1. First-Year Financial Aid What High School Students & Families Should Know
Daniel O’Leary
Senior Counselor
Office of Student Financial Services
Hofstra University
Presentation courtesy of NASFAA, National Association of Student Financial Aid Administrators

2. Topics Financial Aid Sources and Programs
Financial Aid Timeline- When to Apply
What’s Changing
Benefits to Students
FAQs
Getting Info & Help

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

4. Financial Aid Sources May be awarded based on: Federal Government
New York State
Colleges – Institutional Aid
Other Sources
Businesses
Foundations
Churches
Community Affiliates/Clubs
Military
May be awarded based on:
Financial Need (Need-Based Aid)
Academic Achievement (Merit-Based Aid)
Athletic Ability or Activity/Talent
Scholarship, Grant, or Loan Applications

5. Federal Financial Aid Programs
FAFSA (Free Application for Federal Student Aid)
File each year in order to be eligible
Students can list up to 10 schools
Awards are determined by each individual school and may vary between schools
Eligibility may change from year to year
Pell Grant
Supplemental Educational Opportunity Grant
Work-Study
Perkins Loan
Direct Stafford Loan (Student)
Direct Parent PLUS Loan (Parents of Dependent Undergraduate Students)

6. Loans Federal Education Loans 2016-2017
Subsidized and Unsubsidized Stafford Loans
Annual limit for Freshman =$5,500 gross
* 3.76% interest rate, 1.068% loan fee
Federal Parent Plus Loan (For Dependent Students)
Annual limit = Student’s Cost of Attendance-Financial Aid
* 6.31% interest rate, 4.272% loan fee
Alternative/Personal Student Loans
variable interest rates and terms/conditions
*Note: Figures reflect interest rates and origination fees. Each year’s rates become available by July 1

7. New York State Programs
Apply through
Students & Parents must be NYS residents
Must be enrolled at a NYS approved college
Must meet other qualifications depending on award(s)
Tuition Assistance Program (TAP)
New York Achievement & Investment in Merit Scholarship
STEM Incentive Program
Math & Science Teaching Incentive Program
the maximum TAP award is up to $5,165 per year. Qualifying for TAP and the exact amount awarded will depend on student and parent New York State taxable income.
The NY-AIMS scholarship provides a $500 renewable award for study in New York State. Students can apply for this program if they meet two of the following criteria:
-graduated from high school with a GPA of 3.3 or above
-received a “with honors” designation on their NYS Regents diploma
-received a score of 3 or higher on two or more Advanced Placement (AP) examinations
-graduated within the top 15% of their high school class
the NYS STEM Incentive Program that awards full in-state tuition scholarships to attend SUNY or CUNY colleges or universities.
To qualify, applicants must be:
graduating seniors that are ranked in top 10% of their high school class
studying at a SUNY or CUNY college or university in an undergraduate program leading to a degree in Science, Technology, Engineering or Mathematics
There is a service commitment in which a student must agree to work and reside in New York State for five years after completing their education and must work in an approved STEM field. Anyone who is interested in this program may apply online at hesc.ny.gov beginning in October of their senior year of high school.

8. CSS PROFILE by the College Board
The PROFILE is an application used to award institutional funds (Not all colleges/universities participate) Information/Application is separate from the FAFSA
Available after October 1- Deadlines are specified by participating colleges/programs. Suggested filing date is two weeks before the college’s deadline
Cost= $25 for initial report, $16/each additional report
Available at

9. 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.

10. What Do I Ask? Scholarships/Grants
Application required or automatically awarded?
Is the FAFSA or CSS Profile required?
Application deadlines?
Awarded by Admission, Financial Aid, Athletic department, Alumni office, major department?
Renewable or one-time award?
Any limits or renewal criteria?
What happens if the student changes major?
Opportunities as a continuing student?

11. Estimated Financial Aid Timeline
Prior to filing the FAFSA (October 1)
Student and one parent apply for FSA ID
Parents can use their FSA ID for all children
Begin outside scholarship searches and applications
After October 1
File FAFSA
Preferred deadline is typically Feb. 1 or Feb 15, may be earlier depending on individual college
Find out your Expected Family Contribution (EFC)
File TAP application
Complete CSS/Financial Aid PROFILE by College Board
Check with each school regarding PROFILE deadlines

13. Estimated Financial Aid Timeline
January-April
Colleges/Universities begin to send out financial aid award packages detailing costs and eligibility
*Traditionally begins in March, Schools will determine new timeframe individually
Complete verification (if required) and other requested forms (proof of citizenship, selective service)
May 1
Pay tuition/housing deposit(s), 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

14. What’s Changing for 2017–18 Earlier FAFSA® Launch
2017–18 FAFSA available Oct. 1, 2016, at fafsa.gov
Change to October 1 launch will be permanent
Tax information from two years prior is required
2015 tax/income information required
(Normally would have been 2016)
FAFSA Year
Tax Return
(entering Fall 2015)
2014
(entering Fall 2016)
2015
(entering Fall 2017)
(entering Fall 2018)
2016
(entering Fall 2019)
2017

15. Benefits to Students Benefit #1: Alignment
Many college admissions application deadlines occur in the fall. Financial aid application done at same time
= less confusion
Benefit #2: Certainty
Accurate tax info- No need to estimate before filing taxes
IRS Data Retrieval Tool available immediately

16. FAQs About Timing & Reporting Info
Will deadlines be earlier?
Most state and school deadlines won’t change
Note: several states will change from “as soon as possible after January 1” to “as soon as possible after October 1” (for their first-come, first-served state aid)
State deadlines: fafsa.gov
School deadlines: see schools’ websites

17. FAQs About Timing & Reporting Info
Will 2016–17 FAFSA info be carried over to FAFSA since the same tax year is used?
No; each FAFSA is aid-year specific, regardless if the tax year is the same.

18. FAQs About Timing & Reporting Info
Can a student choose to report 2016 information?
No; you do not have a choice of which year to report
Must report info re the year the FAFSA asks for
Remember: Certain items on FAFSA are “as of today,” so you must read each question and fill out accordingly
If questions are answered incorrectly, your FAFSA could be selected for Verification

19. FAQs About Timing & Reporting Info
What if my family’s financial situation changed?
Speak with the colleges you are accepted to and add on your FAFSA. Each school may handle these situations differently

20. Financial Aid Tips Apply early!
Update the FAFSA to make sure all of your colleges are listed
Respond quickly to all verification, document requests
Financial aid offices are the best places to get questions answered such as other financing options (payment plans, 529 college savings plans), and for time-sensitive deadlines!
Use the Net Price Calculator offered by each school to help estimate costs
In addition to online scholarship searches
Check local library, employer or union
Check with HS Guidance Office
Avoid scholarship scams
Unnecessary fees, ID theft

21. Questions? Where to Get Help
FAFSA (help screens; online chat)
FED-AID
NYS Aid
1-888-NYSHESC
Federal Aid
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.