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Financial Aid Discussion

Financial Aid Discussion. December 13, 2012. Discussion Topics. Forms and Deadlines Net Price Calculator IRS Data Retrieval Expected Family Contribution (EFC) Financial Need Aid Types Award Notification Special Circumstances Outside Resources Questions. Forms.

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Financial Aid Discussion

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  1. Financial Aid Discussion December 13, 2012

  2. Discussion Topics • Forms and Deadlines • Net Price Calculator • IRS Data Retrieval • Expected Family Contribution (EFC) • Financial Need • Aid Types • Award Notification • Special Circumstances • Outside Resources • Questions

  3. Forms Multiple forms needed to apply for financial aid • FAFSA (Free Application for Federal Student Aid); All schools require this form • CSS PROFILE required by most private schools • NYS TAP Application required to apply for state grant assistance

  4. Deadlines Meet all deadlines for financial aid as they vary from school to school. Regular Decision deadlines may be as early as February 1, 2013 Early Decision deadlines may be as early as November 1, 2012 Early Action deadlines may be as early as December 1, 2012

  5. CSS PROFILE • www.collegeboard.com • $9 application fee and $16 charge for each school listed • Used by most private colleges to award institutional funds • Approximately 300 questions • Must be filed electronically

  6. FAFSA-Free Application for Federal Student Aid • www.fafsa.gov • No application fee • Required by all institutions for federal aid eligibility • Should file electronically • Required for Federal PLUS loan

  7. NYS TAP Application • NYS TAP Application (NYS residents only) • https://www.tapweb.org/totw/

  8. Filing Tips • Use estimated 2012 tax information; aid packages are only as good as your estimate • Meet the deadlines. Do not wait for your student to be admitted as you may miss a deadline • Use exact spelling of name on social security card and correct social security number

  9. Filing Tips • Both parent and student will need a pin to electronically sign the application • Apply for the FAFSA pin prior to starting the application • www.pin.ed.gov

  10. IRS Data Retrieval • New requirements for financial aid offices began in 2012-2013 • Available in early February 2013 after many aid filing deadlines • Use estimated information and then two weeks after you complete your tax return you will be able to go back into your FAFSA and select IRS Data Retrieval

  11. IRS Data Retrieval • Federal tax returns no longer acceptable documentation • If families choose not to use IRS Data Retrieval process, schools will require each family to request and submit official IRS tax transcripts

  12. IRS Data Retrieval Unable to use IRS Data Retrieval if you meet the following criteria and will need to submit a Tax Return Transcript. • You file with a tax status of married filing separately • You indicate you will not file a tax return • You file an amended tax return • You file a Puerto Rican or foreign tax return • Parent(s) report all zeros for ssn • Student uses an 888 identifier for ssn • Marital status has changed

  13. Net Price Calculator • Mandated by the Department of Education • All schools must have on their website as of October 29, 2011 • Accuracy? • Estimated information only • Does not guarantee admission

  14. What is the EFC? • EFC = Expected Family Contribution • Amount family can be expected to contribute (discretionary income, borrowing ability, assets)

  15. What is the EFC? • Two components • Parent contribution • Student contribution • Calculated using data from both the PROFILE and FAFSA • EFC calculation may differ from school to school

  16. Financial Need Cost of Attendance Minus Expected Family Contribution Equals Financial Need

  17. Financial Need: An Example Tuition 37,000 Room/Board 13,400 Estimated Books 1,405 Estimated Personal Expenses 1,762 Direct Loan Fee 40 Cost of Attendance 53,607 Minus EFC 20,000 Equals Financial Need 33,607

  18. Types of Financial Aid- Scholarships • Scholarships typically not based on financial need • Academic or talent components • Require full time enrollment and cumulative GPA for renewal • Do not need to be repaid

  19. Types of Financial Aid- Grants • Grants – federal, state, institutional aid based on financial need and are not repaid • Federal Pell Grants, Federal SEOG (EFC < 4995) • NYS TAP Grants (Delaware, Rhode Island, Vermont) NYS TAP Grant looking for net NYS Taxable income < $80,000

  20. Types of Financial Aid- Grants • Institutional Grants—normally limited options at public institutions. Privates will have more resources • Awards may change from year to year if financial need changes

  21. Types of Financial Aid - Loans • Loans – federal and private loans. Some require financial need and are repaid with interest • Federal Direct Subsidized and Unsubsidized Loans • Subsidized is need based and interest does not accrue while the student attends at least half time. Current interest rate is 3.4% • Unsubsidized is not based on need and interest does accrue immediately. Current interest rate is 6.8%

  22. Types of Financial Aid - Loans • Federal Perkins Loan • Subsidized and based on financial need with a 5% fixed interest rate • Federal Direct PLUS Loan • Federal loan program to help parents meet their EFC. Maximum eligibility is cost of attendance minus aid. Current interest rate is fixed at 7.9%

  23. Types of Financial Aid - Loans • Private, Alternative Loans • Loan programs that allow students to meet their educational costs • Require a cosigner and the student must be 18 • Interest rates are variable and usually with an index • Maximum eligibility is cost of attendance minus aid

  24. Types of Financial Aid - Employment • Employment Opportunities • Federal Work Study based on financial need • Schools may have their own work program • Students normally work 8-10 hours a week and are paid directly for any hours worked

  25. Award Notification • Financial aid packages are released once all forms have been submitted and the student has been accepted for admission • Single release date • Rolling release

  26. Special Circumstances Circumstances we are able to consider: • Business Failure/Long term loss of employment • Medical expenses not covered by insurance

  27. Special Circumstances Circumstances we are unable to consider: • Consumer debt • Inability to liquidate assets • Cash flow problems Include details of your special situation on the PROFILE in the text box provided; If PROFILE is not required check with the Office of Financial Aid for their specific form.

  28. Outside Scholarships • Explore outside agencies and local organization for awards • Check with your employer • www.fastweb.com

  29. Questions ?

  30. Contact Information Barbie Bargher Assistant Director Student Financial Services Ithaca College bbargher@ithaca.edu 800.429.4275 (phone) 607.274.1895 (fax) www.ithaca.edu/finaid sfs@ithaca.edu

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