Michele A. Rizzo Asst. Dir. of Student Financial Aid Canisius College The Application Process Michele A. Rizzo Asst. Dir. of Student Financial Aid Canisius College

Agenda An Overview Who is eligible? Who completes the forms? How do I apply? When do I apply? How do I apply for other financing? What is FAFSA4caster?

An Overview Who is eligible? General Eligibility for Federal Aid Matriculation toward a degree U.S. Citizenship or eligible non-citizen Registration with Selective Service (males ages 18 – 25) No drug related convictions

Who completes the forms? An Overview The Federal government believes that it is the parents’ and student’s responsibility to pay for college. THEREFORE: Parents’ and student information is required For divorce or separation situations, the parent with whom the student resides completes the forms For joint custody situations, the parent who provides the most support completes the form

A student is considered to be Independent by the Federal Government for 08-09 if : They were born before Jan 1, 1985. At the beginning of the 08-09 school year they will be working on a Master’s or Doctorate program. Married as of the date of application. Have legal dependents/children who receive more than ½ of their support from them. Both parents are deceased, or are a ward/dependent of the court (until 18) A veteran of the U.S. Armed Forces

How do I 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) Paper versions of FAFSA Electronic version of FAFSA FAFSA on the Web at www.fafsa.ed.gov Paper vs. Electronic Processing 8

FAFSA on the Web www.fafsa.ed.gov Apply Reapply English and Spanish options Access PIN Web site Check status of application View SAR information Make corrections

To Register for a PIN: www.pin.ed.gov

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 mail FAFSA after January 1st

How to Apply for TAP Tuition Assistance Program Application TAP Application part of FAFSA on the Web. Link to Express TAP Application - on “Confirmation Page” look for red heading “New York Residents Only”. If link is missed, a reminder will be sent. TAP is a College Specific Program. 1st New York University/College listed on FAFSA is the school of record

Secondary Application - Profile Profile - College Scholarship Service Used by approximately 240 College Total Electronic Application www.collegeboard.com Non-Federal Aid Application Fees: $ 5.00 - Registration Fee $18.00 - Per Each College

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

When do I apply? Suggested Timetable (2008-2009): Complete & Submit Forms 2/15/08 College Receives Data 3/1/08 College Begin to Award Aid 3/15/08 National Reply Date (Deposit) 5/1/08

How do I apply for other financing?

Other Financing may include: Federal PLUS Loans Alternative Loans College Payment Plans College Savings Plans (529 plans) Home Equity Loans

Some financing options require a credit verification Some financing options require a credit verification. These can expire in 60-90 days from application. Families should time their applications accordingly. College Financial Aid Offices may have a specific timeframe for submission of such applications.

Application processes vary. There are many financing options. Families should research before selecting an option or lender.

What is FAFSA4caster? Developed to – Foster early awareness of financial aid and the application process and form. Serve as an early analysis tool of college affordability. Reduce the time required to submit the "official" financial aid application in the student's senior year of high school.

Features of FAFSA4caster? FAFSA4caster will – Instantly calculate an estimate of eligibility for federal student aid. Generate a Renewal FAFSA. Automatically generate a Federal Student Aid PIN to use to sign your FAFSA. The benefits of using FAFSA4caster go beyond early estimates. A Renewal FAFSA will be waiting when you log on to FAFSA on the Web and officially apply for federal student aid, pre-filled with much of the information that you provided while using FAFSA4caster. Other benefits include – An opportunity to become familiar with the student aid lifecycle and the defined roles for all of the financial aid players – students and families, schools, banks and lenders. Information about the matches we conduct with certain federal agencies, allowing you an opportunity to resolve issues prior to applying for federal student aid. Automatic generation and e-mail of a Federal Student Aid PIN in time for use on FAFSA on the Web. A streamlined and intuitive process - built in logic that will serve up questions based on responses to earlier questions and tailored to your circumstances. FAFSA4caster contains only the data elements required to determine federal eligibility. It's Quick! – it will take approximately 20-25 minutes to complete, resulting in a "real-time" estimated EFC.

FAFSA4caster www.FAFSA4caster.ed.gov

Login page that appears after you select “Begin Now” from the Home Page

When you have answered all the questions and reviewed you answers, you will be able to submit your FAFSA4caster and see your results.

Results page. Explain results, explain EFC amount is the calculation, etc.

Encourage parent and students to FILE EARLY! FAFSA can be filed before taxes are completed. DON’T WAIT, ESTIMATE! Advise parents and students to AVOID using websites, consultants, planners or services that charge money to apply for financial aid. Remember that FAFSA4caster is ONLY an estimator. Each school will calculate aid differently.

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