Bronx High School of Science Financial Aid Michael Szabo Christine Engongoro Sr. Associate Director Campus Director Rose Hill Campus Student Financial Services Fordham University

Topics Basic Financial Aid Concepts Applying for Financial Aid FAFSA (Free Application for Federal Student Aid) TAP CSS Profile Type of Aid Net Price Calculator Review

Basic Financial Aid Concepts

Financial Aid Philosophy While financial aid can make college more affordable, parents & students are expected to take primary responsibility for paying for post-secondary education. Primary Goal: To assist students in paying for college Achieved by: Evaluating a family’s ability to pay for educational costs. Awarding limited resources in an equitable manner. Providing a balance of gift aid and self-help aid.

Cost of Attendance Direct Charges Paid to School Plus Allowances for: Tuition and Fees Room and Board (if resident) Plus Allowances for: Books Transportation Miscellaneous

Expected Family Contribution (EFC) Your EFC is an index that is used to determine your eligibility for federal student aid. Based on the asset and income information you listed on the FAFSA. Other factors also impact EFC, for example, family size, & household size It is the amount the federal government feels your family can contribute to your higher education expenses for one year.  

Financial Need Financial Need = Cost of Attendance – EFC Example: If your Cost of Attendance is $23,600, and your EFC is $7,000, the financial need would be $16,600.

Financial Aid Applications

Free Application for Federal Student Aid (FAFSA) FAFSA on the Web www.fafsa.ed.gov Click “ Help to Browse FAQs, Live Chat Call 1-800-4FED-AID or email for FAFSA assistance File after January 1, and by the school deadline Schools deadlines and filing requirements vary In order to ensure maximum consideration for all aid, check with each school to determine: All required application forms Application deadlines Filing the FAFSA On-line is easier, faster, less error prone, and FREE!

PIN A PIN is required to log in to FAFSA.ed.gov and to e-sign your FAFSA Pin numbers can be applied for at FAFSA website or visit www.pin.ed.gov For dependent students, both a parent and student will require a PIN. Student and parent will be required to electronically sign the FAFSA with PIN.

FAFSA Preparation Gather this information before filing your 2014-15 FAFSA : 2013 U.S. income tax return. If not completed use 2012 U.S. income tax return All 2013 W-2 forms or last paystubs for 2013 Current balance(s) of checking and savings accounts Records of all non-retirement investments: money markets, mutual funds, CDs, stocks, savings bonds, 529 college savings, trusts, UGMA or UTMA accounts (DO NOT include IRA’s, 401k or 403b etc.) Value of any property other than your primary residence. If you own a vacation home, rental property, time share etc., you need to calculate the equity of the extra property(s) Records of 2013 untaxed income Social Security and Driver’s License Numbers A list of all the schools the student is applying to

FAFSA on the Web Worksheet

Easy to Follow Directions with Helpful Hints

TAP on the Web (TOTW) Complete the FAFSA on the Web (FOTW) Student: if student is a NYS Resident and the student lists a NYS school, it will automatically link to TOTW Student: 1. Will be directed to "HESC Pin" site 2. May create a User ID and Pin for TOTW 3. Will be directed back to complete TOTW www.Hesc.ny.gov – Applying for Aid

CSS Profile Financial Aid Application that may be requested by private and some public institutions Used for “Early Action” or “Early Decision” by many schools More comprehensive application - for example, requests data on value and debt of primary residence Some schools may request data on Non- Custodial Parent

CSS Profile Completed at www.collegeboard.com You MUST have the student’s College Board USER NAME and PASSWORD in order to file the CSS Profile® Parents cannot make their own user name/password, they MUST use the student’s This is the same USER NAME and PASSWORD student used to register for the SAT’s This form is not free. $25 for registration and first school. $16 reporting fee for each additional school Fee Waivers are confirmed during registration You can not submit the CSS Profile® if your school does not require it

