Financing a College Education

After this program, you should know … How and when to apply for financial aid How and when to apply for financial aid The types of aid available to students The types of aid available to students How financial aid eligibility is calculated How financial aid eligibility is calculated How to find additional information on scholarships How to find additional information on scholarships

Sources of Financial Aid Federal Programs Federal Programs State Programs State Programs Institutional Programs Institutional Programs Private Scholarships Private Scholarships

General Financial Aid Requirements  Matriculated  U.S. citizen or eligible non-citizen  Selective service  Social Security number  Satisfactory Academic Progress  Drug-related convictions may cause a student to lose financial aid

When do I apply for financial aid? Submit the FAFSA form to the federal process after January 1 st Submit the FAFSA form to the federal process after January 1 st The typical Freshmen FAFSA deadline: by February 1 st (check with individual schools) The typical Freshmen FAFSA deadline: by February 1 st (check with individual schools) You can estimate your information- just have tax info. ready You can estimate your information- just have tax info. ready

How do I apply for financial aid? Complete the Free Application for Federal Student Aid (FAFSA) File electronically at: and sign (both student and parent) electronically using your federal PIN (apply at File electronically at: and sign (both student and parent) electronically using your federal PIN (apply at

PIN Registration Web site: Web site: Can get PIN before January 1 st (will need Name, SSN, DOB) Can get PIN before January 1 st (will need Name, SSN, DOB) Not required, but speeds processing (days vs. weeks) Not required, but speeds processing (days vs. weeks) Used by students and parents to sign FAFSA and corrections, including subsequent school years Used by students and parents to sign FAFSA and corrections, including subsequent school years Effective three years ago, students and parents can now make their own PIN – and they can be the same Effective three years ago, students and parents can now make their own PIN – and they can be the same

FAFSA on the Web Worksheet

FAFSA on the Web Web site: Web site: FAFSA on the Web available on or after January 1, FAFSA on the Web available on or after January 1, 2013 FAFSA on the Web Worksheet: FAFSA on the Web Worksheet: Available prior to January 1 st Available prior to January 1 st Questions follow order of FAFSA on the Web Questions follow order of FAFSA on the Web

FAFSA on the WEB

IRS Data Retrieval Tool Tool designed to transfer tax information to FAFSA. Use if you can! Tool designed to transfer tax information to FAFSA. Use if you can! Must have federal taxes complete to utilize this tool. Must have federal taxes complete to utilize this tool. Will impact processing of financial aid and potential verifications. Less likely if use DRT Will impact processing of financial aid and potential verifications. Less likely if use DRT

Almost Finished! Sign electronically with PIN!

Don’t Forget To Apply For Tap!  If you apply for federal aid online, you will be able to access the TAP application by selecting the appropriate link on the FAFSA confirmation page  If you miss the link to the TAP application from your FAFSA confirmation page you can apply online at Your application will not be available until your FAFSA is processed.

Once the FAFSA is filed … Financial Aid Application Process Federal aid eligibility (Grants, Loans, and Work-Study) State aid eligibility (Grants and Scholarships) Institutional aid eligibility Student Aid Report (SAR) sent to schools and students File FAFSA by February 1st (Priority Deadline) (Grants, Loans, and Work-Study)

Types of Financial Aid Scholarships – Gift Aid Scholarships – Gift Aid Grants – Gift Aid Grants – Gift Aid Work-Study Positions – Self Help Aid Work-Study Positions – Self Help Aid Loans – Self Help Aid Loans – Self Help Aid

Merit Scholarships Eligibility based upon student’s profile: High School Academic Record High School Academic Record Standardized Test Scores Standardized Test Scores School and Community Involvement School and Community Involvement Athletic Talents Athletic Talents

Private Scholarship Search Your school counselor’s office, web page or newsletter Your school counselor’s office, web page or newsletter Local library resources Local library resources Local businesses and civic organizations Local businesses and civic organizations Parents’ places of employment Parents’ places of employment

Grants Institutional Grants Institutional Grants Need-based Grants Need-based Grants Sometimes Leadership Grants Sometimes Leadership Grants Federal Grants Federal Grants Pell Grants Pell Grants Supplemental Education Opportunity Grant (SEOG) Supplemental Education Opportunity Grant (SEOG) Teacher Education Assistance for College and Higher Education (TEACH) Grant Teacher Education Assistance for College and Higher Education (TEACH) Grant

Grants (continued) Other Grants/Assistance - STATE Other Grants/Assistance - STATE New York State Tuition Assistance Program (TAP) New York State Tuition Assistance Program (TAP) New York State Merit Scholarships New York State Merit Scholarships New York State Aid for Part-Time Study (APTS) New York State Aid for Part-Time Study (APTS) New York State Part-time TAP and ADA TAP New York State Part-time TAP and ADA TAP New York State Higher Education Opportunity Program (HEOP or EOP) New York State Higher Education Opportunity Program (HEOP or EOP) No NYS Awards are processed until after the NYS budget is passed and finalized No NYS Awards are processed until after the NYS budget is passed and finalized

