1. Understanding the Financial Aid Process

2. College Funding Services Website: ineedfinancialaid.com Toll Free: 844-CFS4AID (237-4243) General: info@ineedfinancialaid.com Website: ineedfinancialaid.com Toll Free: 844-CFS4AID (237-4243) General: info@ineedfinancialaid.com

3. How Do They Determine If I’m Eligible? COA – EFC = NEED COA = Cost of Attendance (Includes tuition, books, room/board, etc.) EFC = Expected Family Contribution (Based on parent and student income, assets, age, number of students in school, etc.) Need = Amount of aid the family is eligible COA – EFC = NEED COA = Cost of Attendance (Includes tuition, books, room/board, etc.) EFC = Expected Family Contribution (Based on parent and student income, assets, age, number of students in school, etc.) Need = Amount of aid the family is eligible

4. What should we know about our Family Contribution? Asset Protection Allowance What is considered an asset? Parental Assets vs. Student Assets Is debt considered? How should we value our home? -www.finaid.com -Calculators -Federal Housing Index Asset Protection Allowance What is considered an asset? Parental Assets vs. Student Assets Is debt considered? How should we value our home? -www.finaid.com -Calculators -Federal Housing Index

5. What should we know about our Family Contribution? Parent Income vs. Student Income Student Income allowance = $6,260 Self-employed families Do NOT include business assets/worth on FAFSA if you have less than 100 employees Salary to a dependent as tax benefit detrimental for financial aid Parent Income vs. Student Income Student Income allowance = $6,260 Self-employed families Do NOT include business assets/worth on FAFSA if you have less than 100 employees Salary to a dependent as tax benefit detrimental for financial aid

6. Borrowing Options Student Loans vs. Parental Loans Subsidized vs. Unsubsidized Loans Federal vs. State vs. Private Read fine-print and understand entire life of loan Student Loans vs. Parental Loans Subsidized vs. Unsubsidized Loans Federal vs. State vs. Private Read fine-print and understand entire life of loan

7. Financial Aid Myths vs. reality: Income too High Grades too Low Own a home Aid is only for special groups Myths vs. reality: Income too High Grades too Low Own a home Aid is only for special groups

8. Sources of Financial Aid FEDERAL GOVERNMENT Pell Grants SEOG Grants College Work/Study Subsidized and Unsubsidized Stafford Loans Perkins Loans PLUS FEDERAL GOVERNMENT Pell Grants SEOG Grants College Work/Study Subsidized and Unsubsidized Stafford Loans Perkins Loans PLUS

9. Sources of Financial Aid State Government Special programs for in-state residents. Teachers, health professionals, minorities, etc. Contact HESAA (609) 584-4480 www.hesaa.org State Government Special programs for in-state residents. Teachers, health professionals, minorities, etc. Contact HESAA (609) 584-4480 www.hesaa.org

10. Sources of Financial Aid Colleges and Universities Private universities have endowment funds, outside of federal and state funds. Create competition Give preferential packaging to students who are in top 25% of applicants. Colleges and Universities Private universities have endowment funds, outside of federal and state funds. Create competition Give preferential packaging to students who are in top 25% of applicants.

11. What if I do not Qualify for Need-Based Aid? Merit Aid Some Schools do not award merit aid School by school basis; some more generous than others Value Schools Average School cost $30-$70K Lower end of range Ex. Binghamton University COA = $35,000 Merit Aid Some Schools do not award merit aid School by school basis; some more generous than others Value Schools Average School cost $30-$70K Lower end of range Ex. Binghamton University COA = $35,000

12. Sources of Financial Aid Private scholarships Account for 3% of all financial aid High school guidance department Private scholarships Account for 3% of all financial aid High school guidance department

13. How Do You Apply? The FAFSA (Free Application for Federal Student Aid) EVERYONE must fill out this form to get aid You cannot apply for Federal Loans if you do not fill one out Not accessible until Jan. 1 st Accessible at FASFA.ed.gov Audit/verification process similar to IRS The FAFSA (Free Application for Federal Student Aid) EVERYONE must fill out this form to get aid You cannot apply for Federal Loans if you do not fill one out Not accessible until Jan. 1 st Accessible at FASFA.ed.gov Audit/verification process similar to IRS

14. FAFSA New Requirement: FSA ID Student and Parent Needed to access/submit the FAFSA Username/Password (Replaced PIN number) FSAID.ed.gov Estimate 2015 taxes, based on 2014 tax returns Details of all assets that day New Requirement: FSA ID Student and Parent Needed to access/submit the FAFSA Username/Password (Replaced PIN number) FSAID.ed.gov Estimate 2015 taxes, based on 2014 tax returns Details of all assets that day

15. CSS/PROFILE Most private schools require this form Much more invasive and complex Home equity treated as liquid asset Section Q www.collegeboard.com $25.00 for 1 st school, $16.00 for each thereafter Most private schools require this form Much more invasive and complex Home equity treated as liquid asset Section Q www.collegeboard.com $25.00 for 1 st school, $16.00 for each thereafter

16. How Do You Apply For Aid? Institutional Applications Some schools require their own additional forms. They should be consistent with other forms Usually asks similar questions to the other two forms Institutional Applications Some schools require their own additional forms. They should be consistent with other forms Usually asks similar questions to the other two forms

17. How Do You Apply For Aid? FAFSA CSS/PROFILE College Institutional Forms ADDITONAL FORMS: Business/Farm Supplement Divorced/Separated Situations FAFSA CSS/PROFILE College Institutional Forms ADDITONAL FORMS: Business/Farm Supplement Divorced/Separated Situations

18. Which Colleges Give You The Best Shot At Getting Money?

19. CASE STUDIES : Amherst College:UMASS-Amherst: Cost - $70,000Cost - $23,000EFC - $15,000 Need - $55,000Need - $8,000 School A:School B: Meets 100% NeedMeets 60% Need Gift Aid - 100%Gift Aid - 50% Self Help – 0%Self Help - 50% What you actually pay at each school: School A:School B: Total EFC = $15,000Original EFC = $15,000 Total Gift = $55,000+ Unmet Need = $3,000 Total Self = $0 Total EFC = $18,000 Total Gift = $2,500 Total Self = $2,500 Amherst College:UMASS-Amherst: Cost - $70,000Cost - $23,000EFC - $15,000 Need - $55,000Need - $8,000 School A:School B: Meets 100% NeedMeets 60% Need Gift Aid - 100%Gift Aid - 50% Self Help – 0%Self Help - 50% What you actually pay at each school: School A:School B: Total EFC = $15,000Original EFC = $15,000 Total Gift = $55,000+ Unmet Need = $3,000 Total Self = $0 Total EFC = $18,000 Total Gift = $2,500 Total Self = $2,500

20. How To Appeal Your Financial Aid Award

21. How To Appeal For The Best Possible Package 5 Point Plan of Attack 1. Bring color/background to your story 2. Ask for specific amount of additional aid 3. Show awards offered by other colleges 4. Challenge expenses not considered on taxes 5. Be persistent 5 Point Plan of Attack 1. Bring color/background to your story 2. Ask for specific amount of additional aid 3. Show awards offered by other colleges 4. Challenge expenses not considered on taxes 5. Be persistent

22. Helpful Links ineedfinancialaid.com cfs.inviteeducation.com collegeboard.com collegeprowler.com fafsa.ed.gov fastweb.com finaid.com ineedfinancialaid.com cfs.inviteeducation.com collegeboard.com collegeprowler.com fafsa.ed.gov fastweb.com finaid.com