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Financial Aid DiscussionFinancial Aid Discussion
December 13, 2012
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Discussion TopicsDiscussion Topics
Forms and DeadlinesNet Price CalculatorIRS Data RetrievalExpected Family Contribution (EFC)Financial NeedAid TypesAward NotificationSpecial CircumstancesOutside ResourcesQuestions
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FormsForms
Multiple forms needed to apply for financial aid
FAFSA (Free Application for Federal Student Aid); All schools require this form
CSS PROFILE required by most private schools NYS TAP Application required to apply for state
grant assistance
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DeadlinesDeadlinesMeet all deadlines for financial aid as they vary from school to school.
Regular Decision deadlines may be as early as February 1, 2013
Early Decision deadlines may be as early as November 1, 2012
Early Action deadlines may be as early as December 1, 2012
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CSS PROFILECSS PROFILE
www.collegeboard.com$9 application fee and $16 charge for each school listedUsed by most private colleges to award institutional fundsApproximately 300 questionsMust be filed electronically
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FAFSA-Free Application for FAFSA-Free Application for Federal Student AidFederal Student Aid
www.fafsa.govNo application feeRequired by all institutions for federal aid eligibilityShould file electronicallyRequired for Federal PLUS loan
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NYS TAP ApplicationNYS TAP Application
NYS TAP Application (NYS residents only)
https://www.tapweb.org/totw/
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Filing TipsFiling Tips
Use estimated 2012 tax information; aid packages are only as good as your estimate
Meet the deadlines. Do not wait for your student to be admitted as you may miss a deadline
Use exact spelling of name on social security card and correct social security number
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Filing TipsFiling Tips
Both parent and student will need a pin to electronically sign the application
Apply for the FAFSA pin prior to starting the application
www.pin.ed.gov
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IRS Data RetrievalIRS Data Retrieval
New requirements for financial aid offices began in 2012-2013
Available in early February 2013 after many aid filing deadlines
Use estimated information and then two weeks after you complete your tax return you will be able to go back into your FAFSA and select IRS Data Retrieval
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IRS Data RetrievalIRS Data Retrieval
Federal tax returns no longer acceptable documentation
If families choose not to use IRS Data Retrieval process, schools will require each family to request and submit official IRS tax transcripts
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IRS Data RetrievalIRS Data RetrievalUnable to use IRS Data Retrieval if you meet the
following criteria and will need to submit a Tax Return Transcript.
You file with a tax status of married filing separatelyYou indicate you will not file a tax returnYou file an amended tax returnYou file a Puerto Rican or foreign tax returnParent(s) report all zeros for ssnStudent uses an 888 identifier for ssnMarital status has changed
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Net Price CalculatorNet Price Calculator
Mandated by the Department of Education
All schools must have on their website as of October 29, 2011
Accuracy?
Estimated information only
Does not guarantee admission
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What is the EFC?What is the EFC?
EFC = Expected Family Contribution
Amount family can be expected to contribute (discretionary income, borrowing ability, assets)
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What is the EFC?What is the EFC?Two components– Parent contribution– Student contribution
Calculated using data from both the PROFILE and FAFSA
EFC calculation may differ from school to school
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Financial NeedFinancial Need
Cost of Attendance
Minus Expected Family Contribution
Equals Financial Need
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Financial Need: An ExampleFinancial Need: An Example
Tuition 37,000Room/Board 13,400Estimated Books 1,405Estimated Personal Expenses 1,762Direct Loan Fee 40
Cost of Attendance53,607
Minus EFC20,000
Equals Financial Need33,607
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Types of Financial Aid- Types of Financial Aid- ScholarshipsScholarships
Scholarships typically not based on financial need
Academic or talent components
Require full time enrollment and cumulative GPA for renewal
Do not need to be repaid
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Types of Financial Aid- GrantsTypes of Financial Aid- Grants
Grants – federal, state, institutional aid based on financial need and are not repaid
Federal Pell Grants, Federal SEOG (EFC < 4995)
NYS TAP Grants (Delaware, Rhode Island, Vermont) NYS TAP Grant looking for net NYS Taxable income < $80,000
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Types of Financial Aid- GrantsTypes of Financial Aid- Grants
Institutional Grants—normally limited options at public institutions. Privates will have more resources
Awards may change from year to year if financial need changes
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Types of Financial Aid - LoansTypes of Financial Aid - LoansLoans – federal and private loans. Some require financial need and are repaid with interest
Federal Direct Subsidized and Unsubsidized Loans
– Subsidized is need based and interest does not accrue while the student attends at least half time. Current interest rate is 3.4%
– Unsubsidized is not based on need and interest does accrue immediately. Current interest rate is 6.8%
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Types of Financial Aid - LoansTypes of Financial Aid - Loans
Federal Perkins Loan
– Subsidized and based on financial need with a 5% fixed interest rate
Federal Direct PLUS Loan
– Federal loan program to help parents meet their EFC. Maximum eligibility is cost of attendance minus aid. Current interest rate is fixed at 7.9%
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Types of Financial Aid - LoansTypes of Financial Aid - Loans
Private, Alternative Loans
– Loan programs that allow students to meet their educational costs
– Require a cosigner and the student must be 18
– Interest rates are variable and usually with an index
– Maximum eligibility is cost of attendance minus aid
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Types of Financial Aid - Types of Financial Aid - EmploymentEmployment
Employment Opportunities
Federal Work Study based on financial need
Schools may have their own work program
Students normally work 8-10 hours a week and are paid directly for any hours worked
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Award NotificationAward Notification
Financial aid packages are released once all forms have been submitted and the student has been accepted for admission
– Single release date– Rolling release
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Special CircumstancesSpecial Circumstances
Circumstances we are able to consider:
Business Failure/Long term loss of employment
Medical expenses not covered by insurance
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Special CircumstancesSpecial Circumstances
Circumstances we are unable to consider:
Consumer debtInability to liquidate assetsCash flow problems
Include details of your special situation on thePROFILE in the text box provided; If PROFILE isnot required check with the Office of Financial Aid for their specific form.
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Outside ScholarshipsOutside Scholarships
Explore outside agencies and local organization for awards
Check with your employer
www.fastweb.com
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Questions ?
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Contact InformationContact Information
Barbie BargherAssistant DirectorStudent Financial ServicesIthaca [email protected]
800.429.4275 (phone)607.274.1895 (fax)www.ithaca.edu/[email protected]