Transcript WELCOME [www.watertowncsd.org]

Financing a
College Education
Financial Aid Night
2014-15
After this program, you
will have learned about…

The types of aid available to students

How and when to apply for financial aid

How financial aid eligibility is calculated
Sources of Financial Aid
 Federal
Programs
 State Programs
 Institutional Programs
 Private Scholarships
General Financial Aid Requirements

Matriculated (admitted by Admissions)

U.S. citizen or eligible non-citizen

Selective service – Registration required

Social Security number
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Satisfactory Academic Progress

Drug-related convictions may cause
a student to lose financial aid
When do I apply for financial aid?
 Submit
the FAFSA form anytime after
January 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 informationjust have tax info. ready
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.gov and sign
(both student and parent) electronically using your
federal PIN (apply at www.pin.ed.gov)

*Please note* The PIN application process MAY
change in Spring 2015. Make sure to check the
PIN website for up-to-date information
PIN Registration

Web site: www.pin.ed.gov

Can get PIN before January 1st
(will need Name, SSN, DOB)

Not required, but speeds
processing (days vs. weeks)

Used by students and parents to sign FAFSA and
corrections, including subsequent school years

Students and parents can make their own PIN – and
they can be the same
FAFSA on the Web
 Web
site: www.fafsa.gov
 2015-2016 FAFSA on the Web available
on or after January 1, 2015
 FAFSA on the Web Worksheet:
 Available prior to January 1st
 Questions follow order of FAFSA on
the Web
FAFSA on the WEB
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. Less likely if use DRT
Almost Finished!
Sign electronically with PIN!
Don’t Forget To Apply For Tap!

If you apply for federal aid online, you will be able to
access the TAP application by selecting the appropriate
link on the FAFSA confirmation page
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.

Once the FAFSA is filed …
Financial Aid Application Process
File FAFSA by February 1st (Priority Deadline for some colleges)
Student Aid Report (SAR) sent to schools and students
Federal aid eligibility
(Grants, Loans, and
Work-Study)
State aid eligibility
(Grants and Scholarships)
Institutional aid eligibility
(Grants, Loans, and
Work-Study)
Types of Financial Aid
 Grants
– Gift Aid
 Scholarships – Gift Aid
 Work-Study
Positions – Self Help Aid
 Loans – Self Help Aid
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
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 Part-time TAP and ADA TAP
 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
Teacher Education Assistance for College and
Higher Education (TEACH) Grant
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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)
Federal Work-Study Program

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
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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
Educational Loans

Federal Direct Loans (U.S. Dept of Ed)
Subsidized Federal Stafford Loan
 Unsubsidized Federal Stafford Loan
Max 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!
Scholarships

Your school counselor’s office, web
page or newsletter

College(s) you are applying to

Newspaper

Local businesses and civic
organizations

Parents’ places of employment
Scholarships Con’t
Eligibility typically based upon student’s
profile:
 High
School Academic Record
 Standardized Test Scores
 School and Community Involvement
 Athletic Talents
Scholarship Search Sites
www.fastweb.com - FastWeb Scholarship
Search
 www.collegeboard.com - College Board’s
Scholarship Search
 www.petersons.com - The Education Supersite

Scholarship searches should be FREE!!!
How is financial aid eligibility
and need determined?
Cost of Attendance (COA)
minus
Expected Family Contribution (EFC)
equals
Financial Need
Cost of Attendance (COA)

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
Tuition and Fees
Books and Supplies
Room and Board Expenses (residence hall, with
parents, off-campus home or apartment)
Transportation Expenses
Personal Expenses
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).
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
Needs Analysis


Examples of How Need “Changes”
Colleges send Award Letters showing you how
the financial aid meets that need.
School
2 year
4 year Public
COA
-EFC
10,000
-9,000
Need
1,000
4 year
Private
16,000
51,000
-9,000
-9,000
7,000
42,000
Helpful Hints & Final Thoughts
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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
Useful Web Sites

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www.fafsa.gov - File and correct the FAFSA
electronically
www.pin.ed.gov - Apply for PIN (student and
parent) to sign applications 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
Need Help Applying??
SUNY FINANCIAL AID
DAY
th
28
Saturday, February
9:00 am – Noon
Call 786-2355 to Register
Questions?
Thank you
for attending !