Preparing for College: Student Financial Aid

What High School Students& Parents Should Know

What is Financial Aid?

Financial aid helps pay the cost of attending college

Some financial aid programs are need-based

Some financial aid programs are based on other criteria – not need

Sources of Financial Aid

Federal government New York State Colleges – institutional

aid Other sources

Businesses Foundation Clubs/Organizations

Types of Financial Aid

Scholarships – free money Grants – free money Work Study Loans

Need-Based Financial Aid

Need-based Aid Your family’s ability to pay for

educational costs is evaluated

Definition of Need

Cost of Attendance (COA)

– Expected Family Contribution (EFC)

= Financial Need

Cost of Attendance (COA)

Loan fees Study abroad costs Dependent care

expenses Expenses related to

a disability

Tuition and feesRoom and boardBooks and suppliesTransportationMiscellaneous

personal expenses

COA – EFC = Financial Need

Expected Family Contribution (EFC)

Amount the family is expected to contribute

Calculated based on federal formula

Includes parents’ and student’s contributions combined

Stays the same regardless of the college selected

COA – EFC Financial Need

Examples of EFC and Need

College College

AACollege College

BBCollege College

CC

COACOA $ $ 11,00011,000

$30,000$30,000 $60,000$60,000

- EFC- EFC 5,0005,000 5,0005,000 5,0005,000

= = FinanciaFinancial Needl Need

$ 6,000$ 6,000 $ $ 25,00025,000

$55,000$55,000

Financial Aid Programs and How to Apply

Free Application for Federal Student Aid (FAFSA.GOV)

FAFSA4caster: FAFSA.gov

Federal Aid Eligibility

To receive, a student must Have a high school diploma or GED Be a U.S. Citizen or Permanent

Resident Have a valid Social Security Number Register with Selective Service, if

applicable Make academic progress

What determines award Federal Student Aid amount?

Parent, stepparent marital status and age State of Residence Household size and number in college Parent, stepparent, and/or student’s prior

year earned income (based on tax returns) Untaxed income (e.g. child support) U.S. income taxes paid Real estate and investment net worth

(excludes primary residence and retirement)

Federal Aid Programs

Pell Grant Supplemental Educational

Opportunity Grant (FSEOG) Work-Study Perkins Loan Direct Stafford Loan Direct PLUS Loan

Federal Pell Grant

Need-based grantAward amount based on COA,

EFC and enrollment statusMust maintain good academic

standingUp to $5,730

Studentaid.ed.gov

NYS Financial Aid Programs Major Financial Aid Programs

Tuition Assistance Program (TAP) Aid for Part-Time Study NYS Scholarships for Academic

Excellence NYS Math & Science Teaching

Incentive Program

TAP

Undergraduates Up to $5,000/year Full-time and part-time study in

NYS Need-based grant

Calculated on NYS Income Tax information

NYS Student Aid Programs

NYS Scholarships for Academic Excellence $1,500 and $500 awards to top

scholars at each high school High Schools select recipients

HESC.ny.gov

TAP Calculator: HESC.ny.gov

Institutional Aid Depends on funding at each college College determines eligibility

criteria Need-based programs Non-need-based programs

Scholarships and grants Academic, athletic, and talents

Colleges may require additional applications

CSS Profile

Application used by certain colleges to award institutional aid programs

Collects more detailed information Application Fee, waivers available Check with school to see if it is

required Available online: Collegeboard.org

Questions to Ask Colleges

If we are a high-need family, will the college meet our full need?

Are you need-blind or need-aware in your admissions process?

What is the financial aid philosophy of the college?

What if we have special circumstances?

Research College’s Financial Aid Website

Source: http://syr.edu/financialaid/datesanddeadlines/index.html

Net Price Calculators

Outside Scholarships

Thousands of programs Charitable foundations,

businesses, religious institutions, civic and minority organizations

All have their own individual applications and requirements

Start looking now!

Scholarship Resources

HESC Internet Local Library

Resources Parent’s place

of employment Counselor

Avoid Being Scammed

www.studentaid.ed.gov/types/scams U.S. Department of Education Tips Information

Scholarship Myths

Searching and applying for scholarships is only the student’s responsibility. You have to have financial need to get a scholarship. Students have to have excellent grades, SAT/ACT scores to get a scholarship. Scholarship searching is done during senior year of high school.

Useful Websites

StartHereGetThere.org

GoCollegeNY.org

CareerZone.ny.gov

BigFuture.CollegeBoard.org

Thank You!

Questions?