Financial Aid Presentation October 2016 Financial Aid Presentation

What is Financial Aid ? Financial aid consists of funds provided to students and families to help pay for postsecondary educational expenses

What is the Cost of Attendance Direct Costs Indirect Costs Direct and indirect Costs Equal Cost of Attendance Varies widely from College to College

What is Expected Family Contribution (EFC)? Amount family can reasonable be expected to contribute for educational costs for one year. Stays the same regardless of college Two components: Parent and Student Contribution Calculated using data from the FAFSA applied to a federal formula

What is Financial Need? Cost of Attendance – Expected Family Contribution = Financial Need

Types of Financial Aid Gift Aid Self-Help Aid Scholarships Grants Loans Employment

Scholarships and Grants Money that does not need to be paid back Scholarships not based on financial need but awarded based on merit, skill, or unique characteristic. Grants usually awarded on the basis of financial need

LOANS Money students and parents borrow to help pay college expenses Repayment usually begins after education is finished Only borrow what is really needed Look at loans as an investment in the future

Work-Study Employment Allows student to earn money to help pay for educational costs Student may opt whether or not to work or number of hours to work Not usually a guaranteed at most campus Will not have these resources at the beginning of school

Federal Student Aid Programs Federal Pell Grant Federal Perkins Loan Iraq and Afghanistan Service Grant Federal Work Study Teacher Education Assistance for College and Higher Education (TEACH) Grant Subsidized and Unsubsidized Federal Direct Student Loans Federal Supplemental Educational Opportunity Program (SEOG) PLUS Loans

State Financial Aid Programs Residency requirements Award aid on the basis of both merit and need Use information from the FAFSA and/or state aid applications Deadlines

NYS STEM SCHOLARSHIPS Science Technology Engineering Mathematics

Stem Scholarships Eligibility NYS resident and citizen/eligible non-citizen Enrolled FT at SUNY or CUNY college following high school graduation Be ranked in the 10% of high school graduating class of a NYS high school Be matriculated in a degree program in the fields mentioned Earn a cum. GPA of 2.5 or higher each term after 1st semester

Stem Scholarships Eligibility (contd) Not be in default on a student loan Execute a service contract agreeing to reside and work in NYS for five years in an approved occupation. Failure to comply will result in the conversion of your grant award to a student loan which must be repaid with interest within 10 years.

Stem Scholarship Award Amount of tuition charged at the SUNY or CUNY college attending Award will be reduced by other tuition assistance awards, such as TAP Duration = 4 yr or if enrolled in 5 yr approved program, can receive 5 yrs Apply = For 2016-2017 available Jan 1, 2016

Colleges and Universities Award aid on the basis of both merit and need Use information from the FAFSA and/or institutional applications (Profile) Deadlines and applications vary by institution

Private Resources Foundations, business, charitable organizations, churches Deadlines and application procedures vary widely Begin researching early!!

What are the steps to receive financial aid? Obtain a Federal Student Aid Username and Password at www.fsaid.ed.gov Used on many financial aid web sites. Complete the FAFSA www.fafsa.ed.gov Complete the NYS TAP application at www.hesc.org and state merit applications Complete outside scholarship applications

Steps to complete the aid process Submit any necessary documentation to the school Receive your financial aid package from the college Accept or decline all or parts of your financial aid If borrowing, complete Entrance Counseling and the Direct Loan Promissory Note

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

FAFSA Home Page 2017-18 FAFSA on the Web home page (www.fafsa.gov).

Login (continued) 2017-18 “Login” page.

My FAFSA 2017-18 “Get Started” page. This page was revised to provide clarification on which school year the applicant should apply for based on the school year they are planning to attend college. The applicant can view the status of his/her FSA ID in the FSA ID section of the My FAFSA page.

Good Reasons to File Electronically Built-in edits to prevent costly errors Skip-logic allows students and parents to skip unnecessary questions Option to use Internal Revenue Service (IRS) Data Retrieval Tool to import tax data to federal application Timely submission Ability to check status and make corrections

IRS Data Retrieval Tool IRS will authenticate taxpayer’s identity If match found, IRS send real time results to applicant in new browser window Applicant chooses whether or not to transfer data to FAFSA Available early February Reduces documents requested by financial aid office

IRS Data Retrieval Tool Some unable to use IRS DRT Examples include: Filed an amended tax return No Social Security Number was entered Student or parent married but files separately

General Student Information Social Security Number Citizenship Status Marital Status Drug Convictions Selective Service Registration Level of Parent(s) School Completion

Dependency Status All students born after January 1, 1994 are considered dependent student. Series of questions to determine if student is dependent o independent. Parents unwillingness or inability to pay does not make a student independent

Tax and Asset Information IRS Tax information based on calendar year 2015. Receipt of federal means-tested benefits Assets Untaxed income

FAFSA FILING DAYS AUBURN CAMPUS Saturday, November 12, 2016

Questions?