1. Curt Gaume Director of Student Financial Aid Canisius College
Financial Aid Presentation
Amherst
High School
Curt Gaume
Director of Student Financial Aid
Canisius College

2. Topics An Overview How to Apply 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
Limited distribution of Paper FAFSA
Paper vs. Electronic Processing 8

5. FAFSA on the Web

6. Paper FAFSA
Student must call the Federal Student Aid Information Center (FSAIC) to request a paper FAFSA
It will take 3 to 7 days to receive the FAFSA
You may request up to three copies
Or download a PDF version of the FAFSA form at 8

7. 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 mail FAFSA after January 1st

8. How to Apply for TAP Tuition Assistance Program Application
TAP Application part of FAFSA on the Web.
Data from FAFSA is used to create the paper Express TAP Application.
TAP is a College Specific Program.
1st New York University/College listed on FAFSA is the school of record

9. After Completing the FAFSA Look for:

10. TAP Application Website

11. 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

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

13. Forms to be Completed Complete & Mail Forms 2/15/10
Suggested Timetable ( ):
Complete & Mail Forms /15/10
College Receives Data /22/10
College Begin to Award Aid /01/10
National Reply Date (Deposit) /01/10

14. How is Eligibility Determined
Section II
How is Eligibility Determined

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

16. Who is Eligible General Eligibility for Federal Aid
Matriculation toward a degree
U.S. Citizenship or eligible non-citizen
Registration with Selective Service (males ages 18-25)
No drug related convictions

17. Frequent FAFSA Questions
Divorced/remarried parent information
Income earned by parents/stepparents
Untaxed income
U.S. income taxes paid
Household size
Number in postsecondary education

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

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

20. Example - Carlos

21. Section III
Types of Financial Aid

22. Federal Pell Grant Eligible students: Semi-Entitlement Program
Undergraduates pursuing first baccalaureate or professional degree
Semi-Entitlement Program
Portable
Actual award amount based on COA, EFC, and enrollment status
Maximum award for = $5,350 21

23. Federal Supplemental Opportunity Grant (SEOG)
Eligible students:
Undergraduates pursuing first baccalaureate or professional degree
Awarded first to students with “exceptional financial need” (i.e., students with lowest EFCs at that school)
Priority to Federal Pell Grant recipients
Annual award amounts:
$100 minimum
$4,000 maximum 23

24. Federal Work Study (FWS)
Eligible students: Undergraduate, graduate, and professional students
Employment may be on or off campus
Eligible employers:
Schools
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

25. Federal Perkins Loan Eligible students:
Undergraduate, graduate, and professional students
Priority to students who show “exceptional need,” as defined by school
Loan amount varies
Maximum annual loan amounts:
$4,000—undergraduate students
$6,000—graduate and professional students

26. Federal Perkins Loan Interest rate: 5% 9-month grace period
Repayment period may be up to 10 years
Deferment and cancellation provisions available 25

27. Federal Student Loan Student loans available under:
Federal Family Education Loan (FFEL) Program with funds provided by lenders
(e.g., banks and credit unions)
Federal Direct Student Loan (Direct Loan) Program with funds provided directly by federal government via participating schools
School determines loan eligibility and delivers loan proceeds to students

28. Federal Student 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)
$8,500 for each year of graduate/professional study 27

29. Federal Student Loan
Additional unsubsidized loan eligibility for independent undergraduate, graduate, and dependent students whose parents are unable to borrow PLUS:
$4,000 per year for 1st and 2nd year undergraduates
$5,000 per year for remaining years of undergraduate study
$12,000 per year for graduate/professional study 28

30. Federal Student Loan Interest Rate is fixed at 6.8%
Decrease in the rate for undergraduate subsidized Stafford loans of:
6 % – 2009
5.6% – 2010
4.5% – 2011
3.4% – 2012
Back to 6.8% 2012 – 2013 & Beyond

31. Federal Student Loan Repayment begins after 6-month grace period
Maximum repayment period between 10 and 30 years depending on repayment plan chosen
Deferment and cancellation provisions available

32. Federal PLUS Loan
Parent loan program for parents of dependent undergraduate students
Annual loan limit: COA minus other aid
Fixed Interest Rate – 8.5%
New PLUS loan program for graduate students 31

33. NYS Aid Programs Tuition Assistance Program (TAP)
Attending NYY College
$5,000 to $500 at Private College
$4,350 to $500 at Public College
2009 NYS Net Taxable Income
$80,000 NTI or less

34. New York State Opportunity Programs (HEOP/EOP)
New York State and school sponsored program
For educationally and economically disadvantaged students
Must meet academic and economic guidelines
Provides funding and academic services to increase college success

35. 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

36. 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

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

38. 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

39. Internet /World Wide Web (http://)

40. Section IV
Award Notification

41. Award Notification Read Carefully 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

42. Good Luck!