Financial Aid Basics!

Financial Aid Basics! Megan Kennerknecht, MS Assistant Director of Financial Aid, SUNY Geneseo

The Applications Financial Aid Eligibility: The Three Elements Types of Aid & Sources of Financial Aid Frequently Asked Questions Additional Resources Questions Our Agenda

The Applications- Available October 1, 2018 FAFSA Free Application for Federal Student Aid To receive federal student aid, grant and loans, an application must be successfully submitted. 2019-20: Use 2017 Tax Return Information CSS Profile(s) Application(s) for consideration of institutional scholarship & grant aid. Not requested at SUNY/CUNY schools. The application may not be free and/or required every year- check with each school. NYS TAP Application New York State Application for Tuition Assistance Program & other State scholarships/grants. FAFSA applicants should be prompted to complete, if NYS residence is indicated.

Financial Aid Eligibility: The Three Elements Cost of Attendance (COA) Estimated- Average overall cost for full-time student. Direct Costs- Tuition, fees, room rent & meals (if on-campus) Indirect Costs- Books, Travel, Personal Expected Contribution (EFC) Expected Family Contribution Family Contribution Non-Custodial Parent Contribution (if applicable) Need (COA- EFC = Need) Examples: $32,000 - $12,000 = $20,000 (Need) $32,000 - $42,000 = -$10,000 (No Need)

Types of Financial Aid Need-based Based on the positive result from calculation: COA-EFC= Need EFC is lower than COA Federal Pell Grant, Subsidized Direct Loan, SEOG, TAP, Federal Work-Study, etc. Merit-based Awarded based on skill, ability, attributes, and/or performance of the student regardless of calculations from aid application. National Merit, NYS Merit, TEACH, Dollars for Scholars, etc. Merit within Need Merit is reviewed with an eye toward need. Generally, merit is the driver in the awarding. Each school will evaluate this differently. It is important to ask how scholarships are determined at the school.

Sources of Financial Aid Scholarships/Grants FREE!! Whether awarded based on need, merit or both, it’s function is to reduce the cost of education to the family. Federal Pell Grant, TAP, Merit, Institutional scholarships/grants, outside scholarships/grants. Loans REPAYMENT Required!! Federal Loans are subsidized or unsubsidized. Repayment begins 6 months after the student leaves school. Additional sources- PLUS Loan, Private Loans Work-Study EARNED via paycheck!!! Student works, earns money to use toward non-billed expenses (typically). Does NOT pay to the college bill. Contact school(s) about availability of funds.

Excelsior Scholarship Higher Education Services Corporation Students are locked into 2016-17 SUNY Tuition Rate: $6,470. “The Excelsior Scholarship, in combination with other student financial aid programs, allows students to attend a SUNY or CUNY college tuition-free.” IF….

What if my circumstances have changed? Or My income in 2017 is very different than now, what should I do? School X offered my son $5,000/year. He wants to go to School A, will they “match” the scholarship? I know my student will not qualify for federal and state grants, is it worth filing an application? Frequently Asked Questions

Resources Federal Student Aid Website: https://studentaid.ed.gov/sa Net-price Calculator: https://collegecost.ed.gov/netpricecenter.aspx Create student & parent FSA IDs: https://fsaid.ed.gov/npas/index.htm FAFSA Application: https://fafsa.ed.gov/ CSS Profile: http://css.collegeboard.org/ NYS TAP Application: https://www.tap.hesc.ny.gov/totw/ Financial Education Tool FREE through SUNY for prospective college students: https://www.suny.edu/smarttrack/literacy/

Questions? Thank you for your time & attention! Megan Kennerknecht megan.kennerknecht@gmail.com 585-754-4040

Financial Aid Basics!