Alden HS Financial Aid Presentation ALDEN HIGH SCHOOL FINANCIAL AID NIGHT Alden HS Financial Aid Presentation Daniel M. Tramuta Associate Vice President for Enrollment Services New York State Financial Aid Administrators Association (NYSFAAA) - Past President Eastern Association of State Financial Aid Administrators (EASFAA) - State Rep State University of New York at Fredonia tramuta@fredonia.edu 716.673.3253

Overview of Higher Education Landscape Challenges & Opportunities ALDEN HIGH SCHOOL FINANCIAL AID NIGHT Overview of Higher Education Landscape Challenges & Opportunities Demographics Decline in HS Graduates out to 2022 Selectivity Matrix Program Demand Retention Merit-Based Arms Race Scholarship – increased tuition discounting to find price point Cost & Affordability Debt at Graduation Return on Investment New Academic Programs Growth in STEM Programs http://www.fredonia.edu/finaid/stem.asp

Projected change in the number of high school graduates 2010 to 2019 ALDEN HIGH SCHOOL FINANCIAL AID NIGHT Projected change in the number of high school graduates 2010 to 2019

Factors Most Noted in Choosing & Staying at a College ALDEN HIGH SCHOOL FINANCIAL AID NIGHT Factors Most Noted in Choosing & Staying at a College Majors & Career Programs Offered Cost/Affordability Location/Campus Characteristics/Faith Support Campus Size/Safety Characteristics of Enrolled Students Selectivity

2014 Undergraduate Degree Demand – ACT Test Takers ALDEN HIGH SCHOOL FINANCIAL AID NIGHT 2014 Undergraduate Degree Demand – ACT Test Takers

The Financial Aid Funnel - How & When to Apply? ALDEN HIGH SCHOOL FINANCIAL AID NIGHT The Financial Aid Funnel - How & When to Apply? Apply for Admission (Fall of Senior Year) Collect documents Create a FSA ID & Password at https://fsaid.ed.gov Fill out the 2016-17 FAFSA on the Web Worksheet (Do Not Mail this Worksheet) (Dec.) Complete FAFSA online at www.fafsa.gov in January 2016 (Estimate the information) Print the confirmation page Use the corresponding state scholarship link on the FAFSA Confirmation Page to apply for TAP Keep records

Create a FSA ID & Password Prior to Completing the FAFSA ALDEN HIGH SCHOOL FINANCIAL AID NIGHT

ALDEN HIGH SCHOOL FINANCIAL AID NIGHT Should I pay someone to help me find or apply for student financial aid? FREE help is available Make sure you are not paying for free information Know what you are getting for your money Need more info: 1-800-4FEDAID

What Makes up a Financial Aid Package? ALDEN HIGH SCHOOL FINANCIAL AID NIGHT What Makes up a Financial Aid Package?

Sources of Financial Assistance ALDEN HIGH SCHOOL FINANCIAL AID NIGHT Sources of Financial Assistance

ALDEN HIGH SCHOOL FINANCIAL AID NIGHT Federal & State Grants Grant Programs PELL Grant Must have a FAFSA calculated EFC between $0 – $5,199 Max. Award: $5,775 T NYS TAP Grant TAP Grant Based on NYS net taxable income NY Net Income ceiling is $80,000 Max. Award: $5,165

ALDEN HIGH SCHOOL FINANCIAL AID NIGHT Federal Work Study Federal Work Study Based on financial need Earnings based on NYS minimum wage scale Traditionally on-campus employment Usually 6 to 10 hours per week

ALDEN HIGH SCHOOL FINANCIAL AID NIGHT Federal Stafford Loan Subsidized 4.29% Capped at 8.25% Based on need Federal government pays interest while student is in school $3,500 for freshmen Maximum Direct Loans for freshmen: $5,500 Unsubsidized 4.29% Capped at 8.25% Not based on financial need

ALDEN HIGH SCHOOL FINANCIAL AID NIGHT FASTWEB.COM ALDEN HIGH SCHOOL FINANCIAL AID NIGHT Fastweb recently matched you to these new scholarships! Apply today, so you don't miss out! That was easy–you didn't even have to search! Check out your new scholarships: Kelly Tanabella Music Theatre Scholarship (Amount: $4,000) Log in to see the rest of your personalized scholarship matches: What do I do now? You're never going to win scholarships if you don't apply. Simply choose one of the scholarships on your matches list, read through the detailed info and click on the scholarship provider's website to find out how to apply. Why was I matched to these scholarships? We matched you to these scholarships because of the info you have in your profile. If these scholarships aren't what you had in mind, you have the power to make them better. Update your profile by filling out as much as possible and keep your info current. That way, we'll find better, more personalized scholarship matches for you.

