1. Financial Aid Presentation
October 2016
Financial Aid Presentation

2. What is Financial Aid ?
Financial aid consists of funds provided to students and families to help pay for postsecondary educational expenses

3. What is the Cost of Attendance
Direct Costs
Indirect Costs
Direct and indirect Costs Equal Cost of Attendance
Varies widely from College to College

4. What is Expected Family Contribution (EFC)?
Amount family can reasonable be expected to contribute for educational costs for one year.
Stays the same regardless of college
Two components: Parent and Student Contribution
Calculated using data from the FAFSA applied to a federal formula

5. What is Financial Need?
Cost of Attendance – Expected Family Contribution = Financial Need

6. Types of Financial Aid Gift Aid Self-Help Aid Scholarships Grants
Loans
Employment

7. Scholarships and Grants
Money that does not need to be paid back
Scholarships not based on financial need but awarded based on merit, skill, or unique characteristic.
Grants usually awarded on the basis of financial need

8. LOANS Money students and parents borrow to help pay college expenses
Repayment usually begins after education is finished
Only borrow what is really needed
Look at loans as an investment in the future

9. Work-Study Employment
Allows student to earn money to help pay for educational costs
Student may opt whether or not to work or number of hours to work
Not usually a guaranteed at most campus
Will not have these resources at the beginning of school

10. Federal Student Aid Programs
Federal Pell Grant
Federal Perkins Loan
Iraq and Afghanistan Service Grant
Federal Work Study
Teacher Education Assistance for College and Higher Education (TEACH) Grant
Subsidized and Unsubsidized Federal Direct Student Loans
Federal Supplemental Educational Opportunity Program (SEOG)
PLUS Loans

11. State Financial Aid Programs
Residency requirements
Award aid on the basis of both merit and need
Use information from the FAFSA and/or state aid applications
Deadlines

12. NYS STEM SCHOLARSHIPS
Science
Technology
Engineering
Mathematics

13. Stem Scholarships Eligibility
NYS resident and citizen/eligible non-citizen
Enrolled FT at SUNY or CUNY college following high school graduation
Be ranked in the 10% of high school graduating class of a NYS high school
Be matriculated in a degree program in the fields mentioned
Earn a cum. GPA of 2.5 or higher each term after 1st semester

14. Stem Scholarships Eligibility (contd)
Not be in default on a student loan
Execute a service contract agreeing to reside and work in NYS for five years in an approved occupation.
Failure to comply will result in the conversion of your grant award to a student loan which must be repaid with interest within 10 years.

15. Stem Scholarship Award
Amount of tuition charged at the SUNY or CUNY college attending
Award will be reduced by other tuition assistance awards, such as TAP
Duration = 4 yr or if enrolled in 5 yr approved program, can receive 5 yrs
Apply = For available Jan 1, 2016

16. Colleges and Universities
Award aid on the basis of both merit and need
Use information from the FAFSA and/or institutional applications (Profile)
Deadlines and applications vary by institution

17. Private Resources
Foundations, business, charitable organizations, churches
Deadlines and application procedures vary widely
Begin researching early!!

18. What are the steps to receive financial aid?
Obtain a Federal Student Aid Username and Password at Used on many financial aid web sites.
Complete the FAFSA
Complete the NYS TAP application at and state merit applications
Complete outside scholarship applications

19. Steps to complete the aid process
Submit any necessary documentation to the school
Receive your financial aid package from the college
Accept or decline all or parts of your financial aid
If borrowing, complete Entrance Counseling and the Direct Loan Promissory Note

20. 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

21. FAFSA Home Page
FAFSA on the Web home page (

22. Login (continued)
“Login” page.

23. My FAFSA 2017-18 “Get Started” page.
This page was revised to provide clarification on which school year the applicant should apply for based on the school year they are planning to attend college.
The applicant can view the status of his/her FSA ID in the FSA ID section of the My FAFSA page.

24. Good Reasons to File Electronically
Built-in edits to prevent costly errors
Skip-logic allows students and parents to skip unnecessary questions
Option to use Internal Revenue Service (IRS) Data Retrieval Tool to import tax data to federal application
Timely submission
Ability to check status and make corrections

25. IRS Data Retrieval Tool
IRS will authenticate taxpayer’s identity
If match found, IRS send real time results to applicant in new browser window
Applicant chooses whether or not to transfer data to FAFSA
Available early February
Reduces documents requested by financial aid office

26. IRS Data Retrieval Tool
Some unable to use IRS DRT
Examples include:
Filed an amended tax return
No Social Security Number was entered
Student or parent married but files separately

27. General Student Information
Social Security Number
Citizenship Status
Marital Status
Drug Convictions
Selective Service Registration
Level of Parent(s) School Completion

28. Dependency Status
All students born after January 1, 1994 are considered dependent student.
Series of questions to determine if student is dependent o independent.
Parents unwillingness or inability to pay does not make a student independent

29. Tax and Asset Information
IRS Tax information based on calendar year 2015.
Receipt of federal means-tested benefits
Assets
Untaxed income

30. FAFSA FILING DAYS
AUBURN CAMPUS Saturday, November 12, 2016

31. Questions?