Niagara-Wheatfield HS Financial Aid Presentation Daniel M. Tramuta Associate Vice President for Enrollment Services New York State Financial Aid Administrators Association (NYSFAAA) - Past President Eastern Association of State Financial Aid Administrators (EASFAA) - State Rep State University of New York at Fredonia

Overview of Higher Education Landscape Challenges & Opportunities Demographics Decline in HS Graduates out to 2022 Selectivity Matrix Program Demand Retention Merit-Based Arms Race Scholarship – increased tuition discounting to find price point Cost & Affordability Debt at Graduation Return on Investment New Academic Programs Growth in STEM Programs

Projected change in the number of high school graduates 2010 to 2019

Factors Most Noted in Choosing & Staying at a College 1.Majors & Career Programs Offered 2.Cost/Affordability 3.Location/Campus Characteristics/Faith Support 4.Campus Size/Safety 5.Characteristics of Enrolled Students 6.Selectivity

2014 Undergraduate Degree Demand – ACT Test Takers

The Financial Aid Funnel - How & When to Apply? Apply for Admission (Fall of Senior Year) Collect documents Create a FSA ID & Password at Fill out the FAFSA on the Web Worksheet (Do Not Mail this Worksheet) (Dec.) Complete FAFSA online at in January 2016 (Estimate the information) Print the confirmation page Use the corresponding state scholarship link on the FAFSA Confirmation Page to apply for TAP Keep records

Create a FSA ID & Password Prior to Completeing the FAFSA

FREE help is available Make sure you are not paying for free information Know what you are getting for your money Need more info: FEDAID Should I pay someone to help me find or apply for student financial aid?

What Makes up a Financial Aid Package?

Sources of Financial Assistance

Federal & State Grants GGrant Programs – PELL Grant Must have a FAFSA calculated EFC between $0 – $5,199 Max. Award: $5,775 T – NYS TAP Grant TAP Grant Based on NYS net taxable income NY Net Income ceiling is $80,000 Max. Award: $5,165

Federal Work Study  Based on financial need  Earnings based on NYS minimum wage scale  Traditionally on-campus employment  Usually 6 to 10 hours per week

Federal Stafford Loan  Subsidized 4.29% Capped at 8.25% Based on need Federal government pays interest while student is in school $3,500 for freshmen Maximum Direct Loans for freshmen: $5,500  Unsubsidized 4.29% Capped at 8.25% Not based on financial need

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Appeals Based on Unusual Circumstances Loss of Income, e.g. in academic year , loss of Income in 2015 vs 2014 Medical/Dental expenses NOT PAID by insurance Death, separation, divorce Time Fluctuation in Income Elementary/Secondary Private School Tuition Expenses Follow the procedures of the Financial Aid Office where student is attending. 15

Potential Discontinuation of the Federal Perkins Loan Program The Federal Perkins Loan Program provides low interest loans to help needy students finance the costs of postsecondary education. Students attending any one of approximately 1,700 participating postsecondary institutions can obtain Perkins loans from the school. This is a subsidized loan at 5% and does not accrue interest as long as the student is enrolled at least ½ time Students must file a Free Application for Federal Student Aid (FAFSA) as part of the application process for a Perkins Loan. Students also will need to complete a Perkins promissory note in order to receive a loan. Perkins borrowers are eligible for loan cancellation for teacher service at low-income schools and under certain other circumstances specified in the law (HEA). Students may defer repayment of the loan while enrolled (at least half-time) at a postsecondary school. A borrower who has difficulty repaying a Perkins Loan should contact the school where he or she received the loan to find out if he or she is eligible for a deferment or forbearance based on economic hardship or other Perkins Loan cancellation benefits. 16

Potential Discontinuation of the Federal Perkins Loan Program If Congress does not extend the Federal Perkins Loan program, the authority for colleges to make new Federal Perkins loans ends on September 30, 2015, with a few exceptions. The authority to make new Federal Perkins loans actually expired on September 30, 2014, but received an automatic one-year extension under the General Education Provisions Act (GEPA). If Congress does not pass legislation to extend it further, the program will end. Perkins loans currently provide half a million students $1.2 billion in loans every year across 1,500 institution. 17

Using Prior-Prior Year Tax Income Data on the FAFSA The Free Application for Federal Student Aid (FAFSA) becomes available every January 1, and currently requires a family's tax information from one year prior. Families are encouraged to file the FAFSA as soon as possible to maximize their odds of receiving financial aid. But with tax deadlines months later, most have to estimate their tax information on aid applications and make corrections later. In the worst case scenario, some families miss out on financial aid funds that are disbursed on a first-come basis. Education Secretary Arne Duncan enacted a change this past Sunday that would fix this widespread issue. By using income from two years ago, otherwise known as prior-prior year (PPY) tax income data, families could file the FAFSA with tax information they already have, making the process quicker and easier. By taking advantage of the existing ability to import tax information directly from the IRS onto the FAFSA form, families will spend less time gathering paperwork and would make far fewer errors. The use of prior-prior year income also presents an opportunity to align admissions and financial aid decisions and give millions of families more time to plan for actual college costs, rather than sticker prices or projections. Low-income families experience very little income fluctuation from year to year and most would not see a significant change in their eligibility for a Pell Grant with a switch to prior-prior year income. Prior-prior year income is the closest thing we have to a "silver bullet" for an industry in search of meaningful solutions. With earlier aid awards, financial aid administrators would have more time to help families evaluate their options and make informed financial decisions. 18

Using Prior-Prior Year Tax Income Data on the FAFSA With the switch to PPY, students and families will be able to: File the FAFSA earlier. As you know, the FAFSA is made available January 1 of each calendar year, yet it is uncommon for a family or individual to be prepared to file an income tax return in the month of January. Under the new PPY system, the FAFSA will be available in October 2016, rather than January 1, 2017, and students can use the PPY’s completed income tax return. More easily submit a FAFSA. The IRS Data Retrieval Tool (DRT), which allows automatic population of a student’s FAFSA with tax return data and decreases the need for additional documentation, can be used by millions more students and families under PPY, since tax data from two-years prior would be readily available upon application. Receive earlier notification of financial aid packages. If students apply for aid earlier, colleges can in turn provide financial aid notifications to students earlier, ensuring that students and families have more time to prepare for college costs. Notifying students earlier of their financial aid packages will also leave more time for one-on-one counseling with students and families. * Next year’s ( ) aid applicants will be using the same prior year federal income (2015) for two consecutive years 19

SUNY Statewide Student Financial Aid Days Saturday, January 16, 2016 Saturday, February 20, 2016  Ask questions about the financial aid application(s), types of aid available and the actual awarding process  Most campuses will offer web access and personal assistance to complete FAFSA’s online  Register at in early December 2015

Questions?