1. 2016-17 Financial Aid Presentation
Daniel M. Tramuta
Associate Vice President for Enrollment Services
New York State Financial Aid Administrators Association (NYSFAAA) - Past President
Eastern Association of State Financial Aid Administrators (EASFAA) - State Rep
State University of New York at Fredonia

2. Overview of Higher Education Landscape Challenges & Opportunities
Demographics
Decline in HS Graduates out to 2022
Selectivity Matrix
Program Demand
Retention
Merit-Based Arms Race
Scholarship – increased tuition discounting to find price point
Cost & Affordability
Debt at Graduation
Return on Investment
New Academic Programs
Growth in STEM Programs

3. Projected change in the number of high school graduates 2010 to 2019

4. Factors Most Noted in Choosing & Staying at a College
Majors & Career Programs Offered
Cost/Affordability
Location/Campus Characteristics/Faith Support
Campus Size/Safety
Characteristics of Enrolled Students
Selectivity

5. 2014 Undergraduate Degree Demand – ACT Test Takers

6. The Financial Aid Funnel - How & When to Apply?
Apply for Admission (Fall of Senior Year)
Collect documents
Create a FSA ID & Password at
Fill out the FAFSA on the Web Worksheet (Do Not Mail this Worksheet) (Dec.)
Complete FAFSA online at in January 2016 (Estimate the information)
Once your federral Tax return is completed go back to update your FAFSA via IRS Data Retrieval Tool
Print the confirmation page
Use the corresponding state scholarship link on the FAFSA Confirmation Page to apply for TAP
Keep records

7. Create a FSA ID & Password Prior to Completeing the FAFSA

8. Create Account – Link PIN

9. FAFSA: IRS Data Retrieval Tool
F CHhhhonnects to IRS for tax datConnects to IRS for tax data of completed tax returns
Electronic filers – about 2 weeks after submittal
Use for original FAFSA and corrections
a of completed tax returns
Use for original FAFSA and corrections AFSA: IRS Data Rdata of completed tax returns
Use for original FAFSA and corrections etr Connects to IRS for tax ieval Tool

10. Should I pay someone to help me find or apply for student financial aid?
FREE help is available
Make sure you are not paying for free information
Know what you are getting for your money
Need more info:
FEDAID

11. What Makes up a Financial Aid Package?

12. Sources of Financial Assistance

13. Federal & State Grants
GGrant Programs
PELL Grant
Must have a FAFSA calculated EFC between $0 – $5,199
Max. Award: $5,775 T
NYS TAP Grant TAP Grant
Based on NYS net taxable income
NY Net Income ceiling is $80,000
Max. Award: $5,165

14. STEM Incentive Program
Tuition scholarship at SUNY or CUNY
Eligibility
Need to graduate in top 10% of high school class
Need to study in STEM Field
Need to maintain a 2.5 average
Five-year service contract to work in NY state in a STEM field
More information: or Scholarship Unit at

15. NY-AIMS Award of $500 Eligibility NY State high school graduate
Achieved academic excellence
Top 15%
3.3 GPA or above
Honor Regents diploma or a score of 3 or higher on two advanced placement exams
Based on unmet need
Applications and more information available in May
More information: or Scholarship Unit at

16. Federal Work Study
Federal Work Study
Based on financial need
Earnings based on NYS minimum wage scale
Traditionally on-campus employment
Usually 6 to 10 hours per week

17. Subsidized Unsubsidized Federal Stafford Loan 4.29% Capped at 8.25%
Based on need
Federal government pays interest while student is in school
$3,500 for freshmen
Maximum Direct Loans for freshmen: $5,500
Unsubsidized
4.29%
Capped at 8.25%
Not based on financial need

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19. Administration Rollout of PPY
September 14, 2015
In Des Moines, Iowa, President Obama announces action to implement PPY on the FAFSA
On October 1, 2016, the FAFSA for the award year will be released by the Department of Education.

