1. Financial Aid Presentation
Canisius High School
Michele Rizzo
Assistant Director of Student Financial Services
Canisius College

2. Topics An Overview How to Apply FAFSA & Expected Family Contribution
How Eligibility Is Determined
Types of Financial Aid
Award Notification

3. Section I
How to Apply

4. Free Application for Federal Student Aid (FAFSA)
Family’s financial information is required to calculate the student’s Expected Family Contribution (EFC).
Student Aid Report (SAR)
Electronic version of FAFSA
FAFSA on the web at
NEW TIMETABLE 8

5. FAFSA – Getting the application started
Create a Federal Student Aid ID (FSA ID)
Available to create FSA ID (username/password) TODAY
Students and parents should EACH create their own Federal Student Aid ID
fsaid.ed.gov

6. Start with FAFSA.GOV
The financial aid process begins with the FAFSA, which is accessed online at
FAFSA stands for the FREE Application for Federal Student Aid. It is important to remind students that the application is free and they should go to the correct website to file it. Students searching for the FAFSA through Google or other search engines may be directed to a website called FAFSA.com, where they are charged a fee to complete their application.
Students who are applying to college for the academic year should complete the FAFSA as soon as possible after January 1, when the application will be available. Students beginning college in the academic year should make sure to use the application not the FAFSA application. 6 8

7. FAFSA on the Web

8. FAFSA (Cont.) May be Used to Award Institutional Aid from the College
Required to Apply for N.Y.S. Financial Aid (TAP Program)
Complete and submit FAFSA after OCTOBER 1st of Senior Year

9. FAFSA
May be filed at any time during an academic year, but no earlier than the October 1st prior to the academic year for which the student requests aid
For the academic year, the FAFSA may be filed beginning October 1, 2016
Most colleges set FAFSA filing deadlines

10. FAFSA on the Web (FOTW) Website: www.fafsa.gov
2017–18 FAFSA on the Web available on October 1, 2016
FAFSA on the Web Worksheet:
Used as “pre-application” worksheet
Questions follow order of FAFSA on the Web

11. IRS Data Retrieval Tool
While completing FOTW, applicant may submit real- time request to IRS for tax data
IRS will authenticate taxpayer’s identity
If match found, IRS sends real-time results to applicant in new browser window
Applicant chooses whether or not to transfer data to FOTW

12. FAFSA Confirmation Page
State
Aid Link
Federal Aid Estimates
When the FAFSA is submitted, the confirmation page is presented.
If the applicant is a resident of New York State and listed at least one college located in New York State on the FAFSA application, the link to the HESC TAP application web portal highlighted in this screen shot will be present on the confirmation page.
EFC

13. How to Apply for TAP Tuition Assistance Program Application
TAP Application part of FAFSA on the Web.
TAP is a College Specific Program.
1st New York University/College listed on FAFSA is the school of record

14. NYS Aid Programs Tuition Assistance Program (TAP)
Attending NYS College
$5,165 to $500
2015 NYS Net Taxable Income*
$80,000 NTI or less

15. Secondary Application Profile
Profile - College Scholarship Service
Used by approximately 240 College
Total Electronic Application
Non-Federal Aid Application
Fees:
$25.00 for the 1st Profile Application
$16.00 for everyone beyond the 1st

16. Secondary Application - College Forms
Some Colleges May Have an Institutional Need Based Aid Application
Or a Specific Scholarship Application
Colleges will Distribute Their Own Forms

17. Forms to be Completed Complete & Submit Forms after 10/1/16
Suggested Timetable ( ):
Complete & Submit Forms after 10/1/16
College Receives Data /15/16
College Begin to Award Aid ????????
National Reply Date (Deposit) /01/17

18. The FAFSA Application & Expected Family Contribution
Section II
The FAFSA Application
&
Expected Family Contribution

19. Expected Family Contribution
Parent contribution from total income from 2015 and current assets
Student contribution from total income from 2015 and current assets
Number in the Household
Number attending College

20. Who Are Considered Parents on the FAFSA?
Biological or adoptive parents (regardless of gender)
Parents married and living with each other
Parents unmarried and living with each other
Parent widowed or single
Parents divorced or separated - answer questions for parent with whom student lived more during past 12 months. If equal time between each parent, answer for the parent who provided more financial support during the past 12 months
If custodial parent has remarried, answer about that parent and the person whom parent married (stepparent)

21. Who Are Not Considered Parents on the FAFSA?
Foster parents
Legal guardians who have not adopted the student
Relatives, such as grandparents, who have not adopted the student
Stepparents who have not adopted the student and the natural parent in the household is deceased. Must use remaining biological/adoptive parent, if any.

