Understanding the Financial Aid Process

Agenda FAFSA Cost of attendance (coa) College comparison Types of financial aid Special circumstances resources

Free application for federal student aid (fafsa) Interested in financial aid to help pay for college or career school? You will need to fill out the fafsa – fafsa.ed.gov 30 minute online application – 100% free PROVIDES ACCESS TO GRANTS, LOANS, AND WORK STUDY FROM THE FEDERAL GOVERNMENT Many colleges use fafsa information to provide their own college or state financial aid Use the irs data retrieval tool to pull in tax information

Fsa id An fsa id is a username and password you use to access your personal information on Federal student aid websites and to sign important documents. Create an fsa id: studentaid.gov/fsaid or fafsa.ed.gov Two fsa id’s are required to sign the fafsa 1. student 2. parent “HOW TO CREATE YOUR FSA ID” VIDEO - https://studentaid.ed.gov/sa/sites/default/files/create-fsaid.wmv

Cost of attendance (coa) Direct costs (i.e. – tuition, fees, housing & meals (room & board)) Indirect costs (i.e. – books, travel, personal) Direct and indirect costs combined equal the cost of attendance (coa) Varies widely from college to college

COLLEGE COMPARISON COLLEGE A COLLEGE B COLLEGE C COA: $50,500 - AID: $25,000 _______________________ Remaining cost: $25,500 COA: $32,650 - aid: $20,000 _______________________ Remaining cost: $12,650 COA: $19,250 - aid: $5,000 _______________________ Remaining cost: $14,250 COMPARE EACH COLLEGE’S REMAINING DIRECT COSTS RATHER THAN TOTAL AID AWARDED.

TYPES OF FINANCIAL AID GIFT AID SELF-HELP AID SCHOLARSHIPS GRANTS Money that does not have to be paid back. Awarded based on merit, skill, or unique characteristic GRANTS awarded based on financial need LOANS Money students and/or parents borrow to help pay for college expenses Repayment usually begins after education is finished EMPLOYMENT (WORK STUDY) Allows student to earn money to help pay for educational costs (i.e. – paycheck) Student may opt whether or not to work and number of hours to work

Sources of financial aid Federal government (i.e. – federal pell grant, teach grant, fseog, direct loans) State (i.e. – nys tuition assistance program (tap), NYS Grants and scholarships) College or universities Private sources Civic organizations and churches employers

New York state programs Must be NYS resident and attend a college in NYS NYS Tuition Assistance Program (TAP) is the largest. Application available through link at end of FAFSA or can be completed at www.tapweb.org NYS also has scholarships available More information available at www.hesc.ny.gov EXCELSIOR/ENHANCED TUITION AWARDS CHECK WITH EACH SCHOOL REGARDING PARTICIPATION CHECK HESC FOR DEADLINES AND INCOME LIMITS

Special circumstances Change in employment status Unusual medical expenses not covered by insurance Change in parent marital status Unusual dependent care expenses Student cannot obtain parental information Cannot be documented using FAFSA Contact financial aid office at each college to explain situation and determine if supporting documentation is needed Decisions are final and cannot be appealed to U.S. Department of Education

Net price calculator Required of all colleges by federal regulations A net price calculator is a free online tool that gives you a personalized estimate of net price (sticker price – grants, scholarships, other aid = net price) Answer each question as accurately as possible. The more accurate the numbers you provide are, the more accurate the result. A starting point, not the end result

resources Financial aid Government sources https://fafsa.ed.gov https://studentaid.gov www.fastweb.com www.racf.org Americorps – www.americorps.gov Veteran’s Benefits – www.gibill.va.gov ROTC scholarships or stipends Bureau of Indian Affairs – www.bia.gov NYS Access–VR (Vocational Rehabilitation) – www.acces.nysed.gov/vr U.S. Dept. of Health and Human Services (HHS) – www.hrsa.gov

Helpful tips File the fafsa early – October 1st of senior year Use the irs data retrieval tool on the fafsa search for outside scholarships Review/make note of special scholarship deadlines Take responsibility/ask questions Be aware of FERPA (privacy laws) Make self-service your best friend!

questions Brittany Zeager Assistant Director of Financial Aid St. John Fisher College 3690 East Ave Rochester, NY 14618 (585)385-8042 bzeager@sjfc.edu