Financial Aid Counseling I: The Application Process

1. Financial Aid Counseling I:The Application Process Options Institute at Goddard Riverside Community Center

2. Housekeeping Reminders • Pre and Post Surveys • Sign in sheet • Start and End time • Evaluations • Restrooms • Cell phones • One mic

3. Agenda • Welcome • Financial Aid Overview • First Steps to Filing FAFSA: The Rules • Financial Aid Applications : FAFSA • Financial Aid Applications: TAP, Profile • Financial Aid Applications: Process • What Would You Do? • Action Planning • Closing – Post Survey and Evaluations

4. Financial Aid Data

5. Undergraduate Student Aid Source: Trends in Student Aid 2013 http://trends.collegeboard.org/sites/default/files/student-aid-2013-full-report.pdf

6. Average Grant and Scholarship Aidfor Undergraduate Students in 2011-12 Source: National Center for Education Statistics, http://nces.ed.gov/pubs2013/2013165.pdf.

7. Average Total Aid by Incomefor Dependent Undergraduate Students in 2011-12 Source: National Center for Education Statistics, http://nces.ed.gov/pubs2013/2013165.pdf.

8. Applying for Aid Pell-Eligible Non-Applicants Source: Student Aid Policy Analysis http://www.finaid.org/educators/20110118nofafsareasons.pdf

9. Applying for Aid Pell Dollars Unused Estimation by Parthenon -based on number of college-going NYC students eligible for free/reduced lunch, but not applying for FAFSA

10. So, Why Don’t Students Apply? Source: Student Aid Policy Analysis http://www.finaid.org/educators/20110118nofafsareasons.pdf

11. Financial Aid Overview

12. Total Cost of Attendance Direct Costs IndirectCosts • Tuition • Mandatory Fees • Health Service Fees • Room & Board • Travel • Books • Supplies • Personal Expenses

13. CUNY Baruch 2013-2014 Total Cost of Attendance (no dorm) Tuition $5,730 Fees $ 225 Books & Supplies $1,248 Transportation $1,020 Room and Board $1,918 Food (Lunch) $1,148 Personal Expenses $1,776 Total COA $13,065  

14. SUNY Binghamton 2013-2014 Total Cost of Attendance Tuition $ 5,870 Mandatory Fees $ 2,199 Room & Board (average) $12,956 Books/Supplies $ 1,270 Personal $ 1,450 Travel $ 990 Total COA $24,735

15. Syracuse University 2013-2014 Total Cost of Attendance Tuition $ 38,970Subtotal Fees $ 1,488 Direct Room & Board $14,054 $54,512 Books and Supplies $ 1,360 Subtotal Personal Expenses $ 960 Indirect Travel Costs $ 618$2,938 Total COA $57,450

16. 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?

17. 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 $

18. Financial Need Joe Student has a federal EFC of $1,000. What is his financial need at each college?

19. Defining Financial Aid Need is met by Financial Aid, which consists of: Grants /Scholarships Loans Federal Work-Study

20. Where Does Aid Come From?

21. First Steps to Filing the FAFSA The Rules

22. 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

23. Who Should Not File the FAFSA Undocumented Students

24. 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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28. 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

29. Circumstances for Independence Documented Involuntary Dissolution of Family • Abuse in family • Abandonment • Incarceration or institutionalization of bothparents • Parents lack physical or mental capacity to raise child Dependency Override

30. Income Reported on FAFSA Independent Student Dependent Student Parent(s) income + Student income Student income + Student’s spouse income

31. Who Is Considered a Parent • Biological or adoptive parents • Step-parents, if married to a biological or adoptive parent

32. 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

33. Who Is Not Considered a Parent • Grandparents • Foster parents • Legal guardians • Siblings • Uncles • Aunts • Family friends Unless, they have legally adopted the student.

34. Parent Income Recorded on FAFSA NEW! NEW!

35. 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.

36. Practice Situations Test Your Knowledge

37. Financial Aid Applications FAFSA

38. FAFSA Basics • www.fafsa.ed.govorwww.fafsa.gov • No deadline • Online or paper versions • Financial estimates • Student and parent PIN

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