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Financial Aid Overview

Financial Aid Overview. Grants Loans Employment Opportunities Scholarships. Role of the Financial Aid Office. Determines aid eligibility using federal formula Packages aid depending on availability of funds Sends award notification including: - Award amount for each program for

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Financial Aid Overview

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  1. Financial Aid Overview Grants Loans Employment Opportunities Scholarships

  2. Role of the Financial Aid Office • Determines aid eligibility using federal formula • Packages aid depending on availability of funds • Sends award notification including: - Award amount for each program for which student is eligible - Disbursement methods & time frames - Terms & conditions of each award

  3. Application Process • Submit the Free Application for Federal Student Aid (FAFSA) as soon as possible after January 1st • Campus based federal aid awarded on “first-come, first-served” basis • New York State students attending a college located in New York State must complete a separate Tuition Assistance Program (TAP) application

  4. FAFSA on the Web • Web site: www.fafsa.ed.gov • 2009-2010 FAFSA on the Web available on January 1, 2009 • FAFSA on the Web Worksheet: - Used as “pre-application” worksheet - Questions follow order of FAFSA on the Web • Upon submission of the FAFSA, NY State residents are directed to a TAP application website

  5. FAFSA on the Web Continued: • Good reasons to file electronically: - Built-in edits to help prevent costly errors - Skip-logic allows student and/or parent to skip unnecessary questions - More timely submission of original application & any necessary corrections - More detailed instructions & “help” for common questions - Ability to check application status on-line - Simplified renewal application process

  6. PIN Registration • Web site: www. pin.ed.gov • Can request PIN before Jan 1, 2009 • Not required, but speeds processing • May be used by students & parents throughout aid process, including subsequent school years

  7. CAUTION ! • Avoid being charged a fee to file the FREE Application for Federal Student Aid - Completion & processing of the FAFSA are FREE - If filing via FAFSA on the Web, be sure to go directly to www.fafsa.ed.gov - Contact financial aid office for help completing the FAFSA

  8. Definition of Need Cost of Attendance (COA) - Expected family contribution (EFC) ------------------------------------------------ = Need Federal Methodology is the formula created by Congress to determine the EFC.

  9. Cost of Attendance • Tuition • Room and meals • Mandatory fees • Books, supplies, & specific curriculum costs • Loan fees • Personal expenses • Transportation

  10. Federal Pell Grants • Awarded to eligible undergraduates pursuing first associates or baccalaureate degrees • Actual award amount based on EFC and enrollment status (full vs. part time) • Maximum award for 2008-2009 is $4,731.

  11. Academic Competitiveness Grant (ACG) • First & second year undergraduate students • Federal Pell Grant recipient • U.S. citizen • Full time • Completed rigorous secondary school program • Award amounts: - $750 first year students - $1300 second year students

  12. National Science & Mathematics Access to Retain Talent (SMART) Grant • Third and fourth year undergraduate students • Federal Pell Grant recipient • U.S. citizen • Full time • Eligible major • Must maintain a 3.0 GPA • Award amount: $4,000 for 3rd & 4th year of study

  13. Federal Supplemental Educational Opportunity Grants (FSEOG) - Awarded first to students with the lowest EFC’s who are Pell Grant recipients

  14. Tuition Assistance Program (TAP) • Grant available to NYS residents attending full time at a NYS college or university • Based solely upon NYS net taxable income • Minimum awards: $500/academic year • Maximum awards: Full tuition at a SUNY college; $5,000/year at a private college • Maximum semesters of eligibility: 6 for an associates; 8 for a bachelors

  15. Stafford Loans • Subsidized: Federal government pays interest; Based on “need” • Unsubsidized: Student is responsible for interest; Not based on “need” • Maximum annual loan limits (combined subsidized and unsubsidized) for 2008-2009: - $5,500 for first year undergraduates - $6,500 for second year undergraduates - $7,500 for each remaining undergraduate year

  16. Stafford Loans Continued • Current fixed interest rate of 6.8% • Maximum interest rate of 8.25% • Loan fees based on principal amount : up to 1.5% origination fee & 1% insurance premium • Repayment begins after 6 mo. grace period • Maximum repayment period between 10 & 30 years depending on repayment plan chosen • Deferment & cancellation provisions available

  17. Parent Loan for Undergraduate Students(PLUS) • Loan program for parents of dependent undergraduate students • Annual loan limit: COA minus other aid • Current fixed interest rate: 8.5%; Maximum: 9.0% • Loan fees based on principal amount of loan: Up to 3% origination fee & 1% insurance premium • Repayment begins 60 days after loan is fully disbursed for parent borrowers

  18. Federal Perkins Loans • Priority to students who show “exceptional need” • Maximum annual award amount is $4,000 • Level interest rate of 5% • Grace period of 9 months • Repayment period may be up to 10 years • Deferment and cancellation provisions available

  19. Alternative Loans • A private, non-federal loan made by a commercial lender • Viewed as a source of additional funding after the student has exhausted all other resources, such as Stafford, Perkins, and/or PLUS loans • Eligibility Requirements: - Applicant must be 18 years of age & a US citizen or eligible non-citizen - Enrolled on at least a half-time basis - Applicant must be creditworthy or apply with a creditworthy co-signer • Maximum loan amount = Cost of attendance – other financial aid

  20. Federal Work-Study (FWS) • A portion of federal financial aid and therefore based upon eligibility • Receive a paycheck, not a credit toward their semester charges • Students may choose between on-campus employment or off-campus community service • Employment not only serves as a means of providing additional funding but also provides a source of work experience for future employers

  21. Avoid Being Scammed To check legitimacy of scholarship search services or individuals, for information about financial aid scams, and tips to avoid being scammed visit these Web sites: - U.S. Department of Education: www.studentaid.ed.gov/students/publications/lsa/index.html - Federal Trade Commission: www.ftc.gov/bcp/conline/publs/alerts/ouchart.htm - Better Business Bureau: www.bbb.com

  22. Private Scholarship Search FREE Internet scholarship search engines: - FinAid on the Web: www.finaid.org - College Board: www.collegeboard.com - FastWeb: www.fastweb.monster.com - Scholarship Resource Network Express: www.srnexpress.com - GoCollege: The Collegiate Websource: www.gocollege.com

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