2014-2015 Financial Aid Workshop Financial aid programs How and when to apply Filing the FAFSA

1. 2014-2015 Financial Aid Workshop Financial aid programs How and when to apply Filing the FAFSA Helpful resources Questions and answers

2. Financial Aid Application Time After January 1st Senior Year in High School You can file based on estimated income • Federal Aid: www.fafsa.gov • NYS Aid: www.hesc.ny.gov • www.collegeboard.org Note: Links are provided as a general information resource for the use of visitors to the web site. The links provided are maintained by their respective organizations and they are solely responsible for their content. Hofstra does not favor one link over the other, nor does Hofstra endorse or profit, in whole or in part, from any products or services offered or promoted by any of the web sites whose links appear.

3. What is Financial Aid?

4. Types of Gift Aid • Institutional, federal, state and private grants and scholarships: • Federal Grants • Pell Grant, SEOG Grant and TEACH Grants • New York State Grants • Tuition Assistance Program • And other grants & scholarships

5. Where to Look for Gift Aid • College/University • Government • Federal • State • High school • Library • Newspaper • Associations • Religious organizations

6. Scholarship Search Sites Fastweb.com Scholarships.com Collegeboard.com Finaid.org Note: Links are provided as a general information resource for the use of visitors to the web site. The links provided are maintained by their respective organizations and they are solely responsible for their content. Hofstra does not favor one link over the other, nor does Hofstra endorse or profit, in whole or in part, from any products or services offered or promoted by any of the web sites whose links appear.

7. What to Ask • College scholarships/grants • Application vs automatic awards • Application deadlines • Awarded by Admission, Financial Aid, Athletic department, Alumni office, major department • Renewable vs one-time award • Any limits • Or renewal criteria • What happens if the student changes major

8. Federal Pell Grant • Used as the foundation of the financial aid package • Must demonstrate exceptional financial need • Awarded to eligible undergraduates pursuing a 1st baccalaureate or professional degree • The actual award amount is based on a sliding scale based on the enrollment status, and EFC • $5,645 maximum annual award for 2013-2014

9. Federal Supplemental Educational Opportunity Grant (FSEOG) • Undergraduate students pursuing a 1st baccalaureate or professional degree • Awarded first to students with exceptional need • First- come, first- served • Priority given to Federal Pell Grant recipients • Federal maximum $4,000 year

10. Federal TEACH Grant • Up to $3,712 per year • Not need-based • Students who intend to teach in a high need field in a public or private elementary or secondary school that serves students from low-income families • May not qualify until junior/senior year • Service- work obligation is required or the grant converts into an Unsubsidized Stafford Loan

11. N.Y.S. Tuition Assistance Program(TAP) • Full-time undergraduate students • NY state residents only attending a college located in NY state • File the FAFSA, a link is provided at the end to hesc.ny.gov • Dependent undergraduates: $500-$5,000 • Independent undergraduates: $500-$3,025 • Based on NYS Net taxable plus untaxed state pension income • Up to $80,000 for dependents or married students with dependents • Up to $40,000 for married students without dependents • Up to $10,000 for independent individuals

12. Federal Work Study (FWS) • Need-based • Most jobs worked on campus • Students earn wages • Based on student schedule • Earnings do not count against next FAFSA • Build resume

13. Loans • Federal Education Loans • Subsidized & Unsubsidized Stafford Loan- student loan • Perkins Loan- student loan • Federal Parent Plus Loan- parent loan • Other Loans • Alternative/Personal Student Loan • Home Equity Loan

14. Federal Stafford Loans • Subsidized (2013-2014) • Need- based • 3.86% interest, does not accrue while in college • Unsubsidized • Non- need based • 3.86% interest, accrues while in college • Annual borrowing limit is based on the year in college determined by the number of credits earned • 1.072% loan fee • Repayment begins when the student graduates, falls below half-time or withdraws

15. UG Dependent Student Annual Stafford Limits

16. UG Independent Annual Stafford Limits

17. Federal Perkins Loan • Part of campus-based program; first- come, first- served • Must demonstrate exceptional financial need • The borrowing limit is determined annually based on funds available - federal maximum $5,500 undergraduate • 5% fixed interest rate • No loan fee • Repayment begins 9 months after graduation, drop below ½ -time or withdraws

18. Federal Parent Loanfor Undergraduate Students (PLUS) • Borrowers are parents of dependent undergraduate students • Eligible parent borrowers are either of two biological parents or a step-parent with whom the student lives • Non- need based but the FAFSA is required to be filed • Credit check- may apply with endorser • Annual limit is the cost of attendance minus other aid received, no aggregate limit • Repayment begins 60 days after the 2nd half of the loan is disbursed in the spring semester (after the third disbursement for trimester schools), however it may be deferred until after graduation • 6.41% fixed interest rate • 4.288% loan fee

19. Private- Alternative Loans • Annual borrowing limit is COA minus other aid • May impose minimum student age 18 at application • Credit worthy cosigner does not have to be a parent • Rates and terms vary greatly by lender and program of study- variable and fixed interest rates • May require payment while in college • May have aggregates which may include federal loans in aggregates • www.Finaid.org/loans/privatestudentloans.phtml Note: Links are provided as a general information resource for the use of visitors to the web site. The links provided are maintained by their respective organizations and they are solely responsible for their content. Hofstra does not favor one link over the other, nor does Hofstra endorse or profit, in whole or in part, from any products or services offered or promoted by any of the web sites whose links appear.

