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Financial Aid Information Session

Financial Aid Information Session. Application Process How is aid determined? What are the different types of financial aid? Billing Procedures. Application Process. Types of Applications. F ree A pplication for F ederal S tudent A id (FAFSA ).

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Financial Aid Information Session

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  1. Financial Aid Information Session

  2. Application ProcessHow is aid determined?What are the different types of financial aid?Billing Procedures

  3. Application Process

  4. Types of Applications • Free Application for Federal Student Aid (FAFSA) NYS Tuition Assistance Program (TAP) Application Other applications or forms as required by the college such as Institutional Scholarship and/or Financial Aid Application Federal Tax Returns (along with schedules and W-2s) or other income documentation Federal Verification Worksheet

  5. PIN Registration PIN (Personal Identification Number) serves as the electronic signature on ED documents Student and at least one parent needs a PIN • Apply for student and parent PINs TODAY at: • www.pin.ed.gov

  6. FAFSA on the Web • www.fafsa.ed.gov • 2013-2014 FAFSA on the Web available as of • January 1, 2013 • Pre-Application Worksheet: • Available prior to January 1st • Assists in completion of FAFSA on the Web

  7. Application Filing TipsFAFSA on The Web • Need Federal 1040 Forms and W- 2 Forms • Based on previous year’s tax information • Complete a FAFSA on the Web Worksheet available at www.fafsa.ed.gov • Check the FAFSA for accuracy prior to submission • Sign the application using student and parent’s PIN • Federal PIN Number – www.pin.ed.gov • Print out a copy of the FAFSA before submitting data • Keep a copy of the Submission Confirmation Page

  8. Tuition Assistance Program (TAP) • Full-Time (12 credit hours) • New York State resident • Must meet income requirements • Annual awards range from $500 - $5,000 (the award cannot exceed tuition)

  9. Determination of Eligibility

  10. Need Cost of Attendanceminus Expected Family Contribution ↓ ↓ Tuition Room and Board Books & Supplies Transportation Misc. Expenses Income Assets Allowances Other Resources # Children in College

  11. EFC – expected family contribution • Families need to understand their financial situation • www.finaid.org/calculators/finaidestimate.phtml • apps.collegeboard.com/fincalc/efc_welcome.jsp • www.fafsa4caster.ed.gov • Families need to understand colleges’ financial aid policies

  12. Filing Tips • Have tax information readily available • Allow time to meet deadlines • Check application for accuracy • Save application periodically • Print a copy before submitting • Print Confirmation Page • Use TAP link on Confirmation Page

  13. Federal and State Aid

  14. Types of Aid • Grants • Pell • TAP • SEOG • Loans • Direct Stafford Loans • PLUS Loans • Perkins Loans • Work • Federal Work Study

  15. Pell • Federal Grant • Must complete FAFSA Application • Must provide verification if required • Based on EFC • Maximum yearly award is $5,645 • Award pro-rated based on enrollment • Limited to 6 years

  16. Tuition Assistance Program • New York State Grant • Must be New York State Resident • Must complete TAP Application • Based on New York State Taxable Income • Awards range from $0 - $5,000 per year • Award can not exceed tuition charge • Must be enrolled full-time • Limited to 8 payments (6 at Two-Year School)

  17. SEOG • Federal Grant • Must complete FAFSA Application • Must provide verification if required • Limited funding

  18. Direct Stafford Loans • Federal Loans • Must complete FAFSA Application • Must provide verification if required • Complete Entrance Counseling • Complete Promissory Note • No credit check • Six month grace period • 3.4% Subsidized interest • 6.8% Unsubsidized interest

  19. PLUS Loans • Federal Loans • Loan is in parent’s name • Subject to credit check • Different terms than Student Loans • FAFSA must be completed by student • Verification must be completed if required • Can defer PLUS Loans now • 7.9% interest

  20. Perkins Loans • Federal Loan • Loan is in student’s name • Must complete FAFSA Application • Must provide verification if required • Complete Entrance Interview • Complete Promissory Note • Limited funding • Nine month grace period (5%)

  21. Federal Work Study • Federal Fund • Must complete FAFSA Application • Must provide documentation if required • Limited Funding

  22. Outside Scholarships These can come from many different resources. • Parent employee benefit or student employer • Clubs, associations, foundations • Armed forces, Peace Corps, AmeriCorps • Civic organizations • Community service oriented • Athletic • Leadership Searching is FREE! No need to pay for any services. Just takes some work!

  23. Process • Research colleges of interest. • Know what costs are and what to expect • Make reference notes for yourself: personal information, list of activities, community service, transcripts, personal and academic references, essay. • Be neat. • Adhere to deadlines. • MOST IMPORTANT – APPLY AND APPLY EARLY!!! • Start early…junior year in high school.

  24. Websites Popular search engines and websites. • www.pin.ed.gov • www.fafsa.ed.gov • www.hesc.org • www.fastweb.com • www.collegeboard.com • www.scholaraid.com Visit as many as possible! Apply for as many as you think you may qualify for. See handout list of scholarships and sites.

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