Transcript of Michele A. Rizzo Assistant Director of Financial Aid Canisius College Iroquois Central High School...
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- Michele A. Rizzo Assistant Director of Financial Aid Canisius
College Iroquois Central High School Financial Aid
Presentation
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- An Overview How to Apply FAFSA & Expected Family
Contribution How Eligibility Is Determined Types of Financial Aid
Award Notification Topics
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- How to Apply Section I
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- 2011-12 FAFSA on the Web
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- Familys financial information is required to calculate the
students Expected Family Contribution (EFC). Student Aid Report
(SAR) Electronic version of FAFSA FAFSA on the web at www.fafsa.gov
Free Application for Federal Student Aid (FAFSA)
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- May be Used to Award Institutional Aid from the College
Required to Apply for N.Y.S. Financial Aid (TAP Program) Complete
and mail FAFSA after January 1st FAFSA (Cont.)
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- While completing the FAFSA on the Web, applicant may submit
real-time request to IRS for tax data IRS will authenticate
taxpayers identity If match found, IRS sends real-time results to
applicant in new window Applicant chooses to transfer data to FAFSA
IRS Data Retrieval Tool
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- Available late January 2011 for 2011-12 processing cycle
Participation is voluntary Could reduce documents requested by
financial aid office IRS Data Retrieval Tool
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- After Completing the FAFSA Look for:
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- TAP Application Website
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- Tuition Assistance Program Application TAP Application part of
FAFSA on the Web. Data from FAFSA is used to create the paper
Express TAP Application. TAP is a College Specific Program. 1 st
New York University/College listed on FAFSA is the school of record
www.hesc.com How to Apply for TAP
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- Tuition Assistance Program (TAP) Attending NYY College $5,000
to $500 at Private College $4,900 to $500 at Public College 2010
NYS Net Taxable Income $80,000 NTI or less NYS Aid Programs
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- Profile - College Scholarship Service Used by approximately 240
College Total Electronic Application www.collegeboard.com
Non-Federal Aid Application Fees: $25.00 for the 1 st Profile
Application $16.00 for everyone beyond the 1st Secondary
Application Profile
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- Some Colleges May Have an Institution Need Based Aid
Application Or a Specific Scholarship Application Colleges will
Distribute Their Own Forms Secondary Application - College
Forms
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- Suggested Timetable (2011-2012): Complete Forms 2/15/11 College
Receives Data 2/22/11 College Begin to Award Aid 3/01/11 National
Reply Date (Deposit) 5/01/11 Forms to be Completed
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- The FAFSA Application & Expected Family Contribution
Section II
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- Parent contribution from total income and assets Student
contribution from total income and assets Number in the Household
Number attending College Expected Family Contribution
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- General Eligibility for Federal Aid Matriculation toward a
degree U.S. Citizenship or eligible non-citizen Registration with
Selective Service (males ages 18-25) No drug related convictions
Who is Eligible
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- Divorced/remarried parent information Income earned by
parents/stepparents Untaxed income U.S. income taxes paid Household
size Number in postsecondary education Frequent FAFSA
Questions
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- How is Eligibility Determined Section III
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- Cost of Attendance (COA) Expected Family Contribution (EFC) =
Financial Need Definition of Need
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- Basic Components of the Cost of the Attendance Tuition and Fees
Books & Supplies Room and Board Transportation Miscellaneous
Personal Expenses Cost of Attendance
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- Example - Carlos
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- Types of Financial Aid Section IV
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- Eligible students: Undergraduates pursuing first baccalaureate
or professional degree Semi-Entitlement Program Portable Maximum
award for 2010-11= $5,550 Federal Pell Grant
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- Eligible students: Undergraduates pursuing first baccalaureate
or professional degree Awarded first to students with exceptional
financial need (i.e., students with lowest EFCs at that school)
Priority to Federal Pell Grant recipients Annual award amounts:
$100 minimum $4,000 maximum Federal Supplemental Opportunity Grant
(SEOG)
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- Eligible students: Undergraduate, graduate, and professional
students Employment may be on or off campus Eligible employers:
Schools Federal, state, or local public agencies Certain private
nonprofit and for-profit organizations Schools must use portion of
FWS funds for community service employment activities Federal Work
Study (FWS)
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- Eligible students: Undergraduate, graduate, and professional
students Priority to students who show exceptional need, as defined
by school Loan amount varies Maximum annual loan amounts:
$4,000undergraduate students $6,000graduate and professional
