FINANCIAL AID - 101 Gordon Rowe St. Joseph’s College

Need Varies Based on Cost, Aid Varies based on Need Visit the various colleges and surf their web sites to obtain their published costs. Fill out the FAFSA (Free Application for Federal Student Aid) and any other application required by the college. Compare net costs to see which College is giving you the best value financially. High High Mid Mid Gift Aid Lower Lower EFC EFC 5

What are the different types of resources available to meet educational costs? Free Aid Scholarships Grants Self Help Federal Loans Employment Opportunities Alternative Loans Payment options

Scholarships Scholarships are awarded based on: Academic Merit (GPA, rank, SAT/ACT test scores) Talent (Art, Music, Performing Arts, etc) Athletic Ability. Research each college for their specific scholarship criteria and application procedures. Free scholarship web search @ Fastweb.com and Collegeboard.org.

Grants Federal - Pell Grant Awards range from $200- $5,815 Based on Expected Family Contribution (EFC) from FAFSA Supplemental Educational Opportunity Grant (SEOG) Awarded to student’s with the highest need Awards range from $500-$4,000 State – Tuition Assistance Program (TAP) Awards range from $500- $5,165 Based on family’s NYS Net Taxable Income (under $80,000) Income limits increase if more than 1 in college full time Web site: www.hesc.ny.gov NYS Merit Scholarships Awards from $490 - $1,500 per year Excelsior Scholarship/ Enhanced Tuition Award

Loans Subsidized Stafford Loan- Fixed rate loan (at 4.45%) awarded based on financial need. Unsubsidized Stafford Loan- Fixed rate loan (at 4.45%). This loan is NOT based on financial need. Freshman (0-29 cr.) $3,500 sub. $2,000 unsub. Sophomore(30-59 cr.) $4,500 sub. $2,000 unsub. Junior/Senior (60+ cr.) $5,500 sub. $2,000 unsub.

Parent Loan (PLUS) Employment Parent Loan to Undergraduate Students- Credit worthy parents can borrow up to the cost of education minus financial aid. Credit worthiness is determined by the DOE. Current rate: 7% If parent doesn’t meet lender’s credit requirement, student becomes eligible for additional Unsubsidized Stafford Loan money. Employment Federal College Work Study Program- Awarded to students based on financial need. Students are given the opportunity to work on campus and receive a pay check. Institutional Work Study Program- Students who don’t qualify federally, may still be able to apply for a work study position

WATCH OUT!!!! Scholarship Scams and Identity Theft Alternative Loans Competitive loans offered by lenders to credit worthy borrowers. Rates are currently about 4.25% (prime rate) but vary by lender. Credit worthiness of borrower impacts rate offered by lender. Student may require a co-signer. WATCH OUT!!!! Scholarship Scams and Identity Theft BE CAREFUL of “Financial Aid Consultants”, Free Seminars, and exaggerated claims!!!! Most of the information needed is readily available at no cost.

Completing the 2018-2019 FAFSA Steps to apply Apply after Oct 1 online at www.fafsa.ed.gov Get a FSA ID- fsaid.ed.gov Allows you to sign the FAFSA electronically One parent and the student need a FSA User ID It’s fast and secure

Getting Ready Gather records you will need Students’ Drivers License and Social Security Card Parents’ Social Security Card W-2 forms and other records of money earned in 2016 2016 Federal Income Tax Returns and applicable schedules (IRS retrieval function- imports figures directly from the IRS’ records.) Records of Untaxed Income Current Bank Statements Business and Farm Records Records of Stocks, Bonds and Other Investments Here is a list of records you may need to assist you in completing the FAFSA. Filling out the form will be a little less painful if you gather these records prior to putting pen to form. Student’s driver’s license and Social Security card W-2 forms and other records of any money earned in 2000 2000 federal income tax returns Records of untaxed income Current bank statements Business and farm records, and Records of any stocks, bonds and other investments

Students’ name and date of birth State of Residence Student Info Needed Students’ name and date of birth Info is cross referenced to Homeland Security and Social Security is used to confirm accuracy State of Residence Important- If you are a NYS resident you may be eligible for TAP Citizenship Student’s Marital Status Selective Service Registration Grade Level?- freshman, sophomore etc.. Already have BA degree? Convicted of Selling Illegal Drugs?

Schools to Receive the FAFSA List up to ten schools to which the student is applying. The 1st school listed will be Tap's school of record. (ex. St. Joseph’s College is E00505) For each school, select the housing plan that best describes the type of housing you expect to live in.

Student Dependency Status To determine if student is ‘independent’ student must be: Jan. 1st , 1995 Married Supporting children/dependents A Graduate Student A Veteran A Ward of Court or Orphan Parents information must be reported if not ‘independent’

Parent Finances Do not include legal guardians or foster parents! Married or living together – Both parents are living and married or unmarried but living together answer questions about them. Divorced or separated – Use information about the Custodial parent (parent you lived with most in the past 12 months.) Remarried parent as of the date you complete form, answer for parent and their new spouse. Widowed or single – answer questions about the surviving parent.

Family Members Attending College Parent Information Parent’s SSN, Date of Birth, and Name Parent’s state of residence- for TAP grant Parents Household Size –Include: student and parents Siblings if they do not meet the independency requirements or if parents provide more than ½ support. other people (3rd party dependents), if they live with parents, and if parents provide more than half their support annually. (i.e. Grandparent) Family Members Attending College Include others only if they will attend at least half time 6 credits or more per semester in 2018-2019 in a program that leads to a college degree or certificate. Parents ARE NOT included in this question.

Parent Assets Tax Information (If not brought over through IRS DRT.) Wages- From W-2’s Adjusted Gross Income- from tax return Federal Taxes Paid & Number of exemptions reported Report all other untaxed income Child support received for all children Payments to tax deferred pension and savings plans Disability payments (but not Social Security disability) Report income exclusions Education credits from tax return Child Support PAID Parent Assets Include the current balance of cash, checking and/or savings accounts as of date completing FAFSA. Investments include real estate (but not the primary residence), trust funds, mutual funds, CD’s, stocks, bonds, college savings plans, etc.) DO NOT include the balance of retirement savings plans (401k, 403b etc.), non-vested stock, or the value of life insurance policies.

Submit the FAFSA Provide the electronic signatures (FSA ID) for both parent and student. Keep going until you receive a confirmation number. Website gives you the option to print out the FAFSA for your records. Link to TAP grant website.

Questions?