Financial Aid Overview Grants Loans Employment Opportunities Scholarships

Role of the Financial Aid Office Determines aid eligibility using federal formula Packages aid depending on availability of funds Sends award notification including: - Award amount for each program for which student is eligible - Disbursement methods & time frames - Terms & conditions of each award

Application Process Submit the Free Application for Federal Student Aid (FAFSA) as soon as possible after January 1 st Campus based federal aid awarded on “first-come, first-served” basis New York State students attending a college located in New York State must complete a separate Tuition Assistance Program (TAP) application

FAFSA on the Web Web site: FAFSA on the Web available on January 1, 2009 FAFSA on the Web Worksheet: - Used as “pre-application” worksheet - Questions follow order of FAFSA on the Web Upon submission of the FAFSA, NY State residents are directed to a TAP application website

FAFSA on the Web Continued: Good reasons to file electronically: - Built-in edits to help prevent costly errors - Skip-logic allows student and/or parent to skip unnecessary questions - More timely submission of original application & any necessary corrections - More detailed instructions & “help” for common questions - Ability to check application status on-line - Simplified renewal application process

PIN Registration Web site: www. pin.ed.gov Can request PIN before Jan 1, 2009 Not required, but speeds processing May be used by students & parents throughout aid process, including subsequent school years

CAUTION ! Avoid being charged a fee to file the FREE Application for Federal Student Aid - Completion & processing of the FAFSA are FREE - If filing via FAFSA on the Web, be sure to go directly to Contact financial aid office for help completing the FAFSA

Definition of Need Cost of Attendance (COA) - Expected family contribution (EFC) = Need Federal Methodology is the formula created by Congress to determine the EFC.

Cost of Attendance Tuition Room and meals Mandatory fees Books, supplies, & specific curriculum costs Loan fees Personal expenses Transportation

Federal Pell Grants Awarded to eligible undergraduates pursuing first associates or baccalaureate degrees Actual award amount based on EFC and enrollment status (full vs. part time) Maximum award for is $4,731.

Academic Competitiveness Grant (ACG) First & second year undergraduate students Federal Pell Grant recipient U.S. citizen Full time Completed rigorous secondary school program Award amounts: - $750 first year students - $1300 second year students

National Science & Mathematics Access to Retain Talent (SMART) Grant Third and fourth year undergraduate students Federal Pell Grant recipient U.S. citizen Full time Eligible major Must maintain a 3.0 GPA Award amount: $4,000 for 3 rd & 4 th year of study

Federal Supplemental Educational Opportunity Grants (FSEOG) - Awarded first to students with the lowest EFC’s who are Pell Grant recipients

Tuition Assistance Program (TAP) Grant available to NYS residents attending full time at a NYS college or university Based solely upon NYS net taxable income Minimum awards: $500/academic year Maximum awards: Full tuition at a SUNY college; $5,000/year at a private college Maximum semesters of eligibility: 6 for an associates; 8 for a bachelors

Stafford Loans Subsidized: Federal government pays interest; Based on “need” Unsubsidized: Student is responsible for interest; Not based on “need” Maximum annual loan limits (combined subsidized and unsubsidized) for : - $5,500 for first year undergraduates - $6,500 for second year undergraduates - $7,500 for each remaining undergraduate year

Stafford Loans Continued Current fixed interest rate of 6.8% Maximum interest rate of 8.25% Loan fees based on principal amount : up to 1.5% origination fee & 1% insurance premium Repayment begins after 6 mo. grace period Maximum repayment period between 10 & 30 years depending on repayment plan chosen Deferment & cancellation provisions available

Parent Loan for Undergraduate Students (PLUS) Loan program for parents of dependent undergraduate students Annual loan limit: COA minus other aid Current fixed interest rate: 8.5%; Maximum: 9.0% Loan fees based on principal amount of loan: Up to 3% origination fee & 1% insurance premium Repayment begins 60 days after loan is fully disbursed for parent borrowers

Federal Perkins Loans Priority to students who show “exceptional need” Maximum annual award amount is $4,000 Level interest rate of 5% Grace period of 9 months Repayment period may be up to 10 years Deferment and cancellation provisions available

Alternative Loans A private, non-federal loan made by a commercial lender Viewed as a source of additional funding after the student has exhausted all other resources, such as Stafford, Perkins, and/or PLUS loans Eligibility Requirements: - Applicant must be 18 years of age & a US citizen or eligible non-citizen - Enrolled on at least a half-time basis - Applicant must be creditworthy or apply with a creditworthy co-signer Maximum loan amount = Cost of attendance – other financial aid

Federal Work-Study (FWS) A portion of federal financial aid and therefore based upon eligibility Receive a paycheck, not a credit toward their semester charges Students may choose between on-campus employment or off-campus community service Employment not only serves as a means of providing additional funding but also provides a source of work experience for future employers

Avoid Being Scammed To check legitimacy of scholarship search services or individuals, for information about financial aid scams, and tips to avoid being scammed visit these Web sites: - U.S. Department of Education : ex.htmlwww.studentaid.ed.gov/students/publications/lsa/ind ex.html - Federal Trade Commission: - Better Business Bureau:

Private Scholarship Search FREE Internet scholarship search engines: - FinAid on the Web: - College Board: - FastWeb: - Scholarship Resource Network Express: - GoCollege: The Collegiate Websource: