1. College Financial Aid Night
Dr. Mars, Principal
Welcome Class of 2019
College Financial Aid Night
September 27, 2018

2. Agenda Financial Aid Facts Important Terminology The Cost of College
What is Financial Aid?
Sources of Aid
How do I apply?
Important documentation
Scholarships
Next steps/Helpful Hints?
Additional Resources
Q & A

3. FACTS
821,041 Students who were eligible for Pell Grants did not file FAFSA
Pell Eligible students nationwide who did not complete a FAFSA application missed out on $2,955,475,413 in potential Pell Grant aid!!!
*Source:
according to pell eligibility data

4. FACTS

5. Important Terminology
Cost of Attendance (COA) is the expense for you to attend college for an academic year. This expense includes tuition, room, board, fees, books, supplies, transportation, and personal expenses
Expected Family Contribution (EFC) is the measure of what your family is expected to contribute to your education.
Financial Need is the difference between COA and EFC.

6. The Costs

7. The Expected Family Contribution
Parents’ Contribution +
Student’s Contribution
= Expected Family Contribution (EFC)
Determined by The U.S. Department of Education
•The amount of $$ a family can be expected to contribute toward the cost of a student’s education for a year
•Used to determine a student’s eligibility for federal and state aid

8. How do some colleges calculate EFC?
Total Income
All positive income
Taxed and untaxed (pre-tax retirement and medical accounts)
Assets
Household size
Number of students in college
Non-custodial parent’s information*
Cash/savings, investments, business equity, other real-estate
property equity, college-savings accounts (e.g. 529)
Home equity*
Expenses

9. Basic Formula to determine Financial Need
COA - EFC = FINANCIAL NEED $$$ =

10. What is Financial Aid? Grants/Scholarships Loans
Student Employment/ Work- Study
Grants or scholarships (gift aid) are funds the student does not have to be repaid; merit/need
Education loans are available to the student and parent, both through the Department of Education and private financial institutions.
Many schools include a student work expectation or “self-help” portion of the award. These are not funds, but rather the student’s opportunity to work and earn.

11. Where does Financial Aid Come From?
Source of Aid
Type of Aid
Forms Required
Federal Government
Grants
Loans
Work Study
FAFSA
Institutional
Grants (Merit/Need Based)
Scholarships
CSS Profile
Institutional Forms/Applications
NYS Government
Grant
Scholarship
TAP
Applications
Outside Agencies
Local Community Organizations, Churches, Civic Groups,Parents’ employers, etc)
Gift Aid
Applications, Interview, Essay, etc.

12. Federal/Government Aid Programs
Federal Pell Grant
NYS TAP Grant
Federal Work-Study
Federal Supplemental Educational Opportunity Grant (FSEOG)
Teacher Education Assistance for College and Higher Education (TEACH) Grant
Iraq and Afghanistan Service Grant
Stafford Loans
Parent PLUS Loan

13. Federal Pell Grant Does not have to be repaid Up to $6,095(SY 18-19)
Depends on your Financial Need, COA, and your status as a full-time or part-time student
Sent directly to your school
Maximum 12 semesters

14. New York State Tuition Assistance Program (TAP)
Does not have to be repaid
Up to $5,165
Study at an approved postsecondary institution in New York State (NYS)
Must be enrolled as a full-time student taking 12 or more credits per semester
Award depends on Financial Need and number of Family in College
Must maintain college/university academic standards

15. Federal Work Study
An on-campus part-time job for undergraduate students with financial need, allowing them to earn money to help pay education expenses
You must earn minimum wage or higher depending on the type of work you do and the skills required
The amount you earn can't exceed your total FWS award
When assigning work hours, your employer or financial aid administrator will consider your award amount, your class schedule, and your academic progress

16. SEOG/TEACH Grants FSEOG TEACH Does not have to be repaid
Ranges from $100 - $4,000
For students with “exceptional financial need”
Award depends on Financial Need and school funding; applications must be received by the school’s financial aid deadline
Not all schools participate in the FSEOG program
Up to $3,752/yr
Must agree to serve a minimum of 4 years as a full-time teacher in a high-need field in a school or educational service servicing low-income students
Must attend a participating school and meet certain academic achievement requirements

