Preparing for College: Student Financial Aid What High School Students & Parents Should Know

What is Financial Aid? Financial aid helps pay the cost of attending college Some financial aid programs are need-based Some financial aid programs are based on other criteria – not need

Sources of Financial Aid Federal government New York State Colleges – institutional aid Other sources Businesses Foundation Clubs/Organizations

Types of Financial Aid Scholarships – free money Grants – free money Work Study Loans

Need-Based Financial Aid Need-based Aid Your family’s ability to pay for educational costs is evaluated

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

Cost of Attendance (COA) Loan fees Study abroad costs Dependent care expenses Expenses related to a disability Tuition and fees Room and board Books and supplies Transportation Miscellaneous personal expenses COA – EFC = Financial Need

Expected Family Contribution (EFC) Amount the family is expected to contribute Calculated based on federal formula Includes parents’ and student’s contributions combined Stays the same regardless of the college selected COA – EFC Financial Need

Examples of EFC and Need CollegeACollegeBCollegeC COA COA $ 11,000 $30,000$60,000 - EFC 5,000 5,000 = Financial Need $ 6,000 $ 25,000 $55,000

Financial Aid Programs and How to Apply

Free Application for Federal Student Aid (FAFSA.GOV)

FAFSA4caster: FAFSA.gov

Federal Aid Eligibility To receive, a student must Have a high school diploma or GED Be a U.S. Citizen or Permanent Resident Have a valid Social Security Number Register with Selective Service, if applicable Make academic progress

What determines award Federal Student Aid amount? Parent, stepparent marital status and age State of Residence Household size and number in college Parent, stepparent, and/or student’s prior year earned income (based on tax returns) Untaxed income (e.g. child support) U.S. income taxes paid Real estate and investment net worth (excludes primary residence and retirement)

Federal Aid Programs Pell Grant Supplemental Educational Opportunity Grant (FSEOG) Work-Study Perkins Loan Direct Stafford Loan Direct PLUS Loan

Federal Pell Grant Need-based grant Award amount based on COA, EFC and enrollment status Must maintain good academic standing Up to $5,730

Studentaid.ed.gov

NYS Financial Aid Programs Major Financial Aid Programs Tuition Assistance Program (TAP) Aid for Part-Time Study NYS Scholarships for Academic Excellence NYS Math & Science Teaching Incentive Program

TAP Undergraduates Up to $5,000/year Full-time and part-time study in NYS Need-based grant Calculated on NYS Income Tax information

NYS Student Aid Programs NYS Scholarships for Academic Excellence $1,500 and $500 awards to top scholars at each high school High Schools select recipients

HESC.ny.gov

TAP Calculator: HESC.ny.gov

Institutional Aid Depends on funding at each college College determines eligibility criteria Need-based programs Non-need-based programs Scholarships and grants Academic, athletic, and talents Colleges may require additional applications

CSS Profile Application used by certain colleges to award institutional aid programs Collects more detailed information Application Fee, waivers available Check with school to see if it is required Available online: Collegeboard.org

Questions to Ask Colleges If we are a high-need family, will the college meet our full need? Are you need-blind or need-aware in your admissions process? What is the financial aid philosophy of the college? What if we have special circumstances?

Research College’s Financial Aid Website Source:

Net Price Calculators

Outside Scholarships Thousands of programs Charitable foundations, businesses, religious institutions, civic and minority organizations All have their own individual applications and requirements Start looking now!

Scholarship Resources HESC Internet Local Library Resources Parent’s place of employment Counselor

Avoid Being Scammed U.S. Department of Education Tips Information

Scholarship Myths Searching and applying for scholarships is only the student’s responsibility. You have to have financial need to get a scholarship. Students have to have excellent grades, SAT/ACT scores to get a scholarship. Scholarship searching is done during senior year of high school.

Useful Websites

StartHereGetThere.org

GoCollegeNY.org

CareerZone.ny.gov

BigFuture.CollegeBoard.org

Thank You! Questions?