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Published byMarcia Wade Modified over 9 years ago
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Preparing for College: Student Financial Aid What Students & Parents Should Know
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What is Financial Aid? Funds provided to students to help pay the cost of attending college Financial aid may awarded based on Financial need (need-based) Other criteria, such as academic or athletic ability (non-need or merit-based)
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Sources of Financial Aid Federal government New York State Colleges – Institutional aid Outside sources Businesses/Employers Foundations Clubs/Organizations
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Different Types of Aid Scholarships Grants Work Study Loans Free Money Self-help aid
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How to Apply To be considered for student aid, a student must complete all forms required by a college Free Application for Federal Student Aid (FAFSA) NYS Tuition Assistance Program (TAP) Application Institutional Forms Other as required
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Free Application for Federal Student Aid A standard form that collects demographic and financial information about the student and family Information is used to calculate Expected Family Calculation (EFC) Colleges use the EFC to award need-based financial aid Used by states, colleges, scholarship programs to determine aid eligibility
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Filing the FAFSA Application period starts January 1 st of senior year Check with each college for application deadlines Available online at fafsa.gov Be careful of scam websites! Remember: Application is free!
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FAFSA.gov
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FAFSA4caster: FAFSA.gov
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FAFSA: Student Sections Student Information & Eligibility Basic info: address, email, name of high school, citizenship status College Information Up to 10 colleges may be listed; can be updated by correction Dependency Determination Questions that will determine student’s dependency status
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FAFSA: Parent, Income, & Signature Sections Parent Information & Income Demographic information Household size, Number in college Income from most recent tax return, untaxed income; can be estimated Student Income Signature Section
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Expected Family Contribution (EFC) Based on the FAFSA data Amount family can reasonably be expected to contribute Includes parent and student info Stays the same regardless of college Used to determine financial need
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How Financial Need is Determined Cost of Attendance (COA) – Expected Family Contribution (EFC) = Financial Need
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Cost of Attendance (COA) Loan fees Study abroad costs Dependent care expenses Expenses related to a disability Tuition and fees Room and board Books and supplies Transportation Miscellaneous personal expenses COA – EFC = Financial Need
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Examples of Financial Need CollegeACollegeBCollegeC COA COA $ 11,000 $30,000$60,000 - EFC 5,000 5,000 = Financial Need $ 6,000 $ 25,000 $55,000
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Common Questions: FAFSA If we don’t think we qualify for need-based financial aid, do we still file the FAFSA? Many families mistakenly believe they do not qualify Consult with colleges, FAFSA may be needed for merit-based aid
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Common Questions: Citizenship What are the citizenship requirements for FAFSA? Students must be US Citizens or eligible non-citizens (such as a US Permanent Resident Card holder), to receive federal and NYS financial aid Consult with the financial aid office at your college if you do not meet this status
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Common Questions: Dependence Does the student need to provide parents’ financial information? In most cases, students under 24 will be required to report parental information For special circumstances, consult with the financial aid office
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Common Questions: Parents If a student’s parents are divorced or separated, whose info is provided? Custodial Parent What if both biological parents are living together but unmarried? Both parents file together If a custodial parent is remarried, does student include stepparent's income? Yes
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Common Questions: Assets Do you report your home value or retirement accounts as assets? No, your primary residence and tax deferred retirement accounts are excluded from FAFSA What about 529 college savings plans? The value of 529 Plans, for all children, need to be reported as parent investment
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Financial Aid Programs
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Federal Aid Programs Pell Grant Supplemental Educational Opportunity Grant (FSEOG) Work-Study Perkins Loan Direct Stafford Loan Direct PLUS Loan
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Studentaid.ed.gov
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NYS Student Aid Programs Tuition Assistance Program (TAP) Need-based, up to $5,165/year For New York State residents only Full or part-time study at approved school in New York State Based on NYS Income Tax information
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Other NYS Student Aid Programs NYS Science, Technology, Engineering and Mathematics (STEM) Incentive Program NYS Scholarships for Academic Excellence NYS Math & Science Teaching Incentive Program Veterans Tuition Award Aid for Part Time Study
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For more info on NYS student aid visit hesc.ny.gov
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Institutional Aid Depends on funding at each college College determines eligibility criteria for need-based and non-need-based programs Academic, athletic, and other talent- based scholarships and grants May require an additional application
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The CSS Profile Private application used by some colleges for institutional aid Collects more detailed income and asset information than FAFSA May have non-custodial parent portion Application is not free, fee waivers may be available Available online starting October 1 st of senior year at Collegeboard.org
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Net Price Calculators
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Other Sources: Outside Aid Private scholarship programs sponsored by charity, business, religious, civic and minority organizations are widely available Each have their own application process, eligibility criteria, and deadlines Inquire with each college about impact on financial aid package Be organized and start applying early!
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Scholarship Searching Online scholarship search websites Fastweb.com Collegeboard.org Scholarships.com Local library, parents’ employers Avoid scholarship scams www.studentaid.ed.gov/types/scams
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Tips for Receiving Private Scholarships Start searching and applying as early as possible Be organized, don’t miss a deadline! Apply for local, less competitive scholarships Proofread applications, have someone else read your application Get help from family, guidance counselors, teachers
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Useful Websites
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StartHereGetThere.org
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GoCollegeNY.org
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CareerZone.ny.gov
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BigFuture.CollegeBoard.org
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Thank You!
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