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Published byRhoda Janice Wood Modified over 8 years ago
Student Financial Aid: What You Need to Know! Spring/Summer 2015
2 What is Financial Aid? –Financial aid helps pay the cost of attending college –Some financial aid is based on need –Some financial aid is awarded based on other criteria, such as grades or talent
3 Types of Financial Aid –Scholarships – free money –Grants – free money –Work Study –Loans
4 Sources of Financial Aid –Federal government –New York State –Colleges (Institutional Aid) –Private sources
5 Common Financial Aid Applications FAFSA – for federal student aid, the most commonly filed aid application New York State TAP application – for aid at colleges in New York State CSS Profile – institutional aid application required by some colleges Scholarship Applications – private, institutional or state programs
6 What is the FAFSA? Free Application for Federal Student Aid Used to determine need-based aid eligibility Calculates the Expected Family Contribution (EFC) Apply starting January 1 st of senior year Check with each college for due dates Available online at FAFSA.GOV Be careful of scam websites!
8 FAFSA4caster @ FAFSA.gov
9 FAFSA: Student Sections Student Information & Eligibility –Basic info: address, email, name of high school, citizenship status College Information –Up to 10 colleges may be listed; can be updated by correction Dependency Determination –Questions that will determine student’s dependency status
10 FAFSA: Parent, Income, & Signature Sections Parent Information & Income –Marital status, name, date of birth, SSN, state of residence –Household size, Number in college –Income from most recent tax return, untaxed income, asset information Student Income Signature Section –Sign using the student and parent’s FSA ID
11 Common Questions: FAFSA If we don’t think we qualify for need-based financial aid, do we still file the FAFSA? –Many families mistakenly believe they do not qualify –Consult with colleges, FAFSA may be needed for merit-based aid
12 Common Questions: Assets Do you report your home value or retirement accounts on the FAFSA as an asset? –No, your primary residence and tax deferred retirement accounts are excluded from FAFSA How are 529 college savings plans treated? –The value of 529 Plans, for all children, need to be reported as a parent investment on the FAFSA
13 Tips for Maximizing FAFSA Eligibility Students applying to the FAFSA should have zero income and assets, if possible –Avoid UGMA/UTMA custodial accounts or trust funds Tax-deferred retirement accounts (IRAs, 401Ks, etc.) are the best place to shift assets Lower savings account value by paying down debts or prepaying mortgages Don’t be afraid of 529 accounts!
14 Expected Family Contribution (EFC) Amount family can reasonably be expected to contribute toward student’s college expenses Used to determine eligibility for federal grants, need-based aid at college Based on your responses to the FAFSA questions Stays the same across colleges
15 Determining Need-based Aid Eligibility Cost of Attendance (COA) – Expected Family Contribution (EFC) = Financial Need
16 Cost of Attendance (COA) –Tuition & Fees –Room & Board –Books, Supplies –Transportation –Miscellaneous Personal Expenses
17 Examples of Financial Need CollegeACollegeBCollegeC COA COA $ 11,000 $30,000$60,000 - EFC 5,000 5,000 = Financial Need $ 6,000 $ 25,000 $55,000
18 Financial Aid Programs
19 Federal Student Aid Programs Pell Grant Supplemental Educational Opportunity Grant (FSEOG) Work-Study Perkins Loan Direct Stafford Loan Direct PLUS Loan
21 NYS Student Aid Programs Tuition Assistance Program (TAP) –Need-based, up to $5,165/year –For New York State residents only –Full or part-time study at approved school in New York State –Based on NYS Income Tax information
22 Apply for New York State Aid
23 Other NYS Student Aid Programs NYS Science, Technology, Engineering and Mathematics (STEM) Incentive Program NYS Scholarships for Academic Excellence NYS Achievement and Investment in Merit Scholarship (NYS-AIMS) NYS Masters in Education Teacher Incentive Scholarship Program NYS Math & Science Teaching Incentive Program
24 Visit hesc.ny.gov for more info
25 Applying for Institutional Aid Depends on funding and eligibility criteria at each college –Is the college need-blind or need-sensitive in admissions? –Does the college meet full need for low-income applicants? –Are there any merit-based opportunities for families that don’t qualify for need-based financial aid? May require more applications than the FAFSA –Is the CSS Profile required?
26 The CSS Profile Private application used by some colleges for awarding institutional aid Collects more income, asset, expense info than FAFSA –Non-custodial parent income, retirement account, home values, etc. Application is not free, fee waivers are available Apply starting October 1 st of senior year online at collegeboard.org
27 CSS Profile @ collegeboard.org
28 Tip: Use Net Price Calculators
29 SUNY Net Price Calculator
30 Other Sources: Outside Aid Private scholarship programs are widely available –sponsored by charity, business, religious, civic and minority organizations Each have their own application process, eligibility criteria, and deadlines Inquire with each college about impact on financial aid package Be organized and start applying early!
31 Scholarship Searching Online scholarship search websites –Fastweb.com –Collegeboard.org –Scholarships.com Check your local library, employer or union Avoid scholarship scams –Unnecessary fees, ID theft
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