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Financial Aid and Scholarships: Planning for your Child’s Educational Expenses

Learn about common financial aid terms, the financial aid process, need-based financial aid, available financing options, required forms, and reputable sources of information. Discover how to search for scholarships.

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Financial Aid and Scholarships: Planning for your Child’s Educational Expenses

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  1. Financial Aid and Scholarships: Planning for your Child’s Educational ExpensesRenee Dann, Assistant Director/CoordinatorFinancial Aid and ScholarshipsDecember 3, 2015 Rochester Institute of Technology

  2. Goals for Tonight • What are some common financial aid terms? • What is financial aid? • How does the financial aid process work? • What is “need-based” financial aid? • How do I know if my student will qualify? • What kind of financing options are available? • What forms are involved? • Where can I get free, reputable information? • How do we search for scholarships? Rochester Institute of Technology

  3. Financial Aid Terms • FAFSA SEOG • FSA IDSubsidized • SAR Unsubsidized • COAPLUS • EFC SAP • MPN TAP Rochester Institute of Technology

  4. What is Financial Aid? • Scholarships(“gift”) • Money that does not have to be paid back, awarded on the basis of merit or skill (no FAFSA required). • Grants (“gift”) Money thatdoes not have to be paid back, awarded on the basis of financial need. • Loans (“self-help”) Money students and parents borrow to help pay educational expenses. • Employment (“self-help”) Money students earn to help pay educational costs. Rochester Institute of Technology

  5. Sources of Money for College • Federal Government • Federal Pell Grant, Direct Loans, Federal Work-Study • State Government New York State Tuition Assistance Program, Scholarships for Academic Excellence • Colleges & Universities Merit scholarships and need-based grants • Private organizations Scholarships Rochester Institute of Technology

  6. Cost of Attendance Tuition and Fees +Room and Board Total Direct Charges Books and Supplies +Transportation and Personal Estimated Personal Expenses Rochester Institute of Technology

  7. Expected Family Contribution • The formula used to calculate the Expected Family Contribution is determined by law and includes, among many other data items, the following components: • Parent’s prior year income • Student’s prior year income • Value of parents’ assets • Value of student’s assets • The number of household members • The number of household members (excluding parents) attending college at least half time • The age of the older parent Rochester Institute of Technology

  8. Basic Financial Aid Formula $ Cost of Attendance - $ Family Contribution $ Financial Need For Financial Aid Eligibility: • Family contribution is a constant • Cost of education is variable Rochester Institute of Technology

  9. Family Contribution the Same • State Community Private • College College College • Cost $25,000 $15,000 $40,000 • Family -10,000 - 10,000 -10,000 • ______ _______ ______ • Need $15,000 $ 5,000 $30,000 Rochester Institute of Technology

  10. FAFSA on the Web • Web site: www.fafsa.gov • FAFSA on the Web available on January 1 of senior year/year of attendance** • FAFSA on the Web Worksheet: • Used as “pre-application” worksheet • Questions follow order of FAFSA on the Web Rochester Institute of Technology

  11. Sign FAFSA electronically Takes about 2 minutes to set up Student and parent (if applicable) need their own FSA IDs May be used by students and parents throughout aid process, including subsequent school years • FSA ID

  12. Merit Scholarships • Offered by colleges and universities; separate from need-based grants • Amounts vary– compare to direct charges • Ask about: • Selection criteria • Application process • Renewal terms and conditions Rochester Institute of Technology

  13. Special Circumstances • Cannot report on FAFSA – just a processor •  Send explanation to financial aid office at each college •  College will review ‘appeal’ and may request additional documentation •  Examples: • Loss of job • Care of elderly parent • Change in employment status • Private school tuition for dependent student • Daycare or unusual dependent care expenses • Medical/dental expenses not covered by insurance • Change in parents’ marital status Rochester Institute of Technology

  14. College Financing Options • Federal Direct Parent Loan (PLUS Loan) • “Unsubsidized” Direct Student Loan • Payment Plans • IRS 529 Plans • Cooperative Education • Military resources

  15. Basic Application Steps • Apply for admission • Apply for an FSA ID • Obtain one FSA ID for each person signing • File FAFSA on line at www.fafsa.gov • Watch for your Student Aid Report (SAR) via email • Make any needed corrections after filing taxes Rochester Institute of Technology

  16. More Application Advice • File any additional forms • College-based, state-based forms • Research other sources of aid • Free, reputable web-based searches • Guidance Counselor for local scholarships • Keep photocopies of documents submitted • Explain special circumstances • Meet deadlines! Rochester Institute of Technology

  17. Aid Information on the Web RIT Office of Financial Aid & Scholarships • www.rit.edu/financialaid • FinAid! The SmartStudent Guide to Financial Aid • www.finaid.org • FastWeb Free Scholarship Search • www.fastweb.com • Dept. of Education - FAFSA on the Web • www.fafsa.gov Rochester Institute of Technology

  18. Contact Information Renee Dann ritaid@rit.edu (585) 475-2186 Rochester Institute of Technology

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