Michele A. RizzoMichele A. Rizzo

Asst. Dir. of Student Financial AidAsst. Dir. of Student Financial Aid

Canisius CollegeCanisius College

The Application Process

Financial Aid 201Financial Aid 201

An OverviewAn Overview

Who is eligible?Who is eligible? Who completes the forms?Who completes the forms? How do I apply?How do I apply? When do I apply?When do I apply? How do I apply for other financing?How do I apply for other financing? What is FAFSA4caster?What is FAFSA4caster?

AgendaAgenda

An OverviewAn Overview

General Eligibility for Federal AidGeneral Eligibility for Federal Aid Matriculation toward a degreeMatriculation toward a degree U.S. Citizenship or eligible non-citizenU.S. Citizenship or eligible non-citizen Registration with Selective Service Registration with Selective Service

(males ages 18 – 25)(males ages 18 – 25) No drug related convictionsNo drug related convictions

Who is eligible?Who is eligible?

An OverviewAn Overview

The Federal government believes that it is the The Federal government believes that it is the parents’ and student’s responsibility to pay for parents’ and student’s responsibility to pay for college.college.

THEREFORE:THEREFORE: Parents’ and student information is requiredParents’ and student information is required For divorce or separation situations, the parent For divorce or separation situations, the parent

with whom the student resides completes the with whom the student resides completes the formsforms

For joint custody situations, the parent who For joint custody situations, the parent who provides the most support completes the formprovides the most support completes the form

Who completes the forms?Who completes the forms?

A student is considered to be Independent by the Federal Government for 08-09 if :

They were born before Jan 1, 1985. At the beginning of the 08-09 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

How do I apply? How do I apply?

Family’s financial information is required to Family’s financial information is required to calculate the student’s calculate the student’s Expected Family Expected Family Contribution (EFC).Contribution (EFC).

Student Aid Report (SAR)Student Aid Report (SAR)

Paper versions of FAFSAPaper versions of FAFSA

Electronic version of FAFSA Electronic version of FAFSA – FAFSA on the Web at FAFSA on the Web at www.fafsa.ed.govwww.fafsa.ed.gov

Paper vs. Electronic ProcessingPaper vs. Electronic Processing

Free Application for FederalFree Application for FederalStudent Aid (FAFSA)Student Aid (FAFSA)

ApplyApply ReapplyReapply English and Spanish English and Spanish

optionsoptions Access PIN Web siteAccess PIN Web site Check status of Check status of

applicationapplication View SAR informationView SAR information Make correctionsMake corrections

www.fafsa.ed.govwww.fafsa.ed.gov

FAFSA on the WebFAFSA on the Web

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

May be Used to Award May be Used to Award Institutional Aid from the CollegeInstitutional Aid from the College

Required to Apply for N.Y.S. Required to Apply for N.Y.S. Financial Aid (TAP Program)Financial Aid (TAP Program)

Complete and mail FAFSA after Complete and mail FAFSA after January 1stJanuary 1st

FAFSA (Cont.)FAFSA (Cont.)

Tuition Assistance Program Application Tuition Assistance Program Application – TAP Application part of FAFSA on the Web. TAP Application part of FAFSA on the Web.

Link to Express TAP Application - on Link to Express TAP Application - on “Confirmation Page” look for red heading “Confirmation Page” look for red heading “New York Residents Only”.“New York Residents Only”.

– If link is missed, a reminder will be sent.If link is missed, a reminder will be sent. TAP is a College Specific Program.TAP is a College Specific Program.

– 11stst New York University/College listed on New York University/College listed on FAFSA is the school of recordFAFSA is the school of record

How to Apply for TAPHow to Apply for TAP

Profile - College Scholarship ServiceProfile - College Scholarship Service Used by approximately 240 CollegeUsed by approximately 240 College Total Electronic ApplicationTotal Electronic Application www.collegeboard.comwww.collegeboard.com Non-Federal Aid ApplicationNon-Federal Aid Application Fees:Fees:

$ 5.00 - Registration Fee$ 5.00 - Registration Fee$18.00 - Per Each College$18.00 - Per Each College

Secondary Application - ProfileSecondary Application - Profile

Some Colleges May Have an Institution Some Colleges May Have an Institution Need Based Aid ApplicationNeed Based Aid Application

Or a Specific Scholarship ApplicationOr a Specific Scholarship Application Colleges will Distribute Their Own Colleges will Distribute Their Own

FormsForms

Secondary Application - College Secondary Application - College FormsForms

Suggested Timetable (2008-2009):Suggested Timetable (2008-2009):

Complete & Submit Forms 2/15/08Complete & Submit Forms 2/15/08College Receives Data 3/1/08College Receives Data 3/1/08College Begin to Award Aid 3/15/08College Begin to Award Aid 3/15/08National Reply Date (Deposit) 5/1/08National Reply Date (Deposit) 5/1/08

When do I apply?When do I apply?

How do I apply for other How do I apply for other financing? financing?

Other Financing may include:Other Financing may include:

Federal PLUS LoansFederal PLUS Loans Alternative LoansAlternative Loans College Payment PlansCollege Payment Plans College Savings Plans (529 plans)College Savings Plans (529 plans) Home Equity LoansHome Equity Loans

Some financing options require a

credit verification. These can expire in 60-90 days from application. Families should time their applications accordingly.

College Financial Aid Offices may have a specific timeframe for submission of such applications.

Application processes vary.

There are many financing options. Families should research before selecting an option or lender.

What is FAFSA4caster?What is FAFSA4caster?

Developed to –Developed to – Foster early awareness of financial aid Foster early awareness of financial aid

and the application process and form.and the application process and form. Serve as an early analysis tool of college Serve as an early analysis tool of college

affordability.affordability. Reduce the time required to submit the Reduce the time required to submit the

"official" financial aid application in "official" financial aid application in the student's senior year of high school.the student's senior year of high school.

Features of FAFSA4caster?Features of FAFSA4caster?FAFSA4caster will –FAFSA4caster will –

Instantly calculate an estimate of Instantly calculate an estimate of eligibility for federal student aid.eligibility for federal student aid.

Generate a Renewal FAFSA. Generate a Renewal FAFSA. Automatically generate a Federal Automatically generate a Federal

Student Aid PIN to use to sign Student Aid PIN to use to sign your FAFSAyour FAFSA..

FAFSA4casterFAFSA4caster

www.FAFSA4caster.ed.gov

Encourage parent and students to FILE Encourage parent and students to FILE EARLY!EARLY!

FAFSA can be filed before taxes are FAFSA can be filed before taxes are completed. completed. DON’T WAIT, DON’T WAIT, ESTIMATE!ESTIMATE!

Advise parents and students to AVOID Advise parents and students to AVOID using websites, consultants, planners or using websites, consultants, planners or services that charge money to apply for services that charge money to apply for financial aid.financial aid.

Remember that FAFSA4caster is ONLY Remember that FAFSA4caster is ONLY an estimator. Each school will calculate aid an estimator. Each school will calculate aid differently.differently.

Have a Nice DayHave a Nice Day

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