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FINANCIAL AID COUNSELING I: THE APPLICATION PROCESS Options Institute at Goddard Riverside Community Center.

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Presentation on theme: "FINANCIAL AID COUNSELING I: THE APPLICATION PROCESS Options Institute at Goddard Riverside Community Center."— Presentation transcript:

1 FINANCIAL AID COUNSELING I: THE APPLICATION PROCESS Options Institute at Goddard Riverside Community Center

2 Options Institute – Goddard Riverside Community Center Agenda  Welcome  Financial Aid Vocabulary and Overview  First Steps to Filing FAFSA: The Rules  Filing the FAFSA – A Case Study  Special Circumstances

3 Financial Aid Vocabulary

4 Financial Aid Overview

5 Options Institute – Goddard Riverside Community Center Total Cost of Attendance  Tuition  Mandatory Fees  Health Service Fees  Room & Board  Travel  Books  Supplies  Personal Expenses Direct Costs Indirect Costs

6 Options Institute – Goddard Riverside Community Center Syracuse University 2014-2015 Total Cost of Attendance Per Year Tuition$ 40,380 Subtotal Misc Fees$ 1,508 Direct Housing and Meals$14,460 $56,348 Books and Supplies$ 1,376 Subtotal Personal Expenses$ 970 Indirect Travel Costs$ 626 $2,972 Total COA$59,320

7 Options Institute – Goddard Riverside Community Center Expected Family Contribution EFC is the amount of money a student’s family can afford to pay toward one year of college, as determined by the U.S. Department of Education. An EFC amount of $1,000 means that the student’s family will be expected to contribute $1,000 towards his education in that year. Who pays the rest of the total Cost of Attendance?

8 Options Institute – Goddard Riverside Community Center Financial Need “financial need” Colleges determine how much financial aid a student needs by subtracting the family’s Expected Family Contribution from the Cost of Attendance. COA - EFC = Need $

9 Options Institute – Goddard Riverside Community Center Financial Need Joe Student has a federal EFC of $1,000. What is his financial need at Syracuse University? Syracuse University If COA is… $59,320 and EFC is… $ 1,000 then Need is… $58,320

10 Options Institute – Goddard Riverside Community Center Defining Financial Aid Need is met by Financial Aid, which consists of: $Grants /Scholarships $ Loans $ Federal Work-Study

11 Options Institute – Goddard Riverside Community Center Where Does Aid Come From ? Sources of AidFin. Aid FormTypes of Aid Federal Government FAFSAGrants Loans Work Study New York State Government (if NYS resident at a college in NYS) TAPTAP Grant Scholarships (special eligibilities) Institution (college itself) FAFSA Profile Institutional Forms Grants (merit and need) Loans (less often) Scholarships

12 The Rules First Steps to Filing the FAFSA

13 Options Institute – Goddard Riverside Community Center FAFSA Basics  www.fafsa.ed.gov or www.fafsa.gov  No deadline  Online or paper versions  Financial estimates  Student and parent PIN

14 Options Institute – Goddard Riverside Community Center Who Should File the FAFSA? Students eligible for federal financial aid:  US Citizens  Permanent Residents (Green Card Holders)  Refugees/Asylees  Other humanitarian groups: Parolees, Victims of Human Trafficking, and Cuban-Haitian Entrants Students eligible for institutional aid ONLY:  Student Visa Holders, F-1 or 2  Exchange Visitors, J-1 or 2 visa holders  G-series visa holders

15 Options Institute – Goddard Riverside Community Center Who Should Not File the FAFSA Undocumented Students

16 Options Institute – Goddard Riverside Community Center Who is Considered Independent ? Students automatically independent  Age 24 and over  Married  Graduate student  Supporting dependents  Are/have served in US Armed Forces  In legal guardianship  Orphan, foster care, ward of court after age 13  Emancipated minor  Unaccompanied homeless youth

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20 Options Institute – Goddard Riverside Community Center Who is Considered Independent? The following does not make a student independent  Parent refusal to provide financial info  Student refusal to ask parents for info  Student living on her own for several years  Student refusal to communicate with parents

21 Options Institute – Goddard Riverside Community Center Circumstances for Independence Documented Involuntary Dissolution of Family  Abuse in family  Abandonment  Incarceration or institutionalization of both parents  Parents lack physical or mental capacity to raise child Dependency Override

22 Options Institute – Goddard Riverside Community Center Income Reported on FAFSA Parent(s) income + Student income + Student’s spouse income Independent StudentDependent Student

23 Options Institute – Goddard Riverside Community Center Who Is Considered a Parent  Biological or adoptive parents  Step-parents, if married to a biological or adoptive parent

24 Options Institute – Goddard Riverside Community Center Who Is Considered a Parent Here’s a hint to help you remember! SIMBA S step- I if M married, B biological, or A adoptive

25 Options Institute – Goddard Riverside Community Center Who Is Not Considered a Parent  Grandparents  Foster parents  Legal guardians  Siblings  Uncles  Aunts  Family friends Unless, they have legally adopted the student.

26 Options Institute – Goddard Riverside Community Center Parent Income Recorded on FAFSA Custodial Parent(s)- REGARDLESS of GENDER Data Collected on FAFSA Single legal parent1 parent Two legal parents who are married to each other 2 parents Legal parent who is married to a stepparent 2 parents Two legal parents who are not married to each other and living together 2 parents NEW!

27 Options Institute – Goddard Riverside Community Center Parent Income Recorded on FAFSA For Divorced or Separated Parents:  Report income of parent lived with most  If student lived with both parents equally, report income of parent who provides most financial support  If student is supported equally by both parents, use income of parent who makes the least Remember: If the custodial parent is re-married, the step-parent’s income must also be reported.

28 Test Your Knowledge Practice Situations

29 Options Institute – Goddard Riverside Community Center Miles Miles is 17. His parents have lived together for 15 years but aren’t married and file taxes separately. They adopted him 10 years ago.

30 Meet Ali … Filing the FAFSA


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