1. First-Year Financial Aid
Daniel O’Leary
Senior Counselor
Student Financial Services
Hofstra University

2. What is Financial Aid? Financial Aid Federal Work-study
Grants & Scholarships
Loans

3. Gift Aid (Does not need to be repaid)
Scholarships (typically merit-based)
Institutional
Local/ Outside
Grants
Federal Pell Grant
Federal Supplemental Opportunity Grant (SEOG)
Tuition Assistance Program (TAP- for NYS residents attending a NYS school, Public or Private)

4. Scholarship Search Sites
Scholarships.com
Finaid.org
Fastweb.com
Collegeboard.com
*Note: Links are provided as a general information resource. The links provided are maintained by their respective organizations and they are solely responsible for their content. Hofstra does not favor one link over the other, nor does Hofstra endorse or profit, in whole or in part, from any products or services offered or promoted by any of the websites whose links appear.

5. Loans (need to be repaid)
Federal Education Loans
Subsidized and Unsubsidized Stafford Loans
Annual limit for Freshman =$5,500 gross
* 4.29% interest rate, 1.068% loan fee
Federal Parent Plus Loan
Annual limit = Student’s Cost of Attendance
* 6.84% interest rate, 4.272% loan fee
Alternative/Personal Student Loans
variable interest rates and terms/conditions
Home Equity Loan
*Note: Figures reflect interest rates and origination fees. Each year’s rates become available by July 1

6. Federal Work Study (FWS)
Most jobs worked on campus
Students earn wages
Funds are not applied to a student’s billing account
Based on the student’s schedule
Part-time jobs
Undergraduate Assistantships
Earn more than just a degree!
Valuable networking
opportunities

7. Financial Aid Timeline
(HS seniors entering college Fall 2016)
September-December
NEW! Student and one parent apply for FSA ID
Parents can use their existing PIN to create ID
College Scholarship Service (CSS Profile by College Board)
Used to determine institutional need-based aid, not all colleges participate
Available October 1, deadline set by each college/univ., fee required
Apply for outside scholarships
January 1 – February 15
File Free Application for Federal Student Aid (FAFSA) every year!
Preferred deadline is typically Feb. 1 or Feb 15, depending on the college/univ.
Find out your Expected Family Contribution (EFC)
File Taxes as early as possible (Fed & State)
File TAP application

8. Financial Aid Timeline Cont…
Late February- March
Many colleges/Universities begin to send out financial aid award packages
Complete verification (if required) and other requested forms
(proof of citizenship, selective service)
April- May
Pay tuition/housing deposits, complete housing application &
accept/decline financial aid by
May 1, the National Reply Date
Complete loan applications & requirements after May 1 but
2-3 weeks before the bill is due

9. How do you apply for Financial Aid?
Free Application for Federal Student Aid (FAFSA)
FSA ID (used to file/sign the FAFSA electronically)
College Scholarship Service (CSS Profile by College Board)
New York State Tuition Assistance Program (TAP)
Admission Applications
Other College/University Applications
Auditions/Portfolios for activity grants/scholarships
Local/Outside scholarships
Department of Education Student/Parent loans
Private/Alternative Loans
Check with College/University for additional
payment options (payment plans, deferred payments,
locked-in rates)

10. New FAFSA Timeline Beginning with the 2017-2018 year
FAFSA will be available October 1, 2016
Students/Families will use
“Prior-Prior year” tax information (PPY)
FAFSA Year
Tax Return
(entering Fall 2015)
2014
(entering Fall 2016)
2015
(entering Fall 2017)
(entering Fall 2018)
2016
(entering Fall 2019)
2017

11. PPY Benefits & Questions
Students can start the financial aid process earlier
Colleges/Universities can process award packages earlier
More accurate FAFSA information- taxes will already be filed,
can be submitted electronically
Scholarship provides requiring the FAFSA will have information earlier
Questions/Concerns
What if a family’s financial situation changes?
Will the current Federal Aid programs be affected?
When will students receive award packages?
Will other deadlines change?

12. Questions? For more information: Federal Aid www.studentaid.gov
NYS Aid
FAFSA
CSS Profile
General info.
*Note: Links are provided as a general information resource. The links provided are maintained by their respective organizations and they are solely responsible for their content. Hofstra does not favor one link over the other, nor does Hofstra endorse or profit, in whole or in part, from any products or services offered or promoted by any of the websites whose links appear.