Financing a College Education High School Financial Aid Night Presentation

1. Financing a College EducationHigh School Financial Aid Night Presentation

2. After this program, youwill have learned about… • The types of aid available to students • How and when to apply for financial aid • How financial aid eligibility is calculated

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

4. General Financial Aid Requirements • Matriculated (admitted by Admissions) • U.S. citizen or eligible non-citizen • Selective service – Registration required • Social Security number • Satisfactory Academic Progress • Drug-related convictions may cause a student to lose financial aid

5. Applying for Financial Aid **PLEASE NOTE** If you are a parent of a Junior (or below), the FAFSA application will be able to be completed earlier for the 2017-2018 aid year. Parents of Seniors – the FAFSA application process will remain UNCHANGED from last year for 2016-2017.

6. When do I apply for financial aid? • Submit the FAFSA form anytime afterJanuary 1st • The FAFSA deadline used by some colleges is February 1st - but ALWAYS check deadlines with individual schools your are applying to! • You can estimate your information- just have tax info. ready

7. How do I apply for financial aid? The first step is to complete the Free Application for Federal Student Aid (FAFSA) • File electronically at: www.fafsa.govand sign (both student and parent) electronically using your FSA ID (apply at https://fsaid.ed.gov) • *Please note* Both the student and one of the parents in the household need FSA IDs

8. FAFSA on the Web • Web site: www.fafsa.gov NOT .com!!! • 2016-2017 FAFSA available on or after January 1, 2016 • FAFSA on the Web Worksheet: • Available prior to January 1st • Questions follow order of FAFSA on the Web

9. FAFSA on the Web Worksheet

10. FAFSA on the WEB

11. FSA ID Registration • Web site: https://fsaid.ed.gov Can get FSA ID before January 1st • Must use separate email addresses!!! • Used by students and parents to sign FAFSA, make correctionsand sign MPNs for loans

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. Typically need to wait about 2 weeks after filing to use. Will impact processing of financial aid and potential verifications if you DON’T use DRT.

13. Don’t Forget To Apply For Tap!(NYS students going fulltime to NYS colleges) • 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 NYS TAP application by selecting the appropriate link on the FAFSA confirmation page at the end of the FAFSA

14. Once the FAFSA is filed … Financial Aid Application Process (Priority Deadline for some colleges – Feb 1st– contact school for info) 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)

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

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

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

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 $24,000)

19. 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

20. Educational 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 – check with school if offer • Alternative/Private Loans – Know the Rates!

21. Scholarships • Your school counselor’s office, web page or newsletter • College(s) you are applying to • Local businesses and civic organizations • Parent/student places of employment

22. Scholarships Con’t Eligibility typically based upon student’s profile: • High School Academic Record • Standardized Test Scores • School and Community Involvement • Athletic/Artistic Talents • Need may also be a factor

23. Scholarship Search Sites • www.fastweb.com - FastWeb Scholarship Search • www.collegeboard.com - College Board’s Scholarship Search • www.petersons.com- The Education SupersiteScholarship searches should be FREE!!!

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

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

26. 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).

27. 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

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

29. Helpful Hints & Final Thoughts • Watch financial aid deadlines • Review your financial aid forms carefully • Check accuracy of information reported • Retain copies of paperwork for your records • Special Conditions • Maintaining aid eligibility

30. Useful Web Sites • www.fafsa.gov- File and correct the FAFSA 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. Need Help Applying?? SUNYFINANCIAL AID DAYFebruary 20th9am-Noon Call 786-2355 to Register

32. Questions? Thank you for attending ! Please complete survey & return to Guidance Counselor