20. Identifying Implications
The move to PPY could have some important implications for colleges and universities
Budget and tuition planning timelines may need to be adjusted if award determinations are made in the fall instead of the spring
Recruitment and admissions offices may need to alter messaging as high school seniors will receive financial aid information much earlier
Earlier distribution of acceptance letters
Earlier distribution of financial aid award letters

21. Using Prior-Prior Year Tax Income Data on the FAFSA
The Free Application for Federal Student Aid (FAFSA) becomes available every January 1, and currently requires a family's tax information from one year prior. Families are encouraged to file the FAFSA as soon as possible to maximize their odds of receiving financial aid. But with tax deadlines months later, most have to estimate their tax information on aid applications and make corrections later. In the worst case scenario, some families miss out on financial aid funds that are disbursed on a first-come basis.
Education Secretary Arne Duncan enacted a change this past Sunday that would fix this widespread issue. By using income from two years ago, otherwise known as prior-prior year (PPY) tax income data, families could file the FAFSA with tax information they already have, making the process quicker and easier. By taking advantage of the existing ability to import tax information directly from the IRS onto the FAFSA form, families will spend less time gathering paperwork and would make far fewer errors.
The use of prior-prior year income also presents an opportunity to align admissions and financial aid decisions and give millions of families more time to plan for actual college costs, rather than sticker prices or projections. Low-income families experience very little income fluctuation from year to year and most would not see a significant change in their eligibility for a Pell Grant with a switch to prior-prior year income.
Prior-prior year income is the closest thing we have to a "silver bullet" for an industry in search of meaningful solutions. With earlier aid awards, financial aid administrators would have more time to help families evaluate their options and make informed financial decisions.

22. Using Prior-Prior Year Tax Income Data on the FAFSA
With the switch to PPY, students and families will be able to:
File the FAFSA earlier. As you know, the FAFSA is made available January 1 of each calendar year, yet it is uncommon for a family or individual to be prepared to file an income tax return in the month of January. Under the new PPY system, the FAFSA will be available in October 2016, rather than January 1, 2017, and students can use the PPY’s completed income tax return.
More easily submit a FAFSA. The IRS Data Retrieval Tool (DRT), which allows automatic population of a student’s FAFSA with tax return data and decreases the need for additional documentation, can be used by millions more students and families under PPY, since tax data from two-years prior would be readily available upon application.
Receive earlier notification of financial aid packages. If students apply for aid earlier, colleges can in turn provide financial aid notifications to students earlier, ensuring that students and families have more time to prepare for college costs. Notifying students earlier of their financial aid packages will also leave more time for one-on-one counseling with students and families. 
* Next year’s ( ) aid applicants will be using the same prior year federal income (2015) for two consecutive years

23. What PPY Could Mean for High School Counselors?
Improved discussions about financing college
Earlier and more realistic conversations about financial viability
Improved College ScoreCard (CollegeScorecard.ed.gov)
Financial Aid/FAFSA information nights held earlier
May include more colleges/universities to assist
Fall workload increases
College/University requests for earlier visits

24. Potential Impacts on Student and Family Behavior
Shifting priorities in college search
Changed college application patterns
Earlier and/or later applicants? Both?
Earlier and more informed enrollment decisions
Mixed views on stress

25. Potential Impacts on Admission and Recruitment Behavior
Earlier discussions about financial viability
Admissions staff cross-training
Rolling admissions could be at an advantage
Acceptances and financial aid decisions sent together?
Challenges to articulating value proposition
Adoption of early decision/early action programs
Changes in yield projection accuracy
Econometric modeling may not be as accurate
Methodically enhance yield activities/resources
Potentially have earlier, stronger indicators of class yield

26. Appeals Based on Unusual Circumstances
Loss of Income, e.g. in academic year , loss of Income in 2015 vs 2014
Medical/Dental expenses NOT PAID by insurance
Death, separation, divorce......
1-Time Fluctuation in Income
Elementary/Secondary Private School Tuition Expenses
Follow the procedures of the Financial Aid Office where student is attending.

27. SUNY Statewide Student Financial Aid Days
Saturday, January 16, 2016
Saturday, February 20, 2016
Ask questions about the financial aid application(s), types of aid available and the actual awarding process
Most campuses will offer web access and personal assistance to complete FAFSA’s online
Register at in early December 2015

28. Questions?