1. Bronx High School of Science
Financial Aid
Michael Szabo Christine Engongoro
Sr. Associate Director Campus Director
Rose Hill Campus
Student Financial Services
Fordham University

2. Topics Basic Financial Aid Concepts Applying for Financial Aid
FAFSA (Free Application for Federal Student Aid)
TAP
CSS Profile
Type of Aid
Net Price Calculator
Review

3. Basic Financial Aid Concepts

4. Financial Aid Philosophy
While financial aid can make college more affordable, parents & students are expected to take primary responsibility for paying for post-secondary education.
Primary Goal:
To assist students in paying for college
Achieved by:
Evaluating a family’s ability to pay for educational costs.
Awarding limited resources in an equitable manner.
Providing a balance of gift aid and self-help aid.

5. Cost of Attendance Direct Charges Paid to School Plus Allowances for:
Tuition and Fees
Room and Board (if resident)
Plus Allowances for:
Books
Transportation
Miscellaneous

6. Expected Family Contribution (EFC)
Your EFC is an index that is used to determine your eligibility for federal student aid.
Based on the asset and income information you listed on the FAFSA. Other factors also impact EFC, for example, family size, & household size
It is the amount the federal government feels your family can contribute to your higher education expenses for one year.  

7. Financial Need Financial Need = Cost of Attendance – EFC Example:
If your Cost of Attendance is $23,600, and your EFC is $7,000, the financial need would be $16,600.

8. Financial Aid Applications

9. Free Application for Federal Student Aid (FAFSA)
FAFSA on the Web
Click “ Help to Browse FAQs, Live Chat
Call FED-AID or for FAFSA assistance
File after January 1, and by the school deadline
Schools deadlines and filing requirements vary
In order to ensure maximum consideration for all aid, check with each school to determine:
All required application forms
Application deadlines
Filing the FAFSA On-line is easier, faster, less error prone, and FREE!

10. PIN
A PIN is required to log in to FAFSA.ed.gov and to e-sign your FAFSA
Pin numbers can be applied for at FAFSA website or visit
For dependent students, both a parent and student will require a PIN. Student and parent will be required to electronically sign the FAFSA with PIN.

11. FAFSA Preparation
Gather this information before filing your FAFSA :
2013 U.S. income tax return. If not completed use 2012 U.S. income tax return
All W-2 forms or last paystubs for 2013
Current balance(s) of checking and savings accounts
Records of all non-retirement investments: money markets, mutual funds, CDs, stocks, savings bonds, 529 college savings, trusts, UGMA or UTMA accounts (DO NOT include IRA’s, 401k or 403b etc.)
Value of any property other than your primary residence. If you own a vacation home, rental property, time share etc., you need to calculate the equity of the extra property(s)
Records of 2013 untaxed income
Social Security and Driver’s License Numbers
A list of all the schools the student is applying to

12. FAFSA on the Web Worksheet

15. Easy to Follow Directions with Helpful Hints

17. TAP on the Web (TOTW) Complete the FAFSA on the Web (FOTW) Student:
if student is a NYS Resident and the student lists a NYS school, it will automatically link to TOTW
Student:
1. Will be directed to "HESC Pin" site
2. May create a User ID and Pin for TOTW
3. Will be directed back to complete TOTW
– Applying for Aid

18. CSS Profile
Financial Aid Application that may be requested by private and some public institutions
Used for “Early Action” or “Early Decision” by many schools
More comprehensive application - for example, requests data on value and debt of primary residence
Some schools may request data on Non- Custodial Parent

19. CSS Profile Completed at www.collegeboard.com
You MUST have the student’s College Board USER NAME and PASSWORD in order to file the CSS Profile®
Parents cannot make their own user name/password, they MUST use the student’s
This is the same USER NAME and PASSWORD student used to register for the SAT’s
This form is not free.
$25 for registration and first school.
$16 reporting fee for each additional school
Fee Waivers are confirmed during registration
You can not submit the CSS Profile® if your school does not require it

