Michele A. RizzoMichele A. Rizzo

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

Canisius CollegeCanisius College

“Just the facts, ma’am!”

Financial Aid 101Financial Aid 101

An OverviewAn Overview

What is Financial Aid?What is Financial Aid? Who is eligible?Who is eligible? How do I apply?How do I apply? Who completes the forms?Who completes the forms? When do I apply?When do I apply? What finds of aid might I receiveWhat finds of aid might I receive??

AgendaAgenda

An OverviewAn Overview

ScholarshipsScholarships – free money, some skill – free money, some skill requiredrequired

GrantsGrants – free money, usually need required – free money, usually need required Loans Loans – money that must be paid back– money that must be paid back EmploymenEmployment – opportunity to earn money t – opportunity to earn money

for college expensesfor college expenses

What is financial aid?What is financial aid?

Merit -based aidMerit -based aid – money given – money given because of skill, such as because of skill, such as academic, artistic, athletic, etc.academic, artistic, athletic, etc.

Need-based Need-based – money given – money given because the student has needbecause the student has need

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 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

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.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 (2007-2008):Suggested Timetable (2007-2008):

Complete & Submit Forms 2/15/07Complete & Submit Forms 2/15/07College Receives Data 3/1/07College Receives Data 3/1/07College Begin to Award Aid 3/15/07College Begin to Award Aid 3/15/07National Reply Date (Deposit) 5/1/07National Reply Date (Deposit) 5/1/07

When do I apply?When do I apply?

What kinds of aid might I What kinds of aid might I receive?receive?

FederalFederal– Pell Grant Pell Grant

– Campus-Based ProgramsCampus-Based ProgramsSupplemental Educational Supplemental Educational

Opportunity Grant (FSEOG)Opportunity Grant (FSEOG)Federal Work Study (FWS)Federal Work Study (FWS)Perkins Loan Perkins Loan

Sources & TypesSources & TypesFinancial AidFinancial Aid

– Federal Family Educational Loan ProgramsFederal Family Educational Loan ProgramsStafford Student Loan SubsidizedStafford Student Loan SubsidizedStafford Student Loan (Unsubsidized)Stafford Student Loan (Unsubsidized)Parent Loan (PLUS)Parent Loan (PLUS)

– Ford Direct Student Loan ProgramFord Direct Student Loan ProgramSame Provisions as Stafford LoanSame Provisions as Stafford Loan

Federal (Cont.)Federal (Cont.)

Tuition Assistance Program (TAP)Tuition Assistance Program (TAP)Attending NYS CollegeAttending NYS College$5,000 to $500 at Private College$5,000 to $500 at Private College$4,350 to $500 at Public College$4,350 to $500 at Public College2006 NYS Net Taxable Income2006 NYS Net Taxable Income$80,000 NTI or less$80,000 NTI or less

NYS Aid ProgramsNYS Aid Programs

Aid for Part-Time Study (APTS)Aid for Part-Time Study (APTS)Attending NYS College Attending NYS College Award varies with institutional Award varies with institutional

allocationallocation2006 NYS Net Taxable Income2006 NYS Net Taxable Income$50,500 NTI or less$50,500 NTI or less

NYS Aid for Part-Time Study NYS Aid for Part-Time Study (APTS)(APTS)

New York State and school sponsored New York State and school sponsored program program

For educationally and economically For educationally and economically disadvantaged studentsdisadvantaged students

Must meet academic and economic guidelinesMust meet academic and economic guidelines Provides funding and academic services to Provides funding and academic services to

increase college successincrease college success

Higher Education Opportunity Higher Education Opportunity Program (HEOP/EOP)Program (HEOP/EOP)

Scholarships from CollegeScholarships from CollegeAcademic Merit OnlyAcademic Merit OnlyAcademic Merit & Financial NeedAcademic Merit & Financial NeedMay Require Separate May Require Separate

Scholarship ApplicationScholarship Application

Institutional Financial AidInstitutional Financial Aid

Grants from CollegeGrants from CollegeAwarded AnnuallyAwarded AnnuallyAward based on “Financial Award based on “Financial

Need”Need”Determine RenewabilityDetermine Renewability

Athletic Grant-in-AidAthletic Grant-in-AidAwarded on Athletic AbilityAwarded on Athletic AbilityContact Coach at the CollegeContact Coach at the College

Institutional Financial Aid (Cont.)Institutional Financial Aid (Cont.)

Generally Awarded on an Annual BasisGenerally Awarded on an Annual Basis Sources of Scholarships UnlimitedSources of Scholarships Unlimited Scholarships Must be Incorporated into Scholarships Must be Incorporated into

Award PackageAward Package Examples:Examples:

Wegman’s ScholarshipWegman’s ScholarshipElks ScholarshipElks ScholarshipKiwanis ScholarshipKiwanis Scholarship

Private Sources of Private Sources of Financial AidFinancial Aid

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.

Have a Nice DayHave a Nice Day