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FINANCIAL AID 101 Priscilla Armsby Associate Director of Financial Aid

FINANCIAL AID 101 Priscilla Armsby Associate Director of Financial Aid. How and When to Apply. Complete the FAFSA Forms are available at:. www.fafsa.gov Recommended filing date: February 15 th. Other Applications. CSS Profile Form Various deadlines More information Fees

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FINANCIAL AID 101 Priscilla Armsby Associate Director of Financial Aid

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  1. FINANCIAL AID 101Priscilla ArmsbyAssociate Director of Financial Aid

  2. How and When to Apply • Complete the FAFSA • Forms are available at: www.fafsa.gov Recommended filing date: February 15th

  3. Other Applications • CSS Profile Form • Various deadlines • More information • Fees • School applications

  4. Completing the FAFSA • “You” Means the Student • Parent Questions for Dependent Students • If married/remarried, answer questions on both parents • If divorced or separated, answer questions about the parent the student lived with more during the past 12 months • Sign Electronically with 2 PIN Numbers • IRS Data Retrieval

  5. Expected Family Contribution 5 Main Data Elements: (Applies to Parent AND Student) • Adjusted Gross Income • Taxes Paid • Family Size • Number in College • Assets

  6. The Big Question:How is financial aid eligibility determined?

  7. Institutional Programs • Merit Scholarships • Need-Based Grants and Scholarships • Endowed Scholarships • Athletic Scholarships

  8. Federal Programs • Entitlement Programs • Pell Grant • Campus-Based Programs • SEOG • Federal College Work Study • Federal Perkins Loan

  9. Federal Loan Programs Federal Stafford Loans (Student is borrower) • Freshman $ 5,500 • Sophomore $ 6,500 • Junior & Senior $ 7,500 Federal Parent Loans (PLUS) (Parent is borrower) • Cannot have an adverse credit history • Can borrow up to cost of attendance less all other financial aid

  10. NY State Programs • Tuition Assistance Program (TAP) • Higher Education Opportunity Program (HEOP) • Veteran Scholarships

  11. Comparing Cost • Do the Research www.nces.ed.gov/collegenavigator • 4 year Graduation Rates • Freshmen Retention Rates • Percent of Students Receiving Aid • Net Price Calculators • Review package • Grants and Scholarships • Loans • Work Study • Terms and Conditions

  12. Financing Options • Monthly Payment Plans • Private Education Loans • 529 Savings Plans • Home Equity

  13. Special Circumstances • Communication is key • Notify school in writing • Provide detailed documentation • Follow up with the school

  14. Check the Web! www.finaid.org The Smart Student Guide to Financial Aid www.fastweb.com FastWeb Scholarship Search www.hesc.comNYS Higher Education Services Corporation

  15. Questions? SienaCollege 515 Loudon Road Loudonville, New York 12211 (888) AT-SIENA (toll-free) (518) 783-2410 (fax) aid@siena.edu (e-mail) www.siena.edu/financialaid www.siena.edu/FASlideshow

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