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Financial Aid 101: A Beginners Guide for Students and Families

Financial Aid 101: A Beginners Guide for Students and Families. What Is the Definition of Financial Aid?. Financial Aid is a catch-all term referring to any program t hat offers money to assist with the costs associated with b eing a college student. LOANS GRANTS & SCHOLARSHIPS

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Financial Aid 101: A Beginners Guide for Students and Families

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  1. Financial Aid 101: A Beginners Guide for Students and Families

  2. What Is the Definition of Financial Aid? • Financial Aid is a catch-all term referring to any program • that offers money to assist with the costs associated with • being a college student. • LOANS • GRANTS & SCHOLARSHIPS • WORK PROGRAMS Am I eligible?

  3. Who Is Eligible? You are eligible for FEDERAL financial aid if you are… You may be eligible for NY State aid if you are… • a NY State resident • attending a college in NY State • attending full time 12 new credits • half time attendance (APTS) • Other scholarships have their own set of eligibility requirements A STUDENT THAT MEETS CRITERIA AND HAS FILED THE TAP & HESC SCHOLARSHIP APPLICATIONS • a matriculated student enrolled at an eligible school • a U.S. Citizen or Legal Permanent Resident Alien • a male REGISTERED with the Selective Service • in GOOD academic standing • not convicted of a drug felony while receiving FEDERAL financial aid • enrolled in at least 6 required credits • not in default on a federal student loan A STUDENT THAT HAS FILED A FREEAPPLICATION for FEDERAL STUDENT AID: FAFSA

  4. Part I Applications

  5. The FAFSA FormFree Application for Federal Student Aid www.fafsa.ed.gov • Establishes eligibility • Data transmitted directly to schools • Data shared with state agencies (TAP) • Generates Student Aid Report (SAR) • Internal Revenue Service (IRS) data retrieval 2014-2015 application opens January 1 • Apply for Federal PIN # • Start Application • FAFSA4caster

  6. Student Aid Report - SAR • Output document from FAFSA – via email within 3-5 days • Students should READ THE MESSAGES! • Make sure all information is correct and use both parent and student PIN to make changes using Corrections-on-the-web at www.fafsa.ed.gov Information Provided: • Expected Family Contribution (EFC) • Verification Indicator • Additional documentation will be required by all schools

  7. Easily Missed

  8. Tuition Assistance Program (TAP) www.tap.hesc.ny.gov/totw/

  9. CSS Profile Form Who needs it? Many private colleges require – helps them award nonfederal (institutional) funds. Call the colleges that you are applying to or check their websites. Apply online at: student.collegeboard.org/css-financial-aid-profile

  10. Homework!!! Financial Aid • Keep documents in file – one for each student! • Usernames • PIN numbers • Student college ID number • Etc… • Maintain Communication with each college! • Watch your mail and email • Watch any student portals • Schools will contact you! • Be sure to respond in a timely manner!

  11. PART II NEED CONCEPT AND STUDENT ELIGIBILITY

  12. Expenses Associated with College Cost of Attendance = COA • Tuition and Fees • Room and Board • Books and Supplies • Personal Expenses • Transportation Changes to COA are reviewed on a Case by Case Basis • Study Overseas • Child Care • Disability Services

  13. Example:Cost of Attendance • Tuition and Fees $ 7293.00 • Room and Board $11,790.00 • Books and Supplies $ 1,000.00 • Personal Expenses $ 1,717.00 • Transportation $ 800.00 Total $22,600.00

  14. Financial Aid FormulaCOA – EFC = NEED EFC remains the same, so COA will determine NEED

  15. PART III Types of Programs

  16. Federal Programs • Federal PELL Grant Eligible if EFC is 0 – 5081 EFC of 0 = $5645 & EFC of 5081 = $605 • Federal Direct Stafford Loan Maximum subsidized based on year in college $3500 Fr. / $4500 Soph. / $5500 Jr. & Sr. Subsidized Fixed APR 3.86% - as of July 1, 2013 Unsubsidized Fixed APR 3.86% Additional Unsubsidized $2000 Additional (Independent) $4000/$5000 • Federal Parent PLUS Loan Max PLUS loan = COA minus AID Fixed APR 6.41% as of July 1, 2013 • TEACH Max$4000 Mustmeet GPA & eligible degree LIMITED CAMPUS BASED FUNDING • Federal SEOG Max $4000 (PELL Eligible) • Federal Perkins Loan Max $5500 Fixed APR 5% • Federal Work StudyMax $4,000 Paycheck earned for hours worked and does not credit the balance due to the school Each college determines the fund amount awarded Funding is limited, so not all eligible students can be awarded

  17. New York State Programs • TAP Maximum Award $5000 • Aid for Part Time Students (APTS) Maximum Award $2000 • EOP/HEOP: Educational Opportunity Program Admission/Financial based program • World Trade Center Scholarship • Memorial Scholarship • Military Service Recognition Scholarship • Math & Science Teaching Incentive Scholarship • Academic Excellence Scholarship • Fire Fighter, Police Officer, Corrections Officer Parent deceased in the line of duty

  18. Scholarships & Additional Funding Sources Scholarships Additional Funding Resources Where to look… • High School Counselors • Student/Parent Employer • Youth/Religious Organizations • Fraternal Orders • Ethnic & Cultural Groups • College • www.Fastweb.com • www.Collegeboard.com What to Ask… • Renewable vs. Non-Renewable • Eligibility Requirements • Need vs. Merit • Scams – Don’t pay for free money! • School Payment Plans – May vary… typically • parents spread costs over semester or year • Home Equity, Lines of Credit, Retirement Funds • Private Education Loans • Military Benefits, ROTC • Resident Assistants • & Peer Mentors

  19. Professional Judgment In exceptional or unusual circumstances, your Financial Aid Officer can use “Professional Judgment” to adjust FAFSA data and/or consider student to be “independent”. • “Significant” loss of income/job • Divorce/Separation • Unusually high medical expenses not covered by insurance • Death of parent/spouse • IRA Rollovers/inflated AGI • Unsafe home conditions for student

  20. Notification of Aid OfferedAward Letters • Comparing Award Offers (The “Bottom Line”) • What is COA of school? • How much total aid was offered? • What portion is “free” money vs. loans? • Financial Aid Shopping Sheet/Award Letters • Make decision, then accept or decline offers

  21. SUNY Financial Aid Day Register at: www.suny.edu/student 800-342-3811 SUNY Cortland Financial Aid Day February 22, 2014 10:30 am Memorial Library

  22. For More Information SUNY Cortland Financial Aid Office PO Box 2000 Cortland, NY 13045 607-753-4717 www.cortland.edu • fafsa.ed.gov • hesc.ny.gov • finaid.org fastweb.com • collegeboard.com

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