Financial  Aid  Awareness  Worksheet  -­‐  December  12,  2012    

                   Dear  Y2  Students  and  Parents,      Financial  Aid  is  the  most  important  part  of  the  College  Applications  process  and  all  students  and  families  need  to  be  involved  and  informed  in  this  process.  We  in  the  CTO  are  here  to  help  as  much  as  we  can,  however,  ultimately,  it  is  the  responsibility  of  each  student  and  their  parents/guardians  to   learn   as  much   as   they   can   about   this   process,   and   to   ensure   that   you  meet   deadlines   and  understand  procedures  and  requirements  (of  which  there  are  many!)    To  facilitate  this  awareness,  we  ask  that  a  parent  or  guardian,  together  with  their  student,  read  the  accompanying  Financial  Aid  101  document  and  initial  next  to  each  item  listed  below:  

 

1. _______  I  will  make  every  attempt  to  attend  Financial  Aid  Night  on  Thursday,  December  20th  2012   -­‐   5:30   -­‐7:30   pm  with   guest   presenter,   James   Bogner   -­‐   Assistant   Director   of  Financial  Aid  from  Columbia  University.    

2. _______  I  will  read  the  Financial  Aid  101  (attached)  to  gain  a  better  understanding  of  required  forms,  basic  terms,  and  timeline.  

3. _______   I   understand   that   every   college   publishes   a   ‘Net   Price   Calculator’   (NPC)   on   their  website   and   that   the   CTO   strongly   recommends   filing   out   obe   for   most   of   your  schools.  The  NPC  will  estimate  your  “net  price”   (cost  minus  any  aid  you  are  eligible  for)  to  attend  a  particular  university.  

4. _______  I  am  aware  that  all  colleges  require  the  FAFSA   (Free  Application  for  Federal  Student  Aid),  that  I  can  begin  working  on  it  the  form  on  or  after  January  1st  2013.  

5. _______   I   know   to   find   the   FAFSA   at  www.fafsa.ed.gov   (not   fafsa.com)   and   that   it   is   a   free  form  and  I  should  not  have  to  pay  anyone  to  fill  it  out.  

Parents/Guardians + Students: Please sign and return this worksheet no later than Wednesday, December 19th 2012.

Save the Date: BHSECQ Financial Aid Night

w/ Columbia U. Fin Aid Director 12/20/12 – 5:30 – 7:30 pm

 

6. _______  I  know  that  I  should  file  the  FAFSA  using  2011  taxes  and  2012  estimates  of  assets  and  income  from  2012  and  not  wait  until  I  finish  my  taxes  to  complete  financial  aid  forms.  

7. _______  I  know  that  I  should  attempt  to  file  my  2012  taxes  as  soon  as  possible  this  year.  

8. _______  I  know  that  student’s  should  only  file  the  FAFSA  and  TAP  if  I  am  a  U.S.  Citizen,  Legal  Permanent   Resident   or   have   legal   asylee   status.   I   know   I   should   feel   free   to   speak  with  the  CTO  Director  with  specific  questions  about  this.    

9. _______I   am   aware   that   any  NY   State   and  NYC   Colleges  will   also   require   the   TAP   (Tuition  Assistance  Program)  form  and  that  I  have  the  option  to  link  directly  to  the  TAP  grant  application   from  the  FAFSA  submission  confirmation  page  and  should  plan  to   fill  out  the  FAFSA  and  TAP  at  the  same  time.    

10. _______I   am   aware   that   many   private   colleges   also   require   the   CSS   profile     (College  Scholarship   Service)   in   addition   to   FAFSA   and   TAP,   that   there   is   a   fee   for   the   CSS  Profile   and   that   it   can   be   found   at   www.collegeboard.org.   This   form   typically   takes  longer  to  fill  out  and  can  be  filled  out  as  early  as  October.  

11. _______  I  understand  that   it   is  very   important  that   I  speak  to  financial  aid  officers  about  any  special   circumstances,   rather   than   assuming   that   the   forms   capture   everything  important.  

12. _______  I  know  about  the  resources  available  to  me  should  I  have  questions  (FAFSA,  CSS,  and  TAP        hotlines,  and  financial  aid  offices  at  colleges  list  on  the  Financial  Aid  101).  

13. _______I  understand  that  each  college  may  require  different  fin  aid  forms  and  have  different  deadlines   and   so   it   is   essential   to   check   my   with   each   of   the   schools   fin   aid  websites/offices.  

 Parent  Name  (printed):________________  Parent  Signature:  ___________________  Date:  __/__/__    Student  Name:  ______________________  Student  Signature:  __________________    Date:  __/__/__          

Financial  Aid  101  

      Updated  12/2012  

Goals  of  Financial  Aid  Process  • Evaluate  family  circumstances  in  a  consistent  and  equitable  way  • Assist  the  student  in  attaining  and  realizing  their  ability  to  go  to  

college  despite  the  price  tag  of  college.      

Financial  Aid  Timeline      • December:  Look  up  fin  aid  requirements  &  deadlines  for  schools  

• January  1st  -­‐  February  1,  2013:  Apply  for  Aid  by  filing  the  FAFSA,  TAP,  CSS,  and  any  additional  required  forms  using  2011  taxes.  

• January  &  February:  Call  financial  aid  office  regarding  special  circumstances.    

• March:  Follow  up  financial  aid  offices  individually.      

• April  or  before:  Update  FAFSA  once  taxes  are  complete  

• March  –  April:  Receive  Award  Letters    

• April:  Call  fin  aid  offices  if  awards  are  not  received  by  the  7th.    

• April-­‐May:  Follow  up  on  any  requests  for  additional  documents  

• May  1:  National  School  Decision  and  Deposit  Deadline    

• January  -­‐  February  2014:  Re-­‐apply  for  Aid    

 Types  of  Financial  Aid  offered  by  Colleges      1.  Need-­‐based  

• Federal  government  need-­‐based  aid  includes:  o Pell  Grants  of  up  to  $5,500,    o FSEOG  grants  of  up  to  $4,000    o Stafford  subsidized  &  unsubsidized  loans      o Perkins  loans  

• Need-­‐based  state  aid:    o NY  TAP  award  of  up  to  $5,000  annually  for  students  

attending  college  in  NY  State.    • Institutional  (college)  need-­‐based  aid  availability  varies.    

 2.  Merit-­‐based  (non-­‐need-­‐based)  Aid  based  on  your  grades,  test  scores,  community  service,  hobbies  and  special  talents  (artistic/athletic,  etc.).      Often  selective  and  moderately  selective  colleges  will  offer  merit  scholarships  to  increase  their  enrollment  of  excellent  students.  In  contrast,  the  most  highly  selective  colleges  typically  do  not  typically  offer  merit  awards,    What  About  Scholarships?  • Check  with  employers,  high  school  counselors,  libraries,  clubs,  

churches,  corporations,  Naviance,  CTO  emails  • Use  the  web:  www.finaid.org,  www.fastweb.com,    

www.wiredscholar.com,  www.thewashboard.org  • Turn  in  high  quality  attractive  applications  • Beware  of  Scams.  Never  PAY  for  a  scholarship  search.    Comparing  Aid  Packages  • Make  sure  you  consider  ALL  costs  (direct  and  non-­‐direct)    • Review  types,  amounts,  and  renew-­‐ability  of  gift  aid  (free  money)  • Compare  types  and  amounts  of  self-­‐help  aid  (loans,  work  study)  • Determine  amount  needed  in  addition  to  what  is  offered  (also  

known  as  a  “gap”)  

Financial  Aid  Forms:        1. FAFSA:  Free  Application  for  Federal  Student  Aid  -­‐  Required  by  all  

colleges  • Required  for  federal,  state,  and  some  institutional  aid  • Determines  Expected  Family  Contribution  (EFC)  • File  on  the  web  at  www.fafsa.gov  • The  form  is  only  available  after  January  1st.    • For  divorced  families,  non-­‐custodial  parent  does  not  need  to  

provide  income.    • Both  parent  and  student  need  a  pin  #  (www.pin.ed.gov)  

