First-Year Financial Aid What High School Students & Families Should Know Daniel O’Leary Senior Counselor Office of Student Financial Services Hofstra University Presentation courtesy of NASFAA, National Association of Student Financial Aid Administrators

Topics Financial Aid Sources and Programs Financial Aid Timeline- When to Apply What’s Changing Benefits to Students FAQs Getting Info & Help

What is Financial Aid? Financial Aid Federal Work-study Grants & Scholarships Loans

Financial Aid Sources May be awarded based on: Federal Government New York State Colleges – Institutional Aid Other Sources Businesses Foundations Churches Community Affiliates/Clubs Military May be awarded based on: Financial Need (Need-Based Aid) Academic Achievement (Merit-Based Aid) Athletic Ability or Activity/Talent Scholarship, Grant, or Loan Applications

Federal Financial Aid Programs FAFSA (Free Application for Federal Student Aid) www.fafsa.gov- File each year in order to be eligible Students can list up to 10 schools Awards are determined by each individual school and may vary between schools Eligibility may change from year to year Pell Grant Supplemental Educational Opportunity Grant Work-Study Perkins Loan Direct Stafford Loan (Student) Direct Parent PLUS Loan (Parents of Dependent Undergraduate Students) www.studentaid.ed.gov

Loans Federal Education Loans 2016-2017 Subsidized and Unsubsidized Stafford Loans Annual limit for Freshman =$5,500 gross * 3.76% interest rate, 1.068% loan fee Federal Parent Plus Loan (For Dependent Students) Annual limit = Student’s Cost of Attendance-Financial Aid * 6.31% interest rate, 4.272% loan fee Alternative/Personal Student Loans variable interest rates and terms/conditions *Note: Figures reflect 2016-2017 interest rates and origination fees. Each year’s rates become available by July 1

New York State Programs Apply through www.hesc.ny.gov Students & Parents must be NYS residents Must be enrolled at a NYS approved college Must meet other qualifications depending on award(s) Tuition Assistance Program (TAP) New York Achievement & Investment in Merit Scholarship STEM Incentive Program Math & Science Teaching Incentive Program the maximum TAP award is up to $5,165 per year. Qualifying for TAP and the exact amount awarded will depend on student and parent New York State taxable income. The NY-AIMS scholarship provides a $500 renewable award for study in New York State. Students can apply for this program if they meet two of the following criteria: -graduated from high school with a GPA of 3.3 or above -received a “with honors” designation on their NYS Regents diploma -received a score of 3 or higher on two or more Advanced Placement (AP) examinations -graduated within the top 15% of their high school class the NYS STEM Incentive Program that awards full in-state tuition scholarships to attend SUNY or CUNY colleges or universities. To qualify, applicants must be: graduating seniors that are ranked in top 10% of their high school class studying at a SUNY or CUNY college or university in an undergraduate program leading to a degree in Science, Technology, Engineering or Mathematics There is a service commitment in which a student must agree to work and reside in New York State for five years after completing their education and must work in an approved STEM field. Anyone who is interested in this program may apply online at hesc.ny.gov beginning in October of their senior year of high school.

CSS PROFILE by the College Board The PROFILE is an application used to award institutional funds (Not all colleges/universities participate) Information/Application is separate from the FAFSA Available after October 1- Deadlines are specified by participating colleges/programs. Suggested filing date is two weeks before the college’s deadline Cost= $25 for initial report, $16/each additional report Available at https://student.collegeboard.org/profile https://profileonline.collegeboard.org/prf/VignetteServlet/VignetteServlet.srv?relativePath=/profile/pdfs/1617_profile_regist_guide.pdf

Scholarship Search Sites Scholarships.com Finaid.org Fastweb.com Collegeboard.com *Note: Links are provided as a general information resource. The links provided are maintained by their respective organizations and they are solely responsible for their content. Hofstra does not favor one link over the other, nor does Hofstra endorse or profit, in whole or in part, from any products or services offered or promoted by any of the websites whose links appear.