Role of the Financial Aid Office Reviews financial aid applications Verifies information provided by both students and parents NOTE: May ask for copies of tax return, W‐2’s or other documentation Determines student’s eligibility for federal, state and institutional financial aid Packages aid and mails or e‐mails the Award Letter

Types of Financial Aid

Gift - Scholarships/Grants Types of Aid Gift - Scholarships/Grants Federal Gift Aid - PELL, SEOG State Gift Aid – ex. NYS TAP/Scholarship Institutional Aid – Grants & Scholarships Other scholarships & tuition reimbursement (Local groups and foundations)

Types of Aid Self–Help Aid Work/Work-Study (on/off campus) Loans Federal Perkins Loan Federal Direct Stafford Loans Federal PLUS Loan (Parent Loan for Undergraduate Student)

Federal Direct Loan Freshman - $5500 (up to $3,500 can be Subsidized) Total Eligibility: Freshman - $5500 (up to $3,500 can be Subsidized) Sophomore - $6500 (up to $4,500 can be Subsidized) Junior - $7500 (up to $5,500 can be Subsidized) Senior - $7500 (up to $5,500 can be Subsidized) Undergraduate aggregate Maximum: $31,000 Borrowing these amounts every year will give you $27,000 in Stafford loans Your monthly payment would be approximately $320 for 120 months in this scenario

Subsidized vs. Unsubsidized Subsidized Loan - interest is paid by the federal government while in-school and for 6 months after school Unsubsidized Loan - Interest accrues while student is in school Interest may be paid monthly while in school Interest Rate: 3.86% fixed rate and 1.072% Origination fee (origination fee as of Dec. 1, 2013)

Parent PLUS Loan Minus Financial Aid PLUS Eligibility Parent Loan for Undergraduate Students Interest Rate: 6.41% fixed rate and 4.288% origination fee (origination fee as of Dec.1 2013) Cost of Attendance Minus Financial Aid PLUS Eligibility

Net Price Calculator Available from all post secondary schools who award federal aid Estimated Yearly Expenses Including Direct & Indirect Charges Estimated Total Grant Aid Estimated Net Price Percent of the cohort (full-time, first-time students) that received grant aid

Examples of Financial Aid Packages This is an example and does not imply real packages.   CUNY SUNY 4 Year Private Cost of Attendance $ 22,000.00 $ 24,000.00 $ 45,000.00 EFC $ 4,400.00 $ 4,400.00 Financial Need $ 17,600.00 $ 19,600.00 $ 40,600.00 Federal Aid $ 1,200.00 $ 1,200.00 State Aid $ 3,500.00 $ 5,000.00 Institutional Aid $ 1,000.00 $ 21,000.00 Loans $ 6,500.00 $ 6,500.00 Total Aid $ 12,200.00 $ 33,700.00 Total Cost After Aid $ 9,800.00 $ 11,800.00 $ 11,300.00 Assumptions: CUNY tuition is $5,006 SUNY tuition is $5,230 Private tuition is $28,000 The student is living On Campus

Need & Aid Eligibility are Relative The higher the cost, The higher the need… The greater the eligibility!!!!

Scholarship Search Avoid Scams(FCC) “Don’t get taken or pay for what you can get for free” Online searches “www.fastweb.com” “www.collegeboard.com” Library

Ask The Experts!! WHO ARE THE EXPERTS? Your high school counselor’s office Federal – 1-800-4 fedaid; Online help Financial Aid Office at school to which you are applying Federal Student Aid Website http://studentaid.ed.gov

Financial Aid Calendar Senior Year Timeline January File all financial aid forms required by the school(s) Late February‐May Schools may perform verification and request financial documents March‐April Acceptance letters and financial aid award letters sent April Compare award letters from different schools May May 1 ‐ Decision deadline, notify school & pay deposit(s) July Receive bill for the fall semester Sign promissory note(s) for any student or parent loans