10/18/20151 High School Financial Aid Night Heather Mc Donnell

10/18/20152 The Partnership Family Government Colleges & University

10/18/20153 WHO is Responsible? PARENTS primarily STUDENT minimally GOVERNMENT politically SOCIETY morally UNIVERSITY financially

10/18/20154 Financial Aid 101 THE BASIC UNDERSTANDING The student and parent(s) are expected to contribute to college expenses to the extent they are able.

10/18/20155 An Expected Contribution Is a measure of your capacity to absorb educational costs over period of time - not all from current income & assets. Is NOT extra cash available

10/18/20156 “To the Extent You are Able” Income and net assets reflect an economic strength over a period of time. Current financial circumstances are the baseline information used. Similar treatment for similar situations; more expected from better economies. Unusual situations may be considered.

10/18/20157 Don’t Know Much About EFC Parent Contribution 22 – 27% from income AND 6% from net asset (value minus debt) Student Contribution 50% from income AND 20% from net assets

10/18/20158 Family Planning & your EFC

10/18/20159 Choices, Choices, Choices Savings Monthly Tuition Payment Plan Borrowing ALL OF THE ABOVE

10/18/ Student Financial Aid Cost of the University ** minus Family Contribution equals Student’s financial need ** Parents can always borrow up to Cost (minus aid)

10/18/ WHAT Kind of Aid? TYPES Grants & Scholarships Student Employment Loans FROM Federal gov’t State gov’t Private Agencies Universities

10/18/ The Myth of FA Financial aid isn’t available Financial aid goes to the best students only My income is too high to qualify My sibling/friend didn’t get any financial aid Cost is the best way to choose a college Attend the college that offers the most aid Financial aid is guaranteed for all four years Applying for financial aid will affect admission

10/18/ The Application Link Federal Resources - the FAFSA Free Application for Federal Student Aid USE THE PIN! New York State Resources - TAP Tuition Assistance Program University Resources - Profile

10/18/ The FATAL Mistake DEADLINES missing application dates missing admission dates missing information

10/18/ Where on the Web?