Visit the various colleges and surf their web sites to obtain their published costs.

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2 Visit the various colleges and surf their web sites to obtain their published costs. Fill out the FAFSA (Free Application for Federal Student Aid) and any other application required by the college. Compare net costs to see which College is giving you the best value financially. Gift Aid

3 Free Aid Scholarships Grants Self Help Federal Loans Employment Opportunities Alternative Loans Payment options

4 Scholarships are awarded based on: Academic Merit (GPA, rank, SAT/ACT test scores) Talent (Art, Music, Performing Arts, etc) Athletic Ability. Research each college for their specific scholarship criteria and application procedures. Free scholarship web Fastweb.com and Collegeboard.org.

5 Federal Pell Grant Awards range from $200 $5,815 Based on Expected Family Contribution (EFC) from FAFSA Supplemental Educational Opportunity Grant (SEOG) Awarded to student s with the highest need Awards range from $500 $4,000 State Tuition Assistance Program (TAP) Awards range from $500 $5,165 Based on family s NYS Net Taxable Income (under $80,000) Income limits increase if more than 1 in college full time Web site: NYS Merit Scholarships Awards from $490 $1,500 per year

6 Subsidized Stafford Loan Fixed rate loan (at 3.76%) awarded based on financial need. Unsubsidized Stafford Loan Fixed rate loan (at 3.76%). This loan is NOT based on financial need. Freshman (0 29 cr.) Sophomore(30 59 cr.) Junior/Senior (60+ cr.) $3,500 sub. $2,000 unsub. $4,500 sub. $2,000 unsub. $5,500 sub. $2,000 unsub.

7 Parent Loan to Undergraduate Students Credit worthy parents can borrow up to the cost of education minus financial aid. Credit worthiness is determined by the DOE. Current rate: 6.31% If parent doesn t meet lender s credit requirement, student becomes eligible for additional Unsubsidized Stafford Loan money. Employment Federal College Work Study Program Awarded to students based on financial need. Students are given the opportunity to work on campus and receive a pay check. Institutional Work Study Program Students who don t qualify federally, may still be able to apply for a work study position

8 Competitive loans offered by lenders to credit worthy borrowers. Rates are currently about 3.50% (prime rate) but vary by lender. Credit worthiness of borrower impacts rate offered by lender. Student may require a co signer. WATCH OUT!!!! Scholarship Scams and Identity Theft BE CAREFUL of Financial Aid Consultants, Free Seminars, and exaggerated claims!!!! Most of the information needed is readily available at no cost.

9 Apply after Oct 1 online at Get a FSA ID fsaid.ed.gov Allows you to sign the FAFSA electronically One parent and the student need a FSA User ID It s fast and secure

10 Gather records you will need Students Drivers License and Social Security Card Parents Social Security Card W 2 forms and other records of money earned in Federal Income Tax Returns and applicable schedules (IRS retrieval function imports figures directly from the IRS records.) Records of Untaxed Income Current Bank Statements Business and Farm Records Records of Stocks, Bonds and Other Investments

11 Students name and date of birth Info is cross referenced to Homeland Security and Social Security is used to confirm accuracy State of Residence Important If you are a NYS resident you may be eligible for TAP Citizenship Student s Marital Status Selective Service Registration Grade Level? freshman, sophomore etc.. Already have BA degree? Convicted of Selling Illegal Drugs?

12 List up to ten schools to which the student is applying. The 1 st school listed will be Tap's school of record. (ex. St. Joseph s College is E00505) For each school, select the housing plan that best describes the type of housing you expect to live in.

13 To determine if student is independent student must be: Jan. 1 st, 1994 Married Supporting children/dependents A Graduate Student A Veteran A Ward of Court or Orphan Parents information must be reported if not independent

14 Do not include legal guardians or foster parents! Married or living together Both parents are living and married or unmarried but living together answer questions about them. Divorced or separated Use information about the Custodial parent (parent you lived with most in the past 12 months.) Remarried parent as of the date you complete form, answer for parent and their new spouse. Widowed or single answer questions about the surviving parent.

15 Parent s SSN, Date of Birth, and Name Parent s state of residence for TAP grant Parents Household Size Include: student and parents Siblings if they do not meet the independency requirements or if parents provide more than ½ support. other people (3 rd party dependents), if they live with parents, and if parents provide more than half their support annually. (i.e. Grandparent) Family Members Attending College Include others only if they will attend at least half time 6 credits or more per semester in in a program that leads to a college degree or certificate. Parents ARE NOT included in this question.

16 Tax Information (If not brought over through IRS DRT.) Wages From W 2 s Adjusted Gross Income from tax return Federal Taxes Paid & Number of exemptions reported Report all other untaxed income Child support received for all children Payments to tax deferred pension and savings plans Disability payments (but not Social Security disability) Report income exclusions Education credits from tax return Child Support PAID Parent Assets Include the current balance of cash, checking and/or savings accounts as of date completing FAFSA. Investments include real estate (but not the primary residence), trust funds, mutual funds, CD s, stocks, bonds, college savings plans, etc.) DO NOT include the balance of retirement savings plans (401k, 403b etc.), nonvested stock, or the value of life insurance policies.

17 Provide the electronic signatures (FSA ID) for both parent and student. Keep going until you receive a confirmation number. Website gives you the option to print out the FAFSA for your records. Link to TAP grant website.

18 Questions?