Appeals Based on Unusual Circumstances ALDEN HIGH SCHOOL FINANCIAL AID NIGHT Appeals Based on Unusual Circumstances Loss of Income, e.g. in academic year 2015-16, loss of Income in 2015 vs 2014 Medical/Dental expenses NOT PAID by insurance Death, separation, divorce...... 1-Time Fluctuation in Income Elementary/Secondary Private School Tuition Expenses Follow the procedures of the Financial Aid Office where student is attending.

Using Prior-Prior Year Tax Income Data on the 2017-18 FAFSA ALDEN HIGH SCHOOL FINANCIAL AID NIGHT Using Prior-Prior Year Tax Income Data on the 2017-18 FAFSA The Free Application for Federal Student Aid (FAFSA) becomes available every January 1, and currently requires a family's tax information from one year prior. Families are encouraged to file the FAFSA as soon as possible to maximize their odds of receiving financial aid. But with tax deadlines months later, most have to estimate their tax information on aid applications and make corrections later. In the worst case scenario, some families miss out on financial aid funds that are disbursed on a first-come basis. Education Secretary Arne Duncan enacted a change this past Sunday that would fix this widespread issue. By using income from two years ago, otherwise known as prior-prior year (PPY) tax income data, families could file the FAFSA with tax information they already have, making the process quicker and easier. By taking advantage of the existing ability to import tax information directly from the IRS onto the FAFSA form, families will spend less time gathering paperwork and would make far fewer errors. The use of prior-prior year income also presents an opportunity to align admissions and financial aid decisions and give millions of families more time to plan for actual college costs, rather than sticker prices or projections. Low-income families experience very little income fluctuation from year to year and most would not see a significant change in their eligibility for a Pell Grant with a switch to prior-prior year income. Prior-prior year income is the closest thing we have to a "silver bullet" for an industry in search of meaningful solutions. With earlier aid awards, financial aid administrators would have more time to help families evaluate their options and make informed financial decisions.

Using Prior-Prior Year Tax Income Data on the 2017-18 FAFSA ALDEN HIGH SCHOOL FINANCIAL AID NIGHT With the switch to PPY, students and families will be able to: File the FAFSA earlier. As you know, the FAFSA is made available January 1 of each calendar year, yet it is uncommon for a family or individual to be prepared to file an income tax return in the month of January. Under the new PPY system, the 2017-18 FAFSA will be available in October 2016, rather than January 1, 2017, and students can use the PPY’s completed income tax return. More easily submit a FAFSA. The IRS Data Retrieval Tool (DRT), which allows automatic population of a student’s FAFSA with tax return data and decreases the need for additional documentation, can be used by millions more students and families under PPY, since tax data from two-years prior would be readily available upon application. Receive earlier notification of financial aid packages. If students apply for aid earlier, colleges can in turn provide financial aid notifications to students earlier, ensuring that students and families have more time to prepare for college costs. Notifying students earlier of their financial aid packages will also leave more time for one-on-one counseling with students and families.  * Next year’s (2016-17) aid applicants will be using the same prior year federal income (2015) for two consecutive years

Using Prior-Prior Year Tax Income Data on the 2017-18 FAFSA ALDEN HIGH SCHOOL FINANCIAL AID NIGHT Using Prior-Prior Year Tax Income Data on the 2017-18 FAFSA ​ ---------- Forwarded message ---------- From: Common App Member Support <caohelp@commonapp.net> Date: Thu, Dec 3, 2015 at 5:38 PM Subject: Ticket #33012-30016: Re: Enhance the Applicant Experience To: "daniel.tramuta@fredonia.edu" daniel.tramuta@fredonia.edu That is correct! Juniors can create a Common App and their information will be carried over till next year. ------------Original Message-------------- From: Dan Tramuta (daniel.tramuta@fredonia.edu) Received on: 12/03/2015 05:22 PM EST Subject: Re: Enhance the Applicant Experience Good evening, I have been traveling the state speaking to high school juniors and school counselors about Prior-Prior Year kicking in with the 1718 FAFSA which means they can start completing their FAFSA on October 1st (instead of January 1st) of their senior year. I read in a blog that juniors can start their Common App now and roll it over to their senior year, is this true? Daniel M. Tramuta Associate Vice President for Enrollment Services

SUNY Statewide Student Financial Aid Days ALDEN HIGH SCHOOL FINANCIAL AID NIGHT Saturday, January 16, 2016 Saturday, February 20, 2016 Ask questions about the financial aid application(s), types of aid available and the actual awarding process Most campuses will offer web access and personal assistance to complete FAFSA’s online Register at www.suny.edu/student in early December 2015

ALDEN HIGH SCHOOL FINANCIAL AID NIGHT Questions?