Transcript Financial Aid 201 The Application Process Michele A. Rizzo Asst. Dir. of Student Financial Aid Canisius College.

Financial Aid 201
The Application Process
Michele A. Rizzo
Asst. Dir. of Student Financial Aid
Canisius College
An Agenda
Overview
 Who
is eligible?
 Who completes the forms?
 How do I apply?
 When do I apply?
 How do I apply for other financing?
 What is FAFSA4caster?
Who
is eligible?
An
Overview
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
Who completes
the forms?
An Overview
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
A student is considered to be Independent
by the Federal Government for 08-09 if :






They were born before Jan 1, 1985.
At the beginning of the 08-09 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
How do I apply?
Free Application for Federal
Student 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
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
To Register for a PIN:
www.pin.ed.gov
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
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
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

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
When do I apply?

Suggested Timetable (2008-2009):
Complete
& Submit Forms
College Receives Data
College Begin to Award Aid
National Reply Date (Deposit)
2/15/08
3/1/08
3/15/08
5/1/08
How do I apply for other
financing?
Other Financing may include:





Federal PLUS Loans
Alternative Loans
College Payment Plans
College Savings Plans (529 plans)
Home Equity Loans

Some financing options require a
credit verification. These can
expire in 60-90 days from
application. Families should time
their applications accordingly.
 College
Financial Aid Offices may
have a specific timeframe for
submission of such applications.

Application processes vary.
 There
are many financing
options. Families should research
before selecting an option or
lender.
What is FAFSA4caster?
Developed to –



Foster early awareness of financial aid
and the application process and form.
Serve as an early analysis tool of college
affordability.
Reduce the time required to submit the
"official" financial aid application in
the student's senior year of high school.
Features of FAFSA4caster?
FAFSA4caster will –



Instantly calculate an estimate of
eligibility for federal student aid.
Generate a Renewal FAFSA.
Automatically generate a Federal
Student Aid PIN to use to sign
your FAFSA.
FAFSA4caster
www.FAFSA4caster.ed.gov
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.
 Remember that FAFSA4caster is ONLY an
estimator. Each school will calculate aid
differently.

Have a Nice Day
Break