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Funding Your Higher EducationKathy BrunetPerkins Loan CoordinatorMolloy College

Applying for Financial Aid/FAFSA process Basic Criteria for financial aid eligibility Cost of Attendance, financial need, andcomparing your financial aid awardsTypes of Financial Aid Programs – Federal andState grants, Institutional aid, studentemployment, Student/Parent Loans (federaland private), sources of outside funding

Determine aid eligibilityusing FAFSA informationPackage aid depending onavailability of fundsSend award notification (i.e.award letter, award packageetc.)Evaluate aid in special circumstancesAnswer your questions and address yourfinancial concernsAdvocate for the student

To ensure maximum consideration for aid: Complete all required applications Adhere to priority deadline dates Some aid is “first-come, first-served” Lesson here is The Earlier, The Better!

FreeApplication forFederalStudent www.fafsa.gov 2018-19 FAFSA (H.S. Seniors FallAid2017) available on October 1, 2017 Use 2016 income and tax information

Collects student and family’s demographicand financial informationCalculates Expected Family Contribution (EFC)Available in English and SpanishMay file FAFSA in one of two ways: Electronically via www.fafsa.gov PDF version (paper FAFSA)

Gather records you will need‣‣‣‣‣‣‣‣‣Students’ Drivers License and Social Security CardParents’ Social Security CardW-2 forms and other records of money earned in 20162016 Federal Income Tax Returns and applicable schedulesRecords of Untaxed IncomeCurrent Bank StatementsBusiness and Farm Records (if employee 100 )Records of Stocks, Bonds and Other InvestmentsCollege codes: May list up to ten college codes to receive FAFSA

Register for your FSA ID & passwordwww.fsaid.ed.govYou will use it to electronically sign the FAFSAStudent AND (1)Parent needs their ownseparate FSA ID (linked to your email)Create ahead of time if possible

Avoid being charged a fee to file the FAFSA!!Be sure to go directly to www.fafsa.gov Completion and processing of the FAFSAare FREE! Contact financial aid officeat colleges for questionsand assistance

Frequent FAFSA ErrorsTOP 3 Incorrect Social Security Numbers Incorrect Names or DOB Missing signaturesOther Common Errors Marital status incorrect on FAFSA Dependency questions answered incorrectly Household size incorrect Number of household members in college reported incorrectly Income earned by students, parents/stepparents not reported Parent’s income also reported as student’s income U.S. income taxes paid (shouldn’t be the same as AGI) Untaxed income questions left blank Real estate and investment net worth not reported or reportedincorrectly

Links the FAFSA with the IRS tax data electronically Best way to ensure that the FAFSA has accurate tax information Reduces errors that can result in being selected for verification, whichwill require you to submit tax return transcripts to the college DRT is available 2-3 weeks after submitting tax returnselectronically or 6-11 weeks after mailing in paper taxreturns.Reasons why you might not be eligible to use IRS-DRT: Students or parents who are married and file as “Married FilingSeparately” or “Head of Household” Students or parents who filed a Form 1040X amended taxreturn Students or parents who filed a Puerto Rican or foreign taxreturn* Temporarily unavailable for 2017/2018

Must be U.S. Citizen or eligible noncitizenHave a valid SSN (with some exceptions)Be registered with the Selective Service (if youare a male you must register between theages of 18 and 25)Be enrolled or accepted for enrollment in aneligible degree or certificate programBe enrolled at least half-time to be eligiblefor Direct LoansHave a HS Diploma or recognized equivalent

Separate Application-Confirmation page ofFAFSA Submission Residency requirements Must attend a college in NY State Uses information from the FAFSA www.hesc.ny.gov

Institutional Applications Check to see if your colleges require one CSS Profile Only file if required by college profile Available October 1, 2017 for 2018-19 Fee: 25 initial application, 16 each additionalcollege

Student files FAFSAFinancial aid office receivesdata, 7-10 daysFinancial aid office reviewsdataFin Aid office sends studentan “award” letterStudent needs to respondto accept or declineIn certain instances, schoolmay require additionalfinancial documents toprocess aid

Varies from college to collegeComprised of Direct Costs and Indirect CostsDirect CostsIndirect Costs

Amount family can reasonably be expected to contributeCalculated using data entered on FAFSAStays the same regardless of collegeTwo components for dependent students:

ABC UniversityCOA 50,000EFC 25,000FN 25,000(Financial Need)123 UniversityCOA 25,000EFC 25,000FN 0(Financial Need)You could be eligible for need based aid at one college but not another

Cannot report on the FAFSASend detailed statement to financial aid office College will review request: at each college May request any additional documentation Decisions are final and cannot be appealed to theUS Department of Education

Change in employment status (unemployment,reduction of hours etc.) Medical or dental expenses not covered by insurance Change in marital status Unusually high child care costs Elder care expenses Tuition expenses at elementary or secondary school Parent in college at least half-time Death, disability or serious illness of a wage earner Losses incurred due to a natural disaster

Gift Aid GrantsScholarships May be based on: Financial need Merit Other criteriaSelf-help Aid LoansEmploymentOpportunities May be: Need-based Non-need-based

Eligible undergraduate studentsPortable (can move with you if you transferschools)Actual award amount based on EFC andenrollment status (FT and PT student)Maximum award for 2017-18 5,920

Eligible undergraduatesAwarded to students with “exceptionalfinancial need”Usually in conjunction with PellAnnual award can range from 100- 4,000Limited: first-come, first served!

