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FINANCIAL AID PRESENTATION

SKANEATELES HIGH SCHOOL September 16, 2019. FINANCIAL AID PRESENTATION. TOPICS FOR DISCUSSION. When to Apply for Assistance How to Apply for Assistance What is the Process. When to Apply.

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FINANCIAL AID PRESENTATION

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  1. SKANEATELES HIGH SCHOOL September 16, 2019 FINANCIAL AID PRESENTATION

  2. TOPICS FOR DISCUSSION • When to Apply for Assistance • How to Apply for Assistance • What is the Process

  3. When to Apply • FAFSAs can be filed as early as October 1, 2019 (Use Prior Prior Year - 2018) • Deadlines may vary from college to college. Check the Admissions Catalogue or the college’s website.

  4. How to Apply • FAFSA (Available Oct. 1) • Profile Form. • TAP Application (on FAFSA) • The colleges Web Site or Catalog

  5. How To Apply – FAFSA • Need to Create a FSA ID for both parent and student. • Can file FAFSA as early as October 1st using 2018 Tax Information.

  6. How To Apply - FAFSA • Must file the FAFSA electronically • If filing electronically, apply for a FSA ID at https://fsaid.ed.gov • On-Line Filing - www.fafsa.ed.gov • No need to estimate Income. Can link to the IRS for prior years income on FAFSA. • College(s) will receive your Student Aid Report electronically.

  7. COST of EDUCATION - Estimated Family Contribution Financial Need (financial aid) What Is The Process

  8. WHAT IS THE COST OF EDUCATION • Tuition • Fees • Books/Supplies • Housing • Food • Travel • Personal Expenses

  9. ESTIMATED FAMILY CONTRIBUTION • Parent’s Income • Parent’s Assets • Number in the Family • Number in College • Student’s Income • Student’s Assets

  10. COST of EDUCATION - Estimated Family Contribution Financial Need (financial aid) What Is The Process

  11. HOW IS NEED MET • College will look at their Costs and your Contribution and award the student assistance. • Type of assistance and amount will be based upon need and in some cases academic merit.

  12. HOW IS FINANCIAL NEED MET • GIFT AID • SELF-HELP

  13. GIFT AID • Federal Grants - Pell Grant, S.E.O.G., and TEACH Grant • N. Y. State Grants - TAP, Part Time TAP, AP-TS., Excelsior Grant, STEM. • Institutional Scholarships/Grants • Private Scholarships

  14. NYS TAP • Grant applied toward tuition. • Enrolled full-time or Part Time & matriculated in an approved program of study. • Award range $275-$5000. • Amount of award based on combined family NYS Net Taxable Income. • Income limit for dependent undergraduates is $80,000.

  15. EXCELSIOR SCHOLARSHIP • Only for SUNY Colleges. • Total Family Adjusted Gross Income cannot exceed $125,000 for 2018. • Award is last dollar – Cost of Tuition less TAP, PELL and Other Grant/Scholarship Aid. • ONLY PAYS FOR TUITION.

  16. Institutional Scholarships/Grants • Most Are Need Based and Awarded Automatically by Institution. • Some Are Based Upon Merit (Academic or Social) and usually Automatically Awarded by Institution. • Few Will Require an Application From the Institution. Student Will be Notified.

  17. SELF HELP • Federal Work-study • Institutional Work • Federal Direct Student Loans . • Subsidized vs Unsubsidized • Private Loans

  18. FEDERAL DIRECT LOAN • Annual loan limits: • $3500 (1st year undergraduate) • $4500 (2nd year undergraduate) • $5500 (3rd and 4th year undergraduate) • Subsidized Loan: must demonstrate need • Unsubsidized Loan: In addition to above amounts can receive $2000. Need not considered.

  19. INTEREST RATES • INTEREST RATE for SUBSIDIZED LOANS (Undergraduates Only)– ~ Disbursed after July 1, 2019 = 4.53% ~ Origination Fee = 1.059%

  20. PRIVATE SCHOLARSHIPS • Scholarship searches: • FastWeb: www.fastweb.com • College Board: www.collegeboard.org/ • All Above Searches Are Free

  21. HELPFUL HINTS • Remember: The decision where to attend college is a choice and related with that choice is a cost. • Read all Admissions materials. • Determine which financial aid application(s) to complete. • Note the financial aid application deadline.

  22. HELPFUL HINTS • NOTIFICATION for entering students usually begins around April 1st. (Maybe sooner this year) • Take action on all admissions and financial aid offers.

  23. WEB SITES of INTEREST • collegeboard.org • www.fafsa.ed.gov • www.fastweb.com • www.hesc.ny.gov • www.studentloans.ed.gov • www.nasfaa.org • www.nysaves.org • www.nysfaaa.org • www.fsaid.ed.gov

  24. LAST BUT NOT LEAST Enjoy What You Are Doing! And Always Have Fun!

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