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Financial Aid Information Session. Application Process How is aid determined? What are the different types of financial aid? Billing Procedures. Application Process. Types of Applications. F ree A pplication for F ederal S tudent A id (FAFSA ). - PowerPoint PPT Presentation
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Financial Aid Information Session
Agenda
Application Process
How is aid determined?
What are the different types of financial aid?
Billing Procedures
Application Process
Types of ApplicationsFree Application for Federal Student Aid (FAFSA)
NYS Tuition Assistance Program (TAP) Application
Other applications or forms as required by the college such as
Institutional Scholarship and/or Financial Aid Application
Federal Tax Returns (along with schedules and W-2s) or other income documentation
Federal Verification Worksheet
PIN Registration
PIN (Personal Identification Number) serves as the electronic signature on ED documents
Student and at least one parent needs a PIN
Apply for student and parent PINs TODAY at:
www.pin.ed.gov
FAFSA on the Web
www.fafsa.ed.gov 2013-2014 FAFSA on the Web available as of
January 1, 2013 Pre-Application Worksheet:
Available prior to January 1st
Assists in completion of FAFSA on the Web
Application Filing Tips FAFSA on The Web
Need Federal 1040 Forms and W- 2 FormsBased on previous year’s tax informationComplete a FAFSA on the Web Worksheet available at
www.fafsa.ed.govCheck the FAFSA for accuracy prior to submissionSign the application using student and parent’s PINFederal PIN Number – www.pin.ed.govPrint out a copy of the FAFSA before submitting data Keep a copy of the Submission Confirmation Page
Welcome to TAP on the Web! This online application process allows you to apply for New York State's Tuition Assistance Program (TAP). The New York State Higher Education Services (HESC) is the state agency that helps people pay for college by administering the TAP, guaranteeing student loans, offering guidance and administering a College Savings program for students and families.
If you have not submitted a TAP
application, you may do so at: http://www.hesc.org
To complete your online TAP application,
you must first create a user name and personal identification number (PIN).
Tuition Assistance Program (TAP)
Full-Time (12 credit hours)
New York State resident
Must meet income requirements
Annual awards range from $500 - $5,000 (the award cannot exceed tuition)
Determination of Eligibility
Need
Cost of Attendance minus Expected Family Contribution
Tuition
Room and Board
Books & Supplies
Transportation
Misc. Expenses
Income
Assets
Allowances
Other Resources
# Children in College
↓ ↓
EFC – expected family contribution
Families need to understand their financial situation
www.finaid.org/calculators/finaidestimate.phtml
apps.collegeboard.com/fincalc/efc_welcome.jsp
www.fafsa4caster.ed.gov
Families need to understand colleges’ financial aid policies
Filing Tips
Have tax information readily available
Allow time to meet deadlines
Check application for accuracy
Save application periodically
Print a copy before submitting
Print Confirmation Page
Use TAP link on Confirmation Page
Federal and State Aid
TYPES OF AID
Grants Pell TAP SEOG
Loans Direct Stafford Loans PLUS Loans Perkins Loans
Work Federal Work Study
Pell
Federal Grant
Must complete FAFSA Application
Must provide verification if required
Based on EFC
Maximum yearly award is $5,645
Award pro-rated based on enrollment
Limited to 6 years
TUITION ASSISTANCE PROGRAM
New York State Grant
Must be New York State Resident
Must complete TAP Application
Based on New York State Taxable Income
Awards range from $0 - $5,000 per year
Award can not exceed tuition charge
Must be enrolled full-time
Limited to 8 payments (6 at Two-Year School)
SEOG
Federal Grant
Must complete FAFSA Application
Must provide verification if required
Limited funding
DIRECT STAFFORD LOANS
Federal Loans
Must complete FAFSA Application
Must provide verification if required
Complete Entrance Counseling
Complete Promissory Note
No credit check
Six month grace period
3.4% Subsidized interest
6.8% Unsubsidized interest
PLUS LOANS
Federal Loans
Loan is in parent’s name
Subject to credit check
Different terms than Student Loans
FAFSA must be completed by student
Verification must be completed if required
Can defer PLUS Loans now
7.9% interest
PERKINS LOANS
Federal Loan
Loan is in student’s name
Must complete FAFSA Application
Must provide verification if required
Complete Entrance Interview
Complete Promissory Note
Limited funding
Nine month grace period (5%)
FEDERAL WORK STUDY
Federal Fund
Must complete FAFSA Application
Must provide documentation if required
Limited Funding
Outside Scholarships
These can come from many different resources.
Parent employee benefit or student employerClubs, associations, foundationsArmed forces, Peace Corps, AmeriCorpsCivic organizationsCommunity service orientedAthleticLeadership
Searching is FREE! No need to pay for any services.Just takes some work!
Process
Research colleges of interest.Know what costs are and what to expectMake reference notes for yourself: personal information, list of activities, community service, transcripts, personal and academic references, essay.Be neat.Adhere to deadlines.
MOST IMPORTANT – APPLY AND APPLY EARLY!!!Start early…junior year in high school.
Websites
Popular search engines and websites.
www.pin.ed.gov www.fafsa.ed.gov www.hesc.org www.fastweb.com www.collegeboard.com www.scholaraid.com
Visit as many as possible! Apply for as many as you think you may qualify for.See handout list of scholarships and sites.
