Financial Aid Presentation Canisius High School Michele Rizzo Assistant Director of Student Financial Services Canisius College

Topics An Overview How to Apply FAFSA & Expected Family Contribution How Eligibility Is Determined Types of Financial Aid Award Notification

Section I How to 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) Electronic version of FAFSA FAFSA on the web at www.fafsa.gov NEW TIMETABLE 8

FAFSA – Getting the application started Create a Federal Student Aid ID (FSA ID) Available to create FSA ID (username/password) TODAY Students and parents should EACH create their own Federal Student Aid ID fsaid.ed.gov

Start with FAFSA.GOV The financial aid process begins with the FAFSA, which is accessed online at www.fafsa.gov. FAFSA stands for the FREE Application for Federal Student Aid. It is important to remind students that the application is free and they should go to the correct website to file it. Students searching for the FAFSA through Google or other search engines may be directed to a website called FAFSA.com, where they are charged a fee to complete their application. Students who are applying to college for the 2015-2016 academic year should complete the FAFSA as soon as possible after January 1, when the 2015-2016 application will be available. Students beginning college in the 2015-2016 academic year should make sure to use the 2015-2016 application not the 2014-2015 FAFSA application. 6 8

2017-18 FAFSA on the Web

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 submit FAFSA after OCTOBER 1st of Senior Year

FAFSA May be filed at any time during an academic year, but no earlier than the October 1st prior to the academic year for which the student requests aid For the 2017-18 academic year, the FAFSA may be filed beginning October 1, 2016 Most colleges set FAFSA filing deadlines

FAFSA on the Web (FOTW) Website: www.fafsa.gov 2017–18 FAFSA on the Web available on October 1, 2016 FAFSA on the Web Worksheet: Used as “pre-application” worksheet Questions follow order of FAFSA on the Web

IRS Data Retrieval Tool While completing FOTW, applicant may submit real- time request to IRS for tax data IRS will authenticate taxpayer’s identity If match found, IRS sends real-time results to applicant in new browser window Applicant chooses whether or not to transfer data to FOTW

FAFSA Confirmation Page State Aid Link Federal Aid Estimates When the FAFSA is submitted, the confirmation page is presented. If the applicant is a resident of New York State and listed at least one college located in New York State on the FAFSA application, the link to the HESC TAP application web portal highlighted in this screen shot will be present on the confirmation page. EFC

How to Apply for TAP Tuition Assistance Program Application TAP Application part of FAFSA on the Web. TAP is a College Specific Program. 1st New York University/College listed on FAFSA is the school of record www.hesc.ny.gov

NYS Aid Programs Tuition Assistance Program (TAP) Attending NYS College $5,165 to $500 2015 NYS Net Taxable Income* $80,000 NTI or less

Secondary Application Profile Profile - College Scholarship Service Used by approximately 240 College Total Electronic Application www.collegeboard.com Non-Federal Aid Application Fees: $25.00 for the 1st Profile Application $16.00 for everyone beyond the 1st

Secondary Application - College Forms Some Colleges May Have an Institutional Need Based Aid Application Or a Specific Scholarship Application Colleges will Distribute Their Own Forms

Forms to be Completed Complete & Submit Forms after 10/1/16 Suggested Timetable (2017-2018): Complete & Submit Forms after 10/1/16 College Receives Data 10/15/16 College Begin to Award Aid ???????? National Reply Date (Deposit) 5/01/17

The FAFSA Application & Expected Family Contribution Section II The FAFSA Application & Expected Family Contribution

Expected Family Contribution Parent contribution from total income from 2015 and current assets Student contribution from total income from 2015 and current assets Number in the Household Number attending College

Who Are Considered Parents on the FAFSA? Biological or adoptive parents (regardless of gender) Parents married and living with each other Parents unmarried and living with each other Parent widowed or single Parents divorced or separated - answer questions for parent with whom student lived more during past 12 months. If equal time between each parent, answer for the parent who provided more financial support during the past 12 months If custodial parent has remarried, answer about that parent and the person whom parent married (stepparent)

Who Are Not Considered Parents on the FAFSA? Foster parents Legal guardians who have not adopted the student Relatives, such as grandparents, who have not adopted the student Stepparents who have not adopted the student and the natural parent in the household is deceased. Must use remaining biological/adoptive parent, if any.

