Financial Aid Night

1. Financial Aid Night 180 Remsen Street Brooklyn, NY 11201 Phone 718-489-5255 Fax 718-643-0076 sfs@stfranciscollege.edu

2. Scholarships Grants Employment opportunities Loans What is Financial Aid?

3. How To Apply • Apply for a PIN number for you and your parent at www.pin.ed.gov to electronically sign your FAFSA • Complete a FAFSA (Free Application For Federal Student Aid) online at www.fafsa.ed.gov -You will need your 2011 Federal Tax Return (Form 1040) to apply • New York State residents apply for TAP (Tuition Assistance Program) at www.tapweb.org -You will need your 2011 Resident Income Tax Return (Form IT-150 or IT-201) to apply

4. General Eligibility Requirements • Must be enrolled/accepted in an eligible program of study • Must be pursuing a degree, certificate, or other recognized credential • Must be a U.S. citizen or eligible noncitizen • Must be registered with Selective Service (if male) • Must not have prior drug-related conviction while receiving federal aid

5. General Eligibility Requirements (cont’d) • Must have a valid Social Security number • Must not be in default on a federal student loan • Must not owe repayment of a federal grant • Must maintain satisfactory academic progress as defined by a higher education institution

6. Entitlement Aid Grants • Federal • Pell Grant • FSEOG • State -TAP -HEOP

7. Federal Pell Grant Program • Awarded to eligible undergraduates pursuing first Bachelor or professional degree • Award amount determined by estimated family contribution (EFC) as determined by the federal processor and the student’s enrollment status • Awards range from $555-$5550

8. Federal Supplemental Educational Opportunity Grant (FSEOG) • Eligible students • Undergraduates pursuing first Bachelor or professional degree • Priority given to students eligible for a Pell grant • Annual award amounts • $200 minimum and $4,000 maximum • Due to limited funding, not all eligible students will receive an award.

9. New York State TAP • TAP • Full-time • Matriculated • Undergraduate or graduate student • Make Satisfactory Academic Progress • NYS Resident • Income contingent • Entitlement • Awards range from $500-$4900

10. HEOP (Higher Education Opportunity Program) • For students with strong academic potential but at an economic disadvantage. • Must have a high school diploma • Must be enrolled/accepted into a program of study • Must be first-time college students • Income must not exceed NYS economic guidelines (number of family members and total annual income from previous year)

11. Self-Help Aid Employment • Federal Work-Study Loans • Federal Perkins Loan • Direct Federal Stafford Loans • William D. Ford Federal Direct Loan Program • Direct Parent Plus Loan • Private (Alternative) Loans

12. Federal Work-Study • Undergraduate or graduate students are eligible if they have need as determined by federal regulations. • Provides income (which does not have to be repaid) from a part-time job • Due to limited funding, not all eligible students will receive an award. • Employment can be on or off campus • Eligible employers • School • Federal, state, or local public agency • Private non-profit organization • For-profit organization • Community service activities (PRIORITY)

13. Federal Perkins Loan • Eligible students • Undergraduate or graduate students • Priority to exceptional need as determined by federal regulation • Due to limited funding, not all eligible students will receive an award • Maximum annual award amount is $5000 • Interest rate: 5% • Payment deferred until student graduates or is registered less than half time • Repayment begins 9 months after graduation

14. Direct Federal Stafford Loan (Subsidized and Unsubsidized) • Subsidized Stafford -Interest Rate 4.5% -Interest is paid by federal government while student is enrolled at least half time. -Annual loan limits  $3,500 (1st year undergraduates)  $4,500 (2nd year undergraduates)  $5,500 (each remaining undergraduate year)  $8,500 (each year of graduate/professional study)

15. Direct Federal Stafford Loan (Subsidized and Unsubsidized) cont’d • Unsubsidized Stafford -Fixed interest rate of 6.8% accrues while student is enrolled -Annual loan limits  $6000 (1st and 2nd year undergraduates)  $7000 (each remaining undergraduate year)  $12,000 (graduate/professional study) • Repayment begins 6 months after graduation • All Stafford loans are deferred while the student attends at least half time

16. Direct Parent PLUS Loan • Credit based • PLUS loan payments can be deferred while student is enrolled at least half time • Interest Rate is 7.9 % fixed

17. Alternative/Private Loans • Typically student loans • From a bank or lender • Require a co-signer (credit based) • “last resort”

18. Forecast Your Financial Aid • Visit FAFSA Forecaster at www.fafsa4caster.ed.gov to preview your financial aid eligibility.

19. Deadlines • Ask the Financial Aid Office at the colleges of your choice for their FAFSA and school application deadlines. • FAFSA for 2012-2013 is available online Jan. 1, 2012

20. Important Websites FAFSA:www.fafsa.ed.gov NY State TAP:www.hesc.com Federal Pin Number:www.pin.ed.gov Scholarship Search:www.fastweb.com Student Loans: http://studentloans.gov