 2.  CSS/Financial  Aid  PROFILE:      Required  by  many  private  colleges  The  CSS  PROFILE  is  used  primarily  by  expensive  private  schools  to  determine  your  true  ability  to  pay.  In  addition  to  using  the  FAFSA  to  determine  an  initial  EFC,  private  schools  use  the  PROFILE  to  look  for  supplemental  sources  of  funding.  For  instance,  colleges  requiring  the  PROFILE  will  ask  about  home  equity  and  treat  it  as  a  legitimate  source  for  funding  college,  whereas  colleges  requiring  only  the  FAFSA  do  not.  The  CSS  Profile  also  considers  non-­‐custodial  parent  income  a  source  of  funding.  The  FAFSA  does  not.    However,  if  you  have  not  had  any  contact  with  your  non-­‐custodial  parent  for  an  extended  period  of  time,  it  is  possible  to  obtain  a  non-­‐custodial  waiver.    

• File  online:  www.collegeboard.org    • The  form  is  available  as  early  as  October  1st  • $25  application  and  initial  report  • $16  additional  school  report  fee  (The  PROFILE  service  provides  

fee  waivers  automatically  for  people  with  low  income  and  assets)  

 3.  New  York  State  TAP  :  Required  by  all  NY  Colleges    Before  you  begin  your  TAP  application,  you  must  have  completed  the  FAFSA.  New  York  State  (NYS)  Residents  attending  NYS  schools  will  have  the  option  to  link  directly  to  the  TAP  application  from  the  FAFSA  submission  confirmation  page.  If  you  exited  the  FAFSA  before  selecting  this  option,  you  can  complete  the  application  after  the  NYS  Higher  Education  Services  Corporation  (HESC)  receives  your  FAFSA  data  (three  days).  HESC  will  send  you  an  email  or  postcard  notifying  you  to  complete  the  TAP  application  online  www.hesc.ny.gov.      4.    Additional  Financial  Aid  Forms  Be  sure  to  check  each  school’s  financial  aid  website.  Some  may  have  additional  required  forms.      Resources  Have  more  questions?    Here’s  where  you  can  go  for  help:  

 1.  College  Financial  Aid  Offices:  Do  not  forget  that  the  financial  aid  offices  for  each  of  your  colleges  are  one  of  your  most  valuable  resources.  These  colleges  really  do  want  to  help  you  and  it  is  comforting  to  get  help  from  the  people  behind  the  forms.      

 2.  FAFSA  hotline:  1-­‐800-­‐433-­‐3243  Mon  –  Fri.  8am  –  10pm  FederalStudentAidCustomerService@ed.gov      3.  CSS  hotline:    1-­‐305-­‐829-­‐9793  Mon  –  Fri.  8am  –  10pm    help@cssprofile.org    4.  TAP  Application  www.tapweb.org  Call:  1-­‐888-­‐NYSHESC  (1-­‐888-­‐697-­‐4372)  toll  free  8:00  a.m.  and  4:45  p.m.  ET  Mon  -­‐-­‐  Fri.      

Financial  Aid  101  

      Updated  12/2012  

 Tips  on    completing  Financial  Aid  Forms  Make  it  a  family  affair.  The  more  parents  can  help  with  the  financial  aid  process,  the  better  –  from  researching  deadlines  and  required  forms,  to  actually  filing  out  the  forms.  If  you,  the  student,  must  manage  the  process  yourself,  please  see  your  CTO  advisor.    • Gather  records  o Student  Social  Security  Card  o W-­‐2,  last  pay  stub,  and  most  recent  income  taxes  o Bank/Investment  statements  

• Heads  Up:  o On  the  FAFSA  you  will  only  be  able  to  enter  10  schools  initially.    After  5  days  however,  the  FAFSA  will  have  processed  your  application  and  

you  can  safely  delete  schools  and  add  new  ones.      o On  the  FAFSA,  do  not  leave  blanks  (unless  instructed  to)  o On  the  FAFSA,  once  you  have  completed  your  tax  forms,  make  the  corrections  to  your  FAFSA  using  the  IRS  Tax  Transfer  

