FINANCIAL AID 101 David Boughton Assistant Director of Financial Aid Siena College Warrensburg High School January 8, 2013

How and When to Apply Complete the FAFSA Forms are available at: IRS Data Retrieval Tool *Recommendfiling by February 15

Other Applications CSS Profile Form Various deadlines More information Fees School applications

Completing the FAFSA “You” Means the Student Parent Questions for Dependent Students –If married/remarried, answer questions on both parents –If divorced or separated, answer questions about the parent the student lived with more during the past 12 months Sign Electronically with 2 PIN Numbers IRS Data Retrieval

Expected Family Contribution Parent AND Student: 5 Main Elements  Income  Assets  Taxes Paid  Family size  Number in college

The Big Question: How is financial aid eligibility determined? Estimated Cost of Attendance Expected Family Contribution (FAFSA) Financial “Need”

$43,000 - Cost EFC $20,000 Grants & Scholarships $15,000 Student Loans $ 5,500 Remainder$2,500 The Bucket

Institutional Programs Merit Scholarships Need Based Grants and Scholarships Endowed Scholarships Athletic Scholarships

Federal Programs Entitlement Programs - Pell Grant Campus Based Programs – SEOG – Federal College Work Study – Federal Perkins Loan

Federal Loan Programs Federal Stafford Loans (Student is borrower) Freshman$ 5,500 Sophomore$ 6,500 Junior & Senior$ 7,500 Federal Parent Loans (PLUS) (Parent is borrower) Cannot have an adverse credit history Can borrow up to cost of attendance less all other financial aid

NY State Programs –Tuition Assistance Program (TAP) –Higher Education Opportunity Program (HEOP) –Veteran Scholarships

Comparing Cost Do the Research! 4 year Graduation Rates Freshmen Retention Rates Percent of Students Receiving Aid Net Price Calculators: College Websites Review package Grants and Scholarships Loans Work Study Terms and Conditions

Financing Options Monthly Payment Plans Private Education Loans 529 Savings Plans Home Equity

Special circumstances… Communication is key Notify school in writing Provide detailed documentation Follow up with the school Most schools will help!

Check the Web! The SmartStudent Guide to Financial Aid FastWeb Scholarship Search NYS Higher Education Services Corporation

Questions? Siena College 515 Loudon Road Loudonville, New York (518) (518) (fax) ( )