Michele Rizzo Asst. Director of Student Financial Aid Canisius
College Iroquois High School Financial Aid Presentation
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An Overview How to Apply FAFSA & Expected Family
Contribution How Eligibility Is Determined Types of Financial Aid
Award Notification Topics
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How to Apply Section I
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Familys financial information is required to calculate the
students Expected Family Contribution (EFC). Student Aid Report
(SAR) Electronic version of FAFSA FAFSA on the web at www.fafsa.gov
Limited distribution of Paper FAFSA Free Application for Federal
Student Aid (FAFSA)
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2012-13 FAFSA on the Web
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May be Used to Award Institutional Aid from the College
Required to Apply for N.Y.S. Financial Aid (TAP Program) Complete
and mail FAFSA after January 1st FAFSA (Cont.)
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Tuition Assistance Program Application TAP Application part of
FAFSA on the Web. Data from FAFSA is used to create the paper
Express TAP Application. TAP is a College Specific Program. 1 st
New York University/College listed on FAFSA is the school of record
www.hesc.org How to Apply for TAP
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After Completing the FAFSA Look for:
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TAP Application Website
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Profile - College Scholarship Service Used by approximately 240
College Total Electronic Application www.collegeboard.com
Non-Federal Aid Application Fees: $25.00 for the 1 st Profile
Application $16.00 for everyone beyond the 1st Secondary
Application Profile
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Some Colleges May Have an Institution Need Based Aid
Application Or a Specific Scholarship Application Colleges will
Distribute Their Own Forms Secondary Application - College
Forms
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Suggested Timetable (2012-2013): Complete & Mail Forms
2/15/12 College Receives Data 2/22/12 College Begin to Award Aid
3/01/12 National Reply Date (Deposit) 5/01/12 Forms to be
Completed
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IRS Data Retrieval Tool Applicant TypeIRS Data RetrievalUses
Data RetrievalDoesnt Use Data Retrieval Applicant completes tax
return before completing FAFSA Applicant directed to use data
retrieval process Applicant satisfies verification Will be selected
for verification Will be required to submit an IRS transcript to
verify income data Applicant does not complete tax return before
completing FAFSA Applicant encouraged to submit corrections using
data retrieval process Applicant satisfies verification
requirements for transferred data Will be selected for verification
Will be required to submit an IRS transcript to verify income data
Applicant not eligible to use data retrieval process For example,
Married couples who file seperately Applicant not given option to
use process N/AIf selected for verification will need to submit
documentation; school may request documentation directly from IRS
(transcript)
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The FAFSA Application & Expected Family Contribution
Section II
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Parent contribution from total income and assets Student
contribution from total income and assets Number in the Household
Number attending College Expected Family Contribution
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Divorced/remarried parent information Income earned by
parents/stepparents Untaxed income U.S. income taxes paid Household
size Number in postsecondary education Frequent FAFSA
Questions
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How is Eligibility Determined Section III
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Cost of Attendance (COA) Expected Family Contribution (EFC) =
Financial Need Definition of Need
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Basic Components of the Cost of the Attendance Tuition and Fees
Books & Supplies Room and Board Transportation Miscellaneous
Personal Expenses Cost of Attendance
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Example - Carlos
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Types of Financial Aid Section IV
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Eligible students: Undergraduates pursuing first baccalaureate
or professional degree Semi-Entitlement Program Portable Maximum
award 2011-12 = $5,550 2012-13 = Unknown Minimum award 2011-12 =
$555 Federal Pell Grant
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Eligible students: Undergraduates pursuing first baccalaureate
or professional degree Awarded first to students with exceptional
financial need (i.e., students with lowest EFCs at that school)
Priority to Federal Pell Grant recipients Annual award amounts:
$100 minimum $4,000 maximum Federal Supplemental Opportunity Grant
(SEOG)
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Eligible students: Undergraduate, graduate students Employment
may be on or off campus Eligible employers: College itself majority
of job placements Federal, state, or local public agencies Certain
private nonprofit and for-profit organizations Schools must use
portion of FWS funds for community service employment activities
Federal Work Study (FWS)
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Must be paid at a minimum monthly at least minimum wage Job
Placements on Campus Does the college guarantee a job? Does the
college require an interview process? Federal Work Study (FWS)
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Eligible students: Undergraduate, graduate, and professional
students Priority to students who show exceptional need, as defined
by school Loan amount varies Maximum annual loan amounts:
$5,500undergraduate students per year (27,500 aggregate)
$8,000graduate students per year (total aggregate $60,000 to
include undergraduate) Federal Perkins Loan
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Interest rate: 5% 9-month grace period Repayment period may be
up to 10 years Deferment and cancellation provisions available
Federal Perkins Loan
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Subsidized: Must demonstrate need Unsubsidized: Not based on
need Base annual loan limits (combined subsidized and
unsubsidized): $5,500 - 1st year ($3,500 Sub & $2,000 Un-sub)
$6,500 - 2nd year ($4,500 Sub & $2,000 Un-sub) $7,500 for each
remaining undergraduate year ($5,500 Sub & $2,000 Un-sub)
$8,500 for each year of graduate/professional study Federal Direct
Student Loan
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Interest Rate is 6.8% Repayment begins after 6-month grace
period Maximum repayment period between 10 and 30 years depending
on repayment plan chosen Deferment and cancellation provisions
available Federal Direct Student Loan
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Parent loan program for parents of dependent undergraduate
students Annual loan limit: COA minus financial aid offer Fixed
Interest Rate 7.9% New PLUS loan program for graduate students
Federal Direct PLUS Loan
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Tuition Assistance Program (TAP) Attending NYY College Maximum
Award - $5,000 Minimum Award - $500 2011 NYS Net Taxable Income
$80,000 NTI or less NYS Aid Programs
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Scholarships from College Academic Merit Talent Based Merit
Awards May Require Separate Scholarship Application Scholarship
Letter should indicate: Terms for Renewal The Specific Amount
Probation Opportunities Institutional Financial Aid
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Grants from College Awarded Annually Award based on Financial
Need Determine Renewability Athletic Grant-in-Aid Awarded on
Athletic Ability Contact Coach at the College Institutional
Financial Aid (Cont.)
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Generally Awarded on an Annual Basis Sources of Scholarships
Unlimited Scholarships Must be Incorporated into Award Package
Scholarship Search Engines www.fastweb.com
http://go.salliemae.com/scholarship www.scholarship.com Private
Sources of Financial Aid
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Financial Institutions have created private education loans to
supplement the federal loan programs Student is the borrower
co-signer is required for the loan Loan amount is determined by the
cost of attendance minus financial aid Interest rate varies between
lenders May provide deferment provisions Alternative Loan
Financing
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www.finaid.org www.studentaid.ed.gov
www.wnycollegeconnection.com www.ncaa.org www.collegesavings.org
www.canisius.edu Internet /World Wide Web (http://)
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Award Notification Section V
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Read Carefully Follow Instructions Respond on Time Be Sure to
file Additional Forms Contact the Financial Aid Office with
questions & concerns Make the Process a Family Affair Award
Notification