1. NYS Financial Aid Programs and Services www.hesc.org NYS Financial Aid Programs and Services www.hesc.org

3. NYS Resident?

4. Students, Families & Counselors

11. New York State Tuition Assistance Program TAP

12. To get TAP, the student must: Be a US Citizen or eligible non-citizen Be a legal resident of New York State Study full time – at least 12 credits per semester at an approved postsecondary institution in NYS Be a high school graduate, have a GED or pass a federally-approved Ability to Benefit exam

13. …and: Be matriculated in an approved program of study and be in good academic standing Have at least a cumulative “C” average after receipt of two annual payments of TAP Be charged at least $200 tuition per year Not be in default of a student loan guaranteed by HESC and not be in default of any repayment of state awards Meet income eligibility limitations

14. How much TAP can a student get? Dependent Undergraduate Students Award Range: $500 - $5,000 Independent Undergraduate Students Award Range: $500 - $3,025 Graduate Students Award Range: $75 - $550

15. How much TAP the student gets depends on: Type of academic institution and tuition charge NYS net taxable income – up to $80,000 combined family income for dependent undergraduate students or students who are married or have tax dependents - up to $10,000 for single financially independent undergraduates with no dependents

16. How to Apply for TAP

17. Start with FAFSA

18. Yes; there’s still a Paper FAFSA

19. New FAFSA Dependency Question for 2009-10 Adds to Independent Student Definition –Foster Care (ages 13 and older) –Emancipated Minor –Legal Guardianship –Homeless Unaccompanied Youths –Youths at Risk of Homelessness Effective for the 2009-2010 Award Year Question about deceased parents/ward of the court updated to include foster care Adds question for emancipated minors Adds question for individuals under legal guardianship Adds questions for homeless unaccompanied youths and youths at risk for homelessness Impact to FAFSA

20. After completing the FAFSA, look for -

21. Student Aid Report (SAR) Regardless of whether the student uses FAFSA on the Web or submits a paper FAFSA, a SAR will be sent to the student –An electronic SAR will be sent if student provides an email address –A paper SAR will be mailed if no student e-mail address is provided An electronic copy of the data will be sent to each college or university listed by the student in Section 5

22. 22 What Happens Next? You and the colleges you listed receive Student Aid Report (SAR) from federal processor  Review SAR for important information and accuracy of data  Colleges match admission records with financial aid applications and determine aid eligibility  Colleges prepare notices of financial aid eligibility to admitted students who have completed all required financial aid forms

23. It’s January 1; Do you know where your is?

24. If your students choose not to use the TAP link on the FAFSA Confirmation Page, they have to wait 3 business days before using TAP on the Web (TOTW) Tell them to go to www.tapweb.org

25. When the FAFSA processor sends data and a valid EFC is released to HESC, HESC will: e-mail student with link to TOTW site or mail a postcard to students with no e-mail address after 7 days send another e-mail or postcard after additional 7 days send paper TAP application – cover letter again encourages TOTW and includes link

29. What Happens Next ? Online Changes

32. Not Full-time? Part-Time TAP & Aid for Part-Time Study (APTS)

33. Part-Time TAP Partial TAP payment for students taking 6 to 11 credits must have earned 12 credits or more in each of two consecutive semesters; and maintain a minimum “C” average Standard TAP application process

34. Aid For Part-Time Study (APTS) Up to $2,000 per year for part-time undergraduate study at participating institutions in New York State APTS award is based on New York State net taxable income Campus-based application, & award process –HESC distributes APTS funds to participating colleges in New York State –Colleges award APTS based on funds availability and student need.

35. More New York State Grants, Scholarships, and Awards

36. Other Grants, Scholarships, and Awards from New York State New York State World Trade Center Memorial Scholarships Military Service Recognition Scholarship Memorial Scholarship New York State Volunteer Recruitment Service Scholarship Scholarship for Academic Excellence Regents Professional Opportunity Scholarship Persian Gulf Veterans Tuition Awards NYS Regents Health Care Opportunity Scholarships Vietnam Veterans Tuition Awards Robert C. Byrd Honors Scholarship NYS Math and Science Teaching Incentive Scholarships Flight 587 Memorial Scholarship Go to www.hesc.org

39. Calculators to estimate financial aid eligibility available at www.hesc.org

40. Financial Aid Package College sends Award Letter to eligible students: –amount of financial aid –types of financial aid awarded –Expected family contribution (EFC) –loan options

41. What do you want to see in the Award Letter?

42. Free Money Grants Scholarships Awards Need-based or Merit-based from the Federal government; NYS; colleges

43. Work-study or Work (but study first)

44. Education Loans be a smart borrower

45. Need-based Subsidized Student Loans Federal Stafford Loans –fixed interest rate –government pays interest –grace period –deferments –forbearance –other benefits

46. Stafford Loans (Subsidized and Unsubsidized) Subsidized Stafford: Must demonstrate “need” Unsubsidized Stafford: need is not considered Annual loan limits (combined subsidized and unsubsidized): –$5,500 for 1st year undergraduates –$6,500 for 2nd year undergraduates –$7,500 for each remaining undergraduate year –$8,500 for each year of graduate/professional study

47. Unsubsidized Student Loans Federal Stafford Loans –fixed interest rate –you pay interest –deferments –forbearance –other benefits

48. Additional eligibility for Unsubsidized Stafford loans for independent undergraduates, graduate students, and dependent students whose parents are unable to borrow under the PLUS Program: –$6,000 per year for first and second years of undergraduate study –$7,000 per year for remaining years of undergraduate study –$12,000 per year for graduate and professional students

49. PLUS – federal Parent Loans up to cost of education, minus other financial aid received if no credit, student can apply for additional Unsub. Stafford

50. Alternative Financing Tax credits + deductions Home equity / 2 nd mortgage Private education loans

51. 10 Questions for Education Loan Borrowers

52. Tips apply every year meet all deadlines keep copies of all forms contact the college financial aid administrator if your financial situation changes

53. Financial Aid helps pay for college, but… it may not pay the entire cost savings are important if you start early, even a small regular contribution can make a BIG difference

54. Financial Literacy Skills and Your Students… Now More Than Ever!

55. Financial Awareness and Consumer Training for Students (FACTS) Develops financial literacy for your students at your campus. Professional staff from HESC will provide training for you, your staff and your students. Money Wise 411 is designed specifically for high school students in order to develop skills and avoid credit card debt!

56. Training Outline: Importance of Completing High School/College Identify Needs vs. Wants Develop a Spending Plan Use of Debit vs. Credit Prevent Identity Theft

57. School responsibilities: Ensure Attendance!!! Distribute Surveys

59.  Anita Phillips—Director, Consulting Services (518) 474-2851 Pamela Jerome - Manager, Consulting Services (518) 402-3524 FACTS Contacts

60. Questions? www.hesc.org