College Financial Aid

Helping Your Students

www.hesc.org

College Financial Aid

Helping Your Students

www.hesc.org

www.hesc.org

NYS Resident?

What is Financial Aid?

• Scholarships

• Grants

• Loans

• Employment opportunities

Goals of Financial Aid

To assist students in paying for college by:

• evaluating family’s ability to pay for educational costs

• distributing limited resources in an equitable manner

• providing balance of gift aid & self-help aid

Student Financial Aid from:

–New York State

–Federal Government

–Colleges

–Private Sources

Government Sponsored Financial Aid Programs

–Provide 2/3 of all student aid

–Many students are eligible

–Must apply to find out

To receive federal aid students must:

– have a high school diploma or General Education Equivalent (GED) Certificate

– be enrolled or accepted for enrollment as a regular student working toward a degree or certificate in an eligible program

– be a U.S. citizen or eligible non-citizen– provide driver’s license number, if applicable

and…

• have a valid Social Security Number• make academic progress• register with Selective Service, if applicable• sign a statement of educational purpose and

a certification statement on overpayment and default (both of which are found on the FAFSA)

• not have eligibility suspended due to drug-related conviction

New York State aid

• In addition to the above, students must:–be a New York State Resident–attend an eligible school in New

York State–meet other eligibility criteria for

specific programs

Definition of Need

Cost of attendance (COA)

– Expected family contribution (EFC)

= Financial need

Cost ofAttendance

• Tuition & Fees• Books & Supplies• Room & Board• Transportation• Miscellaneous Personal Expenses• Loan Fees• Expenses Associated with a Disability• Dependent or Elder Care Expenses• Expenses for Study Abroad or Cooperative

Education Programs

GRANTS

• Usually based on need; sometimes onother factors.

– money given to student to help pay for college. – money does not have to be repaid.– examples:

• federal Pell Grant (federal)• Tuition Assistance Program (TAP)

(NYState)

Federal Pell Grant Program

• awarded to eligible undergraduates pursuing a first baccalaureate or professional degree

• up to $ 4,371.00* maximum (2008-09) $ 5.350.00 maximum (2009-10)

• portable (school to school)• college aid administrator determines actual

award amount based on COA, enrollment status, and EFC

New York State Tuition Assistance Program

TAP

To get TAP, the student must:•Be a US Citizen or eligible non-citizen

•Be a legal resident of New York State

•Study full time – at least 12 credits per semester at an approved postsecondary institution in NYS

•Be a high school graduate, have a GED or pass a federally-approved Ability to Benefit exam

…and:•Be matriculated in an approved program of study and be in good academic standing

•Have at least a cumulative “C” average after receipt of two annual payments of TAP

•Be charged at least $200 tuition per year

•Not be in default of a student loan guaranteed by HESC and not be in default of any repayment of state awards

•Meet income eligibility limitations

How much TAP can a student get?•Dependent Undergraduate Students

•Award Range: $500 - $5,000

•Independent Undergraduate Students

•Award Range: $500 - $3,025

•Graduate Students

•Award Range: $75 - $550

How much TAP the student gets depends on:

•Type of academic institution and tuition charge

•NYS net taxable income – up to $80,000 combined family income for dependent undergraduate students or students who are married or have tax dependents

- up to $10,000 for single financially independent undergraduates with no dependents

How to Apply

for TAP

Start with FAFSA

Yes; there’s still a Paper FAFSA

After completing the FAFSA, look for -

If your students choose not to use the TAP

link on the FAFSA Confirmation Page,

they have to wait 3 business days before

using TAP on the Web (TOTW)

Tell them to go to

www.tapweb.org

When the FAFSA processor sends data and

a valid EFC is released to HESC, HESC will:

•e-mail student with link to TOTW site or mail a

postcard to students with no e-mail address

•after 7 days send another e-mail or postcard

•after additional 7 days send paper TAP application

– cover letter again encourages TOTW and

includes link

What Happens Next ?

