1. What You Need to Know About Financial Aid

2. Topics We Will Discuss Tonight
What is financial aid?
Cost of attendance (COA)
Expected family contribution (EFC)
Financial need
Categories, types, and sources of financial aid
Free Application for Federal Student Aid (FAFSA)
Special circumstances

3. What is Financial Aid?
Financial aid consists of funds provided to students and families to help pay for college.

4. What is Cost of Attendance (COA)?
Direct costs
Indirect costs
Direct and indirect costs combined into cost of attendance
Varies widely from college to college

5. What is Expected Family Contribution (EFC)?
Calculated using data from a federal application form and a federal formula (FAFSA)
Used to determine the student’s financial need
Stays the same regardless of college
Two components
Parent contribution
Student contribution

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

7. Categories of Financial Aid
Need-based aid
Non-need-based aid

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

9. Gift Aid: Scholarships
Money that does not have to be paid back
Awarded on the basis of merit, skill, or unique characteristic

10. Gift Aid: Grants Money that does not have to be paid back
Usually awarded on the basis of financial need

11. Self-Help Aid: 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

12. Self-Help Aid: Work-Study Employment
Allows student to earn money to help pay educational costs
A paycheck; or
Nonmonetary compensation, such as room and board
Student may opt whether or not to work or number of hours to work

13. Sources of Financial Aid
Federal government
States
Colleges and universities
Private sources
Civic organizations and churches
Employers

14. Federal Government Largest source of financial aid
Aid awarded primarily on the basis of financial need
Must apply each year using the FAFSA

15. Federal Student Aid Programs
Federal Work-Study (FWS)
Subsidized and Unsubsidized Federal Direct Student Loans
Federal Direct Parent PLUS Loans
Federal Pell Grant
Iraq and Afghanistan Service Grant (IASG)
Teacher Education Assistance for College and Higher Education (TEACH) Grant
Federal Supplemental Educational Opportunity Grant (FSEOG)

16. New York State Programs
Information available at hesc.ny.gov
Grants and Scholarships
Additional State applications
Must be NYS resident
Attend a college in NYS
Graduated from high school in the U.S. or earned a high school equivalency diploma

17. NYS Tuition Assistance Program (TAP)
NYS Tuition Assistance Program (TAP) is New York State’s largest grant program.
Must be legal NYS resident and US citizen or eligible noncitizen
Attend a NYS college full time
Award is based on the applicant’s and his or her family’s NYS net taxable income ($80,000 or less)
Application available through on FAFSA confirmation page or can be completed at
Uses information from the FAFSA for the application

18. NYS Scholarships Excelsior Scholarship – SUNY & CUNY students
Covers tuition liability only (Combination of Excelsior, TAP Grant, Pell Grant, tuition credit)
For families who earn $110,000 or less on 2016 tax return
Must enroll 12 credits per term and earn 30 credits during academic year to received
Reside (and employed) in NYS for the length of the time the award was received
Enhanced Tuition Awards – Students at participating NYS private colleges
$6,000 (TAP Grant, ETA, match from College)

19. Additional NYS Scholarships & Awards
Some examples:
Part-time students
Part-time Scholarships
Aid for Part-time Study (APTS)
Scholarships for Academic Excellence
Achievement & Investment in Merit Scholarship (NY-AIMS)
Veterans Tuition Awards
World Trade Center Memorial Scholarship
Many more at

20. Colleges and Universities
Award aid on the basis of both merit and need
Aid may be gift aid or self-help aid
Use information from the FAFSA and/or institutional applications
Deadlines and application requirements vary by institution
Check with each college or university

21. Private Sources Foundations, businesses, charitable organizations
Deadlines and application procedures vary widely
Begin researching private aid sources early
Civic Organizations, Churches, Employers
Small scholarships add up!

22. Free Application for Federal Student Aid (FAFSA)
A standard form that collects demographic and financial information about the student and family
File electronically at fafsa.gov

23. FAFSA
Information used to calculate the expected family contribution (EFC)
Colleges use EFC to award financial aid
May be filed at any time during an academic year, but no earlier than the October 1st prior to the academic year for which the student requests aid
Most colleges set FAFSA filing deadlines

24. FAFSA on the Web (FOTW) Website: fafsa.gov
2019–20 FAFSA on the Web available on October 1, 2018

25. FSA ID https://fsaid.ed.gov Parent and student both need an FSA ID
Sign FAFSA electronically
Used by students and parents throughout aid process, including subsequent school year
Only the owner should create a FSA ID

26. What does the FAFSA ask? General Student and Parent Information
Social Security Number
Citizenship status
Marital status
Selective Service registration
Student dependency questions
Income Information
Tax, income, and other financial information
Assets
Untaxed income
Additional Information
College and housing information
Signatures Required – electronic using FSA ID

27. Tax Information - IRS Data Retrieval Tool
While completing FAFSA, applicant may submit real- time request to IRS for tax data
IRS will authenticate taxpayer’s identity
If match found, IRS can transmit tax information of student/parent to the FAFSA application
Applicant chooses whether or not to transfer data to FAFSA
The FAFSA will use 2017 tax information
Reduces documents requested by financial aid office

28. FAFSA Processing Results
Central Processing System (CPS) notifies student of FAFSA processing results by:
notification containing a direct link to student’s online SAR (Student Aid Report) if student’s was provided on paper or electronic FAFSA
Student with FSA ID may view SAR online at fafsa.gov
The record is sent to colleges listed on FAFSA School may request additional documentation

29. Special Circumstances
Special circumstance such as:
Change in employment status
Unusual medical expenses not covered by insurance
Change in parent marital status
Unusual dependent care expenses
Student cannot obtain parental information
Cannot be documented using FAFSA
What to do:
Contact financial aid office at each college to explain situation and determine if supporting documentation is needed
Decisions are final and cannot be appealed to U.S. Department of Education

30. Net Price Calculator Required of all colleges by federal regulations
Estimated financial aid package for prospective students
A starting point, not the end result

31. Resources fafsa.gov hesc.ny.gov www.racf.org www.fastweb.com

32. Government Sources
Americorps – Veteran’s Benefits – ROTC scholarships or stipends Bureau of Indian Affairs – NYS Access–VR (Vocational Rehabilitation) U.S. Dept. of Health and Human Services (HHS) –

33. Helpful Tips (Re) Read everything from chosen College
Follow instructions early
Avoid summer rush - don’t procrastinate!
Take responsibility/ask questions
Be aware of FERPA (privacy laws)
Make self-service your best friend!

34. Questions
Marie Longyear Associate Director of Financial Aid St. John Fisher College 3690 East Ave Rochester, NY (585)