1. Rochester Institute of Technology
Financial Aid and Scholarships: Planning for your Child’s Educational Expenses Renee Dann, Assistant Director/Coordinator Financial Aid and Scholarships December 3, 2015
Rochester Institute of Technology

2. Rochester Institute of Technology
Goals for Tonight
What are some common financial aid terms?
What is financial aid?
How does the financial aid process work?
What is “need-based” financial aid?
How do I know if my student will qualify?
What kind of financing options are available?
What forms are involved?
Where can I get free, reputable information?
How do we search for scholarships?
Rochester Institute of Technology

3. Rochester Institute of Technology
Financial Aid Terms
FAFSA SEOG
FSA ID Subsidized
SAR Unsubsidized
COA PLUS
EFC SAP
 MPN TAP
Rochester Institute of Technology

4. Rochester Institute of Technology
What is Financial Aid?
Scholarships (“gift”)
Money that does not have to be paid back, awarded on the basis of merit or skill (no FAFSA required).
Grants (“gift”)
Money that does not have to be paid back, awarded on the basis of financial need.
Loans (“self-help”)
Money students and parents borrow to help pay educational expenses.
Employment (“self-help”)
Money students earn to help pay educational costs.
Rochester Institute of Technology

5. Sources of Money for College
Federal Government
Federal Pell Grant, Direct Loans, Federal Work-Study
State Government
New York State Tuition Assistance Program, Scholarships for Academic Excellence
Colleges & Universities
Merit scholarships and need-based grants
Private organizations
Scholarships
Rochester Institute of Technology

6. Cost of Attendance Tuition and Fees +Room and Board
Total Direct Charges
Books and Supplies
+Transportation and Personal
Estimated Personal Expenses
Rochester Institute of Technology

7. Expected Family Contribution
The formula used to calculate the Expected Family Contribution is determined by law and includes, among many other data items, the following components:
Parent’s prior year income
Student’s prior year income
Value of parents’ assets
Value of student’s assets
The number of household members
The number of household members (excluding parents) attending college at least half time
The age of the older parent
Rochester Institute of Technology

8. Basic Financial Aid Formula
$ Cost of Attendance
- $ Family Contribution
$ Financial Need
For Financial Aid Eligibility:
Family contribution is a constant
Cost of education is variable
Rochester Institute of Technology

9. Family Contribution the Same
State Community Private College College College Cost $25,000 $15,000 $40,000 Family -10, , ,000 ______ _______ ______ Need $15,000 $ 5,000 $30,000
Rochester Institute of Technology

10. Rochester Institute of Technology
FAFSA on the Web
Web site:
FAFSA on the Web available on January 1 of senior year/year of attendance**
FAFSA on the Web Worksheet:
Used as “pre-application” worksheet
Questions follow order of FAFSA on the Web
Rochester Institute of Technology

11. FSA ID Sign FAFSA electronically Takes about 2 minutes to set up
Student and parent (if applicable) need their own FSA IDs
May be used by students and parents throughout aid process, including subsequent school years

12. Rochester Institute of Technology
Merit Scholarships
Offered by colleges and universities; separate from need-based grants
Amounts vary– compare to direct charges
Ask about:
Selection criteria
Application process
Renewal terms and conditions
Rochester Institute of Technology

13. Special Circumstances
Cannot report on FAFSA – just a processor
 Send explanation to financial aid office at each college
 College will review ‘appeal’ and may request additional documentation
 Examples:
Loss of job
Care of elderly parent
Change in employment status
Private school tuition for dependent student
Daycare or unusual dependent care expenses
Medical/dental expenses not covered by insurance
Change in parents’ marital status
Rochester Institute of Technology

14. College Financing Options
Federal Direct Parent Loan (PLUS Loan) “Unsubsidized” Direct Student Loan Payment Plans IRS 529 Plans Cooperative Education Military resources

15. Basic Application Steps
Apply for admission
Apply for an FSA ID
Obtain one FSA ID for each person signing
File FAFSA on line at
Watch for your Student Aid Report (SAR) via
Make any needed corrections after filing taxes
Rochester Institute of Technology

16. More Application Advice
File any additional forms
College-based, state-based forms
Research other sources of aid
Free, reputable web-based searches
Guidance Counselor for local scholarships
Keep photocopies of documents submitted
Explain special circumstances
Meet deadlines!
Rochester Institute of Technology

17. Aid Information on the Web
RIT Office of Financial Aid & Scholarships
FinAid! The SmartStudent Guide to Financial Aid
FastWeb Free Scholarship Search
Dept. of Education - FAFSA on the Web
Rochester Institute of Technology

18. Rochester Institute of Technology
Contact Information
Renee Dann
(585)
Rochester Institute of Technology