students Federal Perkins Loan
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- Interest rate: 5% 9-month grace period Repayment period may be
up to 10 years Deferment and cancellation provisions available
Federal Perkins Loan
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- Subsidized: Must demonstrate need Unsubsidized: Not based on
need Base annual loan limits (combined subsidized and
unsubsidized): $5,500 - 1st year ($3,500 Sub & $2,000 Un-sub)
$6,500 - 2nd year ($4,500 Sub & $2,000 Un-sub) $7,500 for each
remaining undergraduate year ($5,500 Sub & $2,000 Un-sub)
$8,500 for each year of graduate/professional study Federal Direct
Student Loan
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- Additional unsubsidized loan eligibility for independent
undergraduate, graduate, and dependent students whose parents are
unable to borrow PLUS: $4,000 per year for 1st and 2nd year
undergraduates $5,000 per year for remaining years of undergraduate
study $12,000 per year for graduate/professional study Federal
Direct Student Loan
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- Interest Rate is fixed at 6.8% Decrease in the rate for
undergraduate subsidized Direct loans of: 6 %2008 2009 5.6%2009
2010 4.5%2010 2011 3.4%2011 2012 Back to 6.8% 2012 2013 &
Beyond Federal Direct Student Loan
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- Repayment begins after 6-month grace period Maximum repayment
period between 10 and 30 years depending on repayment plan chosen
Deferment and cancellation provisions available Federal Direct
Student Loan
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- Scholarships from College Academic Merit Talent Based Merit
Awards May Require Separate Scholarship Application Scholarship
Letter should indicate: Terms for Renewal The Specific Amount
Probation Opportunities Institutional Financial Aid
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- Grants from College Awarded Annually Award based on Financial
Need Determine Renewability Athletic Grant-in-Aid Awarded on
Athletic Ability Contact Coach at the College Institutional
Financial Aid (Cont.)
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- Generally Awarded on an Annual Basis Sources of Scholarships
Unlimited Scholarships Must be Incorporated into Award Package
Scholarship Search Engines www.fastweb.com
http://go.salliemae.com/scholarship www.scholarship.com Private
Sources of Financial Aid
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- Parent loan program for parents of dependent undergraduate
students Annual loan limit: COA minus other aid Fixed Interest Rate
7.9% New PLUS loan program for graduate students Federal Direct
PLUS Loan
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- Banks have created private education loans to supplement the
federal loan programs Student is the borrower requires a co-signer
for the loan Loan amount is determined by the cost of attendance
minus financial aid Interest rate varies between lenders May
provide deferment provisions Alternative Loan Financing
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- www.finaid.org www.studentaid.ed.gov
www.wnycollegeconnection.com www.ncaa.org www.collegesavings.org
www.canisius.edu Internet /World Wide Web (http://)
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- Award Notification Section V
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- Read Carefully Follow Instructions Respond on Time Be Sure to
file Additional Forms Contact the Financial Aid Office with
questions & concerns Make the Process a Family Affair Award
Notification
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- Good Luck!
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- A student is considered to be Independent by the Federal
government for 2009-10 if he/she: Was born before January 1, 1986
Is working on a Masters or Doctorate Is married as of the date of
application Has legal dependents for whom they provide more than
50% of support Is a veteran of the Armed Forces
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- Independence in 09-10 (cont.) Is currently serving in the U.S.
Armed Forces on active duty As of the date of application, is in
legal guardianship or is an emancipated student Was determined to
be an unaccompanied youth who was homeless any time after July 1,
2008 Was in foster care, a ward of the court or had both parents
deceased when 13 years of age or older
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- Other Financing : Federal PLUS Parent Loans College Payment
Plans College Savings Plans (529 Plans) Home Equity Loans
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- Tips for Alternative Financing: Credit verification often
required. (60-90 day window) Plan accordingly! Colleges have
specific timeframes for submission of such applications. Processing
varies from school to school and lender to lender. Research before
selecting an option!!!!!!!!
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- Federal Pell Grant Campus-Based Programs Supplemental
Educational Opportunity Grant Federal Work Study Perkins Loan
Sources & Types Financial Aid
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- Federal Family Educational Loan Programs Stafford Student Loan
Subsidized Stafford Student Loan (Unsubsidized) Parent Loan (PLUS)
Ford Direct Student Loan Program Same Provisions as Stafford Loan
Federal (Cont.)
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- New York State and school sponsored program For educationally
and economically disadvantaged students Must meet academic and
economic guidelines Provides funding and academic services to
increase college success New York State Opportunity Programs
(HEOP/EOP)
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- Student must call the Federal Student Aid Information Center
(FSAIC) to request a paper FAFSA 1-800-433- 3243 It will take 3 to
7 days to receive the FAFSA You may request up to three copies Or
download a PDF version of the FAFSA form at
www.FederalStudentAid.ed.gov Paper FAFSA