1. Financing a College Education Financial Aid Night 2014-15

2. After this program, you will have learned about… The types of aid available to students The types of aid available to students How and when to apply for financial aid How and when to apply for financial aid How financial aid eligibility is calculated How financial aid eligibility is calculated

3. Sources of Financial Aid Federal Programs Federal Programs State Programs State Programs Institutional Programs Institutional Programs Private Scholarships Private Scholarships

4. General Financial Aid Requirements  Matriculated (admitted by Admissions)  U.S. citizen or eligible non-citizen  Selective service – Registration required  Social Security number  Satisfactory Academic Progress  Drug-related convictions may cause a student to lose financial aid

5. When do I apply for financial aid? Submit the FAFSA form anytime after January 1 st Submit the FAFSA form anytime after January 1 st The FAFSA deadline used by some colleges is February 1 st - but ALWAYS check deadlines with individual schools your are applying to! The FAFSA deadline used by some colleges is February 1 st - but ALWAYS check deadlines with individual schools your are applying to! You can estimate your information- just have tax info. ready You can estimate your information- just have tax info. ready

6. How do I apply for financial aid? The first step is to complete the Free Application for Federal Student Aid (FAFSA) File electronically at: www.fafsa.gov and sign (both student and parent) electronically using your federal PIN (apply at www.pin.ed.gov) File electronically at: www.fafsa.gov and sign (both student and parent) electronically using your federal PIN (apply at www.pin.ed.gov)www.fafsa.govwww.pin.ed.govwww.fafsa.govwww.pin.ed.gov *Please note* The PIN application process MAY change in Spring 2015. Make sure to check the PIN website for up-to-date information *Please note* The PIN application process MAY change in Spring 2015. Make sure to check the PIN website for up-to-date information

7. PIN Registration Web site: www.pin.ed.gov Web site: www.pin.ed.gov Can get PIN before January 1 st (will need Name, SSN, DOB) Can get PIN before January 1 st (will need Name, SSN, DOB) Not required, but speeds processing (days vs. weeks) Not required, but speeds processing (days vs. weeks) Used by students and parents to sign FAFSA and corrections, including subsequent school years Used by students and parents to sign FAFSA and corrections, including subsequent school years Students and parents can make their own PIN – and they can be the same Students and parents can make their own PIN – and they can be the same

8. FAFSA on the Web Web site: www.fafsa.gov Web site: www.fafsa.gov 2015-2016 FAFSA on the Web available on or after January 1, 2015 2015-2016 FAFSA on the Web available on or after January 1, 2015 FAFSA on the Web Worksheet: FAFSA on the Web Worksheet: Available prior to January 1 st Available prior to January 1 st Questions follow order of FAFSA on the Web Questions follow order of FAFSA on the Web

9. FAFSA on the WEB

10. IRS Data Retrieval Tool Tool designed to transfer tax information to FAFSA. Use if you can! Tool designed to transfer tax information to FAFSA. Use if you can! Must have federal taxes complete to utilize this tool. Typically need to wait about 2 weeks after filing to use. Must have federal taxes complete to utilize this tool. Typically need to wait about 2 weeks after filing to use. Will impact processing of financial aid and potential verifications. Less likely if use DRT Will impact processing of financial aid and potential verifications. Less likely if use DRT

11. Almost Finished! Sign electronically with PIN!

12. Don’t Forget To Apply For Tap!  If you apply for federal aid online, you will be able to access the TAP application by selecting the appropriate link on the FAFSA confirmation page  If you miss the link to the TAP application from your FAFSA confirmation page you can apply online at www.tapweb.org. Your application will not be available until your FAFSA is processed. www.tapweb.org

13. Once the FAFSA is filed … Financial Aid Application Process Federal aid eligibility (Grants, Loans, and Work-Study) State aid eligibility (Grants and Scholarships) Institutional aid eligibility Student Aid Report (SAR) sent to schools and students File FAFSA by February 1st (Priority Deadline for some colleges) (Grants, Loans, and Work-Study)

14. Types of Financial Aid Grants – Gift Aid Grants – Gift Aid Scholarships – Gift Aid Scholarships – Gift Aid Work-Study Positions – Self Help Aid Work-Study Positions – Self Help Aid Loans – Self Help Aid Loans – Self Help Aid

15. Grants Federal Grants Federal Grants Pell Grants Pell Grants Supplemental Education Opportunity Grant (SEOG) Supplemental Education Opportunity Grant (SEOG) Teacher Education Assistance for College and Higher Education (TEACH) Grant Teacher Education Assistance for College and Higher Education (TEACH) Grant Institutional Grants Institutional Grants Need-based Grants Need-based Grants Sometimes Merit-based Grants Sometimes Merit-based Grants

16. Grants (continued) Other Grants/Assistance - STATE Other Grants/Assistance - STATE New York State Tuition Assistance Program (TAP) New York State Tuition Assistance Program (TAP) New York State Aid for Part-Time Study (APTS) New York State Aid for Part-Time Study (APTS) New York State Part-time TAP and ADA TAP New York State Part-time TAP and ADA TAP New York State Merit Scholarships New York State Merit Scholarships New York State Higher Education Opportunity Program (HEOP or EOP) New York State Higher Education Opportunity Program (HEOP or EOP) No NYS Awards are processed until after the NYS budget is passed and finalized No NYS Awards are processed until after the NYS budget is passed and finalized

