financial aid counseling i: the application process
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FINANCIAL AID COUNSELING I:
THE APPLICATION PROCESS
Options Institute at Goddard Riverside Community Center
Options Institute – Goddard Riverside Community Center
Housekeeping Reminders Pre and Post Surveys Sign in sheet Start and End time Evaluations Restrooms Cell phones One mic
Options Institute – Goddard Riverside Community Center
Agenda Welcome Financial Aid Overview First Steps to Filing FAFSA: The Rules Financial Aid Applications : FAFSA Financial Aid Applications: TAP, Profile Financial Aid Applications: Process What Would You Do? Action Planning Closing – Post Survey and Evaluations
Financial Aid Data
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Undergraduate Student Aid
Source: Trends in Student Aid 2013http://trends.collegeboard.org/sites/default/files/student-aid-2013-full-report.pdf
Federal Grants, 24%
Work Study, <1%
Loans, 37%
State Grants, 5%
Institutional Grants, 19%
Scholarships, 4%Federal Tax Cred-its & Deductions,
9%
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Average Grant and Scholarship Aidfor Undergraduate Students in 2011-12
Source: National Center for Education Statistics, http://nces.ed.gov/pubs2013/2013165.pdf.
Institution Type Average Grant and Scholarship Aid
Private nonprofit 4-year colleges $14,800
Public 4-year colleges $5,850
Private for-profit 4-year college $4,000
Public 2-year colleges $3,200
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Average Total Aid by Incomefor Dependent Undergraduate Students in 2011-12
Source: National Center for Education Statistics, http://nces.ed.gov/pubs2013/2013165.pdf.
Income Category Average Total AidLess than $20,000 $16,400
$20,000-39,999 $17,000
$40,000-59,999 $16,700
$60,000-79,999 $16,100
$80,000-99,999 $16,200
$100,000 or more $16,300
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Applying for Aid Pell-Eligible Non-Applicants
Students eligible for Pell Grant who did NOT file the FAFSA
~1,700,000 students
Source: Student Aid Policy Analysis http://www.finaid.org/educators/20110118nofafsareasons.pdf
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Applying for Aid Pell Dollars Unused
Estimated $ amount of Pell grants unused each year by NYC students who would be eligible if they filled out their FAFSA
~ $50 million
Estimation by Parthenon -based on number of college-going NYC students eligible for free/reduced lunch, but not applying for FAFSA
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So, Why Don’t Students Apply?Reason for not
applying
Percent who chose this as a factor in
not applyingDidn’t want to take on the
debt 40.2%Forms were too much
work 18.9%No information on how to
apply 22.9%
No financial need 50.6%Thought Ineligible 60.7%
Source: Student Aid Policy Analysis http://www.finaid.org/educators/20110118nofafsareasons.pdf
Financial Aid Overview
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Total Cost of Attendance
Tuition Mandatory Fees Health Service
Fees Room & Board
Travel Books Supplies Personal
Expenses
Direct Costs Indirect Costs
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CUNY Baruch2013-2014 Total Cost of Attendance (no
dorm)Tuition $5,730Fees $ 225Books & Supplies $1,248Transportation $1,020Room and Board$1,918Food (Lunch) $1,148Personal Expenses $1,776
Total COA $13,065
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SUNY Binghamton2013-2014 Total Cost of Attendance
Tuition $ 5,870Mandatory Fees $ 2,199Room & Board (average) $12,956Books/Supplies $ 1,270Personal $ 1,450Travel $ 990
Total COA $24,735
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Syracuse University2013-2014 Total Cost of Attendance
Tuition $ 38,970 Subtotal
Fees $ 1,488 DirectRoom & Board $14,054 $54,512
Books and Supplies $ 1,360 SubtotalPersonal Expenses $ 960 IndirectTravel Costs $ 618 $2,938
Total COA $57,450
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Expected Family ContributionEFC is the amount of money a student’s family can afford to pay toward one year of college, as determined by the U.S. Department of Education.
An EFC amount of $1,000 means that the student’s family will be expected to contribute $1,000 towards his education in that year.
Who pays the rest of the total Cost of Attendance?
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Financial Need
“financial need”Colleges determine how much financial aid a student needs by subtracting the family’s Expected Family Contribution from the Cost of Attendance.
COA - EFC = Need $
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Financial Need Joe Student has a federal EFC of
$1,000. What is his financial need at each
college?CUNY Baruch
SUNY Binghamto
nSyracuse University
If COA is… $13,065 $24,735 $57,450and EFC is… $ 1,000 $ 1,000 $ 1,000then Need is… $12,065 $23,735 $56,450
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Defining Financial AidNeed is met by Financial Aid, which consists of:
Grants /ScholarshipsLoansFederal Work-Study
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Where Does Aid Come From? Sources of
Aid Fin. Aid Form Types of Aid
Federal Government
FAFSA GrantsLoansWork Study
New York State Government (if NYS resident at a college in NYS)
TAP TAP GrantScholarships (special eligibilities)
Institution (college itself)
FAFSAProfile Institutional Forms
Grants (merit and need)Loans (less often)Scholarships
The RulesFirst Steps to Filing the FAFSA
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Who Should File the FAFSA?Students eligible for federal financial
aid: US Citizens Permanent Residents (Green Card Holders) Refugees/Asylees Other humanitarian groups: Parolees,
Victims of Human Trafficking, and Cuban-Haitian Entrants
Students eligible for institutional aid ONLY: Student Visa Holders, F-1 or 2 Exchange Visitors, J-1 or 2 visa holders G-series visa holders
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Who Should Not File the FAFSA
Undocumented Students
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Who is Considered Independent ?
