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FINANCIAL AID 101

FINANCIAL AID 101. How To Apply. Complete the FAFSA FAFSA is available online at: www.fafsa.gov Additional applications may be needed-check with the schools. Other Applications. CSS Profile Form Various deadlines More information Fees School applications. It’s all in the timing….

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FINANCIAL AID 101

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  1. FINANCIAL AID101

  2. How To Apply • Complete the FAFSA • FAFSA is available online at: www.fafsa.gov • Additional applications may be needed-check with the schools

  3. OtherApplications • CSS Profile Form • Various deadlines • More information • Fees • School applications

  4. It’s all in the timing… • Submit the FAFSA after January 1 • Recommended filing date: February 15

  5. FAFSA Outline • Student Information • YOU = STUDENT • Be sure SSN and DOB are input correctly • Dependency Status • Questions will help determine if parents info is required

  6. FAFSA Outline • Parental Information • Marital Status • Income and asset information is important: taxes paid line 55 of 1040 form • Student’s Finances • Income and asset information is important • College Information • FAFSA results sent directly to school • Can list up to 10 schools

  7. FAFSA Outline • Signatures • E-Signatures – student and parent PIN • Application is Unofficial without signatures • State Application (TAP) • May to link to application after FAFSA submitted • SAR (Student Aid Report) sent to you-review carefully!

  8. Estimated Cost of Attendance - Expected Family Contribution = “Financial Need” Determining Financial Need

  9. Federal Programs Entitlement Programs • Pell Grant Campus Based Programs • SEOG • College Work Study • Perkins Loan

  10. Federal Loan Programs • Federal Stafford Loans • Freshman $ 5,500 • Sophomore $ 6,500 • Junior & Senior $ 7,500 • Federal Parent Loans (PLUS) • Eligibility: up to cost of attendance less all other financial aid

  11. New York State Programs • Tuition Assistance Program (TAP) • Merit Scholarships • Lottery Scholarships

  12. Institutional Programs • Merit Scholarships • Need Based Grants and Scholarships • Endowed Scholarships • Athletic Scholarships

  13. Special Circumstances • Communication is key • Provide detailed documentation • Notify school in writing • Follow up with the school • May result in a change to package

  14. Financing Options • Monthly Payment Plans • Private Education Loans • College Savings Programs (a.k.a. 529 Plans)

  15. Check the Web! www.finaid.org The Smart Student Guide to Financial Aid www.fastweb.com FastWeb Scholarship Search www.hesc.comNYS Higher Education Services Corporation

  16. Questions? SienaCollege 515 Loudon Road Loudonville, New York 12211 (888) AT-SIENA (toll-free) (518) 783-2410 (fax) aid@siena.edu (e-mail) www.siena.edu/financialaid

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