 FAQs  about  the  FAFSA  Q:  Should  I  wait  to  complete  the  FAFSA  until  my  taxes  are  done?    A:  No.  If  you  are  facing  a  deadline  and  want  to  get  the  application  in  as  soon  as  possible,  you  may  estimate  your  tax  amounts  for  now    Q:  If  my  parents  are  separated  or  divorced  which  parent  reports  information  on  the  FAFSA?  A:  An  answer  to  this  question  is  in  the  Glossary  section  below,  under  non  custodial  parent.    Q:  Should  I  file  the  FAFSA  if  I  am  not  a  U.S.  Citizen  or  Permanent  Resident  (LPR)?  A:  No.  Only  file  the  FAFSA  if  you,  the  student,  are  a  U.S.  Citizen  or  LPR.  If  you  are  a  citizen/LPR,  but  your  parents  are  non-­‐citizens,  they  should  enter  nine  zeroes  for  their  social  security  number  (000-­‐00-­‐0000)  Comparing  Aid  Packages  • Make  sure  you  consider  ALL  costs  (direct  and  non-­‐direct)  for  each  school  • Review  types,  amounts,  and  renew-­‐ability  of  gift  aid  (free  money)  • Compare  types  and  amounts  of  self-­‐help  aid  (loans,  work  study,  etc)  • Determine  amount  needed  in  addition  to  what  is  offered  (also  known  as  a  “gap”)    Financial  Aid  Glossary    Cost  of  Attendance  • Varies  from  school  to  school  and  usually  includes:  o Tuition  and  Fees  o Room  and  Board  o Books  and  Supplies  o Transportation  o Miscellaneous  Personal  Expenses/Other      

 Non  Custodial  Parent  (EFC)  (From  Finaid.org)  The  custodial  parent  for  federal  student  aid  purposes  is  the  parent  with  whom  you  lived  the  most  during  the  past  12  months.  (The  twelve  month  period  is  the  twelve  month  period  ending  on  the  FAFSA  application  date,  not  the  previous  calendar  year.)  Note  that  this  is  not  necessarily  the  same  as  the  parent  who  has  legal  custody.  If  you  did  not  live  with  one  parent  more  than  the  other,  the  parent  who  provided  you  with  the  most  financial  support  during  the  past  twelve  months  should  fill  out  the  FAFSA.  This  is  probably  the  parent  who  claimed  you  as  a  dependent  on  their  tax  return.  The  CSS  Profile  does  require  non  custodial  parent  income  and  asset  information.    The  FAFSA  does  not  require  non  custodial  parent  information.    Subsidized  vs.  Unsubsized  Loans  (adapted  from  Finaid.org)  Federal  loans  come  in  two  forms,  subsidized  and  unsubsidized.  An  easy  way  to  remember  the  difference  is  to  think  of  subsidized  as  supported.  Subsidized  loans  have  lower  interest  rates  (3.4%  for  subsidized  Stafford  versus  6.8%  for  unsubsidized  Stafford),  and  the  interest  on  the  subsidized  Stafford  loan  is  paid  by  the  federal  government  while  the  student  is  in  school  and  during  the  first  6  months  after  graduation.          Note  on  Maximum  Amount  of  Loans:  Undergraduates  may  borrow  up  to  $31,000  ($5,500  during  the  freshman  year,  $6,500  during  the  sophomore  year  and  $7,500  during  the  third,  fourth  and  fifth  years)  no  more  than  a  total  of  $23,000  of  which  may  be  subsidized.      Appeal  A  formal  request  to  have  a  financial  aid  administrator  review  your  aid  eligibility  and  possibly  use  Professional  Judgment  to  adjust  the  figures.  For  example,  if  you  believe  the  financial  information  on  your  financial  aid  application  does  not  reflect  your  family's  current  ability  to  pay  (e.g.,  because  of  death  of  a  parent,  unemployment  or  other  unusual  circumstances),  you  should  definitely  make  an  appeal.  The  financial  aid  administrator  may  require  documentation  of  the  special  circumstances  or  of  other  information  listed  on  your  financial  aid  application.  

Expected  Family  Contribution  (EFC)  • This  is  the  number  determined  by  the  FAFSA      • Income  • Asset  Equity    • Family  Size  • Number  of  Family  Members  in  College  • Age  of  Parents