Teacher Education Assistance for College and Higher Education (TEACH) Grant Undergraduate and graduate students who plan to teach in a school which serves students from low-income families and in a high-need field (e.g., mathematics, science, special education, foreign language, etc.) Undergraduate and graduate students who plan to teach in a school which serves students from low-income families and in a high-need field (e.g., mathematics, science, special education, foreign language, etc.) In exchange for the TEACH grant, students must agree to serve (4 years as a full-time teacher within the first 8 years after graduation) In exchange for the TEACH grant, students must agree to serve (4 years as a full-time teacher within the first 8 years after graduation) If students are unable to fulfill the service requirement, the grant converts to an unsubsidized Direct Loan If students are unable to fulfill the service requirement, the grant converts to an unsubsidized Direct Loan Award amount: Award amount: $4,000 a year (maximum of $24,0000) $4,000 a year (maximum of $24,0000)

Federal Work-Study Program Students must work to receive the funds Students must work to receive the funds Funds are paid directly to the student Funds are paid directly to the student Students work an average of hours per week on campus at most schools Students work an average of hours per week on campus at most schools Work is related to students’ educational and career goals – start writing your resume early! Work is related to students’ educational and career goals – start writing your resume early! Usually limited funding, so apply early and follow through with the employment process Usually limited funding, so apply early and follow through with the employment process

Loans Federal Direct Loans (U.S. Dept of Ed) Federal Direct Loans (U.S. Dept of Ed) Subsidized Federal Stafford Loan Subsidized Federal Stafford Loan Unsubsidized Federal Stafford Loan Max to borrow = $5500 Dependent Freshmen Unsubsidized Federal Stafford Loan Max to borrow = $5500 Dependent Freshmen Parent Loan for Undergraduate Students (PLUS) Max to borrow = COA-other aid student receives Parent Loan for Undergraduate Students (PLUS) Max to borrow = COA-other aid student receives Federal Perkins Loan Federal Perkins Loan Alternative/Private Loans – Know the Rates! Alternative/Private Loans – Know the Rates!

Cost of Attendance (COA) Tuition and Fees Tuition and Fees Books and Supplies Books and Supplies Room and Board Expenses (dorm, with parents, off-campus home or apartment) Room and Board Expenses (dorm, with parents, off-campus home or apartment) Transportation Expenses Transportation Expenses Personal Expenses Personal Expenses

Expected Family Contribution (EFC) Determines eligibility for federal funding and need-based institutional aid Determines eligibility for federal funding and need-based institutional aid Calculated using formula established by the U.S. Congress Calculated using formula established by the U.S. Congress Based upon family’s financial profile Based upon family’s financial profile The EFC will be displayed on the confirmation page when filing FAFSA on the web (will also display information about federal Pell grant). The EFC will be displayed on the confirmation page when filing FAFSA on the web (will also display information about federal Pell grant).

Financial Need Determines eligibility for federal Pell and SEOG grants, federal Perkins and subsidized Stafford loans, and federal work-study awards. Determines eligibility for federal Pell and SEOG grants, federal Perkins and subsidized Stafford loans, and federal work-study awards. Usually utilized in combination with a student’s academic profile to determine eligibility for institutional awards Usually utilized in combination with a student’s academic profile to determine eligibility for institutional awards

How is financial aid eligibility and need determined? Cost of Attendance (COA) minus Expected Family Contribution (EFC) equals Financial Need

Needs Analysis Examples of How Need “Changes” Examples of How Need “Changes” Colleges send Award Letters showing you how the financial aid meets that need. Colleges send Award Letters showing you how the financial aid meets that need. School 2 year 4 year Public 4 year Private COA10,00016,00051,000 -EFC-9,000-9,000-9,000 Need1,0007,00042,000

Helpful Hints Watch financial aid deadlines Watch financial aid deadlines Review your financial aid forms carefully Review your financial aid forms carefully Check accuracy of information reported Check accuracy of information reported Retain copies of paperwork for your records Retain copies of paperwork for your records Special Conditions Special Conditions

Scholarship Search Sites - FastWeb Scholarship Search - FastWeb Scholarship Search College Board’s Scholarship Search - College Board’s Scholarship Search The Education Supersite - The Education Supersite

Other Useful Web Sites - File and correct the FAFSA electronically - File and correct the FAFSA electronically Apply for PIN (student and parent) to sign applications electronically - Apply for PIN (student and parent) to sign applications electronically File for NYS TAP grant - File for NYS TAP grant Check status of NYS TAP and scholarship awards, complete the veteran supplemental applications - Check status of NYS TAP and scholarship awards, complete the veteran supplemental applications

We’re Here to Help! Attend SUNY Financial Aid Day at SUNY Jefferson on Saturday, February 9 th from 8:45 am – 12:00 pm – register online at or call our office at Attend SUNY Financial Aid Day at SUNY Jefferson on Saturday, February 9 th from 8:45 am – 12:00 pm – register online at or call our office at

Questions? Thank you for attending tonight’s presentation!