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College Financial Aid Process Sharon Halpin Le Moyne College

College Financial Aid Process Sharon Halpin Le Moyne College. Sources of Financial Aid. Academic Scholarships – check with school on availability and the application process Athletic Scholarships – contact with coach

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College Financial Aid Process Sharon Halpin Le Moyne College

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  1. College Financial Aid Process Sharon Halpin Le Moyne College

  2. Sources of Financial Aid • Academic Scholarships – check with school on availability and the application process • Athletic Scholarships – contact with coach • Local Scholarships – high school, employer, civic groups, etc. - any scholarships received must be reported to the college financial aid office.

  3. Sources of Financial Aid (con’t) • Need Based Aid • Federal grants (Pell Grant, Teach Grant, SEOG) • Direct Federal Loans and Perkins Loan • Federal College Work Study • State grants - New York State Tuition Assistance Program (TAP) – check HESC website for additional state scholarships • College grants

  4. Timeline • Fall – college admission applications • January – complete financial aid applications • Do not wait to hear from Admissions before filing for financial aid. Estimate tax information. Income tax information can be updated after taxes are completed. • March – early April – receive financial aid notification • Financial Aid Award letters mailed to all students accepted for admission provided the FAFSA is completed and other required forms are submitted. • May 1st - admissions deposit due

  5. Demonstrated Need Formulafor need based financial aid Cost of attendance (tuition, fees, room and board, books travel, personal) Minus Expected Family Contribution (EFC) Equals Demonstrated Financial Need The family is the expected first source of funding

  6. Factors to determine EFC • Student status – dependent or independent • Parent(s) income in the prior year (2013). Divorce – use custodial parent income and step-parent income if custodial parent is remarried • Number of family members in the household pursuing a college degree (exclude parents) • Family size • Student assets (20% of the total) • Student income above $6000 (50% above $6,000) • Parent assets (4 – 6 % on average)

  7. Applications - Need Based • Free Application for Federal Student Aid (FAFSA) on the web at www.fafsa.gov • NYS TAP application may be completed at time FAFSA is completed or apply for TAP after filing the FAFSA at www.tap.hesc.ny.gov. • CSS Profile • Individual College Applications

  8. FAFSA • File form at www.fafsa.gov • File after January 1st but before published college deadlines • Must be filed each year the student is in college • Up to 10 colleges listed at one time • It takes 2 days (electronically) for the college to receive data from the federal processor

  9. Completing the FAFSA • Accurately enter social security numbers, name and date of birth for student and parents • Both student and parent must sign the FAFSA using an electronic signature - 4 digit PIN, Parent and student may apply for the PIN at any time at www.pin.ed.gov. SAVE the PIN. Your pin is also used to sign for federal loans and to track student loans borrowed.

  10. FAFSA – Assets • Include: savings and checking accounts, bonds, 529 Savings Plans, UGIF, trusts, investments such as second/vacation home, land, business value • Do NOT Include: home equity in primary residence, value of 401 K plans or pensions. Note: the FAFSA will ask you to include any annual contribution to a retirement account or pension

  11. Supplemental Financial Aid FormsCSS Profile • Used by certain colleges to collect information early and/or information not provided on FAFSA (may include home equity, other assets, additional business/farm, and non-custodial parent) • Profile information is used to award institutional (college) aid, and in the case of Early Decision filers an estimate of federal and state aid • Profile is not a substitute for FAFSA • A fee is required for processing • Contact CSS directly to process a Profile form (profileonline.collegeboard.org) • Only send Profile to those colleges that require it

  12. Supplemental Financial Aid FormsTAP – New York Tuition Assistance Program • Grant assistance available to New York residents, who graduate from a NY high school, and attend a college in NY (2 year or 4 year, public or private). • NYS TAP application may be completed at time FAFSA is completed or apply for TAP after filing the FAFSA at www.tap.hesc.ny.gov. • Awards are estimated using the first NYS college listed on your FAFSA. If you choose another NYS college, you or the college financial aid office can change the college name that’s listed. • Based on NYS taxable income (not Federal AGI) of $80,000 or less

  13. Supplemental Financial Aid FormsInstitutional (forms used by individual colleges/universities) • Used to collect information not found on the FAFSA. • Information received is used to award institutional (college) aid. It may be used as the application for merit aid. • The institutional form is not used to determine federal and state eligibility • Submit the form by the required due date • No fee to file

  14. Expected Family Contribution • The Expected Family Contribution is an amount that a family could reasonably finance for the student in that academic year. It determines abilityto pay, not willingness to pay.

  15. Financial Aid Packages • Most colleges do not have the resources to guarantee that full demonstrated need will be met. Those that can typically have very large endowments and a lower percentage of students requiring need based aid. • Financial Aid packages will vary based on the cost of education. • Financial Aid packages may also vary based on the academic strength of the student compared to the applicant pool.

  16. Federal Student Loans • Direct Loan (Subsidized or Unsubsidized) • $3500 Freshman / $4500 Sophomore / $5500 Jr and Sr. • An additional $2,000 may be borrowed per year beyond these annual limits; unsubsidized only • Subsidized Direct Loan: loan amount is used to meet demonstrated need. Repayment begins 6 months after graduation. Interest rate set by federal government. No interest is accruing while the student is in school. Fixed rate of interest (for 2013/14 year fixed interest rate is 3.86) • Unsubsidized Direct Loan: Interest rate for 2013/14 is 3.86. Interest accrues while in school and grace period.

  17. Options for Paying • Federal Direct Parent Loan for Undergraduate Students (PLUS): • Parents may borrow up cost of attendance less financial aid received by the student. • Interest rate is 6.41 for 2013/14. May defer principal and/or interest while the student is in school. • Caution: some colleges put PLUS into your financial aid package to make it appear that you owe nothing. • You must prove credit worthy • Private loan for students. Higher interest rates than Direct Loans. Co-signer needed. Stringent credit check. Interest rates vary and can be variable or fixed. • Monthly Payment Plans offered by the college

  18. FYI • You must reapply (electronically) for financial aid each year (Renewal FAFSA). How has your situation changed from the prior year? • If awards are renewable, make sure you have met eligibility criteria. • Make sure to read your financial aid award letters carefully from each college. Do the math! • Make sure you know the college costs for the year. • File on time! First time filers: check school deadline date. Renewal FAFSA: see college deadline (usually by April 15)

  19. FYI (con’t) • Students who are not Work-Study eligible may seek employment on campus. Pay is usually the same as work study. Paid by check or direct deposit. Note: some colleges only have federal work study • Timing and accuracy are crucial to receiving your aid awards well before published deposit due dates. • Financial aid awards are only good until May 1 for Regular Decision, Early Action, and Rolling Admission admits (first year freshmen applicants). • Early Decision admits usually have only 30 - 45 days after their acceptance before enrollment deposit is due. Complete early forms well before due dates.

  20. Websites www.fafsa.gov– filing fafsa online www.pin.ed.gov – four digit electronic signature, student and parent must EACH obtain a pin number www.fastweb.org – private scholarship search www.tap.hesc.ny.gov - NYS TAP application www.hesc.ny.gov - New York State Scholarships www.nslds.ed.gov - loan data – once student loans are processed this national clearinghouse for federal loans will track all federal loan information – federal pin is needed to access this information

  21. Questions Sharon Halpin Le Moyne College 315 445 4400

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