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Financial Aid Night 180 Remsen Street Brooklyn, NY 11201 Phone 718-489-5255 Fax 718-643-0076 firstname.lastname@example.org
What is Financial Aid? ScholarshipsGrants Employment opportunities Loans
How To Apply Apply for a PIN number for you and your parent at www.pin.ed.gov to electronically sign your FAFSA www.pin.ed.gov Complete a FAFSA (Free Application For Federal Student Aid) online at www.fafsa.ed.gov www.fafsa.ed.gov -You will need your 2011 Federal Tax Return (Form 1040) to apply New York State residents apply for TAP (Tuition Assistance Program) at www.tapweb.org www.tapweb.org -You will need your 2011 Resident Income Tax Return (Form IT-150 or IT-201) to apply
General Eligibility Requirements Must be enrolled/accepted in an eligible program of study Must be pursuing a degree, certificate, or other recognized credential Must be a U.S. citizen or eligible noncitizen Must be registered with Selective Service (if male) Must not have prior drug-related conviction while receiving federal aid
General Eligibility Requirements (cont’d) Must have a valid Social Security number Must not be in default on a federal student loan Must not owe repayment of a federal grant Must maintain satisfactory academic progress as defined by a higher education institution
Entitlement Aid GrantsFederal – Pell Grant – FSEOG State -TAP -TAP-HEOP
Federal Pell Grant Program Awarded to eligible undergraduates pursuing first Bachelor or professional degree Award amount determined by estimated family contribution (EFC) as determined by the federal processor and the student’s enrollment status Awards range from $555-$5550
Federal Supplemental Educational Opportunity Grant (FSEOG ) Eligible students – Undergraduates pursuing first Bachelor or professional degree – Priority given to students eligible for a Pell grant Annual award amounts –$200 minimum and $4,000 maximum –Due to limited funding, not all eligible students will receive an award.
New York State TAP TAP –Full-time –Matriculated –Undergraduate or graduate student –Make Satisfactory Academic Progress –NYS Resident –Income contingent –Entitlement –Awards range from $500-$4900
HEOP (Higher Education Opportunity Program) For students with strong academic potential but at an economic disadvantage. Must have a high school diploma Must be enrolled/accepted into a program of study Must be first-time college students Income must not exceed NYS economic guidelines (number of family members and total annual income from previous year)
Self-Help Aid Employment Employment Federal Work-Study Loans Federal Perkins Loan Direct Federal Stafford Loans –William D. Ford Federal Direct Loan Program Direct Parent Plus Loan Private (Alternative) Loans Private (Alternative) Loans
Federal Work-Study Undergraduate or graduate students are eligible if they have need as determined by federal regulations. Provides income (which does not have to be repaid) from a part-time job Due to limited funding, not all eligible students will receive an award. Employment can be on or off campus Eligible employers – School – Federal, state, or local public agency – Private non-profit organization – For-profit organization – Community service activities (PRIORITY )
Federal Perkins Loan Eligible students – Undergraduate or graduate students –Priority to exceptional need as determined by federal regulation –Due to limited funding, not all eligible students will receive an award Maximum annual award amount is $5000 Interest rate: 5% Payment deferred until student graduates or is registered less than half time Repayment begins 9 months after graduation
Direct Federal Stafford Loan (Subsidized and Unsubsidized) Subsidized Stafford -Interest Rate 4.5% -Interest is paid by federal government while student is enrolled at least half time. -Annual loan limits $3,500 (1st year undergraduates) $4,500 (2nd year undergraduates) $5,500 (each remaining undergraduate year) $8,500 (each year of graduate/professional study)
Direct Federal Stafford Loan (Subsidized and Unsubsidized) cont’d Unsubsidized Stafford -Fixed interest rate of 6.8% accrues while student is enrolled -Annual loan limits $6000 (1 st and 2 nd year undergraduates) $6000 (1 st and 2 nd year undergraduates) $7000 (each remaining undergraduate year) $7000 (each remaining undergraduate year) $12,000 (graduate/professional study) $12,000 (graduate/professional study) Repayment begins 6 months after graduation All Stafford loans are deferred while the student attends at least half time
Direct Parent PLUS Loan Credit basedCredit based PLUS loan payments can be deferred while student is enrolled at least half timePLUS loan payments can be deferred while student is enrolled at least half time Interest Rate is 7.9 % fixedInterest Rate is 7.9 % fixed
Alternative/Private Loans Typically student loans From a bank or lender Require a co-signer (credit based) “last resort”
Forecast Your Financial Aid Visit FAFSA Forecaster at www.fafsa4caster.ed.gov to preview your financial aid eligibility. www.fafsa4caster.ed.gov
Deadlines Ask the Financial Aid Office at the colleges of your choice for their FAFSA and school application deadlines. FAFSA for 2012-2013 is available online Jan. 1, 2012
Important Websites FAFSA: www.fafsa.ed.gov www.fafsa.ed.gov NY State TAP: www.hesc.com www.hesc.com Federal Pin Number: www.pin.ed.gov www.pin.ed.gov Scholarship Search: www.fastweb.com www.fastweb.com Student Loans: http://studentloans.gov http://studentloans.gov
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