1. FINANCIAL AID 101 David Boughton Assistant Director of Financial Aid Siena College Warrensburg High School January 8, 2013

2. How and When to Apply Complete the FAFSA Forms are available at: IRS Data Retrieval Tool www.fafsa.gov *Recommendfiling by February 15

3. Other Applications CSS Profile Form Various deadlines More information Fees School applications

4. Completing the FAFSA “You” Means the Student Parent Questions for Dependent Students –If married/remarried, answer questions on both parents –If divorced or separated, answer questions about the parent the student lived with more during the past 12 months Sign Electronically with 2 PIN Numbers IRS Data Retrieval

5. Expected Family Contribution Parent AND Student: 5 Main Elements  Income  Assets  Taxes Paid  Family size  Number in college

6. The Big Question: How is financial aid eligibility determined? Estimated Cost of Attendance Expected Family Contribution (FAFSA) Financial “Need”

7. $43,000 - Cost EFC $20,000 Grants & Scholarships $15,000 Student Loans $ 5,500 Remainder$2,500 The Bucket

8. Institutional Programs Merit Scholarships Need Based Grants and Scholarships Endowed Scholarships Athletic Scholarships

9. Federal Programs Entitlement Programs - Pell Grant Campus Based Programs – SEOG – Federal College Work Study – Federal Perkins Loan

10. Federal Loan Programs Federal Stafford Loans (Student is borrower) Freshman$ 5,500 Sophomore$ 6,500 Junior & Senior$ 7,500 Federal Parent Loans (PLUS) (Parent is borrower) Cannot have an adverse credit history Can borrow up to cost of attendance less all other financial aid

11. NY State Programs –Tuition Assistance Program (TAP) –Higher Education Opportunity Program (HEOP) –Veteran Scholarships

12. Comparing Cost Do the Research! www.nces.ed.gov/collegenavigator 4 year Graduation Rates Freshmen Retention Rates Percent of Students Receiving Aid Net Price Calculators: College Websites Review package Grants and Scholarships Loans Work Study Terms and Conditions

13. Financing Options Monthly Payment Plans Private Education Loans 529 Savings Plans Home Equity

14. Special circumstances… Communication is key Notify school in writing Provide detailed documentation Follow up with the school Most schools will help!

15. Check the Web! www.finaid.org The SmartStudent Guide to Financial Aid www.fastweb.com FastWeb Scholarship Search www.hesc.com NYS Higher Education Services Corporation

16. Questions? Siena College 515 Loudon Road Loudonville, New York 12211 (518) 783-2427 (518) 783-2410 (fax) aid@siena.edu (e-mail) www.siena.edu/financialaid