1. Financial Aid 101 “Just the facts, ma’am!” Michele A. Rizzo Asst. Dir. of Student Financial Aid Canisius College

2. An Overview Agenda • What is Financial Aid? • Who is eligible? • How do I apply? • Who completes the forms? • When do I apply? • What finds of aid might I receive?

3. An Overview What is financial aid? • Scholarships – free money, some skill required • Grants – free money, usually need required • Loans – money that must be paid back • Employment – opportunity to earn money for college expenses

4. Merit -based aid – money given because of skill, such as academic, artistic, athletic, etc. • Need-based – money given because the student has need

5. An Overview Who is eligible? 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

6. An Overview Who completes the forms? The Federal government believes that it is the parents’ and student’s responsibility to pay for college. THEREFORE: • Parents’ and student information is required • For divorce or separation situations, the parent with whom the student resides completes the forms • For joint custody situations, the parent who provides the most support completes the form

7. A student is considered to be Independent by the Federal Government for 07-08 if : • They were born before Jan 1, 1984. • At the beginning of the 07-08 school year they will be working on a Master’s or Doctorate program. • Married as of the date of application. • Have legal dependents/children who receive more than ½ of their support from them. • Both parents are deceased, or are a ward/dependent of the court (until 18) • A veteran of the U.S. Armed Forces

8. How do I apply?

9. 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) • Paper versions of FAFSA • Electronic version of FAFSA • FAFSA on the Web at www.fafsa.ed.gov • Paper vs. Electronic Processing

10. FAFSA on the Web www.fafsa.ed.gov • Apply • Reapply • English and Spanish options • Access PIN Web site • Check status of application • View SAR information • Make corrections

12. To Register for a PIN: www.pin.ed.gov

13. 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

14. How to Apply for TAP • Tuition Assistance Program Application • TAP Application part of FAFSA on the Web. Link to Express TAP Application - on “Confirmation Page” look for red heading “New York Residents Only”. • If link is missed, a reminder will be sent. • TAP is a College Specific Program. • 1st New York University/College listed on FAFSA is the school of record

16. Secondary Application - Profile • Profile - College Scholarship Service • Used by approximately 240 College • Total Electronic Application • www.collegeboard.com • Non-Federal Aid Application • Fees: • $ 5.00 - Registration Fee • $18.00 - Per Each College

17. 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

18. When do I apply? • Suggested Timetable (2007-2008): • Complete & Submit Forms 2/15/07 • College Receives Data 3/1/07 • College Begin to Award Aid 3/15/07 • National Reply Date (Deposit) 5/1/07

19. What kinds of aid might I receive?

20. Sources & TypesFinancial Aid • Federal • Pell Grant • Campus-Based Programs • Supplemental Educational Opportunity Grant (FSEOG) • Federal Work Study (FWS) • Perkins Loan

21. Federal (Cont.) • Federal Family Educational Loan Programs • Stafford Student Loan Subsidized • Stafford Student Loan (Unsubsidized) • Parent Loan (PLUS) • Ford Direct Student Loan Program • Same Provisions as Stafford Loan

22. NYS Aid Programs • Tuition Assistance Program (TAP) • Attending NYS College • $5,000 to $500 at Private College • $4,350 to $500 at Public College • 2006 NYS Net Taxable Income • $80,000 NTI or less

23. NYS Aid for Part-Time Study (APTS) • Aid for Part-Time Study (APTS) • Attending NYS College • Award varies with institutional allocation • 2006 NYS Net Taxable Income • $50,500 NTI or less

24. Higher Education Opportunity Program (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

25. Institutional Financial Aid • Scholarships from College • Academic Merit Only • Academic Merit & Financial Need • May Require Separate Scholarship Application

26. 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

27. Private Sources of Financial Aid • Generally Awarded on an Annual Basis • Sources of Scholarships Unlimited • Scholarships Must be Incorporated into Award Package • Examples: • Wegman’s Scholarship • Elks Scholarship • Kiwanis Scholarship

28. Encourage parent and students to FILE EARLY! • FAFSA can be filed before taxes are completed. DON’T WAIT, ESTIMATE! • Advise parents and students to AVOID using websites, consultants, planners or services that charge money to apply for financial aid.

29. Have a Nice Day