22. Frequent FAFSA Errors Social Security Numbers
Divorced/remarried parental information
Income earned by parents/stepparents
Untaxed income
U.S. income taxes paid
Household size
Number of household members in college
Real estate and investment net worth

23. Special Circumstances Tips
Cannot be documented using FAFSA
Send written explanation and documentation to financial aid office at each college
College will review and request additional information if necessary
Decisions are final and cannot be appealed to U.S. Department of Education

24. Special Circumstances Issues
Change in employment status
Unusual medical expenses not covered by insurance
Change in parent marital status
Unusual dependent care expenses
Student cannot obtain parental information

25. How is Eligibility Determined
Section III
How is Eligibility Determined

26. Definition of Need – Expected Family Contribution (EFC)
Cost of Attendance (COA)
– Expected Family Contribution (EFC)
= Financial Need 4

27. Cost of Attendance Basic Components of the Cost of the Attendance
Tuition and Fees
Books & Supplies
Room and Board
Transportation
Miscellaneous Personal Expenses

28. Example - Carlos

29. Section IV
Types of Financial Aid

30. Federal Pell Grant Eligible students: Semi-Entitlement Program
Undergraduates pursuing first baccalaureate
Semi-Entitlement Program
Portable
Maximum award for = $5,815 21

31. Federal Supplemental Opportunity Grant (SEOG)
Eligible students:
Undergraduates pursuing first baccalaureate
Awarded first to students with “exceptional financial need”
Priority to Federal Pell Grant recipients
Annual award amounts:
$100 minimum
$4,000 maximum 23

32. Federal Work Study (FWS)
Eligible students: Undergraduate, graduate students
Employment may be on or off campus
Eligible employers:
College itself – majority of job placements
Federal, state, or local public agencies
Certain private nonprofit and for-profit organizations
Schools must use portion of FWS funds for community service employment activities 24

33. Federal Work Study (FWS)
Must be paid at a minimum monthly at least minimum wage
Job Placements on Campus
Does the college guarantee a job?
Does the college require an interview process? 24

34. Federal Direct Stafford Loan
Subsidized: Must demonstrate “need”
Unsubsidized: Not based on “need”
Base annual loan limits (combined subsidized and unsubsidized):
$5, st year ($3,500 Sub & $2,000 Un-sub)
$6, nd year ($4,500 Sub & $2,000 Un-sub)
$7,500 for each remaining undergraduate year ($5,500 Sub & $2,000 Un-sub)
$20,500 for each year of graduate/professional study 27

35. Federal Direct Stafford Loan
Interest Rate is fixed at 3.76%
Readjusted 7/1/17
Repayment begins after 6-month grace period
During grace period student pay interest
Maximum repayment period between 10 and 30 years depending on repayment plan chosen
Deferment and cancellation provisions available

36. Federal Direct PLUS Loan
Parent loan program for parents of dependent undergraduate students
Annual loan limit: COA minus other aid
Fixed Interest Rate – 6.31% 31

37. Institutional Financial Aid
Scholarships from College
Academic Merit
Talent Based Merit Awards
May Require Separate Scholarship Application
Scholarship Letter should indicate:
Terms for Renewal
The Specific Amount
Probation Opportunities

38. Institutional Financial Aid (Cont.)
Grants from College
Awarded Annually
Award based on “Financial Need”
Determine Renewability
Athletic Grant-in-Aid
Awarded on Athletic Ability
Contact Coach at the College

39. Private Sources of Financial Aid
Generally Awarded on an Annual Basis
Sources of Scholarships Unlimited
Scholarships Must be Incorporated into Award Package

40. Alternative Loan Financing
Banks have created private education loans to supplement the federal loan programs
Student is the borrower – does requiring a co-signer for the loan
Loan amount is determined by the cost of attendance minus financial aid
Interest rate varies between lenders
May provide deferment provisions

41. Calculators
When researching colleges and their financial aid programs, the Net Price Calculator is valuable tool that can help students and parents. All postsecondary institutions who participate in federal student aid programs are required to maintain one on their website.
Net price calculators use applicant data and school specific information to generate estimates on an applicant’s future cost of attendance, average aid package (based on what families with similar demographics have received), out-of-pocket costs, average indebtedness, and average net price – which is the result of subtracting cost of attendance from grant aid.
Net price calculators vary in format from school to school. Users are advised that results are estimates and averages to be used as a planning tool only. Schools cannot be held liable to meet the figures presented within the calculation.

42. Section V
Award Notification

43. Award Notification Read Carefully, including the NYS Shopping Sheet
Follow Instructions
Respond on Time
Be Sure to file Additional Forms
Contact the Financial Aid Office with questions & concerns
Make the Process a Family Affair

44. Good Luck!