Frequent FAFSA Errors Social Security Numbers Divorced/remarried parental information Income earned by parents/stepparents Untaxed income U.S. income taxes paid Household size Number of household members in college Real estate and investment net worth

Special Circumstances Tips Cannot be documented using FAFSA Send written explanation and documentation to financial aid office at each college College will review and request additional information if necessary Decisions are final and cannot be appealed to U.S. Department of Education

Special Circumstances Issues Change in employment status Unusual medical expenses not covered by insurance Change in parent marital status Unusual dependent care expenses Student cannot obtain parental information

How is Eligibility Determined Section III How is Eligibility Determined

Definition of Need – Expected Family Contribution (EFC) Cost of Attendance (COA) – Expected Family Contribution (EFC) = Financial Need 4

Cost of Attendance Basic Components of the Cost of the Attendance Tuition and Fees Books & Supplies Room and Board Transportation Miscellaneous Personal Expenses

Example - Carlos

Section IV Types of Financial Aid

Federal Pell Grant Eligible students: Semi-Entitlement Program Undergraduates pursuing first baccalaureate Semi-Entitlement Program Portable Maximum award for 2017-18= $5,815 21

Federal Supplemental Opportunity Grant (SEOG) Eligible students: Undergraduates pursuing first baccalaureate Awarded first to students with “exceptional financial need” Priority to Federal Pell Grant recipients Annual award amounts: $100 minimum $4,000 maximum 23

Federal Work Study (FWS) Eligible students: Undergraduate, graduate students Employment may be on or off campus Eligible employers: College itself – majority of job placements Federal, state, or local public agencies Certain private nonprofit and for-profit organizations Schools must use portion of FWS funds for community service employment activities 24

Federal Work Study (FWS) Must be paid at a minimum monthly at least minimum wage Job Placements on Campus Does the college guarantee a job? Does the college require an interview process? 24

Federal Direct Stafford Loan Subsidized: Must demonstrate “need” Unsubsidized: Not based on “need” Base annual loan limits (combined subsidized and unsubsidized): $5,500 - 1st year ($3,500 Sub & $2,000 Un-sub) $6,500 - 2nd year ($4,500 Sub & $2,000 Un-sub) $7,500 for each remaining undergraduate year ($5,500 Sub & $2,000 Un-sub) $20,500 for each year of graduate/professional study 27

Federal Direct Stafford Loan Interest Rate is fixed at 3.76% Readjusted 7/1/17 Repayment begins after 6-month grace period During grace period student pay interest Maximum repayment period between 10 and 30 years depending on repayment plan chosen Deferment and cancellation provisions available

Federal Direct PLUS Loan Parent loan program for parents of dependent undergraduate students Annual loan limit: COA minus other aid Fixed Interest Rate – 6.31% 31

Institutional Financial Aid Scholarships from College Academic Merit Talent Based Merit Awards May Require Separate Scholarship Application Scholarship Letter should indicate: Terms for Renewal The Specific Amount Probation Opportunities

Institutional Financial Aid (Cont.) Grants from College Awarded Annually Award based on “Financial Need” Determine Renewability Athletic Grant-in-Aid Awarded on Athletic Ability Contact Coach at the College

Private Sources of Financial Aid Generally Awarded on an Annual Basis Sources of Scholarships Unlimited Scholarships Must be Incorporated into Award Package

Alternative Loan Financing Banks have created private education loans to supplement the federal loan programs Student is the borrower – does requiring a co-signer for the loan Loan amount is determined by the cost of attendance minus financial aid Interest rate varies between lenders May provide deferment provisions

Calculators When researching colleges and their financial aid programs, the Net Price Calculator is valuable tool that can help students and parents. All postsecondary institutions who participate in federal student aid programs are required to maintain one on their website. Net price calculators use applicant data and school specific information to generate estimates on an applicant’s future cost of attendance, average aid package (based on what families with similar demographics have received), out-of-pocket costs, average indebtedness, and average net price – which is the result of subtracting cost of attendance from grant aid. Net price calculators vary in format from school to school. Users are advised that results are estimates and averages to be used as a planning tool only. Schools cannot be held liable to meet the figures presented within the calculation.

Section V Award Notification

Award Notification Read Carefully, including the NYS Shopping Sheet Follow Instructions Respond on Time Be Sure to file Additional Forms Contact the Financial Aid Office with questions & concerns Make the Process a Family Affair

Good Luck!