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Financing a College Education

Financing a College Education. After this program, you should know …. How and when to apply for financial aid The types of aid available to students How financial aid eligibility is calculated How to find additional information on scholarships. How do I apply for financial aid?.

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Financing a College Education

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  1. Financing a College Education

  2. After this program, youshould know … • How and when to apply for financial aid • The types of aid available to students • How financial aid eligibility is calculated • How to find additional information on scholarships

  3. How do I apply for financial aid? Complete the Free Application for Federal Student Aid (FAFSA) • File electronically at: www.fafsa.ed.gov and sign (both student and parent) electronically using your federal PIN (apply at www.pin.ed.gov)

  4. PIN Registration • Web site: www.pin.ed.gov • Can get PIN before January 1st (will need Name, SSN, DOB) • Not required, but speeds processing (days vs. weeks) • Used by students and parents to sign FAFSA and corrections, including subsequent school years • Effective three years ago, students and parents can now make their own PIN – and they can be the same

  5. FAFSA on the WEB

  6. FAFSA on the Web • Web site: www.fafsa.ed.gov • 2013-2014 FAFSA on the Web available on or after January 1, 2013 • FAFSA on the Web Worksheet: • Available prior to January 1st • Questions follow order of FAFSA on the Web

  7. FAFSA on the Web Worksheet

  8. Almost Finished!Sign electronically with PIN!

  9. Don’t Forget To Apply For Tap! • If you miss the link to the TAP application from your FAFSA confirmation page you can apply online at www.tapweb.org . Your application will not be available until your FAFSA is processed. • If you apply for federal aid online, you will be able to access the TAP application by selecting the appropriate link on the FAFSA confirmation page

  10. When do I apply for financial aid? • Submit the FAFSA form to the federal process after January 1st • The typical Freshmen FAFSA deadline: by February 1st (check with individual schools) • You can estimate your information- just have tax info. ready

  11. Once the FAFSA is filed … Financial Aid Application Process File FAFSA by February 1st (Priority Deadline) Student Aid Report (SAR) sent to schools and students Federal aid eligibility State aid eligibility Institutional aid eligibility (Grants, Loans, and Work-Study) (Grants, Loans, and Work-Study) (Grants and Scholarships)

  12. IRS Data Retrieval Tool Tool designed to transfer tax information to FAFSA. Use if you can! Must have federal taxes complete to utilize this tool. Will impact processing of financial aid and potential verifications. Less likely if use DRT

  13. Sources of Financial Aid • Federal Programs • State Programs • Institutional Programs • Private Scholarships

  14. General Financial Aid Requirements • Matriculated • U.S. citizen or eligible non-citizen • Selective service • Social Security number • Satisfactory Academic Progress • Drug-related convictions may cause a student to lose financial aid

  15. Types of Financial Aid • Scholarships – Gift Aid • Grants – Gift Aid • Work-Study Positions – Self Help Aid • Loans – Self Help Aid

  16. Merit Scholarships Eligibility based upon student’s profile: • High School Academic Record • Standardized Test Scores • School and Community Involvement • Athletic Talents

  17. Grants • Institutional Grants • Need-based Grants • Sometimes Leadership Grants • Federal Grants • Pell Grants • Supplemental Education Opportunity Grant (SEOG) • Teacher Education Assistance for College and Higher Education (TEACH) Grant

  18. Teacher Education Assistance for College and Higher Education (TEACH) Grant • Undergraduate and graduate students who plan to teach in a school which serves students from low-income families and in a high-need field (e.g., mathematics, science, special education, foreign language, etc.) • In exchange for the TEACH grant, students must agree to serve (4 years as a full-time teacher within the first 8 years after graduation) • If students are unable to fulfill the service requirement, the grant converts to an unsubsidized Direct Loan • Award amount: • $4,000 a year (maximum of $24,0000)

  19. Grants (continued) • Other Grants/Assistance - STATE • New York State Tuition Assistance Program (TAP) • New York State Merit Scholarships • New York State Aid for Part-Time Study (APTS) • New York State Part-time TAP and ADA TAP • New York State Higher Education Opportunity Program (HEOP or EOP) • No NYS Awards are processed until after the NYS budget is passed and finalized

  20. Federal Work-Study Program • Students must work to receive the funds • Funds are paid directly to the student • Students work an average of 10-20 hours per week on campus at most schools • Work is related to students’ educational and career goals – start writing your resume early! • Usually limited funding so apply early and follow through with the employment process

  21. Loans • Federal Direct Loans (U.S. Dept of Ed) • Subsidized Federal Stafford Loan • Unsubsidized Federal Stafford LoanMax to borrow = $5500 Dependent Freshmen • Parent Loan for Undergraduate Students (PLUS)Max to borrow = COA-other aid student receives • Federal Perkins Loan • Alternative/Private Loans – Know the Rates!

  22. How is financial aid eligibility and need determined? Cost of Attendance (COA) minus Expected Family Contribution (EFC) equals Financial Need

  23. Cost of Attendance (COA) • Tuition and Fees • Books and Supplies • Room and Board Expenses (dorm, with parents, off-campus home or apartment) • Transportation Expenses • Personal Expenses

  24. Expected Family Contribution (EFC) • Determines eligibility for federal funding and need-based institutional aid • Calculated using formula established by the U.S. Congress • Based upon family’s financial profile • The EFC will be displayed on the confirmation page when filing FAFSA on the web (will also display information about federal Pell grant).

  25. Financial Need • Determines eligibility for federal Pell and SEOG grants, federal Perkins and subsidized Stafford loans, and federal work-study awards. • Usually utilized in combination with a student’s academic profile to determine eligibility for institutional awards

  26. Needs Analysis • Examples of How Need “Changes” • Colleges send Award Letters showing you how the financial aid meets that need.

  27. Helpful Hints • Watch financial aid deadlines • Review your financial aid forms carefully • Check accuracy of information reported • Retain copies of paperwork for your records

  28. Private Scholarship Search • Your school counselor’s office, web page or newsletter • Local library resources • Local businesses and civic organizations • Parents’ places of employment

  29. Scholarship Search Sites • www.fastweb.com - FastWeb Scholarship Search • www.collegeboard.com - College Board’s Scholarship Search • www.petersons.com- The Education Supersite

  30. Other Useful Web Sites • www.fafsa.ed.gov - File and correct the FAFSA electronically • www.pin.ed.gov - Apply for PIN (student and parent) to sign applications electronically • www.tapweb.org- File for NYS TAP grant • www.hesc.org - Check status of NYS TAP and scholarship awards, complete the veteran supplemental applications

  31. Questions? Thank you for attending tonight’s presentation!

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