Financial Aid 101:A Beginners Guide for Students and Families

What Is the Definition of Financial Aid?

Financial Aid is a catch-all term referring to any programthat offers money to assist with the costs associated withbeing a college student.

• LOANS• GRANTS & SCHOLARSHIPS• WORK PROGRAMS

Am I eligibl

e?

Who Is Eligible?You may be eligible for NY State aid if you are…

• a NY State resident• attending a college in NY State• attending full time 12 new credits

– half time attendance (APTS)

– Other scholarships have their own set of eligibility requirements

A STUDENT THAT MEETS CRITERIA AND HAS FILED THE TAP & HESC SCHOLARSHIP APPLICATIONS

You are eligible for FEDERAL financial aid if you are…

• a matriculated student enrolled at an eligible school

• a U.S. Citizen or Legal Permanent Resident Alien

• a male REGISTERED with the Selective Service

• in GOOD academic standing• not convicted of a drug felony

while receiving FEDERAL financial aid

• enrolled in at least 6 required credits

• not in default on a federal student loan

A STUDENT THAT HAS FILED A FREE APPLICATION for FEDERAL STUDENT AID: FAFSA

Part I

Applications

The FAFSA FormFree Application for Federal

Student Aid

Establishes eligibility Data transmitted directly to

schools Data shared with state

agencies (TAP) Generates Student Aid Report

(SAR) Internal Revenue Service

(IRS) data retrieval

www.fafsa.ed.gov2014-2015

application opens January 1

Apply for Federal PIN #Start ApplicationFAFSA4caster

Student Aid Report - SAR

Output document from FAFSA – via email within 3-5 days

Students should READ THE MESSAGES! Make sure all information is correct and use both

parent and student PIN to make changes using Corrections-on-the-web at www.fafsa.ed.gov

Information Provided:

Expected Family Contribution (EFC) Verification Indicator

Additional documentation will be required by all schools

Easily Missed

Tuition Assistance Program (TAP)

www.tap.hesc.ny.gov/totw/

CSS Profile Form

Who needs it?

Many private colleges require – helps them award nonfederal (institutional) funds.

Call the colleges that you are applying to or check their

websites.

Apply online at:student.collegeboard.org/css-

financial-aid-profile

Homework!!!

Financial Aid Keep documents in file – one for each student!

Usernames PIN numbers Student college ID number Etc…

Maintain Communication with each college! Watch your mail and email Watch any student portals

Schools will contact you! Be sure to respond in a timely manner!

PART IINEED CONCEPT

ANDSTUDENT ELIGIBILITY

Expenses Associated with College

Cost of Attendance = COA

Tuition and FeesRoom and BoardBooks and SuppliesPersonal ExpensesTransportation

Changes to COA are reviewed on a Case by Case Basis

Study OverseasChild CareDisability Services

Example:Cost of Attendance

Tuition and Fees $ 7293.00Room and Board $11,790.00Books and Supplies $ 1,000.00Personal Expenses $ 1,717.00Transportation $ 800.00

Total $22,600.00

Financial Aid FormulaCOA – EFC = NEED

College TC3 SUNY Cornell

COACost

$5007 Commuter

$22,600 $61,618

EFC FAFSA

-3500 -3500 -3500

NEED $1507 $19,100 $58,118

EFC remains the same, so COA will determine NEED

PART III

Types of Programs

Federal Programs Federal PELL Grant

Eligible if EFC is 0 – 5081EFC of 0 = $5645 & EFC of 5081 = $605

Federal Direct Stafford Loan

Maximum subsidized based on year in college $3500 Fr. / $4500 Soph. / $5500 Jr. & Sr.Subsidized Fixed APR 3.86% - as of July 1, 2013Unsubsidized Fixed APR 3.86%

Additional Unsubsidized $2000Additional (Independent)

$4000/$5000 Federal Parent PLUS Loan

Max PLUS loan = COA minus AIDFixed APR 6.41% as of July 1, 2013

TEACH Max $4000 Must meet GPA & eligible degree

LIMITED CAMPUS BASED FUNDING

Federal SEOG Max $4000 (PELL Eligible)

Federal Perkins Loan Max $5500 Fixed APR 5%

Federal Work Study Max $4,000Paycheck earned for hours

worked and does not credit the balance

due to the school

Each college determines the fundamount awarded Funding is limited, so not all eligiblestudents can be awarded

New York State Programs

TAP Maximum Award $5000 Aid for Part Time Students

(APTS) Maximum Award $2000 EOP/HEOP: Educational

Opportunity Program Admission/Financial based

program World Trade Center

Scholarship Memorial Scholarship Military Service Recognition

Scholarship Math & Science Teaching

Incentive Scholarship Academic Excellence

Scholarship Fire Fighter, Police Officer,

Corrections OfficerParent deceased in the line of duty

Scholarships & Additional Funding

Sources

Where to look… High School Counselors Student/Parent Employer Youth/Religious

Organizations Fraternal Orders Ethnic & Cultural Groups College www.Fastweb.com www.Collegeboard.com

What to Ask… Renewable vs. Non-

Renewable Eligibility Requirements Need vs. Merit Scams – Don’t pay for free

money!

School Payment Plans – May vary… typically

parents spread costs over semester or year

Home Equity, Lines of Credit, Retirement Funds

Private Education Loans

Military Benefits, ROTC

Resident Assistants & Peer Mentors

Scholarships Additional Funding Resources

Professional Judgment

In exceptional or unusual circumstances, your

Financial Aid Officer can use “Professional

Judgment” to adjust FAFSA data and/or

consider student to be “independent”.

“Significant” loss of income/job Divorce/Separation Unusually high medical expenses not

covered by insurance Death of parent/spouse IRA Rollovers/inflated AGI Unsafe home conditions for student

Notification of Aid OfferedAward Letters

Comparing Award Offers (The “Bottom Line”)

What is COA of school?

How much total aid was offered?

What portion is “free” money vs. loans?

Financial Aid Shopping Sheet/Award Letters

Make decision, then accept or decline offers

SUNY Financial Aid Day

Register at: www.suny.edu/student

800-342-3811SUNY Cortland Financial Aid

DayFebruary 22, 2014

10:30 am Memorial Library

For More Information

SUNY Cortland Financial Aid

Office PO Box 2000 Cortland, NY

13045 607-753-4717

www.cortland.edu

fafsa.ed.govhesc.ny.govfinaid.org fastweb.comcollegeboard.com