Rochester Institute of Technology Financial Aid 101 Barbara Hoerner Rochester Institute of Technology Spring 2014 Rochester Institute of Technology

Rochester Institute of Technology What is Financial Aid? Scholarships (“gift”) Money that does not have to be paid back, awarded on the basis of merit or skill (no FAFSA required). Grants (“gift”) Money that does not have to be paid back, awarded on the basis of financial need. Loans (“self-help”) Money students and parents borrow to help pay educational expenses. Employment (“self-help”) Allows student to earn money to help pay educational costs. Rochester Institute of Technology

Sources of Money for College Federal Programs (Grant, Loan, Work) State Programs (e.g. TAP, HEOP) University Academic Scholarships University Need-based Grants Scholarships from Other Organizations/Veterans Benefits Rochester Institute of Technology

Basic Financial Aid Formula $ Cost of Attendance (COA) - $ Family Contribution (EFC) =$ Financial Need Financial Aid Packages Differ because: Cost of attendance is variable Family contribution is a constant Packaging policies, merit criteria differ Rochester Institute of Technology

What is Cost of Attendance (COA)? Tuition and Fees + Room and Board =Total Direct Charges Books and Supplies + Transportation and Personal = Estimated Personal Expenses Rochester Institute of Technology

Expected Family Contribution The formula used to calculate the Expected Family Contribution (EFC) is complex & determined by law. Some factors are: Parent’s prior year income Student’s prior year income Value of parents’ assets Value of student’s assets The number of household members The number of household members (excluding parents) attending college at least half time The age of the older parent Rochester Institute of Technology

Family Contribution the Same State Community Private College College College Cost (COA) $25,000 $10,000 $40,000 EFC -10,000 - 10,000 -10,000 ______ _______ ______ Need $15,000 $ 0 $30,000 Rochester Institute of Technology

Rochester Institute of Technology FAFSA on the Web Web site: www.fafsa.gov 2014-2015 FAFSA on the Web available on January 1, 2014 FAFSA on the Web Worksheet: Used as “pre-application” worksheet Questions follow order of FAFSA on the Web Rochester Institute of Technology

Personal Identification Number (PIN) Web site: www.pin.ed.gov Sign FAFSA electronically Can request PIN before January Not required, but speeds processing May be used by students and parents throughout aid process, including subsequent school years Rochester Institute of Technology

Special Circumstances Cannot report on FAFSA – just a processor Send explanation to financial aid office at each college College will review “appeal” and may request additional documentation Examples: Loss of job Care of elderly parent Change in employment status Private school tuition Daycare or unusual dependent care expenses Unusual medical/dental expenses Change in parents’ marital status Rochester Institute of Technology

Other Factors to Consider Early Decision vs. Regular Decision Are Athletic Scholarships offered? Merit Scholarship criteria/application process/renewal conditions? Unsubsidized Direct Loan, Parent PLUS Loan Campus resources (computer labs, public transportation, book exchanges, cooperative education, payment plans) Eligible for Veterans Educational Benefits? Do you qualify for tax credits or deductions? Loan forgiveness options (ex. public service) Rochester Institute of Technology

Basic Application Steps You don’t need to pay for financial aid advice! (ex. Interactive Tax Assistant) Apply for admission Apply for a Personal Identification Number (PIN): Obtain one PIN for each person signing File FAFSA on line at www.fafsa.gov Watch for your Student Aid Report (SAR) via email…are you selected for Verification? Make any needed corrections after filing taxes, or be sure to authorize IRS Data Retrieval Rochester Institute of Technology

More Application Steps… File any additional forms College-based, state-based scholarships and grants (ex. CSS Profile Form) Research other sources of aid Free, reputable web-based searches Guidance Counselor for local scholarships Keep photocopies of documents submitted Explain special circumstances, if any Meet deadlines (Early vs. Regular Decision)! Rochester Institute of Technology

Aid Information on the Web RIT Office of Financial Aid & Scholarships www.rit.edu/financialaid FinAid! The SmartStudent Guide to Financial Aid www.finaid.org Department of Education - Federal Student Aid www.studentaid.ed.gov Dept. of Education - FAFSA on the Web www.fafsa.gov Rochester Institute of Technology