20. Filing the Free Application for Federal Student Aid (FAFSA) 2014-2015

21. Why file the FAFSA? • It’s free! • It determines eligibility for federal grants, loans & work study • Some states including New York require it as the first part of an application process for financial aid from that state • Some colleges and private organizations require it for consideration of scholarships and grants

22. Should I hire a consultant to help me file the FAFSA? • We do not recommend paying a fee when you can get the help you need right from the source for free • Specialized FAFSA representatives are available to assist you step-by-step through the application at 1-800-4-FEDAID (1-800-433-3243) or click the “Live Help” button to chat with a FAFSA representative

23. What is the difference between www.fafsa.gov and www.fafsa.com ? • www.fafsa.gov is the official federal Department of Education website for the filing the FAFSA • www.fafsa.com is a private company which provides an advisory service and charges a fee

24. Step 1 Apply for a federal Personal Identification Number (PIN) at www.pin.ed.gov

25. A PIN is required for both the student applicant and one parent (if the student is dependent) • The PIN allows you to complete the FAFSA and sign it electronically • You will use the same PIN numbers to file the FAFSA every year • Keep your PIN in a secure place • For assistance, call 1-800-4-FEDAID (1-800-433-3243)

26. Step 2 After January 1, collect the documents needed to apply for both the student and parent(s) • All sources of 2013 taxed and untaxed income such as income tax returns, W2 forms, benefit statements, etc. • Asset information such as your most recent bank statements, investments, stocks, bonds, mutual funds, etc. • Social Security numbers • Student driver’s license (if applicable) • Alien registration number (if applicable)

27. FAFSA FAQ Q. What are some common mistakes people make completing the FAFSA to avoid? • Not asking for help, call 1-800-4-FEDAID • File the correct FAFSA for the correct aid year • Do not use nicknames • Use correct Social Security numbers • Do not list parent income under the student • Make sure both student & parent signatures go through

28. Step 3 Print a 2014-2015 “FAFSA on the Web Worksheet”

29. The worksheet is used as a helpful tool to organize your information and cut down on the time you need to complete the FAFSA online • Do not mail the web worksheet to FAFSA or to colleges • For step-by-step assistance completing the worksheet and the FAFSA online, call 1-800-4-FEDAID (1-800-433-3243)

30. What is Selective Service? • Registration requirement for young men which preserves America’s ability to provide manpower in an emergency to the U.S. Armed Forces • Almost all men ages 18 through 25 must register • Since this is a federal requirement, it is required for qualified male students to apply for federal aid • www.sss.gov Note: Links are provided as a general information resource for the use of visitors to the web site. The links provided are maintained by their respective organizations and they are solely responsible for their content. Hofstra does not favor one link over the other, nor does Hofstra endorse or profit, in whole or in part, from any products or services offered or promoted by any of the web sites whose links appear.

31. Principles of Need Analysis • Paying for college is a partnership • Equitable and consistent formula • Based on dependency status • Parent contribution + student contribution = EFC (Expected Family Contribution) • Snapshot of the current financial condition, allowing for consideration of loss of income special circumstances such as unemployment, disability, separation/divorce or death of a parent, excessive medical/dental expenses paid out of pocket, etc. • Dependent students must file the FAFSA with the parent with whom they’ve lived the last 12 months, regardless of who claimed the student on their taxes • If the parent is re-married, the step-parent’s information must be reported

32. Who is a parent on the FAFSA? Who is a parent when filing the FAFSA? • Biological or step-parent married to the parent the student lives with or an adoptive parent • NEW for 2014-2015: If the parents are living in the same household, report information for both parents even if separated/divorced/same gender marriage Who is not a parent when filing the FAFSA? • Grandparents, foster parents, legal guardians, aunts and uncles are not parents for filing the FAFSA unless they legally adopted the student before the student turned 13

33. Automatically Independent 2014-2015 • Were you born before January 1, 1991? • As of today, are you married? • At the beginning of the 2014-2015 school year, will you be working on a master’s or doctorate program? • Are you currently serving on active duty in the U.S. Armed Forces for purposes other than training? • Are you a veteran of the U.S. Armed Forces? • Do you have children who will receive more than ½ their support from you between July 1, 2014 and June 30, 2015? • Do you have dependents (other than your children or spouse) who live with you and who receive more than ½ their support from you, now and through June 30, 2015? • At any time since you turned age 13, were both your parents deceased, were you in foster care or were you a dependent or ward of the court? • As determined by a court in your state of legal residence, are you or were you an emancipated minor or were you or are you in a legal guardianship? • At any time on or after July 1, 2013, did your high school or school district homeless liaison determine that you were an unaccompanied youth who was homeless? • At any time on or after July 1, 2013, did the director of an emergency shelter or transitional housing program funded by the U.S. Dept. of Housing and Urban Development determine that you were an unaccompanied youth who was homeless? • At any time on or after July 1, 2013, did the director of a runaway or homeless youth basic center or transitional living program determine that you were an unaccompanied youth who was homeless or were self-supporting and at risk of being homeless?

