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Michele A. Rizzo Asst. Dir. of Student Financial Aid Canisius College

This overview provides information on who is eligible for financial aid, who completes the forms, how to apply, when to apply, how to apply for other financing, and an introduction to FAFSA4caster.

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Michele A. Rizzo Asst. Dir. of Student Financial Aid Canisius College

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  1. Financial Aid 201 The Application Process Michele A. Rizzo Asst. Dir. of Student Financial Aid Canisius College

  2. An Overview Agenda • Who is eligible? • Who completes the forms? • How do I apply? • When do I apply? • How do I apply for other financing? • What is FAFSA4caster?

  3. An Overview 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

  4. An Overview Who completes the forms? The Federal government believes that it is the parents’ and student’s responsibility to pay for college. THEREFORE: • Parents’ and student information is required • For 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 form

  5. A student is considered to be Independent by the Federal Government for 08-09 if : • They were born before Jan 1, 1985. • At the beginning of the 08-09 school year they will be working on a Master’s or Doctorate program. • Married as of the date of application. • Have legal dependents/children who receive more than ½ of their support from them. • Both parents are deceased, or are a ward/dependent of the court (until 18) • A veteran of the U.S. Armed Forces

  6. How do I apply?

  7. Free Application for FederalStudent Aid (FAFSA) • Family’s financial information is required to calculate the student’s Expected Family Contribution (EFC). • Student Aid Report (SAR) • Paper versions of FAFSA • Electronic version of FAFSA • FAFSA on the Web at www.fafsa.ed.gov • Paper vs. Electronic Processing

  8. FAFSA on the Web www.fafsa.ed.gov • Apply • Reapply • English and Spanish options • Access PIN Web site • Check status of application • View SAR information • Make corrections

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

  10. FAFSA (Cont.) • May be Used to Award Institutional Aid from the College • Required to Apply for N.Y.S. Financial Aid (TAP Program) • Complete and mail FAFSA after January 1st

  11. How to Apply for TAP • Tuition Assistance Program Application • TAP Application part of FAFSA on the Web. Link to Express TAP Application - on “Confirmation Page” look for red heading “New York Residents Only”. • If link is missed, a reminder will be sent. • TAP is a College Specific Program. • 1st New York University/College listed on FAFSA is the school of record

  12. Secondary Application - Profile • Profile - College Scholarship Service • Used by approximately 240 College • Total Electronic Application • www.collegeboard.com • Non-Federal Aid Application • Fees: • $ 5.00 - Registration Fee • $18.00 - Per Each College

  13. Secondary Application - College Forms • Some Colleges May Have an Institution Need Based Aid Application • Or a Specific Scholarship Application • Colleges will Distribute Their Own Forms

  14. When do I apply? • Suggested Timetable (2008-2009): • Complete & Submit Forms 2/15/08 • College Receives Data 3/1/08 • College Begin to Award Aid 3/15/08 • National Reply Date (Deposit) 5/1/08

  15. How do I apply for other financing?

  16. Federal PLUS Loans Alternative Loans College Payment Plans College Savings Plans (529 plans) Home Equity Loans Other Financing may include:

  17. Some financing options require a credit verification.These can expire in 60-90 days from application. Families should time their applications accordingly. • College Financial Aid Offices may have a specific timeframe for submission of such applications.

  18. Application processes vary. • There are many financing options. Families should research before selecting an option or lender.

  19. Developed to – Foster early awareness of financial aid and the application process and form. Serve as an early analysis tool of college affordability. Reduce the time required to submit the "official" financial aid application in the student's senior year of high school. What is FAFSA4caster?

  20. FAFSA4caster will – Instantly calculate an estimate of eligibility for federal student aid. Generate a Renewal FAFSA. Automatically generate a Federal Student Aid PIN to use to sign your FAFSA. Features of FAFSA4caster?

  21. FAFSA4caster www.FAFSA4caster.ed.gov

  22. Encourage parent and students to FILE EARLY! • FAFSA can be filed before taxes are completed. DON’T WAIT, ESTIMATE! • Advise parents and students to AVOID using websites, consultants, planners or services that charge money to apply for financial aid. • Remember that FAFSA4caster is ONLY an estimator. Each school will calculate aid differently.

  23. Have a Nice Day

  24. Break

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