Students automatically independent Age 24 and over Married Graduate student Supporting dependents Are/have served in US Armed Forces In legal guardianship Orphan, foster care, ward of court after age 13 Emancipated minor Unaccompanied homeless youth
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Who is Considered Independent?
The following does not make a student independent
Parent refusal to provide financial info Student refusal to ask parents for info Student living on her own for several
years Student refusal to communicate with
parents
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Circumstances for Independence
Documented Involuntary Dissolution of Family Abuse in family Abandonment Incarceration or institutionalization of both
parents Parents lack physical or mental capacity to
raise child
Dependency Override
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Income Reported on FAFSA
Parent(s) income +
Student income
Student income+
Student’s spouse income
Independent StudentDependent Student
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Who Is Considered a Parent
Biological or adoptive parents
Step-parents, if married to a biological or adoptive parent
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Who Is Considered a ParentHere’s a hint to help you remember!
SIMBA S step- I if M married, B biological, or A adoptive
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Who Is Not Considered a Parent
Grandparents Foster parents Legal guardians Siblings Uncles Aunts Family friendsUnless, they have legally adopted the
student.
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Parent Income Recorded on FAFSA
Custodial Parent(s)- REGARDLESS of GENDER
Data Collected on FAFSA
Single legal parent 1 parentTwo legal parents who are married to each other
2 parents
Legal parent who is married to a stepparent
2 parents
Two legal parents who are not married to each other and living together
2 parents
NEW!
NEW!
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Parent Income Recorded on FAFSA
For Divorced or Separated Parents: Report income of parent lived with most
If student lived with both parents equally, report income of parent who provides most financial support
If student is supported equally by both parents, use income of parent who makes the least
Remember: If the custodial parent is re-married, the step-parent’s income must also be reported.
Test Your Knowledge
Practice Situations
FAFSA
Financial Aid Applications
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FAFSA Basics
www.fafsa.ed.gov or www.fafsa.gov
No deadline Online or paper versions Financial estimates Student and parent PIN
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Tuition Assistance Plan
www.HESC.ny.gov
Financial Aid Applications
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TAP Facts Must file FAFSA before starting TAP List only one college at a time Independent definition different from
FAFSA Focuses on NYS income tax HESC will reach out for clarification Extra steps for undocumented
parents
The PROFILEwww.profileonline.collegeboard.com
Financial Aid Applications
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PROFILE Facts Complete only for colleges requiring it Cost: $25 for first college, $16 each
additional Automatic fee waiver for low-income
students Includes 3 years of income Includes non-custodial parent College-specific questions More questions about assets Space for special explanations
Process
Financial Aid Applications
Where Do You Stand?
Scenarios
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Tabitha dreams of living on campus for college. Her parents don’t want her to go away for school and told her they will not support her financially if she does. They are refusing to fill out the FAFSA, apply for a pin, or let her use their tax forms.
What’s your next step?
TABITHA
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Tabitha has come to your office; she is very excited. She searched her parents’ bedroom and was able to find their taxes! She would like you to help her apply for her mother’s PIN and complete her FAFSA and TAP application.
Do you help Tabitha file for financial aid?
TABITHA continued…
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77 average, 930 SAT (combined CR+Math), not eligible for EOP programs because parents’ combined income is $100,000.James informs you that his parents have decided to file their taxes separately this year and pretend they are separated so that James can say that he only lives with his mother, making him H/EOP eligible. James insists that you assist his family with the H/EOP financial documents and the FAFSA and TAP applications.
Do you help James file his H/EOP, FAFSA and TAP applications?
JAMES
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Preeti has arrived for her first appointment with you.
She brought her transcript and SAT scores, but she only brought you mom’s taxes. As you speak with her, you note that her dad and her mom are still married and living together.
She tells you that her mom will be very angry that she told you about her dad. Her mom had been planning to report only her own income for financial aid.
What’s your next step?
PREETI
Action Planning
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WHY IS FAFSA IMPORTANT?
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Why help students file the FAFSA?In addition to receiving more financial aid, students who file the FAFSA are more likely to enroll in college.
Students accepted into a 4-year college and completing a FAFSA application by May, were more than 50% more likely to enroll than students who had not completed a FAFSA.2
88
o
Research and Policy Support Group
2 http://ccsr.uchicago.edu/downloads/1835ccsr_potholes_summary.pdf
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Why Help Students File the FAFSA?
Supporting students through FAFSA completion means more students will enroll in college the fall after high school.
2009 “H&R Block Experiment” found helping families with FAFSA increased student’s postsecondary enrollment by 29% *
* http://gseacademic.harvard.edu/~longbr/Bettinger_Long_Oreopoulos_Sanbonmatsu_-_FAFSA_experiment_9-09.pdf
90Research and Policy Support Group
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The Challenge: FAFSA Completion Students and families need direct
guidance, such as… Early awareness of the process Understanding of financial aid
opportunities Early notice of what is required Constant reminders and follow-up 1-1 support
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The Challenge: FAFSA Completion Common problems faced by school
staff: Access to financial information Understanding whose information
to include Misunderstanding purpose of
FAFSA Lack of training or systems
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Effective School-Level FAFSA Strategy
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• Which staff will lead the work? • When and where will they be trained?
TRAINING
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Round One: Training and Outreach What is our 9th-12th grade schedule
of financial aid activities? Who is involved, and how are they
trained? How do we use external partners? In what areas are we most successful
right now? How do we know? (How is success
measured?)
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Round Two: Completion What systems do we have in place to
track completion?
What are the strengths of those systems?
Where are the gaps – which students are not completing FAFSA?
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Round Three: Next Steps
What concrete actions can I take to support all students in my school to complete the FAFSA?
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Good Afternoon! Please drop off your Post Survey and Evaluation before leaving.
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