17. Teacher Education Assistance for College and Higher Education (TEACH) Grant Undergraduate and graduate students who plan to teach in a school which serves students from low-income families and in a high-need field (e.g., mathematics, science, special education, foreign language, etc.) Undergraduate and graduate students who plan to teach in a school which serves students from low-income families and in a high-need field (e.g., mathematics, science, special education, foreign language, etc.) In exchange for the TEACH grant, students must agree to serve (4 years as a full-time teacher within the first 8 years after graduation) In exchange for the TEACH grant, students must agree to serve (4 years as a full-time teacher within the first 8 years after graduation) If students are unable to fulfill the service requirement, the grant converts to an unsubsidized Direct Loan If students are unable to fulfill the service requirement, the grant converts to an unsubsidized Direct Loan Award amount: Award amount: $4,000 a year (maximum of $24,000) $4,000 a year (maximum of $24,000)

18. Federal Work-Study Program Students must work to receive the funds Students must work to receive the funds Funds are paid directly to the student Funds are paid directly to the student Students work an average of 10-20 hours per week on campus at most schools Students work an average of 10-20 hours per week on campus at most schools Work is related to students’ educational and career goals – start writing your resume early! Work is related to students’ educational and career goals – start writing your resume early! Usually limited funding, so apply early and follow through with the employment process Usually limited funding, so apply early and follow through with the employment process

19. Educational Loans Federal Direct Loans (U.S. Dept of Ed) Federal Direct Loans (U.S. Dept of Ed) Subsidized Federal Stafford Loan Subsidized Federal Stafford Loan Unsubsidized Federal Stafford Loan Max to borrow = $5500 Dependent Freshmen Unsubsidized Federal Stafford Loan Max to borrow = $5500 Dependent Freshmen Parent Loan for Undergraduate Students (PLUS) Max to borrow = COA-other aid student receives Parent Loan for Undergraduate Students (PLUS) Max to borrow = COA-other aid student receives Federal Perkins Loan – check with school if offer Federal Perkins Loan – check with school if offer Alternative/Private Loans – Know the Rates! Alternative/Private Loans – Know the Rates!

20. Scholarships Your school counselor’s office, web page or newsletter Your school counselor’s office, web page or newsletter College(s) you are applying to College(s) you are applying to Newspaper Newspaper Local businesses and civic organizations Local businesses and civic organizations Parents’ places of employment Parents’ places of employment

21. Scholarships Con’t Eligibility typically based upon student’s profile: High School Academic Record High School Academic Record Standardized Test Scores Standardized Test Scores School and Community Involvement School and Community Involvement Athletic Talents Athletic Talents

22. Scholarship Search Sites www.fastweb.com - FastWeb Scholarship Search www.fastweb.com - FastWeb Scholarship Search www.fastweb.com www.collegeboard.com - College Board’s Scholarship Search www.collegeboard.com - College Board’s Scholarship Search www.collegeboard.com www.petersons.com - The Education Supersite Scholarship searches should be FREE!!! www.petersons.com - The Education Supersite Scholarship searches should be FREE!!! www.petersons.com

23. How is financial aid eligibility and need determined? Cost of Attendance (COA) minus Expected Family Contribution (EFC) equals Financial Need

24. Cost of Attendance (COA) Tuition and Fees Tuition and Fees Books and Supplies Books and Supplies Room and Board Expenses (residence hall, with parents, off-campus home or apartment) Room and Board Expenses (residence hall, with parents, off-campus home or apartment) Transportation Expenses Transportation Expenses Personal Expenses Personal Expenses

25. Expected Family Contribution (EFC) Determines eligibility for federal funding and need-based institutional aid Determines eligibility for federal funding and need-based institutional aid Calculated using formula established by the U.S. Congress Calculated using formula established by the U.S. Congress Based upon family’s financial profile Based upon family’s financial profile The EFC will be displayed on the confirmation page when filing FAFSA on the web (will also display information about federal Pell grant). The EFC will be displayed on the confirmation page when filing FAFSA on the web (will also display information about federal Pell grant).

26. Financial Need Determines eligibility for federal Pell and SEOG grants, federal Perkins and subsidized Stafford loans, and federal work-study awards. Determines eligibility for federal Pell and SEOG grants, federal Perkins and subsidized Stafford loans, and federal work-study awards. Usually utilized in combination with a student’s academic profile to determine eligibility for institutional awards Usually utilized in combination with a student’s academic profile to determine eligibility for institutional awards

27. Needs Analysis Examples of How Need “Changes” Examples of How Need “Changes” Colleges send Award Letters showing you how the financial aid meets that need. Colleges send Award Letters showing you how the financial aid meets that need. School 2 year 4 year Public 4 year Private COA10,00016,00051,000 -EFC-9,000-9,000-9,000 Need1,0007,00042,000

28. Helpful Hints & Final Thoughts Watch financial aid deadlines Watch financial aid deadlines Review your financial aid forms carefully Review your financial aid forms carefully Check accuracy of information reported Check accuracy of information reported Retain copies of paperwork for your records Retain copies of paperwork for your records Special Conditions Special Conditions Maintaining aid eligibility Maintaining aid eligibility

29. Useful Web Sites www.fafsa.gov - File and correct the FAFSA electronically www.fafsa.gov - File and correct the FAFSA electronically www.fafsa.gov www.pin.ed.gov - Apply for PIN (student and parent) to sign applications electronically www.pin.ed.gov - Apply for PIN (student and parent) to sign applications electronically www.pin.ed.gov www.tapweb.org - File for NYS TAP grant www.tapweb.org - File for NYS TAP grant www.tapweb.org www.hesc.org - Check status of NYS TAP and scholarship awards, complete the veteran supplemental applications www.hesc.org - Check status of NYS TAP and scholarship awards, complete the veteran supplemental applications www.hesc.org

30. Need Help Applying?? SUNY FINANCIAL AID DAY Saturday, February 28 th 9:00 am – Noon Call 786-2355 to Register

31. Questions? Thank you for attending !