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College Financial Aid Helping Your Students www.hesc.org

College Financial Aid Helping Your Students www.hesc.org. www.hesc.org. NYS Resident?. What is Financial Aid?. Scholarships Grants Loans Employment opportunities. Goals of Financial Aid. To assist students in paying for college by:

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College Financial Aid Helping Your Students www.hesc.org

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  1. College Financial Aid Helping Your Students www.hesc.org

  2. www.hesc.org

  3. NYS Resident?

  4. What is Financial Aid? • Scholarships • Grants • Loans • Employment opportunities

  5. Goals of Financial Aid To assist students in paying for college by: • evaluating family’s ability to pay for educational costs • distributing limited resources in an equitable manner • providing balance of gift aid & self-help aid

  6. Student Financial Aid from: • New York State • Federal Government • Colleges • Private Sources

  7. Government Sponsored Financial Aid Programs • Provide 2/3 of all student aid • Many students are eligible • Must apply to find out

  8. To receive federal aid students must: have a high school diploma or General Education Equivalent (GED) Certificate be enrolled or accepted for enrollment as a regular student working toward a degree or certificate in an eligible program be a U.S. citizen or eligible non-citizen provide driver’s license number, if applicable

  9. and… • have a valid Social Security Number • make academic progress • register with Selective Service, if applicable • sign a statement of educational purpose and a certification statement on overpayment and default (both of which are found on the FAFSA) • not have eligibility suspended due to drug-related conviction

  10. New York State aid • In addition to the above, students must: • be a New York State Resident • attend an eligible school in New York State • meet other eligibility criteria for specific programs

  11. Definition of Need Cost of attendance (COA) – Expected family contribution (EFC) = Financial need

  12. Cost ofAttendance • Tuition & Fees • Books & Supplies • Room & Board • Transportation • Miscellaneous Personal Expenses • Loan Fees • Expenses Associated with a Disability • Dependent or Elder Care Expenses • Expenses for Study Abroad or Cooperative Education Programs

  13. GRANTS • Usually based on need; sometimes onother factors. • money given to student to help pay for college. • money does not have to be repaid. • examples: • federal Pell Grant (federal) • Tuition Assistance Program (TAP) (NYState)

  14. Federal Pell Grant Program • awarded to eligible undergraduates pursuing a first baccalaureate or professional degree • up to $ 4,371.00* maximum (2008-09) $ 5.350.00 maximum (2009-10) • portable (school to school) • college aid administrator determines actual award amount based on COA, enrollment status, and EFC

  15. New York State Tuition Assistance Program TAP

  16. To get TAP, the student must: • Be a US Citizen or eligible non-citizen • Be a legal resident of New York State • Study full time – at least 12 credits per semester at an approved postsecondary institution in NYS • Be a high school graduate, have a GED or pass a federally-approved Ability to Benefit exam

  17. …and: • Be matriculated in an approved program of study and be in good academic standing • Have at least a cumulative “C” average after receipt of two annual payments of TAP • Be charged at least $200 tuition per year • Not be in default of a student loan guaranteed by HESC and not be in default of any repayment of state awards • Meet income eligibility limitations

  18. How much TAP can a student get? • Dependent Undergraduate Students • Award Range: $500 - $5,000 • Independent Undergraduate Students • Award Range: $500 - $3,025 • Graduate Students • Award Range: $75 - $550

  19. How much TAP the student gets depends on: • Type of academic institution and tuition charge • NYS net taxable income – up to $80,000 combined family income for dependent undergraduate students or students who are married or have tax dependents - up to $10,000 for single financially independent undergraduates with no dependents

  20. How to Apply for TAP

  21. Start with FAFSA

  22. Yes; there’s still a Paper FAFSA

  23. After completing the FAFSA, look for -

  24. If your students choose not to use the TAP link on the FAFSA Confirmation Page, they have to wait 3 business days before using TAP on the Web (TOTW) Tell them to go to www.tapweb.org

  25. When the FAFSA processor sends data and a valid EFC is released to HESC, HESC will: • e-mail student with link to TOTW site or mail a postcard to students with no e-mail address • after 7 days send another e-mail or postcard • after additional 7 days send paper TAP application – cover letter again encourages TOTW and includes link

  26. What Happens Next ? Online Changes

  27. Not Full-time? Part-Time TAP & Aid for Part-Time Study (APTS)

  28. Aid For Part-Time Study(APTS) • Up to $2,000 per year for part-time undergraduate study at participating institutions in New York State • APTS award is based on New York State net taxable income • Campus-based application, & award process • HESC distributes APTS funds to participating colleges in New York State • Colleges award APTS based on funds availability and student need.

  29. Part-Time TAP • Partial TAP payment for students taking 6 to 11 credits • must have earned 12 credits or more in each of two consecutive semesters; • and maintain a minimum “C” average • Standard TAP application process

  30. More New York State Grants, Scholarships, and Awards

  31. Other Grants, Scholarships, and Awards from New York State • New York State World Trade Center Memorial Scholarships • Military Service Recognition Scholarship • Memorial Scholarship • New York State Volunteer Recruitment Service Scholarship • Scholarship for Academic Excellence • Regents Professional Opportunity Scholarship • Persian Gulf Veterans Tuition Awards • NYS Regents Health Care Opportunity Scholarships • Vietnam Veterans Tuition Awards • Robert C. Byrd Honors Scholarship • NYS Math and Science Teaching Incentive Scholarships • Flight 587 Memorial Scholarship Go to www.hesc.org

  32. Calculators to estimate financial aid eligibility available at www.hesc.org

  33. Key Questions for Education Loan Borrowers

  34. Tips • apply every year • meet all deadlines • keep copies of all forms • contact the college financial aid administrator if your financial situation changes

  35. Financial Aidhelps pay for college, but… • it may not pay the entire cost • savings are important • if you start early, even a small regular contribution can make a BIG difference

  36. Resources for Counselors

  37. www.college.gov

  38. College Navigator

  39. Counselor Tools

  40. HS Counselors’ Toolbox

  41. Counselor Newsletter

  42. College and Career Planning

  43. College & Career Planning Information College and Career Planning

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