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Michele A. Rizzo Assistant Director of Financial Aid Canisius College Iroquois Central High School Financial Aid Presentation

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An Overview How to Apply FAFSA & Expected Family Contribution How Eligibility Is Determined Types of Financial Aid Award Notification Topics

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How to Apply Section I

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2011-12 FAFSA on the Web

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Familys financial information is required to calculate the students Expected Family Contribution (EFC). Student Aid Report (SAR) Electronic version of FAFSA FAFSA on the web at www.fafsa.gov Free Application for Federal Student Aid (FAFSA)

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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 FAFSA (Cont.)

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While completing the FAFSA on the Web, applicant may submit real-time request to IRS for tax data IRS will authenticate taxpayers identity If match found, IRS sends real-time results to applicant in new window Applicant chooses to transfer data to FAFSA IRS Data Retrieval Tool

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Available late January 2011 for 2011-12 processing cycle Participation is voluntary Could reduce documents requested by financial aid office IRS Data Retrieval Tool

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After Completing the FAFSA Look for:

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TAP Application Website

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

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Tuition Assistance Program (TAP) Attending NYY College $5,000 to $500 at Private College $4,900 to $500 at Public College 2010 NYS Net Taxable Income $80,000 NTI or less NYS Aid Programs

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

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

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Suggested Timetable (2011-2012): Complete Forms 2/15/11 College Receives Data 2/22/11 College Begin to Award Aid 3/01/11 National Reply Date (Deposit) 5/01/11 Forms to be Completed

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The FAFSA Application & Expected Family Contribution Section II

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

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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

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

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How is Eligibility Determined Section III

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

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

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Example - Carlos

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Types of Financial Aid Section IV

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Eligible students: Undergraduates pursuing first baccalaureate or professional degree Semi-Entitlement Program Portable Maximum award for 2010-11= $5,550 Federal Pell Grant

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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 Federal Supplemental Opportunity Grant (SEOG)

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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 Federal Work Study (FWS)

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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: $4,000undergraduate students $6,000graduate and professional students Federal Perkins Loan

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Interest rate: 5% 9-month grace period Repayment period may be up to 10 years Deferment and cancellation provisions available Federal Perkins Loan

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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 Federal Direct Student Loan

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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 Federal Direct Student Loan

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

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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 Federal Direct Student Loan

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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 Institutional Financial Aid

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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 Institutional Financial Aid (Cont.)

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Generally Awarded on an Annual Basis Sources of Scholarships Unlimited Scholarships Must be Incorporated into Award Package Scholarship Search Engines www.fastweb.com http://go.salliemae.com/scholarship www.scholarship.com Private Sources of Financial Aid

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Parent loan program for parents of dependent undergraduate students Annual loan limit: COA minus other aid Fixed Interest Rate 7.9% New PLUS loan program for graduate students Federal Direct PLUS Loan

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Banks have created private education loans to supplement the federal loan programs Student is the borrower requires 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 Alternative Loan Financing

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

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Award Notification Section V

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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 Award Notification

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Good Luck!

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A student is considered to be Independent by the Federal government for 2009-10 if he/she: Was born before January 1, 1986 Is working on a Masters or Doctorate Is married as of the date of application Has legal dependents for whom they provide more than 50% of support Is a veteran of the Armed Forces

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Independence in 09-10 (cont.) Is currently serving in the U.S. Armed Forces on active duty As of the date of application, is in legal guardianship or is an emancipated student Was determined to be an unaccompanied youth who was homeless any time after July 1, 2008 Was in foster care, a ward of the court or had both parents deceased when 13 years of age or older

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Other Financing : Federal PLUS Parent Loans College Payment Plans College Savings Plans (529 Plans) Home Equity Loans

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Tips for Alternative Financing: Credit verification often required. (60-90 day window) Plan accordingly! Colleges have specific timeframes for submission of such applications. Processing varies from school to school and lender to lender. Research before selecting an option!!!!!!!!

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Federal Pell Grant Campus-Based Programs Supplemental Educational Opportunity Grant Federal Work Study Perkins Loan Sources & Types Financial Aid

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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 Federal (Cont.)

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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 New York State Opportunity Programs (HEOP/EOP)

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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 Paper FAFSA