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Financing Your

Financing Your. Education. Christopher Chang Director of Financial Aid SUNY Ulster (845) 687-5058. Agenda. What is Financial Aid? Who is eligible? Who completes the forms? How do I apply? When do I apply? What kinds of aid might I receive?. What is Financial Aid?.

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Financing Your

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  1. Financing Your Education Christopher Chang Director of Financial Aid SUNY Ulster (845) 687-5058

  2. Agenda • What is Financial Aid? • Who is eligible? • Who completes the forms? • How do I apply? • When do I apply? • What kinds of aid might I receive?

  3. What is Financial Aid? • Grants Free money • Scholarships Free money • Loans Money to be paid back • Employment Opportunity to earn money • for college expenses

  4. Types of Aid • Need based aid • ~ grants, loans & work study • Merit based aid • ~ scholarships

  5. Who is Eligible? • General Eligibility for Federal Aid: • Matriculation toward a degree • U.S. Citizenship or eligible non-citizen • Registration with Selective Service • (males ages 18 – 25) • No drug related convictions while receiving • Federal aid

  6. WhoCompletes theForms? • The Federal government believes that it is the parents’ and students’ responsibility to pay for college • Parent and student information is required • In divorce or separation situations, the parent with whom the student resides completes the forms • For joint custody situations, the parent who provides the most support completes the forms

  7. Is the Student Independent? • Students are considered to be Independent by the federal government for 2013 – 2014 if they: • are born before January 1, 1990 • are married • have legal dependents or children who receive more than ½ of • their support from the student • are orphans, have been declared a ward of the court or were in foster care • Were or are in legal guardianship as determined by a court • are veterans of the U.S. Armed Forces • are currently serving on Active Duty in the US Armed Forces • will be enrolled in a Master’s or Doctorate program

  8. IndependenceContinued • Was determined at any time after July 1, 2012 to be an unaccompanied youth who was homeless. Such designation can be made by a school district homeless liaison or the Director of a H.U.D./RHYA transitional or youth program • Student is determined to be independent per a Dependency Override performed by the Financial Aid office

  9. Professional Judgment • Colleges can consider changing economic circumstances when reviewing a student FAFSA • In these cases current year financial information will be used to calculate aid eligibility • Documentation will be required

  10. How do I Apply?

  11. FAFSA • Free Application for Federal Student Aid • Family’s financial information is required to calculate the student’s Expected Family Contribution (EFC) • Electronic versus paper filing • Electronic version of FAFSA: www.fafsa.gov • Paper version of FAFSA: Call 1-800-4FED-AID or • 1-800-433-3243

  12. FAFSA on the Web www.fafsa.gov • Apply • Reapply • English and Spanish options • Access PIN Web site • Check application status • Make corrections

  13. FAFSA Overview • Before beginning the FAFSA process: • Gather information you need • Social Security Number • Driver’s license • Income tax return and W2s • Bank statements and investment records • Applicable non-taxable income documents • Don’t forget the preferred IRS Data Transfer option is available • Print a FAFSA Worksheet • Useful to help you write information at your convenience

  14. FAFSA • Plan how to sign your FAFSA – • Electronically, with a PIN • Send a signature page in the mail • Send a signed a copy of your Student Aid Report • Note important deadlines – Feds must receive your form no later than midnight, Central Daylight time June 30, 2014. • Colleges and states may have earlier deadlines

  15. To Register for a PIN: www.pin.ed.gov

  16. Registering for a PIN: • By accepting this PIN you agree to not disclose or share your PIN with anyone. • Your PIN serves as your electronic signature and provides access to your personal records. You should NEVER give your PIN to anyone. • Keep your PIN in a safe place. You will be able to use the same PIN in the future to apply for student aid and access your U.S. Department of Education records. • If you have received a PIN previously but no longer have access to it, select Request a Duplicate PIN from the menu list on the side.

  17. FAFSA • Complete or mail FAFSA after January 1st • FAFSA gives the Department of Education information to calculate the Expected Family Contribution (EFC), which will be used to award institutional aid

  18. COST OF ATTENDANCE Dependent Student Tuition $ 4130 Fees 500 Books/Supplies 1000 Room/Board 2500 Transportation 1500 Personal 900 Loan fees 105 Total $ 10635 Independent Student $ 4130 500 1000 5000 1500 900 105 $ 13135

  19. FINANCIAL NEED Cost of attendance 10635 minus EFC 1000 equals “NEED” 9635 EFC 1000 + TAP 3420 + PELL 3600 + Stafford Loan 2615 = Cost of Attendance 10635

  20. Secondary Applications • Some colleges may have their own application. • Also, there may be scholarship applications • specific to the school

  21. When do I Apply? • Sample Timetable (2013 – 2014) • *Students may begin the application process as early as January 1st2013 • Complete and submit forms in March/April or sooner (upon tax completion) • College should receive data within two weeks • College begins to award aid in late March or April • Other colleges will have different timelines

  22. What Kinds Of Aid Might I Receive?

  23. Sources and Types of Financial Aid • Federal Aid • Pell Grant • Campus – Based Programs (vary by school) • Federal Supplemental Educational Opportunity Grant (FSEOG) • Federal Work Study (FWS) • Perkins Loan

  24. Sources and Types of Financial Aid • Direct Student Loan Program • Stafford Student Loan, Subsidized/Unsubsidized • Parent Loan (PLUS)

  25. New York State Aid Programs • Tuition Assistance Program (TAP) • Attending a college in New York State • Award amounts of $5,000 to $500 • Based on 2012 New York State Net Taxable Income • Dependent or married with dependents - $80,000 Net Taxable Income or less • Married independent no dependents - $40,000 • Single Independent no dependents- $10,000

  26. How to Apply for TAP • Tuition Assistance Program Application • If you use a PIN to apply for the FAFSA, there will be a link to the Express TAP Application on the FAFSA confirmation page. Look for red “New York residents only”. • If the link is missed, you must wait three days before applying on the HESC website. Also, a reminder will be sent to you from HESC.

  27. New York State Aid Programs • AID FOR PART-TIME STUDY (APTS) • Attending a college in New York State • Enrolled in 3 to 11.5 credits • Award varies with institutional allocation • Based on 2012 New York State Net Taxable Income • $34,250 Net Taxable Income or less - independent • $50,550 Net Taxable Income or less – dependent or has dependents

  28. Educational Opportunity Program • New York State and school sponsored program • For educationally and economically disadvantaged students • Must meet academic and economic guidelines • Provides funding and academic services to increase college success

  29. Scholarship Opportunities

  30. Financial Aid Office SUNY Ulster Financial Aid Office Stone Ridge Campus – VAN 105 FinancialAid@sunyulster.edu (845) 687-5058 For More Information About: • Upcoming on-campus workshops • Workshops in Area High Schools • Setting up an individual appointment

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