1. Rochester Institute of Technology
Financial Aid 101 Barbara Hoerner Rochester Institute of Technology Spring 2014
Rochester Institute of Technology

2. 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”)
Allows student to earn money to help pay educational costs.
Rochester Institute of Technology

3. Sources of Money for College
Federal Programs (Grant, Loan, Work)
State Programs (e.g. TAP, HEOP)
University Academic Scholarships
University Need-based Grants
Scholarships from Other Organizations/Veterans Benefits
Rochester Institute of Technology

4. Basic Financial Aid Formula
$ Cost of Attendance (COA)
- $ Family Contribution (EFC)
=$ Financial Need
Financial Aid Packages Differ because:
Cost of attendance is variable
Family contribution is a constant
Packaging policies, merit criteria differ
Rochester Institute of Technology

5. What is Cost of Attendance (COA)?
Tuition and Fees
+ Room and Board
=Total Direct Charges
Books and Supplies
+ Transportation and Personal
= Estimated Personal Expenses
Rochester Institute of Technology

6. Expected Family Contribution
The formula used to calculate the Expected Family Contribution (EFC) is complex & determined by law. Some factors are:
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

7. Family Contribution the Same
State Community Private
College College College
Cost (COA) $25, $10, $40,000
EFC -10, , ,000
______ _______ ______
Need $15, $ $30,000
Rochester Institute of Technology

8. Rochester Institute of Technology
FAFSA on the Web
Web site:
FAFSA on the Web available on January 1, 2014
FAFSA on the Web Worksheet:
Used as “pre-application” worksheet
Questions follow order of FAFSA on the Web
Rochester Institute of Technology

9. Personal Identification Number (PIN)
Web site:
Sign FAFSA electronically
Can request PIN before January
Not required, but speeds processing
May be used by students and parents throughout aid process, including subsequent school years
Rochester Institute of Technology

10. 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
Daycare or unusual dependent care expenses
Unusual medical/dental expenses
Change in parents’ marital status
Rochester Institute of Technology

11. Other Factors to Consider
Early Decision vs. Regular Decision
Are Athletic Scholarships offered?
Merit Scholarship criteria/application process/renewal conditions?
Unsubsidized Direct Loan, Parent PLUS Loan
Campus resources (computer labs, public transportation, book exchanges, cooperative education, payment plans)
Eligible for Veterans Educational Benefits?
Do you qualify for tax credits or deductions?
Loan forgiveness options (ex. public service)
Rochester Institute of Technology

12. Basic Application Steps
You don’t need to pay for financial aid advice! (ex. Interactive Tax Assistant)
Apply for admission
Apply for a Personal Identification Number (PIN): Obtain one PIN for each person signing
File FAFSA on line at
Watch for your Student Aid Report (SAR) via …are you selected for Verification?
Make any needed corrections after filing taxes, or be sure to authorize IRS Data Retrieval
Rochester Institute of Technology

13. More Application Steps…
File any additional forms
College-based, state-based scholarships and grants (ex. CSS Profile Form)
Research other sources of aid
Free, reputable web-based searches
Guidance Counselor for local scholarships
Keep photocopies of documents submitted
Explain special circumstances, if any
Meet deadlines (Early vs. Regular Decision)!
Rochester Institute of Technology

14. Aid Information on the Web
RIT Office of Financial Aid & Scholarships
FinAid! The SmartStudent Guide to Financial Aid
Department of Education - Federal Student Aid
Dept. of Education - FAFSA on the Web
Rochester Institute of Technology