21. Role of the Financial Aid Office
Reviews financial aid applications
Verifies information provided by both students and parents
NOTE: May ask for copies of tax return, W‐2’s or other documentation
Determines student’s eligibility for federal, state and institutional financial aid
Packages aid and mails or e‐mails the Award Letter

22. Types of Financial Aid

23. Gift - Scholarships/Grants
Types of Aid
Gift - Scholarships/Grants
Federal Gift Aid - PELL, SEOG
State Gift Aid – ex. NYS TAP/Scholarship
Institutional Aid – Grants & Scholarships
Other scholarships & tuition reimbursement
(Local groups and foundations)

24. Types of Aid Self–Help Aid Work/Work-Study (on/off campus) Loans
Federal Perkins Loan
Federal Direct Stafford Loans
Federal PLUS Loan (Parent Loan for Undergraduate Student)

25. Federal Direct Loan Freshman - $5500 (up to $3,500 can be Subsidized)
Total Eligibility:
Freshman $5500 (up to $3,500 can be Subsidized)
Sophomore - $6500 (up to $4,500 can be Subsidized)
Junior $7500 (up to $5,500 can be Subsidized)
Senior $7500 (up to $5,500 can be Subsidized)
Undergraduate aggregate Maximum: $31,000
Borrowing these amounts every year will give you $27,000 in Stafford loans
Your monthly payment would be approximately $320 for 120 months in this scenario

26. Subsidized vs. Unsubsidized
Subsidized Loan - interest is paid by the federal government while in-school and for 6 months after school
Unsubsidized Loan -
Interest accrues while student is in school
Interest may be paid monthly while in school
Interest Rate: % fixed rate and 1.072% Origination fee (origination fee as of Dec. 1, 2013)

27. Parent PLUS Loan Minus Financial Aid PLUS Eligibility
Parent Loan for Undergraduate Students
Interest Rate: 6.41% fixed rate
and 4.288% origination fee
(origination fee as of Dec )
Cost of Attendance
Minus Financial Aid
PLUS Eligibility

28. Net Price Calculator
Available from all post secondary schools who award federal aid
Estimated Yearly Expenses Including Direct & Indirect Charges
Estimated Total Grant Aid
Estimated Net Price
Percent of the cohort (full-time, first-time students) that received grant aid

29. Examples of Financial Aid Packages
This is an example and does not imply real packages.
CUNY
SUNY
4 Year Private
Cost of Attendance
$ 22,000.00
$ 24,000.00
$ 45,000.00
EFC
$ 4,400.00
$ ,400.00
Financial Need
$ 17,600.00
$ 19,600.00
$ 40,600.00
Federal Aid
$ 1,200.00
$ ,200.00
State Aid
$ 3,500.00
$ ,000.00
Institutional Aid
$ 1,000.00
$ 21,000.00
Loans
$ 6,500.00
$ ,500.00
Total Aid
$ 12,200.00
$ 33,700.00
Total Cost After Aid
$ 9,800.00
$ 11,800.00
$ 11,300.00
Assumptions: CUNY tuition is $5,006
SUNY tuition is $5,230
Private tuition is $28,000
The student is living On Campus

30. Need & Aid Eligibility are Relative
The higher the cost,
The higher the need…
The greater the eligibility!!!!

31. Scholarship Search
Avoid Scams(FCC) “Don’t get taken or pay for what you can get for free”
Online searches “ “
Library

32. Ask The Experts!! WHO ARE THE EXPERTS?
Your high school counselor’s office
Federal – fedaid; Online help
Financial Aid Office at school
to which you are applying
Federal Student Aid Website

33. Financial Aid Calendar
Senior Year Timeline
January
File all financial aid forms required by the school(s)
Late February‐May
Schools may perform verification and request financial documents
March‐April
Acceptance letters and financial aid award letters sent
April
Compare award letters from different schools
May
May 1 ‐ Decision deadline, notify school & pay deposit(s)
July
Receive bill for the fall semester
Sign promissory note(s) for any student or parent loans