34. FAFSA FAQ Q. My parents are separated or divorced and living apart, whose information do I put on the FAFSA? A. You report the information for the parent you lived with the most the past 12 months regardless of who claims you on their income tax return. If you did not live with one parent more than the other, report the information for the parent who provided the most financial support. If parents are separated/divorced but still living in the same household, report information for both parents.

35. FAFSA FAQ Q. Do parents have to be legally separated to file the FAFSA as separated? A. No. Colleges may ask for proof of separate residences such as a copy of a lease and utility bills.

36. . FAFSA FAQ Q. My step- parent is not responsible for supporting me, why do I have to report his/her information on the FAFSA? A. It is required by federal financial aid regulations. If the parent you reside with is re-married, you must report your step- parent’s information on the FAFSA.

37. FAFSA FAQ Q. My parents do not have Social Security numbers, how do I complete that area the FAFSA? A. Enter “0” in all spaces asking for their Social Security numbers.

38. FAFSA FAQ Q. We have not yet completed our 2013 federal income tax returns, how do we complete the FAFSA? A. Check the box indicating you have not yet filed and enter estimated income . Once your tax returns have been filed, you can return to the FAFSA to correct the information.

39. FAFSA FAQ Q. The FAFSA requires us to report the “net worth” of our investments, what does that mean? A. Net worth is the current value of all your investments required to be reported on the FAFSA minus debt (only subtract debt from properties other than your primary residence like a vacation home or rental property).

40. FAFSA FAQ Q. What kind of investments are included on the FAFSA? A. Real estate (do not include the home you live in unless a portion of it is rented out, you must report the rented portion), trust funds, UGMA and UTMA accounts, money market funds, mutual funds, certificates of deposit, stocks, stock options, bonds, other securities, installment and land sale contracts (including mortgages held), commodities, etc., qualified educational benefits or education savings accounts (e.g. Coverdell savings accounts, 529 college savings plans and the refund value of 529 prepaid tuition plans).

41. FAFSA FAQ Q. How are 529 plans reported on the FAFSA? A. 529 plans are reported under the “owner” as an investment not the beneficiary. If the parent is the owner, it is reported under the parent investment question. If the parent has more than one 529 plan for various members of the family including siblings of the student, the total value of all plans must be reported under the parent.

42. FAFSA FAQ Q. Besides the home we live in, are there any other investments we do not include? A. Do not include the value of life insurance, retirement plans (401[k] plans, pension funds, annuities, non-education IRA’s, Keogh plans, etc.), UGMA and UTMA accounts for which you are the custodian but not the owner, or cash, savings and checking accounts which were already reported in the FAFSA.

43. FAFSA FAQ Q. How do I find out the Federal college codes of the schools I want to apply to? A. There is a search online when you are completing the FAFSA, ask the colleges directly or call the FAFSA toll free number at 1-800-4-FED-AID (1-800-433-3243). Hofstra’s Federal school code is 002732.

44. FAFSA FAQ Q. I can only send the FAFSA to 10 colleges online, what if I need to send the FAFSA to more? A. You can change the codes by going back into the FAFSA online or call 1-800-4-FED-AID (1-800-433-3243)and do it over the phone. By doing this, you are actually removing some of the previous schools listed and therefore future changes to the FAFSA will only be sent to the 10 schools most recently listed on the FAFSA.

45. FAFSA FAQ Q. I am interested in living on campus but not sure. Which answer should I indicate on the FAFSA? A. If you are interested in living on campus, you should indicate on campus. If you need to change the status later to with parent or off campus, you should inform each Financial Aid Office directly.

46. FAFSA FAQ Q. What is the difference between the “with parent” and “off campus” housing status? A. With parent means the student will be commuting from their parent(s) or other relative’s home. Off campus means the student will be commuting from his/her own home or apartment.

47. FAFSA FAQ Q. There is no place to indicate special circumstances such as loss of income on the FAFSA. Can I request a re-evaluation? A. Yes. Most colleges have a special form for this.

48. FAFSA FAQ Q. What if I have to make corrections to my FAFSA after I file it? A. Return to www.fafsa.gov and make the corrections online.

49. FAFSA FAQ Q. How do I apply for the Tuition Assistance Program (TAP)? A. There will be a link for New York State residents to apply for TAP at the end of the FAFSA. If you miss the link, wait approximately 3-5 days then go directly to the TAP web site to apply at www.hesc.ny.gov . For step-by-step assistance call 1-888-NYSHESC (1-888-697-4372).

50. Step 4 Go to www.fafsa.govClick “Start A New FAFSA”