1. Alex Muro Director of Financial Aid Yale School of Forestry and Environmental Studies

2. The Forms You Need to Know US citizens or permanent residents FAFSA (Free Application for Federal Student Aid) CSS Financial Aid PROFILE Institutional requirements International students ** Aid not available at all schools ** Institutional requirements

3. The Forms You Need to Know (continued) FAFSA (Free Application for Federal Student Aid) Required by all colleges and universities Available January 1 for next school year January 1, 2015 for 2015-2016 Free http://www.fafsa.ed.gov/ PIN Eligibility for federal financial aid

4. The Forms You Need to Know (continued) CSS Financial Aid PROFILE Required by some colleges and universities Available October 1 for next school year October 1, 2014 for 2015-2016 $25 for first school and $16 for each additional school https://student.collegeboard.org/css-financial-aid-profile Eligibility for institutional financial aid

5. The Forms You Need to Know (continued) Institutional Requirements – check with each individual school Institutional application Tax return for prior year 2014 for 2015-2016 Verification worksheet

6. Vocabulary COA = Cost of Attendance (i.e., budget) Direct expenses (tuition, room, board, fees) + indirect expenses (books, supplies, transportation, personal expenses) EFC = Expected Family Contribution What a family is expected to contribute toward the COA Not the same as what will be paid to school Financial Need = COA minus EFC

7. Vocabulary (continued) Need based aid Merit/non need based aid Awarded on basis of student’s ability, talent or ethnic heritage Meeting full need Gapping Need aware admissions policy Need blind admissions policy

8. “Insider” Tips Comply with deadlines Examples (Yale) November 1 – Early Action (notification December 1) March 15 – Regular Decision (… April 1) April 15 – continuing students (… June 1) Checklist for each school Copies of all submitted forms First come, first served Not only the first year but every year! Estimate when necessary

9. “Insider” Tips (continued) Focus on net price, not sticker price All schools required to have Net Price Calculators on their websites as of October 29, 2011 Ask questions Review all available financing options, such as loans and payment plans Explain special circumstances with initial application Notify financial aid office of any significant changes in income and assets as soon as possible

10. Income Taxed income In general, Adjusted Gross Income from tax return Untaxed income Most common sources include contributions to retirement plans and child support received

11. Assets Cash Checking and savings accounts Including college savings accounts Investments (not including retirement) Home equity (for institutional aid only) Other real estate

12. Federal Grants Pell Grant $5,730 annual maximum for 2014-2015 Supplemental Educational Opportunity Grant (SEOG) In general, must be Pell Grant eligible $4,000 annual maximum for 2014-2015 Amount and recipients determined by school

13. Federal Grants (continued) Teacher Education for Assistance for College and Higher Education (TEACH) Grant Approximately $4,000 annual maximum for 2014-2015 3.25 GPA or qualifying score on admissions test Agree to teach specific subject in low income (Title I) school after graduation

14. Outside Funding Outside = not from government or school Scholarship search engines College Board FastWeb Other sources of funding or information Local civic and community organizations Employers Foundations High school counseling department Professional associations

15. Outside Funding (continued) May reduce school’s offer dollar for dollar From dollar 1 In excess of “student effort” What student is expected to contribute from working or borrowing Example (Yale) $4,475 – freshman $6,400 – sophomore, junior, and senior

16. Loans Federal Direct Student Loans for student borrowers (includes former Stafford Loans) Direct Parent PLUS Loans for parent borrowers Private

17. Federal Direct Student Loans 4.66% fixed interest rate for 2014-2015* 1.073% origination fee for 2014-2015* No credit check required No payments required while student is enrolled at least half time (in school deferment) and for 6 months after graduation (grace period) Different options for repayment, including ways to temporarily postpone payments

18. Federal Direct Student Loans (continued) Subsidized: need based Federal government pays interest on loan while student is in school and during any deferments but not during grace period Unsubsidized: non need based Student must make interest only payments while in school to avoid capitalization

19. Federal Direct Student Loans – Annual Loan Limits Dependent student without PLUS denial Year in SchoolAnnual Loan Limit Freshman$5,500 Sophomore$6,500 Junior$7,500 Senior$7,500

20. Federal Direct Student Loan Forgiveness Volunteer work Military Teaching Legal and medical studies Medicine Public service studentloans.gov

21. Federal Direct Student Loan – Sample Repayment Schedule Family size of 1 (unmarried, no dependents) Adjusted Gross Income $30,000 Current loan balance $30,000 @ 4.66% Repayment planMonthly payment Length of repayment term Total amount paid Standard$314120 months$37,658 Graduated$177 - $531120 months$39,610 Pay as You Earn$104 - $314240 months$49,744 Income Based$156 - $314176 months$43,485 Income Contingent$206 - $270176 months$42,297

22. Federal Direct Parent (PLUS) Loan 7.21% fixed interest rate for 2014-2015* 4.292% origination fee for 2014-2015* Credit check required No debts more than 90 days past due No bankruptcy, foreclosure or similar action within the past 5 years No unpaid collection accounts or charge offs Repayment terms same as Direct Student Loan if in school deferment requested

23. Federal Direct Parent Loan (continued) Not available to parents of independent students Annual loan limit = cost of attendance minus other aid

24. Federal Direct Parent Loan - Sample Repayment Schedule Current Loan Balance $50,000 @ 7.21% Repayment plan Monthly payment Length of repayment term Total amount paid Standard$586120 months$70,285 Graduated$339 - $1,018120 months$75,959 Extended Fixed $360300 months$107,938 Extended Graduated $300 - $502300 months$116,629

25. Private Loans Fixed or variable interest rates Repayment terms usually same as Direct Student Loan Consider state sponsored and not for profit lenders CT Higher Education Supplemental Loan Authority (CHESLA) Credit unions

26. Resources College Goal Sunday www.collegegoalsundayct.org/ January 25, 2015, 1.30 to 4.30 pm Get free help filling out the FAFSA! Nearest locations Eastern CT State University Manchester Community College

27. Resources (continued) US Department of Education studentaid.ed.gov College Board www.collegeboard.org FinAid Guide to Financial Aid www.finaid.org

28. Resources (continued) Counseling Department College or university to which student is applying Beware of scams Most, if not all, information that you may need is available for free!

29. My Contact Information Alex Muro Email alexander.muro@yale.edualexander.muro@yale.edu Phone 203-432-5105