NYSFAAA SCHOOL COUNSELOR WORKSHOP

Michele RizzoAsst. Director of Student Financial AidCanisius CollegeIroquois High SchoolFinancial Aid Presentation1An OverviewHow to ApplyFAFSA & Expected Family ContributionHow Eligibility Is DeterminedTypes of Financial AidAward NotificationTopics2How to ApplySection I3Familys 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.govLimited distribution of Paper FAFSA

Free Application for FederalStudent Aid (FAFSA)482012-13 FAFSA on the Web

52012-13 FAFSA on the Web

62012-13 FAFSA on the Web

72012-13 FAFSA on the Web

82012-13 FAFSA on the Web

92012-13 FAFSA on the Web

102012-13 FAFSA on the Web

11May be Used to Award Institutional Aid from the CollegeRequired to Apply for N.Y.S. Financial Aid (TAP Program)Complete and mail FAFSA after January 1stFAFSA (Cont.)12Tuition 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.1st New York University/College listed on FAFSA is the school of recordwww.hesc.orgHow to Apply for TAP13After Completing the FAFSALook for:

14TAP Application Website

15Profile - College Scholarship ServiceUsed by approximately 240 CollegeTotal Electronic Applicationwww.collegeboard.comNon-Federal Aid ApplicationFees:$25.00 for the 1st Profile Application $16.00 for everyone beyond the 1st

Secondary Application Profile16Some Colleges May Have an Institution Need Based Aid ApplicationOr a Specific Scholarship ApplicationColleges will Distribute Their Own FormsSecondary Application - College Forms17Suggested Timetable (2012-2013):

Complete & Mail Forms 2/15/12College Receives Data 2/22/12College Begin to Award Aid 3/01/12National Reply Date (Deposit) 5/01/12Forms to be Completed18IRS Data Retrieval ToolApplicant TypeIRS Data RetrievalUses Data RetrievalDoesnt Use Data RetrievalApplicant completes tax return before completing FAFSAApplicant directed to use data retrieval processApplicant satisfies verificationWill be selected for verificationWill be required to submit an IRS transcript to verify income data

Applicant does not complete tax return before completing FAFSAApplicant encouraged to submit corrections using data retrieval processApplicant satisfies verification requirements for transferred dataWill be selected for verificationWill be required to submit an IRS transcript to verify income data

Applicant not eligible to use data retrieval process

For example, Married couples who file seperatelyApplicant not given option to use processN/AIf selected for verification will need to submit documentation; school may request documentation directly from IRS (transcript)19The FAFSA Application&Expected Family Contribution

Section II20Parent contribution from total income and assetsStudent contribution from total income and assetsNumber in the HouseholdNumber attending College

Expected Family Contribution21Divorced/remarried parent informationIncome earned by parents/stepparentsUntaxed incomeU.S. income taxes paid Household sizeNumber in postsecondary educationFrequent FAFSA Questions22How is Eligibility DeterminedSection III23Cost of Attendance (COA) Expected Family Contribution (EFC)= Financial Need

Definition of Need244Basic Components of the Cost of the AttendanceTuition and FeesBooks & SuppliesRoom and BoardTransportationMiscellaneous Personal ExpensesCost of Attendance25

Example - Carlos26Types of Financial AidSection IV27Eligible students:Undergraduates pursuing first baccalaureate or professional degreeSemi-Entitlement ProgramPortableMaximum award 2011-12 = $5,550 2012-13 = UnknownMinimum award 2011-12 = $555Federal Pell Grant2821Eligible students:Undergraduates pursuing first baccalaureate or professional degreeAwarded first to students with exceptional financial need (i.e., students with lowest EFCs at that school)Priority to Federal Pell Grant recipientsAnnual award amounts:$100 minimum$4,000 maximumFederal Supplemental Opportunity Grant (SEOG)2923Eligible students: Undergraduate, graduate studentsEmployment may be on or off campusEligible employers:College itself majority of job placementsFederal, state, or local public agenciesCertain private nonprofit and for-profit organizationsSchools must use portion of FWS funds for community service employment activitiesFederal Work Study (FWS)3024Must be paid at a minimum monthly at least minimum wageJob Placements on CampusDoes the college guarantee a job?Does the college require an interview process?Federal Work Study (FWS)3124Eligible students:Undergraduate, graduate, and professional studentsPriority to students who show exceptional need, as defined by schoolLoan amount varies Maximum annual loan amounts:$5,500undergraduate students per year (27,500 aggregate)$8,000graduate students per year (total aggregate $60,000 to include undergraduate) Federal Perkins Loan32Interest rate: 5%9-month grace periodRepayment period may be up to 10 yearsDeferment and cancellation provisions available

Federal Perkins Loan3325Subsidized: Must demonstrate needUnsubsidized: Not based on needBase 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 studyFederal Direct Student Loan3427Interest Rate is 6.8%Repayment begins after 6-month grace period Maximum repayment period between 10 and 30 years depending on repayment plan chosen Deferment and cancellation provisions availableFederal Direct Student Loan35Parent loan program for parents of dependent undergraduate studentsAnnual loan limit: COA minus financial aid offerFixed Interest Rate 7.9%New PLUS loan program for graduate students

Federal Direct PLUS Loan3631Tuition Assistance Program (TAP)Attending NYY CollegeMaximum Award - $5,000Minimum Award - $5002011 NYS Net Taxable Income$80,000 NTI or lessNYS Aid Programs37Scholarships from CollegeAcademic Merit Talent Based Merit AwardsMay Require Separate Scholarship ApplicationScholarship Letter should indicate:Terms for RenewalThe Specific AmountProbation OpportunitiesInstitutional Financial Aid38Grants from CollegeAwarded AnnuallyAward based on Financial NeedDetermine RenewabilityAthletic Grant-in-AidAwarded on Athletic AbilityContact Coach at the CollegeInstitutional Financial Aid (Cont.)39Generally Awarded on an Annual BasisSources of Scholarships UnlimitedScholarships Must be Incorporated into Award PackageScholarship Search Engineswww.fastweb.comhttp://go.salliemae.com/scholarshipwww.scholarship.comPrivate Sources of Financial Aid40Financial Institutions have created private education loans to supplement the federal loan programsStudent is the borrower co-signer is required for the loanLoan amount is determined by the cost of attendance minus financial aidInterest rate varies between lendersMay provide deferment provisions

Alternative Loan Financing41www.finaid.orgwww.studentaid.ed.govwww.wnycollegeconnection.comwww.ncaa.orgwww.collegesavings.orgwww.canisius.edu

Internet /World Wide Web(http://)42Award NotificationSection V43Read CarefullyFollow InstructionsRespond on TimeBe Sure to file Additional FormsContact the Financial Aid Office with questions & concernsMake the Process a Family AffairAward Notification44

Good Luck!45CornellUniversityCanisius CollegeSUNY

Buffalo

Cost of

Attendance$52,414$32,772$14,236

Family

Contribution -9,023 -9,023 -9,023

Financial

Need$43,391$23,749 $5,213