04/20/23 1

High School Financial Aid Night

Heather Mc Donnell

04/20/23 2

The Partnership

Family Government

Colleges & University

04/20/23 3

WHO is Responsible?

PARENTSprimarily

STUDENTminimally

GOVERNMENTpolitically

SOCIETYmorally

UNIVERSITYfinancially

04/20/23 4

Financial Aid 101

THE BASIC UNDERSTANDING

The student and parent(s) are expected to contribute to college expenses to the extent they are able.

04/20/23 5

An Expected Contribution

Is a measure of your capacity to absorb educational costs over period of time - not all from current income & assets.

Is NOT extra cash available

04/20/23 6

“To the Extent You are Able”

Income and net assets reflect an economic strength over a period of time.

Current financial circumstances are the baseline information used.

Similar treatment for similar situations; more expected from better economies.

Unusual situations may be considered.

04/20/23 7

Don’t Know Much About EFC

Parent Contribution

22 – 27% from income

AND 6% from net asset

(value minus debt)

Student Contribution

50% from incomeAND

20% from net assets

04/20/23 8

Family Planning & your EFC

One 100%

Two 50% 60%

Three 33% 45%

Four or more 25% 35%

04/20/23 9

Choices, Choices, Choices

Savings Monthly Tuition Payment Plan

Borrowing

ALL OF THE ABOVE

04/20/23 10

Student Financial Aid

Cost of the University ** minus Family Contribution equals Student’s financial need

** Parents can always borrow up to Cost (minus

aid)

04/20/23 11

WHAT Kind of Aid?

TYPES

Grants & Scholarships Student Employment

Loans

FROM

Federal gov’t State gov’t

Private Agencies Universities

04/20/23 12

The Myth of FA

Financial aid isn’t available Financial aid goes to the best students only

My income is too high to qualify My sibling/friend didn’t get any financial aid

Cost is the best way to choose a college Attend the college that offers the most aid

Financial aid is guaranteed for all four years Applying for financial aid will affect admission

04/20/23 13

The Application Link Federal Resources - the FAFSA

Free Application for Federal Student Aid USE THE PIN!

New York State Resources - TAPTuition Assistance Program

University Resources - Profile

04/20/23 14

The FATAL Mistake

DEADLINES missing

application dates missing admission dates missing information

04/20/23 15

Where on the Web?

www.nysfaaa.org www.collegeboard.com

www.fastweb.com www.finaid.org

www.petersons.com www.scholarships.salliemae.com

www.hesc.state.ny.us