1. Cardinal O’Hara High School 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 tramuta@fredonia.edu 716.673.3253

2. The Financial Aid Funnel - How & When to Apply? Create a FSA ID & Password at https://fsaid.ed.govhttps://fsaid.ed.gov Complete CSS Profile (see institutional deadline date) Juniors - Complete FAFSA online at www.fafsa.gov in October 2016 (Use Prior-Prior Year income information)www.fafsa.gov Print the confirmation page Use the corresponding state scholarship link on the FAFSA Confirmation Page to apply for TAP Keep records

3. Create a FSA ID & Password Prior to Completing the FAFSA

4. Create USER ID & Password ​​ We have changed the way parents sign the FAFSA ® ! If your child will be submitting a FAFSA for the 2017-18 school year after October 1, you will need to create an FSA ID - a username and password - in order to sign your child's FAFSA. The FSA ID has replaced the Federal Student Aid PIN. Our records indicate that you may not have yet created an FSA ID. To avoid delays in processing your child's FAFSA, you should create an FSA ID now. Do not wait until the FAFSA becomes available in October. Your child will also need to create his or her own FSA ID. Because the FSA ID serves as a legal signature, you and your child cannot share an FSA ID, and you are not permitted to create an FSA ID for your child. Doing so could cause problems with his or her financial aid. For security reasons, you and your child cannot use the same e-mail address when creating FSA IDs. You will be able to use your FSA ID immediately to sign your child's FAFSA. Note: When filling out the FAFSA, you will make a "Save Key" that allows you and your child to work on the same application without using each other's FSA IDs. For more information about the FSA ID, visit StudentAid.gov/fsaid.StudentAid.gov/fsaid Sincerely, ~Federal Student Aid Programs

5. Create Account – Link PIN

6. Complete the FAFSA on the web Worksheet at: https://fafsa.ed.gov/fotw1617/pdf/fafsaws16c.pdf

7. FAFSA: IRS Data Retrieval Tool F CHhhhonnects to IRS for tax datConnects to IRS for tax data of completed tax returns Electronic filers – about 2 weeks after submittal Use for original FAFSA and corrections a of completed tax returns Electronic filers – about 2 weeks after submittal Use for original FAFSA and corrections AFSA: IRS Data Rdata of completed tax returns Electronic filers – about 2 weeks after submittal Use for original FAFSA and corrections etr Connects to IRS for tax ieval Tool

8. FREE help is available Make sure you are not paying for free information Know what you are getting for your money Need more info: 1-800-4FEDAID Should I pay someone to help me find or apply for student financial aid?

9. What Makes up a Financial Aid Package?

10. Sources of Financial Assistance

11. 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

12. STEM Incentive Program  Tuition scholarship at SUNY or CUNY  Eligibility Need to graduate in top 10% of high school class Need to study in STEM Field Need to maintain a 2.5 average  Five-year service contract to work in NY state in a STEM field  More information: www.hesc.ny.gov or Scholarship Unit at 1-888-697-4372

13. NY-AIMS  Award of $500  Eligibility NY State high school graduate Achieved academic excellence ‒ Top 15% ‒ 3.3 GPA or above ‒ Honor Regents diploma or a score of 3 or higher on two advanced placement exams Based on unmet need  Applications and more information available in May  More information: www.hesc.ny.gov or Scholarship Unit at 1-888- 697-4372

14. 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

15. 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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17. Administration Rollout of PPY September 14, 2015 In Des Moines, Iowa, President Obama announces action to implement PPY on the 2017-18 FAFSA On October 1, 2016, the FAFSA for the 2017-18 award year will be released by the Department of Education. 17

18. Identifying Implications The move to PPY could have some important implications for colleges and universities Budget and tuition planning timelines may need to be adjusted if award determinations are made in the fall instead of the spring Recruitment and admissions offices may need to alter messaging as high school seniors will receive financial aid information much earlier Earlier distribution of acceptance letters Earlier distribution of financial aid award letters 18

19. 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. 19

20. 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 2017-18 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 (2016-17) aid applicants will be using the same prior year federal income (2015) for two consecutive years 20

21. HS Juniors Can Begin Completing Their Common Application NOW (in their Junior Year) Forwarded message ---------- From: Daniel Tramuta Date: Mon, Dec 7, 2015 at 10:02 PM Subject: Fwd: Rolling Over of Common Application Data for Current HS Juniors Dear Colleague: It was wonderful to have the opportunity to talk with so many counselors during the NACAC National Conference and the College Board Forum earlier this fall. We believe that it is critical to understand the counselor experience, and the insights you have provided are invaluable. Counselors like you are on the ground working day in and day out to help students find the colleges that are right for them, and our goal is to support you in that effort. To that end, we recently shared with you several important initiatives: Account Rollover, which allows applicant accounts from 2015-2016 to carry over to the 2016- 2017 application year and beyond; As always, if you have any questions, please do not hesitate to contact us. We look forward to working together with you in the coming year. Best Regards, Aba Blankson