Michele Rizzo Asst. Director of Student Financial Aid Canisius College Iroquois High School Financial Aid Presentation

An Overview How to Apply FAFSA & Expected Family Contribution How Eligibility Is Determined Types of Financial Aid Award Notification Topics

How to Apply Section I

Family’s financial information is required to calculate the student’s Expected Family Contribution (EFC). Student Aid Report (SAR) Electronic version of FAFSA FAFSA on the web at Limited distribution of Paper FAFSA Free Application for Federal Student Aid (FAFSA)

FAFSA on the Web

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 FAFSA (Cont.)

Tuition Assistance Program Application TAP Application part of FAFSA on the Web. Data from FAFSA is used to create the paper Express TAP Application. TAP is a College Specific Program. 1 st New York University/College listed on FAFSA is the school of record How to Apply for TAP

After Completing the FAFSA Look for:

TAP Application Website

Profile - College Scholarship Service Used by approximately 240 College Total Electronic Application Non-Federal Aid Application Fees: $25.00 for the 1 st Profile Application $16.00 for everyone beyond the 1st Secondary Application Profile

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

Suggested Timetable ( ): Complete & Mail Forms 2/15/12 College Receives Data 2/22/12 College Begin to Award Aid 3/01/12 National Reply Date (Deposit) 5/01/12 Forms to be Completed

IRS Data Retrieval Tool Applicant TypeIRS Data RetrievalUses Data RetrievalDoesn’t Use Data Retrieval Applicant completes tax return before completing FAFSA Applicant directed to use data retrieval process Applicant satisfies verification  Will be selected for verification  Will be required to submit an IRS transcript to verify income data Applicant does not complete tax return before completing FAFSA Applicant encouraged to submit corrections using data retrieval process Applicant satisfies verification requirements for transferred data  Will be selected for verification  Will be required to submit an IRS transcript to verify income data Applicant not eligible to use data retrieval process For example, Married couples who file seperately Applicant not given option to use process N/AIf selected for verification will need to submit documentation; school may request documentation directly from IRS (transcript)

The FAFSA Application & Expected Family Contribution Section II

Parent contribution from total income and assets Student contribution from total income and assets Number in the Household Number attending College Expected Family Contribution

Divorced/remarried parent information Income earned by parents/stepparents Untaxed income U.S. income taxes paid Household size Number in postsecondary education Frequent FAFSA Questions

How is Eligibility Determined Section III

Cost of Attendance (COA) – Expected Family Contribution (EFC) = Financial Need Definition of Need

Basic Components of the Cost of the Attendance Tuition and Fees Books & Supplies Room and Board Transportation Miscellaneous Personal Expenses Cost of Attendance

Example - Carlos

Types of Financial Aid Section IV

Eligible students: Undergraduates pursuing first baccalaureate or professional degree Semi-Entitlement Program Portable Maximum award – = $5, = Unknown Minimum award – = $555 Federal Pell Grant

Eligible students: Undergraduates pursuing first baccalaureate or professional degree Awarded first to students with “exceptional financial need” (i.e., students with lowest EFCs at that school) Priority to Federal Pell Grant recipients Annual award amounts: $100 minimum $4,000 maximum Federal Supplemental Opportunity Grant (SEOG)

Eligible students: Undergraduate, graduate students Employment may be on or off campus Eligible employers: College itself – majority of job placements Federal, state, or local public agencies Certain private nonprofit and for-profit organizations Schools must use portion of FWS funds for community service employment activities Federal Work Study (FWS)

Must be paid at a minimum monthly at least minimum wage Job Placements on Campus Does the college guarantee a job? Does the college require an interview process? Federal Work Study (FWS)

Eligible students: Undergraduate, graduate, and professional students Priority to students who show “exceptional need,” as defined by school Loan amount varies Maximum annual loan amounts: $5,500—undergraduate students per year (27,500 aggregate) $8,000—graduate students per year (total aggregate $60,000 to include undergraduate) Federal Perkins Loan

Interest rate: 5% 9-month grace period Repayment period may be up to 10 years Deferment and cancellation provisions available Federal Perkins Loan

Subsidized: Must demonstrate “need” Unsubsidized: Not based on “need” Base annual loan limits (combined subsidized and unsubsidized): $5, st year ($3,500 Sub & $2,000 Un-sub) $6, nd year ($4,500 Sub & $2,000 Un-sub) $7,500 for each remaining undergraduate year ($5,500 Sub & $2,000 Un-sub) $8,500 for each year of graduate/professional study Federal Direct Student Loan

Interest Rate is 6.8% Repayment begins after 6-month grace period Maximum repayment period between 10 and 30 years depending on repayment plan chosen Deferment and cancellation provisions available Federal Direct Student Loan

Parent loan program for parents of dependent undergraduate students Annual loan limit: COA minus financial aid offer Fixed Interest Rate – 7.9% New PLUS loan program for graduate students Federal Direct PLUS Loan

Tuition Assistance Program (TAP) Attending NYY College Maximum Award - $5,000 Minimum Award - $ NYS Net Taxable Income $80,000 NTI or less NYS Aid Programs

Scholarships from College Academic Merit Talent Based Merit Awards May Require Separate Scholarship Application Scholarship Letter should indicate: Terms for Renewal The Specific Amount Probation Opportunities Institutional Financial Aid

Grants from College Awarded Annually Award based on “Financial Need” Determine Renewability Athletic Grant-in-Aid Awarded on Athletic Ability Contact Coach at the College Institutional Financial Aid (Cont.)

Generally Awarded on an Annual Basis Sources of Scholarships Unlimited Scholarships Must be Incorporated into Award Package Scholarship Search Engines Private Sources of Financial Aid

Financial Institutions have created private education loans to supplement the federal loan programs Student is the borrower –co-signer is required for the loan Loan amount is determined by the cost of attendance minus financial aid Interest rate varies between lenders May provide deferment provisions Alternative Loan Financing

Internet /World Wide Web (

Award Notification Section V

Read Carefully Follow Instructions Respond on Time Be Sure to file Additional Forms Contact the Financial Aid Office with questions & concerns Make the Process a Family Affair Award Notification

Good Luck!