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Curt Gaume Director of Student Financial Aid Canisius College

Financial Aid Presentation. Amherst High School. Curt Gaume Director of Student Financial Aid Canisius College. Topics. An Overview. How to Apply How Eligibility Is Determined Types of Financial Aid Award Notification. Section I. How to Apply.

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Curt Gaume Director of Student Financial Aid Canisius College

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  1. Financial Aid Presentation Amherst High School Curt Gaume Director of Student Financial Aid Canisius College

  2. Topics An Overview • How to Apply • How Eligibility Is Determined • Types of Financial Aid • Award Notification

  3. Section I How to Apply

  4. Free Application for FederalStudent Aid (FAFSA) • 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.ed.gov • Limited distribution of Paper FAFSA • Paper vs. Electronic Processing

  5. 2010-11 FAFSA on the Web

  6. Paper FAFSA • Student must call the Federal Student Aid Information Center (FSAIC) to request a paper FAFSA 1-800-433-3243 • It will take 3 to 7 days to receive the FAFSA • You may request up to three copies • Or download a PDF version of the FAFSA form at www.FederalStudentAid.ed.gov

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

  8. How to Apply for TAP • 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. • 1st New York University/College listed on FAFSA is the school of record • www.hesc.com

  9. After Completing the FAFSALook for:

  10. TAP Application Website

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

  12. Secondary Application - College Forms • Some Colleges May Have an Institution Need Based Aid Application • Or a Specific Scholarship Application • Colleges will Distribute Their Own Forms

  13. Forms to be Completed • Suggested Timetable (2010-2011): • Complete & Mail Forms 2/15/10 • College Receives Data 2/22/10 • College Begin to Award Aid 3/01/10 • National Reply Date (Deposit) 5/01/10

  14. Section II How is Eligibility Determined

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

  16. General Eligibility for Federal Aid Matriculation toward a degree U.S. Citizenship or eligible non-citizen Registration with Selective Service (males ages 18-25) No drug related convictions Who is Eligible

  17. Frequent FAFSA Questions • Divorced/remarried parent information • Income earned by parents/stepparents • Untaxed income • U.S. income taxes paid • Household size • Number in postsecondary education

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

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

  20. Example - Carlos

  21. Section III Types of Financial Aid

  22. Federal Pell Grant • Eligible students: • Undergraduates pursuing first baccalaureate or professional degree • Semi-Entitlement Program • Portable • Actual award amount based on COA, EFC, and enrollment status • Maximum award for 2009-10= $5,350

  23. Federal Supplemental Opportunity Grant (SEOG) • Eligible students: • Undergraduates pursuing first baccalaureate or professional degree • Awarded first to students with “exceptional financial need” (i.e., students with lowest EFCs at that school) • Priority to Federal Pell Grant recipients • Annual award amounts: • $100 minimum • $4,000 maximum

  24. Federal Work Study (FWS) • Eligible students: Undergraduate, graduate, and professional students • Employment may be on or off campus • Eligible employers: • Schools • 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

  25. Federal Perkins Loan • Eligible students: • Undergraduate, graduate, and professional students • Priority to students who show “exceptional need,” as defined by school • Loan amount varies • Maximum annual loan amounts: • $4,000—undergraduate students • $6,000—graduate and professional students

  26. Federal Perkins Loan • Interest rate: 5% • 9-month grace period • Repayment period may be up to10 years • Deferment and cancellation provisions available

  27. Federal Student Loan • Student loans available under: • Federal Family Education Loan (FFEL) Program with funds provided by lenders (e.g., banks and credit unions) • Federal Direct Student Loan (Direct Loan) Program with funds provided directly by federal government via participating schools • School determines loan eligibility and delivers loan proceeds to students

  28. Federal Student Loan • 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) • $8,500 for each year of graduate/professional study

  29. Federal Student Loan • Additional unsubsidized loan eligibility for independent undergraduate, graduate, and dependent students whose parents are unable to borrow PLUS: • $4,000 per year for 1st and 2nd year undergraduates • $5,000 per year for remaining years of undergraduate study • $12,000 per year for graduate/professional study

  30. Federal Student Loan • Interest Rate is fixed at 6.8% • Decrease in the rate for undergraduate subsidized Stafford loans of: • 6 % 2008 – 2009 • 5.6% 2009 – 2010 • 4.5% 2010 – 2011 • 3.4% 2011 – 2012 • Back to 6.8% 2012 – 2013 & Beyond

  31. Federal Student Loan • Repayment begins after 6-month grace period • Maximum repayment period between 10 and 30 years depending on repayment plan chosen • Deferment and cancellation provisions available

  32. Federal PLUS Loan • Parent loan program for parents of dependent undergraduate students • Annual loan limit: COA minus other aid • Fixed Interest Rate – 8.5% • New PLUS loan program for graduate students

  33. NYS Aid Programs • Tuition Assistance Program (TAP) • Attending NYY College • $5,000 to $500 at Private College • $4,350 to $500 at Public College • 2009 NYS Net Taxable Income • $80,000 NTI or less

  34. New York State Opportunity Programs (HEOP/EOP) • New York State and school sponsored program • For educationally and economically disadvantaged students • Must meet academic and economic guidelines • Provides funding and academic services to increase college success

  35. Institutional Financial Aid • 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

  36. Institutional Financial Aid (Cont.) • 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

  37. Private Sources of Financial Aid • Generally Awarded on an Annual Basis • Sources of Scholarships Unlimited • Scholarships Must be Incorporated into Award Package • Scholarship Search Engines • www.fastweb.com • www.wiredscholar.com • www.scholarship.com

  38. Alternative Loan Financing • 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

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

  40. Section IV Award Notification

  41. Award Notification • 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

  42. Good Luck!

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