17. Iraq and Afghanistan Service Grant
Up to $5,717
For students whose parent or guardian was a member of the U.S. armed forces and died as a result of performing military service in Iraq or Afghanistan after the events of 9/11
Must be ineligible for a Federal Pell Grant due to having less financial need than is required to receive Federal Pell Grant funds
Must have been younger than 24 years old at the time of the parent’s or guardian’s death

18. Federal Stafford Loans
Direct Subsidized Loans
Direct Unsubsidized Loans
5.05% Interest Rate
Borrow up to $5,500
For students who demonstrate financial need
You are not charged interest while you’re in school at least half-time and during grace periods and deferment period
5.4% Interest Rate
Borrow up to $20,500
Not required to demonstrate financial need
Interest is accrued while you are enrolled in school; you can choose to pay interest while you are in school

19. Parent Plus Loan 7.6% Fixed Interest Rate
Parent borrower must be the student's biological or adoptive parent
Not required to demonstrate financial need
Must not have adverse credit history; credit check required
Interest is accrued from the date of the first disbursement until the loan is paid in full
Fees: A fee of a percentage of the loan amount, deducted proportionately each time a loan disbursement is made
The maximum loan amount is the cost of attendance (determined by the school) minus any other financial aid received; how much is needed to fill your “GAP”

20. Overview: The Financial Aid Process

21. Federal Student Aid ID (FSA ID)
Go To:

22. Free Application for Federal Student Aid (FAFSA)
Go To:

23. Eligibility to complete FAFSA?
Eligible
Not Eligible
US Citizens
Permanent Residents (Green Card Holders)
Citizens with undocumented parents
Refugees/Asylees
Student Visa Holders & DACA (receives institutional aid only)
Undocumented students

24. CSS Profile
Go To:

25. Application Differences
FAFSA
CSS Profile
Free Application
Custodial Parent(s) Information Only
IRS Data Retrieval Tool (DRT)
# in College Includes Graduate Student(s)
Application Fee (Fee Waivers based on family income and dependency status)
Custodial and Non-Custodial Parent Information Required
# in College Excludes Graduate Student(s)
Considers Business Value and Home Equity
More Comprehensive Application

26. New York State Tuition Assistance Program (TAP)
Go To:

27. Important Documents to have available
PROOF OF INCOME (both students and parent)
Signed copies of 2016/17/18 Tax Return (1040, 1040A, 1040EZ, including W-2 forms)
Social Security Income Award Letter (Form 1099)
Public Assistance (PA) budget letter, dated 2017/18, listing all family members in the case
Veteran’s benefit award letter for 2017/18
Pension award notice letters for 2017/18

28. External Scholarships
Familiarize yourself with each institution’s external scholarship policy
Do not ignore small outside scholarships--they can add up!
External Scholarship Search Engines

29. Next Steps Do Your Research!!
Research financial aid application process and policies for your college list.
Use the college’s Net Price Calculator and talk to the financial aid office.
Keep track of deadlines in order to apply on-time.

30. Helpful Hints
Compare Award Letters. Schools will award students differently (with grants, loans, work-study).
Remember, some institutions may reevaluate your financial aid eligibility based on another institution’s determination
Include a letter of special circumstances. If your family has extenuating circumstances you would like considered, make sure to let the school know!
Get to know the financial aid office. It is good to know at least one person in the financial aid office that can help you

31. Additional Resources Federal Student Aid Guide
College Preparation Checklist
FAFSA On the Web Worksheet
What happens after the FAFSA
What is the EFC Formula
Federal Student Aid Resources
CSS Profile Participating Institutions
CSS Profile Student Guide
NYS Excelsior Scholarship Info
FAFSA4Caster

32. Q&A
Q&A Norms
Q&A Session