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Michele Rizzo Assistant Director of Student Financial Services Canisius College Financial Aid Presentation ST. JOSEPH’S COLLEGIATE INSTITUTE.

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Presentation on theme: "Michele Rizzo Assistant Director of Student Financial Services Canisius College Financial Aid Presentation ST. JOSEPH’S COLLEGIATE INSTITUTE."— Presentation transcript:

1 Michele Rizzo Assistant Director of Student Financial Services Canisius College Financial Aid Presentation ST. JOSEPH’S COLLEGIATE INSTITUTE

2 An Overview How to Apply FAFSA & Expected Family Contribution How Eligibility Is Determined Types of Financial Aid Award Notification Topics

3 How to Apply Section I

4 Family’s financial information is required to calculate the student’s Expected Family Contribution (EFC). Student Aid Report (SAR) Electronic version of FAFSA FAFSA on the web at www.fafsa.gov Free Application for Federal Student Aid (FAFSA)

5 Start with FAFSA.GOV

6 2016-17 FAFSA on the Web

7 May be Used to Award Institutional Aid from the College Required to Apply for N.Y.S. Financial Aid (TAP Program) Complete and send FAFSA after January 1st FAFSA (Cont.)

8 FAFSA May be filed at any time during an academic year, but no earlier than the January 1 st prior to the academic year for which the student requests aid For the 2016–17 academic year, the FAFSA may be filed beginning January 1, 2016 Most colleges set FAFSA filing deadlines

9 FAFSA on the Web (FOTW) Website: www.fafsa.govwww.fafsa.gov 2016–17 FAFSA on the Web available on January 1, 2016 FAFSA on the Web Worksheet: Used as “pre-application” worksheet Questions follow order of FAFSA on the Web

10 IRS Data Retrieval Tool While completing FOTW, applicant may submit real- time request to IRS for tax data IRS will authenticate taxpayer’s identity If match found, IRS sends real-time results to applicant in new browser window Applicant chooses whether or not to transfer data to FOTW

11 FSA ID https://fsaid.ed.gov/npas/i ndexhtm https://fsaid.ed.gov/npas/i ndexhtm Sign FAFSA electronically May be used by students and parents throughout aid process, including subsequent school year Only the owner should create a FSA ID

12 FAFSA Confirmation Page Federal Aid Estimates EFC State Aid Link

13 Tuition Assistance Program Application  TAP Application part of FAFSA on the Web.  Data from FAFSA is used to create the paper Express TAP Application. TAP is a College Specific Program.  1 st New York University/College listed on FAFSA is the school of record  www.hesc.ny.org How to Apply for TAP

14 The TAP Application

15 Profile - College Scholarship Service Used by approximately 240 College Total Electronic Application www.collegeboard.com Non-Federal Aid Application Fees: $25.00 for the 1 st Profile Application $16.00 for everyone beyond the 1st Secondary Application Profile

16 Some Colleges May Have an Institutional Need Based Aid Application Or a Specific Scholarship Application Colleges will Distribute Their Own Forms Secondary Application - College Forms

17 Suggested Timetable (2016-2017): Complete & Submit Forms 2/15/16 College Receives Data 2/22/16 College Begin to Award Aid 3/01/16 National Reply Date (Deposit) 5/01/16 Forms to be Completed

18 The FAFSA Application & Expected Family Contribution Section II

19 Parent contribution from total income and assets Student contribution from total income and assets Number in the Household Number attending College Expected Family Contribution

20 Frequent FAFSA Errors Social Security Numbers Divorced/remarried parental information Income earned by parents/stepparents Untaxed income U.S. income taxes paid Household size Number of household members in college Real estate and investment net worth

21 Special Circumstances Cannot be documented using FAFSA Send written explanation and documentation to financial aid office at each college College will review and request additional information if necessary Decisions are final and cannot be appealed to U.S. Department of Education

22 Special Circumstances Change in employment status Unusual medical expenses not covered by insurance Change in parent marital status Unusual dependent care expenses Student cannot obtain parental information

23 How is Eligibility Determined Section III

24 Cost of Attendance (COA) – Expected Family Contribution (EFC) = Financial Need Definition of Need

25 Basic Components of the Cost of the Attendance Tuition and Fees Books & Supplies Room and Board Transportation Miscellaneous Personal Expenses Cost of Attendance

26 Example - Carlos

27 Types of Financial Aid Section IV

28 Eligible students: Undergraduates pursuing first baccalaureate Semi-Entitlement Program Portable Maximum award for 2015-16= $5,775 Federal Pell Grant

29 Eligible students: Undergraduates pursuing first baccalaureate Awarded first to students with “exceptional financial need” Priority to Federal Pell Grant recipients Annual award amounts: $100 minimum $4,000 maximum Federal Supplemental Opportunity Grant (SEOG)

30 Eligible students: Undergraduate, graduate students Employment may be on or off campus Eligible employers: College itself – majority of job placements Federal, state, or local public agencies Certain private nonprofit and for-profit organizations Schools must use portion of FWS funds for community service employment activities Federal Work Study (FWS)

31 Must be paid at a minimum monthly at least minimum wage Job Placements on Campus Does the college guarantee a job? Does the college require an interview process? Federal Work Study (FWS)

32 Subsidized: Must demonstrate “need” Unsubsidized: Not based on “need” Base annual loan limits (combined subsidized and unsubsidized): $5,500 - 1st year ($3,500 Sub & $2,000 Un-sub) $6,500 - 2nd year ($4,500 Sub & $2,000 Un-sub) $7,500 for each remaining undergraduate year ($5,500 Sub & $2,000 Un-sub) $20,500 for each year of graduate/professional study Federal Direct Stafford Loan

33 Interest Rate is fixed at 4.29% Readjusted 8/1/16 Repayment begins after 6-month grace period During grace period student pay interest Maximum repayment period between 10 and 30 years depending on repayment plan chosen Deferment and cancellation provisions available Federal Direct Stafford Loan

34 Parent loan program for parents of dependent undergraduate students Annual loan limit: COA minus other aid Fixed Interest Rate – 6.84% Federal Direct PLUS Loan

35 Tuition Assistance Program (TAP) Attending NYS College $5,165 to $500 2015 NYS Net Taxable Income $80,000 NTI or less NYS Aid Programs

36 Scholarships from College Academic Merit Talent Based Merit Awards May Require Separate Scholarship Application Scholarship Letter should indicate: Terms for Renewal The Specific Amount Probation Opportunities Institutional Financial Aid

37 Grants from College Awarded Annually Award based on “Financial Need” Determine Renewability Athletic Grant-in-Aid Awarded on Athletic Ability Contact Coach at the College Institutional Financial Aid (Cont.)

38 Generally Awarded on an Annual Basis Sources of Scholarships Unlimited Scholarships Must be Incorporated into Award Package Private Sources of Financial Aid

39 Banks have created private education loans to supplement the federal loan programs Student is the borrower – does requiring a co- signer for the loan Loan amount is determined by the cost of attendance minus financial aid Interest rate varies between lenders May provide deferment provisions Alternative Loan Financing

40 CURRENT ISSUES Federal Loan Subsidies “Prior-Prior” Year Loss of Perkins Loan

41 www.finaid.org www.studentaid.ed.gov www.wnycollegeconnection.com www.ncaa.org www.collegesavings.org www.canisius.edu Internet /World Wide Web (http://)

42 Calculators

43 Award Notification Section V

44 Read Carefully Follow Instructions Respond on Time Be Sure to file Additional Forms Contact the Financial Aid Office with questions & concerns Make the Process a Family Affair Award Notification

45 Good Luck!


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