College Financial Aid Night Dr. Mars, Principal Welcome Class of 2019 College Financial Aid Night September 27, 2018

Agenda Financial Aid Facts Important Terminology The Cost of College What is Financial Aid? Sources of Aid How do I apply? Important documentation Scholarships Next steps/Helpful Hints? Additional Resources Q & A

FACTS 821,041 Students who were eligible for Pell Grants did not file FAFSA Pell Eligible students nationwide who did not complete a FAFSA application missed out on $2,955,475,413 in potential Pell Grant aid!!! *Source: https://www.nerdwallet.com/blog/loans/student-loans/fafsa-college-money-left-on-table/ according to 2013-14 pell eligibility data

FACTS

Important Terminology Cost of Attendance (COA) is the expense for you to attend college for an academic year. This expense includes tuition, room, board, fees, books, supplies, transportation, and personal expenses Expected Family Contribution (EFC) is the measure of what your family is expected to contribute to your education. Financial Need is the difference between COA and EFC.

The Costs

The Expected Family Contribution Parents’ Contribution + Student’s Contribution = Expected Family Contribution (EFC) Determined by The U.S. Department of Education •The amount of $$ a family can be expected to contribute toward the cost of a student’s education for a year •Used to determine a student’s eligibility for federal and state aid

How do some colleges calculate EFC? Total Income All positive income Taxed and untaxed (pre-tax retirement and medical accounts) Assets Household size Number of students in college Non-custodial parent’s information* Cash/savings, investments, business equity, other real-estate property equity, college-savings accounts (e.g. 529) Home equity* Expenses

Basic Formula to determine Financial Need COA - EFC = FINANCIAL NEED $$$ - =

What is Financial Aid? Grants/Scholarships Loans Student Employment/ Work- Study Grants or scholarships (gift aid) are funds the student does not have to be repaid; merit/need Education loans are available to the student and parent, both through the Department of Education and private financial institutions. Many schools include a student work expectation or “self-help” portion of the award. These are not funds, but rather the student’s opportunity to work and earn.

Where does Financial Aid Come From? Source of Aid Type of Aid Forms Required Federal Government Grants Loans Work Study FAFSA Institutional Grants (Merit/Need Based) Scholarships CSS Profile Institutional Forms/Applications NYS Government Grant Scholarship TAP Applications Outside Agencies Local Community Organizations, Churches, Civic Groups,Parents’ employers, etc) Gift Aid Applications, Interview, Essay, etc.

Federal/Government Aid Programs Federal Pell Grant NYS TAP Grant Federal Work-Study Federal Supplemental Educational Opportunity Grant (FSEOG) Teacher Education Assistance for College and Higher Education (TEACH) Grant Iraq and Afghanistan Service Grant Stafford Loans Parent PLUS Loan

Federal Pell Grant Does not have to be repaid Up to $6,095(SY 18-19) Depends on your Financial Need, COA, and your status as a full-time or part-time student Sent directly to your school Maximum 12 semesters

New York State Tuition Assistance Program (TAP) Does not have to be repaid Up to $5,165 Study at an approved postsecondary institution in New York State (NYS) Must be enrolled as a full-time student taking 12 or more credits per semester Award depends on Financial Need and number of Family in College Must maintain college/university academic standards

Federal Work Study An on-campus part-time job for undergraduate students with financial need, allowing them to earn money to help pay education expenses You must earn minimum wage or higher depending on the type of work you do and the skills required The amount you earn can't exceed your total FWS award When assigning work hours, your employer or financial aid administrator will consider your award amount, your class schedule, and your academic progress

SEOG/TEACH Grants FSEOG TEACH Does not have to be repaid Ranges from $100 - $4,000 For students with “exceptional financial need” Award depends on Financial Need and school funding; applications must be received by the school’s financial aid deadline Not all schools participate in the FSEOG program Up to $3,752/yr Must agree to serve a minimum of 4 years as a full-time teacher in a high-need field in a school or educational service servicing low-income students Must attend a participating school and meet certain academic achievement requirements

