Michele Rizzo Asst. Director of Student Financial Aid Canisius College

1. Financial Aid Presentation Iroquois High School Michele Rizzo Asst. Director of Student Financial Aid Canisius College

2. Topics An Overview • How to Apply • FAFSA & Expected Family Contribution • How Eligibility Is Determined • Types of Financial Aid • Award Notification

3. Section I How to Apply

4. 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) • Electronic version of FAFSA • FAFSA on the web at www.fafsa.gov • Limited distribution of Paper FAFSA

5. 2012-13 FAFSA on the Web

6. 2012-13 FAFSA on the Web

7. 2012-13 FAFSA on the Web

8. 2012-13 FAFSA on the Web

9. 2012-13 FAFSA on the Web

10. 2012-13 FAFSA on the Web

11. 2012-13 FAFSA on the Web

12. 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

13. How to Apply for TAP • Tuition Assistance Program Application • TAP Application part of FAFSA on the Web. • Data from FAFSA is used to create the paper Express TAP Application. • TAP is a College Specific Program. • 1st New York University/College listed on FAFSA is the school of record • www.hesc.org

14. After Completing the FAFSALook for:

15. TAP Application Website

16. Secondary Application Profile • Profile - College Scholarship Service • Used by approximately 240 College • Total Electronic Application • www.collegeboard.com • Non-Federal Aid Application • Fees: • $25.00 for the 1st Profile Application • $16.00 for everyone beyond the 1st

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. Forms to be Completed • Suggested Timetable (2012-2013): • Complete & Mail Forms 2/15/12 • College Receives Data 2/22/12 • College Begin to Award Aid 3/01/12 • National Reply Date (Deposit) 5/01/12

19. IRS Data Retrieval Tool

20. Section II The FAFSA Application & Expected Family Contribution

21. Expected Family Contribution • Parent contribution from total income and assets • Student contribution from total income and assets • Number in the Household • Number attending College

22. Frequent FAFSA Questions • Divorced/remarried parent information • Income earned by parents/stepparents • Untaxed income • U.S. income taxes paid • Household size • Number in postsecondary education

23. Section III How is Eligibility Determined

24. Definition of Need Cost of Attendance (COA) – Expected Family Contribution (EFC) = Financial Need

25. Cost of Attendance • Basic Components of the Cost of the Attendance • Tuition and Fees • Books & Supplies • Room and Board • Transportation • Miscellaneous Personal Expenses

26. Example - Carlos

27. Section IV Types of Financial Aid

28. Federal Pell Grant • Eligible students: • Undergraduates pursuing first baccalaureate or professional degree • Semi-Entitlement Program • Portable • Maximum award – 2011-12 = $5,550 2012-13 = Unknown • Minimum award – 2011-12 = $555

29. Federal Supplemental Opportunity Grant (SEOG) • Eligible students: • Undergraduates pursuing first baccalaureate or professional degree • Awarded first to students with “exceptional financial need” (i.e., students with lowest EFCs at that school) • Priority to Federal Pell Grant recipients • Annual award amounts: • $100 minimum • $4,000 maximum

30. Federal Work Study (FWS) • Eligible students: Undergraduate, graduate students • Employment may be on or off campus • Eligible employers: • College itself – majority of job placements • Federal, state, or local public agencies • Certain private nonprofit and for-profit organizations • Schools must use portion of FWS funds for community service employment activities

31. Federal Work Study (FWS) • Must be paid at a minimum monthly at least minimum wage • Job Placements on Campus • Does the college guarantee a job? • Does the college require an interview process?

32. Federal Perkins Loan • Eligible students: • Undergraduate, graduate, and professional students • Priority to students who show “exceptional need,” as defined by school • Loan amount varies • Maximum annual loan amounts: • $5,500—undergraduate students per year (27,500 aggregate) • $8,000—graduate students per year (total aggregate $60,000 to include undergraduate)

33. Federal Perkins Loan • Interest rate: 5% • 9-month grace period • Repayment period may be up to10 years • Deferment and cancellation provisions available

34. Federal Direct Student Loan • Subsidized: Must demonstrate “need” • Unsubsidized: Not based on “need” • Base annual loan limits (combined subsidized and unsubsidized): • $5,500 - 1st year ($3,500 Sub & $2,000 Un-sub) • $6,500 - 2nd year ($4,500 Sub & $2,000 Un-sub) • $7,500 for each remaining undergraduate year ($5,500 Sub & $2,000 Un-sub) • $8,500 for each year of graduate/professional study

35. Federal Direct Student Loan • Interest Rate is 6.8% • Repayment begins after 6-month grace period • Maximum repayment period between 10 and 30 years depending on repayment plan chosen • Deferment and cancellation provisions available

36. Federal Direct PLUS Loan • Parent loan program for parents of dependent undergraduate students • Annual loan limit: COA minus financial aid offer • Fixed Interest Rate – 7.9% • New PLUS loan program for graduate students

37. NYS Aid Programs • Tuition Assistance Program (TAP) • Attending NYY College • Maximum Award - $5,000 • Minimum Award - $500 • 2011 NYS Net Taxable Income • $80,000 NTI or less

38. Institutional Financial Aid • Scholarships from College • Academic Merit • Talent Based Merit Awards • May Require Separate Scholarship Application • Scholarship Letter should indicate: • Terms for Renewal • The Specific Amount • Probation Opportunities

39. 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

40. Private Sources of Financial Aid • Generally Awarded on an Annual Basis • Sources of Scholarships Unlimited • Scholarships Must be Incorporated into Award Package • Scholarship Search Engines • www.fastweb.com • http://go.salliemae.com/scholarship • www.scholarship.com

41. Alternative Loan Financing • Financial Institutions have created private education loans to supplement the federal loan programs • Student is the borrower –co-signer is required for the loan • Loan amount is determined by the cost of attendance minus financial aid • Interest rate varies between lenders • May provide deferment provisions

42. Internet /World Wide Web(http://) • www.finaid.org • www.studentaid.ed.gov • www.wnycollegeconnection.com • www.ncaa.org • www.collegesavings.org • www.canisius.edu

43. Section V Award Notification

44. Award Notification • Read Carefully • Follow Instructions • Respond on Time • Be Sure to file Additional Forms • Contact the Financial Aid Office with questions & concerns • Make the Process a Family Affair

45. Good Luck!