Online Changes

Not Full-time?

Part-Time TAP&

Aid for Part-Time Study(APTS)

Aid For Part-Time Study(APTS)

• Up to $2,000 per year for part-time undergraduate study at participating institutions in New York State

• APTS award is based on New York State net taxable income

• Campus-based application, & award process

– HESC distributes APTS funds to participating colleges in New York State

– Colleges award APTS based on funds availability and student need.

Part-Time TAP

• Partial TAP payment for students taking 6 to 11 credits

• must have earned 12 credits or more in each of two consecutive semesters;

• and maintain a minimum “C” average• Standard TAP application process

More New York State Grants, Scholarships, and

Awards

Other Grants, Scholarships, and Awards from New York State

• New York State World Trade Center Memorial Scholarships • Military Service Recognition Scholarship • Memorial Scholarship• New York State Volunteer Recruitment Service Scholarship • Scholarship for Academic Excellence • Regents Professional Opportunity Scholarship • Persian Gulf Veterans Tuition Awards • NYS Regents Health Care Opportunity Scholarships• Vietnam Veterans Tuition Awards • Robert C. Byrd Honors Scholarship• NYS Math and Science Teaching Incentive Scholarships• Flight 587 Memorial Scholarship

Go to www.hesc.org

Calculators to estimate financial aid eligibility available at www.hesc.org

Key Questions for Education

Loan Borrowers

Tips• apply every year• meet all deadlines• keep copies of all forms• contact the college financial aid

administrator if your financial situation changes

Financial Aid helps pay for college, but…

• it may not pay the entire cost

• savings are important

• if you start early, even a small regular contribution can make a BIG difference

Resources for Counselors

www.college.gov

College Navigator

Counselor Tools

HS Counselors’ Toolbox

Counselor Newsletter

College and Career Planning

College and Career Planning

College & Career Planning Information

College Planning• HESC has great free college planning information

– College Fairs– How to Choose a College– High School Calendar– HESC’s E-Library

• Links to other sites– Mapping Your Future

HESC’s E-Library/Podcasts

HESC’s E-Library/Podcasts

The Path To College

College Board’s “My Roads”

What Do They Want to Be?

Career Planning• Find career planning information at hesc.org

including links to other sites– Mapping Your Future

• Career Ship (MYF)• Show Me The Future (MYF)

– Occupational Outlook Handbook (Us Dept. Of Labor)

– Career Zone (NYS Dept. Of Labor)– College Board’s “My Roads”

NY Career Zone

Occupational Outlook

MYF’s CareerShipChoices:• Review careers by

cluster • Review featured career • Match career to interests• Career search

Information:• Description • Tasks • Wages • Career outlook • Interests • Education • Knowledge • Skills • Similar careers

Show Me the Future SM

• Online life skills and financial literacy game: showmethefuture.org

• Helps students learn basic skills in financial planning, goal setting, and decision-making– Cost of living– Budgeting– Difference between wants and needs – Importance of financial planning – Need to set career goals– Value of higher education

• Helps students envision their futures

Financial Literacy Skills and Your

Students…Now More Than Ever!

Financial Awareness and Consumer Training for Students

(FACTS)

• Develops financial literacy for your students at your campus.

• Professional staff from HESC will provide training for you, your staff and your students.

• Money Wise 411 is designed specifically for high school students in order to develop skills and avoid credit card debt!

Training Outline:

• Importance of Completing

High School/College• Identify Needs vs. Wants• Develop a Spending Plan• Use of Debit vs. Credit • Prevent Identity Theft

School responsibilities:

• Ensure Attendance!!!

• Distribute Surveys

Anita Phillips—Director, Consulting Services (518) 474-2851

• Pamela Jerome - Manager, Consulting Services (518) 402-3524

FACTS Contacts

Questions?

www.hesc.org