What Do I Ask? Scholarships/Grants Application required or automatically awarded? Is the FAFSA or CSS Profile required? Application deadlines? Awarded by Admission, Financial Aid, Athletic department, Alumni office, major department? Renewable or one-time award? Any limits or renewal criteria? What happens if the student changes major? Opportunities as a continuing student?

Estimated Financial Aid Timeline Prior to filing the FAFSA (October 1) Student and one parent apply for FSA ID www.studentaid.gov/FSAID Parents can use their FSA ID for all children Begin outside scholarship searches and applications After October 1 File 2017-2018 FAFSA www.FAFSA.gov Preferred deadline is typically Feb. 1 or Feb 15, may be earlier depending on individual college Find out your Expected Family Contribution (EFC) File TAP application www.hesc.ny.gov Complete CSS/Financial Aid PROFILE by College Board Check with each school regarding PROFILE deadlines

www.FAFSA.gov

Estimated Financial Aid Timeline January-April Colleges/Universities begin to send out financial aid award packages detailing costs and eligibility *Traditionally begins in March, Schools will determine new timeframe individually Complete verification (if required) and other requested forms (proof of citizenship, selective service) May 1 Pay tuition/housing deposit(s), complete housing application, & accept/decline financial aid by May 1, the National Reply Date Complete loan applications & requirements after May 1 but 2-3 weeks before the bill is due

What’s Changing for 2017–18 Earlier FAFSA® Launch 2017–18 FAFSA available Oct. 1, 2016, at fafsa.gov Change to October 1 launch will be permanent Tax information from two years prior is required 2015 tax/income information required (Normally would have been 2016) FAFSA Year Tax Return 2015-2016 (entering Fall 2015) 2014 2016-2017 (entering Fall 2016) 2015 2017-2018 (entering Fall 2017) 2018-2019 (entering Fall 2018) 2016 2019-2020 (entering Fall 2019) 2017

Benefits to Students Benefit #1: Alignment Many college admissions application deadlines occur in the fall. Financial aid application done at same time = less confusion Benefit #2: Certainty Accurate tax info- No need to estimate before filing taxes IRS Data Retrieval Tool available immediately

FAQs About Timing & Reporting Info Will deadlines be earlier? Most state and school deadlines won’t change Note: several states will change from “as soon as possible after January 1” to “as soon as possible after October 1” (for their first-come, first-served state aid) State deadlines: fafsa.gov School deadlines: see schools’ websites

FAQs About Timing & Reporting Info Will 2016–17 FAFSA info be carried over to 2017-2018 FAFSA since the same tax year is used? No; each FAFSA is aid-year specific, regardless if the tax year is the same.

FAQs About Timing & Reporting Info Can a student choose to report 2016 information? No; you do not have a choice of which year to report Must report info re the year the FAFSA asks for Remember: Certain items on FAFSA are “as of today,” so you must read each question and fill out accordingly If questions are answered incorrectly, your FAFSA could be selected for Verification

FAQs About Timing & Reporting Info What if my family’s financial situation changed? Speak with the colleges you are accepted to and add on your FAFSA. Each school may handle these situations differently

Financial Aid Tips Apply early! Update the FAFSA to make sure all of your colleges are listed Respond quickly to all verification, document requests Financial aid offices are the best places to get questions answered such as other financing options (payment plans, 529 college savings plans), and for time-sensitive deadlines! Use the Net Price Calculator offered by each school to help estimate costs In addition to online scholarship searches Check local library, employer or union Check with HS Guidance Office Avoid scholarship scams Unnecessary fees, ID theft www.studentaid.ed.gov/types/scams

Questions? Where to Get Help FAFSA www.fafsa.gov (help screens; online chat) 1-800-4-FED-AID NYS Aid www.hesc.ny.gov 1-888-NYSHESC Federal Aid www.studentaid.gov CSS Profile www.CollegeBoard.com General info www.finaid.org *Note: Links are provided as a general information resource. The links provided are maintained by their respective organizations and they are solely responsible for their content. Hofstra does not favor one link over the other, nor does Hofstra endorse or profit, in whole or in part, from any products or services offered or promoted by any of the websites whose links appear.