Financial Aid 101

Financial Aid 101
“Just the facts, ma’am!”
Michele A. Rizzo
Asst. Dir. of Student Financial Aid
Canisius College
An Agenda
What is Financial Aid?
 Who is eligible?
 How do I apply?
 Who completes the forms?
 When do I apply?
 What finds of aid might I receive?
financial aid?
 Scholarships – free money, some skill
 Grants – free money, usually need required
 Loans – money that must be paid back
 Employment – opportunity to earn money
for college expenses
 Merit
-based aid – money given
because of skill, such as
academic, artistic, athletic, etc.
– money given
because the student has need
 Need-based
is eligible?
General Eligibility for Federal Aid
 Matriculation toward a degree
 U.S. Citizenship or eligible non-citizen
 Registration with Selective Service
(males ages 18 – 25)
 No drug related convictions
Who completes
the forms?
An Overview
The Federal government believes that it is the
parents’ and student’s responsibility to pay for
 Parents’ and student information is required
 For divorce or separation situations, the parent
with whom the student resides completes the
 For joint custody situations, the parent who
provides the most support completes the form
A student is considered to be Independent
by the Federal Government for 07-08 if :
They were born before Jan 1, 1984.
At the beginning of the 07-08 school year they
will be working on a Master’s or Doctorate
Married as of the date of application.
Have legal dependents/children who receive
more than ½ of their support from them.
Both parents are deceased, or are a
ward/dependent of the court (until 18)
A veteran of the U.S. Armed Forces
How do I apply?
Free Application for Federal
Student Aid (FAFSA)
Family’s financial information is required to
calculate the student’s Expected Family
Contribution (EFC).
 Student Aid Report (SAR)
Paper versions of FAFSA
Electronic version of FAFSA
FAFSA on the Web at
Paper vs. Electronic Processing
FAFSA on the Web
English and Spanish
Access PIN Web site
Check status of
View SAR information
Make corrections
To Register for a PIN:
FAFSA (Cont.)
 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
How to Apply for TAP
 Tuition Assistance
Program Application
– TAP Application part of FAFSA on the Web.
Link to Express TAP Application - on
“Confirmation Page” look for red heading
“New York Residents Only”.
– If link is missed, a reminder will be sent.
 TAP is
a College Specific Program.
– 1st New York University/College listed on
FAFSA is the school of record
Secondary Application - Profile
Profile - College Scholarship Service
 Used by approximately 240 College
 Total Electronic Application
 Non-Federal Aid Application
 Fees:
$ 5.00 - Registration Fee
$18.00 - Per Each College
Secondary Application - College
 Some
Colleges May Have an Institution
Need Based Aid Application
 Or a Specific Scholarship Application
 Colleges will Distribute Their Own
When do I apply?
Suggested Timetable (2007-2008):
& Submit Forms
College Receives Data
College Begin to Award Aid
National Reply Date (Deposit)
What kinds of aid might I
Sources & Types
Financial Aid
 Federal
– Pell Grant
– Campus-Based Programs
Supplemental Educational
Opportunity Grant (FSEOG)
Federal Work Study (FWS)
Perkins Loan
Federal (Cont.)
– Federal Family Educational Loan
Stafford Student Loan Subsidized
Stafford Student Loan
Parent Loan (PLUS)
– Ford Direct Student Loan Program
Same Provisions as Stafford Loan
NYS Aid Programs
Tuition Assistance Program (TAP)
Attending NYS College
$5,000 to $500 at Private College
$4,350 to $500 at Public College
2006 NYS Net Taxable Income
$80,000 NTI or less
NYS Aid for Part-Time Study
Aid for Part-Time Study (APTS)
Attending NYS College
Award varies with institutional
2006 NYS Net Taxable Income
$50,500 NTI or less
Higher Education Opportunity
Program (HEOP/EOP)
New York State and school sponsored
For educationally and economically
disadvantaged students
Must meet academic and economic guidelines
Provides funding and academic services to
increase college success
Institutional Financial Aid
Scholarships from College
Academic Merit Only
Academic Merit & Financial Need
May Require Separate
Scholarship Application
Institutional Financial Aid (Cont.)
Grants from College
Awarded Annually
Award based on “Financial
Determine Renewability
 Athletic Grant-in-Aid
Awarded on Athletic Ability
Contact Coach at the College
Private Sources of
Financial Aid
Generally Awarded on an Annual Basis
 Sources of Scholarships Unlimited
 Scholarships Must be Incorporated into
Award Package
 Examples:
Wegman’s Scholarship
Elks Scholarship
Kiwanis Scholarship
Encourage parent and students to FILE
 FAFSA can be filed before taxes are
completed. DON’T WAIT,
Advise parents and students to AVOID
using websites, consultants, planners or
services that charge money to apply for
financial aid.
Have a Nice Day