 NYS Net Taxable Income 2006 NYS Net Taxable Income $80,000 NTI or less $80,000 NTI or less NYS Aid Programs

23 Aid for Part-Time Study (APTS) Aid for Part-Time Study (APTS) Attending NYS College Attending NYS College Award varies with institutional allocation Award varies with institutional allocation 2006 NYS Net Taxable Income 2006 NYS Net Taxable Income $50,500 NTI or less $50,500 NTI or less NYS Aid for Part-Time Study (APTS)

24 New York State and school sponsored program New York State and school sponsored program For educationally and economically disadvantaged students For educationally and economically disadvantaged students Must meet academic and economic guidelines Must meet academic and economic guidelines Provides funding and academic services to increase college success Provides funding and academic services to increase college success Higher Education Opportunity Program (HEOP/EOP)

25 Scholarships from College Scholarships from College Academic Merit Only Academic Merit Only Academic Merit & Financial Need Academic Merit & Financial Need May Require Separate Scholarship Application May Require Separate Scholarship Application Institutional Financial Aid

26 Grants from College Grants from College Awarded Annually Awarded Annually Award based on “Financial Need” Award based on “Financial Need” Determine Renewability Determine Renewability Athletic Grant-in-Aid Athletic Grant-in-Aid Awarded on Athletic Ability Awarded on Athletic Ability Contact Coach at the College Contact Coach at the College Institutional Financial Aid (Cont.)

27 Generally Awarded on an Annual Basis Generally Awarded on an Annual Basis Sources of Scholarships Unlimited Sources of Scholarships Unlimited Scholarships Must be Incorporated into Award Package Scholarships Must be Incorporated into Award Package Examples: Examples: Wegman’s Scholarship Wegman’s Scholarship Elks Scholarship Elks Scholarship Kiwanis Scholarship Kiwanis Scholarship Private Sources of Financial Aid

28 Encourage parent and students to FILE EARLY! Encourage parent and students to FILE EARLY! FAFSA can be filed before taxes are completed. DON’T WAIT, ESTIMATE! FAFSA can be filed before taxes are completed. DON’T WAIT, ESTIMATE! Advise parents and students to AVOID using websites, consultants, planners or services that charge money to apply for financial aid. Advise parents and students to AVOID using websites, consultants, planners or services that charge money to apply for financial aid.

29 Have a Nice Day


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