3.25 GPA or qualifying score on admissions testAgree to teach full time for at least 4 years at aTitle I low income school OR teach a specific highneed subject such as math, science, ESL, specialed., etc. (within 8 years of graduation) 4000 annual maximumRepayment required if all service obligations arenot met (i.e. a grant becomes a loan)

Tuition Assistance Program (TAP): 500 - 5165 award Aid for Part Time Study (APTS) Math and Science Teaching Incentive Scholarship Scholarships for Academic Excellence Achievement and Investment in Merit Scholarship (AIMS) Science, Technology, Engineering and Mathematics(STEM) Incentive Scholarship (CUNY or SUNY only) More programs at: www.hesc.ny.gov Need a “HescPIN” to login or file application through FAFSA

Excelsior ScholarshipFree Tuition for Public Colleges in NY State

Award up to tuition for NYS state residents with family income less than 100k goingto public colleges in NYS (does not include fees, housing/meals, books, or other expenses) Must be NYS Resident for at least 12 months prior to award and be a U.S.Citizen, Permanent Residents, or eligible non‐citizen Complete FAFSA & TAP application prior to June 30th Complete Excelsior application between June 1st & July 30th Enrolled full-time in a Public College in NYS Pursuing an associate degree or a bachelor’s degree Must complete 30 credits per year (2 yrs. for assoc./4 yrs. for bachelor) Priority will be given to continuing students Lottery will be held if applicant pool exceeds available funds Must sign a promissory note agreeing to live and work (if employed) in NYSfor a period of time equal to the length of time received Excelsior

Enhanced Tuition AwardsTuition Awards for Private Colleges in NY State

Enhanced Tuition AwardsEligibility & RequirementsAward up to 6000 for NYS state residents with family income less than 100k going toprivate colleges in NYS (does not include fees, housing/meals, books, or other expenses) Must be NYS Resident for at least 12 months prior to award and be a U.S.Citizen, Permanent Residents, or eligible non‐citizen Complete FAFSA & TAP application prior to June 30th Complete Excelsior application between June 1st & July 30th Enrolled full-time in a Public College in NYS Pursuing an associate degree or a bachelor’s degree Must complete 30 credits per year (2 yrs. for assoc./4 yrs. for bachelor) Priority will be given to continuing students Lottery will be held if applicant pool exceeds available funds Must sign a promissory note agreeing to live and work (if employed) in NYSfor a period of time equal to the length of time received Excelsior

Alfred UniversityKeuka CollegeThe College of Saint RoseAmerican Academy ofKings CollegeTouro CollegeDramatic ArtsLong Island UniversityTrocaire CollegeBoricua CollegeMercy CollegeUtica CollegeCanisius CollegeMetropolitan College ofVaughn CollegeConcordia College-NewNew YorkWells CollegeYorkMolloy CollegeYeshiva UniversityCornell UniversityMount Saint Mary CollegeDominican CollegeNiagara UniversityElmira CollegeNyack CollegeHelene Fuld College ofPace UniversityNursingSt. John's UniversityHilbert CollegeSt. Thomas AquinasHoughton CollegeCollege

Do your research, no two colleges are alike!Visit campuses and college websitesContact Offices of Admissions and Financial Aid formore informationAwards may be based on need, academic merit,special talent, athletics (DI and DII schools only)Discounts (i.e. multiple students attending samecollege at same time, alumni grants/scholarships)Always ask questions!

Check with H.S. guidance staff for localscholarship resourcesFree scholarship search sites: www.fastweb.com ch www.mycollegedollars.com (can access via Facebook)

Type of investment account you can use forhigher education expensesTax deferred & qualified withdrawals are freeAnyone can open a 529 account – parents,grandparents, other relatives and friendsNo age limit to the beneficiary (student)Can be transferred to another eligible familymember if intended beneficiary does not rcollege.com

Federal Work Study (need-based) Campus Employment (may be available tothose without financial need Students earn a paycheck Develop skills & build a resume Make connections on campus

Subsidized: Must demonstrate financial need No interest accrues while student is enrolledUnsubsidized: Not based on financial need Interest accrues while student is enrolled Fixed interest rate (3.76 % 2017-18), Origination fee: 1.069% 6 month grace period after school (or below half-time status) Various repayment plans, including Income Based Repayment Deferment, forbearance, public service loan forgiveness Dependent student annual loan limits: 1st year undergrad: 5,500 ( 3500 sub, 2000 unsub) 2nd year undergraduates: 6,500 ( 4500 sub, 2000 unsub) 3rd year : 7,500 ( 5500 sub, 2000 unsub) Dependent student aggregate loan limits: 31,000 ( 23,000 max for subsidized loans)