1. Grand Island High School Assistant Director of Student Financial Aid
Financial Aid Presentation
Grand Island High School
Sean Hudson
Assistant Director of Student Financial Aid
Canisius College

2. Topics for Discussion Categories of Financial Aid How to Apply
How Is Eligibility Determined
Sources of Financial Aid
Award Notification

3. Categories of Financial Aid
Section I
Categories of Financial Aid

4. Categories of Student Aid
Merit Aid (Non-need-based aid)
Academic Merit Scholarships
Talent Based Scholarships (Music, Art, etc)
Athletic Grant-in-Aid Scholarships
Need-Based Aid
Aid programs (grants, work, loans) awarded based a student’s demonstrated financial need 8

5. How to Apply For Need Based Aid
Section II
How to Apply
For Need Based Aid

6. FREE Application for Federal Student Aid (FAFSA)
Determines an Expected Family Contribution (EFC).
Student Aid Report (SAR)
Electronic version of FAFSA
FAFSA on the web at
Limited distribution of Paper FAFSA 8

7. FAFSA (Cont.)
Allows students to be considered for Federal Student Aid (FSA) Programs
Used by colleges, states and some scholarship programs to determine need-based eligibility
Required to Apply for N.Y.S. Financial Aid (TAP Program)
Complete after October 1st

8. Advantages of FAFSA on the Web
More timely submission of original and corrected information
Built-in edits to prevent errors
Skip logic allows applicant to skip unnecessary questions
More detailed instructions & help for common questions
Ability to check applicant status on-line
Simplified application process in the future
Ability to list up to ten colleges/universities 24

9. Before Starting the FAFSA
Student and a parent each apply for their own FSA ID (replaces PIN)
Used to access features and sign FAFSA electronically
Can be done at points within the FAFSA application or directly at
May be used by students and parents throughout aid process, including subsequent school year
Gather important documents needed to file the FAFSA

10. FSA ID

11. Common Documents Needed
Social Security Cards
US Permanent Resident Card, if non-citizen
Parent and/or Student Income Tax Information
2015 Federal 1040/A/EZ, 2015 W-2 form(s)***Use IRS DRT
Records of untaxed income
Such as child support received, interest income
Information on cash, savings, checking account balances
Investments, including stocks, bonds, real estate
Excludes retirement accounts, value of primary residence

12. FAFSA on the Web - Help

13. FAFSA on the Web - Help

14. FAFSA on the Web

15. FAFSA on the Web

19. 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

20. FAFSA Confirmation Page
State Aid Link
EFC
Federal Aid Estimates

21. Student Aid Report (SAR)
Available three (3) days after filing FAFSA online
Provides application summary and follow-up instructions

22. NYS Aid Programs Tuition Assistance Program (TAP)
Attending NYS College
$5,165 Maximum Award/$500 Minimum Award (1617)
Student and parents must be legal New York State Residents
Calculated on NYS Net Taxable Income
$80,000 NTI or less

23. 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

24. TAP Application Website

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

26. 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

27. Financial Aid Calendar
For Enrollment in Fall 2017
Late summer/early fall 2016 – apply to college
October/November 2016 – apply for aid (FAFSA)
December 2016 – March 2017 – receive financial aid award letter from college
May 1st, 2017 – College Decision Day

28. How is Eligibility Determined
Section III
How is Eligibility Determined

29. What is the Expected Family Contribution (EFC)?
Amount a family can reasonably be expected to contribute
Stays the same regardless of the college
Two components
Parent contribution
Student contribution
Calculated using data from the federal application (FAFSA) and a federal formula called “Federal Methodology” 8

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

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

32. Cost of Attendance (COA)
Basic Components of the Cost of the Attendance
Tuition and Fees
Books & Supplies
Room and Board
Transportation
Miscellaneous Personal Expenses

33. Example - James

34. Sources of Financial Aid
Section IV
Sources of Financial Aid

35. Federal Pell Grant Eligible students: Semi-Entitlement Program
Undergraduates pursuing first baccalaureate
Semi-Entitlement Program
Portable
Maximum award for = $5,920
EFC less than $5235 (1617) 21

36. Federal Supplemental Educational 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

37. 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 organizations
Schools must use portion of FWS funds for community service employment activities 24

38. Federal Work Study (FWS) (Cont.)
Must be paid at a minimum monthly at least minimum wage ($9.00)
Job Placements on Campus
Does the college guarantee a job?
Does the college require an interview process? 24

39. 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 Unsub)
$6, nd year ($4,500 Sub & $2,000 Unsub)
$7,500 for each remaining undergraduate year ($5,500 Sub & $2,000 Unsub)
$20,500 Unsub for each year of graduate/professional study 27

40. Federal Direct Stafford Loan (Cont.)
Repayment begins after 6-month grace period
Interest accrues during grace period for both Subsidized & Unsubsidized Loan
Maximum repayment period between 10 and 30 years depending on repayment plan chosen
Deferment and cancellation provisions available
An Origination Fee subtracted from each disbursement. Currently 1.069%

41. Federal Direct PLUS Loan
Credit-based Parent loan program for parents of dependent undergraduate students
Annual loan limit: COA minus other aid
If parent is denied, student is eligible for additional Unsubsidized Loan funds in student’s name ($4,000 for Fr & So, $5,000 for Jr & Sr)
An Origination Fee subtracted from each disbursement. Currently 4.276%
Also a PLUS loan program for graduate students 31

42. Federal Direct Stafford Loan Interest Rates July 1, 2016 – June 30, 2017
Federal Direct Student Loans Interest Rates
Effective for Loans With a First Disbursement on or After July 1, 2016
Loan Type
Student Grade Level
Cohort
Index Rate
Add-On
Fixed Interest Rate
Interest Rate Cap
First Disbursed On/After
First Disbursed Before
10-Year Treasury Note Index
Direct Subsidized Loans
Undergraduate Students
7/1/16
7/1/17
1.71%
2.05%
3.76%
8.25%
Direct Unsubsidized Loans
Graduate/Professional Students
3.60%
5.31%
9.50%
Direct PLUS Loans
Parents of Dependent Undergraduate Students and Graduate/Professional Students
4.60%
6.31%
10.50%

43. 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

44. 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

45. 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

46. Alternative Loan Financing
Banks have created private education loans to supplement the federal loan programs
Student is the borrower – a credit-worthy co-signer is highly recommended and in most cases required for the loan
There are currently 3 lenders that offer private loans for parents – can be an alternative to PLUS w/no fees
Loan amount is determined by the cost of attendance minus financial aid
Interest rates vary between lenders (fixed & var.)
Many provide deferment provisions

47. Internet/World Wide Web

48. Section V
Award Notification

49. 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

50. Special Circumstances/Conditions
Contact the college financial aid office when:
You are not sure how to answer a question on the FAFSA
The information provided on the FAFSA is no longer correct. i.e. Loss of employment, Loss of untaxable/taxable income (child support, social security, etc.), Separation or Divorce, Death of parent or spouse.
Anything else that you are unsure of!

51. Good Luck!