Iraq and Afghanistan Service Grant Up to $5,717 For students whose parent or guardian was a member of the U.S. armed forces and died as a result of performing military service in Iraq or Afghanistan after the events of 9/11 Must be ineligible for a Federal Pell Grant due to having less financial need than is required to receive Federal Pell Grant funds Must have been younger than 24 years old at the time of the parent’s or guardian’s death

Federal Stafford Loans Direct Subsidized Loans Direct Unsubsidized Loans 5.05% Interest Rate Borrow up to $5,500 For students who demonstrate financial need You are not charged interest while you’re in school at least half-time and during grace periods and deferment period 5.4% Interest Rate Borrow up to $20,500 Not required to demonstrate financial need Interest is accrued while you are enrolled in school; you can choose to pay interest while you are in school

Parent Plus Loan 7.6% Fixed Interest Rate Parent borrower must be the student's biological or adoptive parent Not required to demonstrate financial need Must not have adverse credit history; credit check required Interest is accrued from the date of the first disbursement until the loan is paid in full Fees: A fee of a percentage of the loan amount, deducted proportionately each time a loan disbursement is made The maximum loan amount is the cost of attendance (determined by the school) minus any other financial aid received; how much is needed to fill your “GAP”

Overview: The Financial Aid Process

Federal Student Aid ID (FSA ID) Go To: https://fsaid.ed.gov/npas/index.htm

Free Application for Federal Student Aid (FAFSA) Go To: https://fafsa.ed.gov/

Eligibility to complete FAFSA? Eligible Not Eligible US Citizens Permanent Residents (Green Card Holders) Citizens with undocumented parents Refugees/Asylees Student Visa Holders & DACA (receives institutional aid only) Undocumented students

CSS Profile Go To: https://cssprofile.collegeboard.org/

Application Differences FAFSA CSS Profile Free Application Custodial Parent(s) Information Only IRS Data Retrieval Tool (DRT) # in College Includes Graduate Student(s) Application Fee (Fee Waivers based on family income and dependency status) Custodial and Non-Custodial Parent Information Required # in College Excludes Graduate Student(s) Considers Business Value and Home Equity More Comprehensive Application

New York State Tuition Assistance Program (TAP) Go To: https://www.tap.hesc.ny.gov/totw/

Important Documents to have available PROOF OF INCOME (both students and parent) Signed copies of 2016/17/18 Tax Return (1040, 1040A, 1040EZ, including W-2 forms) Social Security Income Award Letter (Form 1099) Public Assistance (PA) budget letter, dated 2017/18, listing all family members in the case Veteran’s benefit award letter for 2017/18 Pension award notice letters for 2017/18

External Scholarships Familiarize yourself with each institution’s external scholarship policy Do not ignore small outside scholarships--they can add up! External Scholarship Search Engines www.finaid.org/scholarships www.fastweb.com www.bigfuture.collegeboard.org/scholarship-search www.studentscholarshipsearch.com/ www.gocollege.com www.scholarshipamerica.org

Next Steps Do Your Research!! Research financial aid application process and policies for your college list. Use the college’s Net Price Calculator and talk to the financial aid office. Keep track of deadlines in order to apply on-time.

Helpful Hints Compare Award Letters. Schools will award students differently (with grants, loans, work-study). Remember, some institutions may reevaluate your financial aid eligibility based on another institution’s determination Include a letter of special circumstances. If your family has extenuating circumstances you would like considered, make sure to let the school know! Get to know the financial aid office. It is good to know at least one person in the financial aid office that can help you

Additional Resources Federal Student Aid Guide College Preparation Checklist FAFSA On the Web Worksheet What happens after the FAFSA What is the EFC Formula Federal Student Aid Resources CSS Profile Participating Institutions CSS Profile Student Guide NYS Excelsior Scholarship Info FAFSA4Caster

Q&A Q&A Norms Q&A Session