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

1. Financial Aid 101 “Just the facts, ma’am!” Michele A. Rizzo Asst. Dir. of Student Financial Aid Canisius College

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

3. An Overview What is financial aid? • Scholarships – free money, some skill required • Grants – free money, usually need required • Loans – money that must be paid back • Employment – opportunity to earn money for college expenses

4. Merit -based aid – money given because of skill, such as academic, artistic, athletic, etc. • Need-based – money given because the student has need

5. 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

6. 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

7. A student is considered to be Independent by the Federal Government for 07-08 if : • They were born before Jan 1, 1984. • At the beginning of the 07-08 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

8. How do I apply?

9. 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

10. 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

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

13. 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

14. 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

16. 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

17. 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

18. When do I apply? • Suggested Timetable (2007-2008): • Complete & Submit Forms 2/15/07 • College Receives Data 3/1/07 • College Begin to Award Aid 3/15/07 • National Reply Date (Deposit) 5/1/07

19. What kinds of aid might I receive?

20. Sources & TypesFinancial Aid • Federal • Pell Grant • Campus-Based Programs • Supplemental Educational Opportunity Grant (FSEOG) • Federal Work Study (FWS) • Perkins Loan

21. Federal (Cont.) • Federal Family Educational Loan Programs • Stafford Student Loan Subsidized • Stafford Student Loan (Unsubsidized) • Parent Loan (PLUS) • Ford Direct Student Loan Program • Same Provisions as Stafford Loan

22. NYS Aid Programs • Tuition Assistance Program (TAP) • Attending NYS College • $5,000 to $500 at Private College • $4,350 to $500 at Public College • 2006 NYS Net Taxable Income • $80,000 NTI or less

23. NYS Aid for Part-Time Study (APTS) • Aid for Part-Time Study (APTS) • Attending NYS College • Award varies with institutional allocation • 2006 NYS Net Taxable Income • $50,500 NTI or less

24. Higher Education Opportunity Program (HEOP/EOP) • 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

25. Institutional Financial Aid • Scholarships from College • Academic Merit Only • Academic Merit & Financial Need • May Require Separate Scholarship Application

26. Institutional Financial Aid (Cont.) • Grants from College • Awarded Annually • Award based on “Financial Need” • Determine Renewability • Athletic Grant-in-Aid • Awarded on Athletic Ability • Contact Coach at the College

27. Private Sources of Financial Aid • Generally Awarded on an Annual Basis • Sources of Scholarships Unlimited • Scholarships Must be Incorporated into Award Package • Examples: • Wegman’s Scholarship • Elks Scholarship • Kiwanis Scholarship

28. 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.

29. Have a Nice Day