2015-2016 Academic Year
Jessica Petrie
Financial Aid Coordinator
Penn State York
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Financial aid is “quite important” in the
college search process BUT there is a great
deal of confusion about processes, award
amounts, and timing.
“2014 Rising Seniors’ Perceptions
on Financial Aid,”
produced by Ruffalocody
Enrollment Management, in
conjunction with Scannell & Kurz
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Financial Aid consists of funds provided to
students and families to help pay for
postsecondary educational expenses
Students and parents have the primary
responsibility for funding post secondary
education to the extent they are able
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Need-based financial aid subjected to
federal formula to determine financial need
Not all families qualify for need-based aid.
There is no guarantee that you will get any
free money to pay for higher education
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Direct Costs
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Indirect Costs
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Direct and indirect costs = Cost of
Attendance
Dear Mom and Dad,
$chool i$ really great. I am making lot$ of
friend$ and $tudying very hard. With all my
$tuff, I $imply can’t think of anything I need,
$o if you would like, you can ju$t $end me a
card, a$ I would love to hear from you.
Love,
Your $on
Dear Son,
We kNOw that astroNOmy, ecoNOmics, and
oceaNOgraphy are eNOugh to keep even an
hoNOr student busy. Do NOt forget that the
pursuit of kNOwledge is NOble task, and you
can never study eNOugh.
Love,
Mom and Dad
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Financial Aid Timeline
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Money that does not have to be paid back
Awarded on the basis of merit, skill or unique
characteristic
Small scholarships add up!
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Foundations, businesses, charitable
organizations
Begin researching early and research what is
available in the community
Pay attention to deadlines and application
procedures
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One fourth of scholarship donors look up an
applicants online presence
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Google
Facebook
You Tube
Twitter
One Third of donors denied application based
on an applicants online presence!
FastWeb.com
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Application fees
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“Guaranteed” Scholarships
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Solicitations
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Official-looking Companies
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Seminars
Ask your school’s financial aid office:
“If I receive an outside scholarship, will
you reduce the scholarship money
awarded to me by your institution or
will you stack my new scholarship on
top of what you gave me?”
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Financial Aid Timeline
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A standard form that collects demographic
and financial information about the student
and family
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Available in English and Spanish
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FAFSA Forecaster
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Sign FAFSA with a FSA ID
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www.fsaid.ed.gov
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FSA ID needed for student and parent
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FSA ID also used to sign Stafford and PLUS
loans once its confirmed by SSA
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Amount family can reasonably be expected to
contribute
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Stays the same regardless of college
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Calculated from data provided on FAFSA
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Colleges use EFC to award financial aid
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Penn State filing deadline – MARCH 1
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Pennsylvania filing deadline – MAY 1
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www.fafsa.ed.gov
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FAFSA is FREE!
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Department of Education to allow use PriorPrior Year tax data on 2017-18 FAFSA
application
Increases ease of filing and accuracy of FAFSA
application
Provides more accurate idea of anticipated
financial aid
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While completing FOTW, applicant may
submit real-time request to IRS for tax data
IRS will authenticate taxpayer’s identity
If match found, IRS sends real-time results to
applicant in new browser window
Applicant chooses whether or not to transfer
data to FOTW
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IRS Data is available:
◦ After 2 weeks of electronically filing federal tax
return
◦ After 8 weeks of filing a paper federal tax return
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If use estimated income to complete FAFSA,
can go back once taxes are filed and use IRS
Data Retrieval Tool
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Social Security Numbers
Divorced/remarried parental information
◦ Who provides more than ½ support
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Untaxed income
U.S. Income tax paid
Household size/ number in college
Real estate and investment net worth
Business and farm income
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Results sent to schools listed
Results emailed to student if email address
provided – SAR Acknowledgement
◦ Review your results for accuracy
◦ Update estimated information
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Schools may require additional
documentation
*Penn State School Code - 003329
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Change in employment status
Medical expenses not covered by insurance
Change in parent marital status
Unusual dependent care expenses
Student can not obtain parent information
Contact your financial aid office
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Lists the sources of aid you are eligible to
receive based on the info from the FAFSA
Estimated award amounts and nonnegotiable
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Scholarships
Grants
Loans
Employment
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Money that does not have to be paid back
Usually awarded on the basis of financial
need
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Federal PELL Grant
Federal Supplemental Educational
Opportunity Grant (FSEOG)
Teacher Education Assistance for College and
Higher Education Grant (TEACH)
Iraq and Afghanistan Service Grant (IASG)
PA State Grant
Ready to Succeed Scholarship Program (RTSS)
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State Grant
State Work-Study - job related to major
Educational Assistance Grant (EAP) – National
Guard
Chafee Education and Training Grant –
administered by the Department of Public Welfare
Blind or Deaf Beneficiary Grant
Postsecondary Educational Gratuity Program (PEGP)
Partnerships for Access to Higher Education (PATH)
Pennsylvania Targeted Industry Program (PA –TIP)
Ready to Succeed Scholarship (RTSS)
For details, see the PA Student Aid Guide, or visit www.pheaa.org
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Get a job on campus or in the community
Hourly rate must be at least minimum wage
Can be Federal, State or sponsored by
Veterans Affairs
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Money students and parents borrow to help
pay college expenses
Repayment usually begins after education is
finished
Only borrow what is really needed
Look at loans as an investment in the future
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Federal Loans
Available to students
Borrowed from the government
Offer low fixed interest rates
Offer different repayment plans including
deferment and forbearance
◦ Repayment does not begin until after a student
leaves school
◦ Guaranteed loans for students
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Subsidized vs. Unsubsidized
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4.29%
Bipartisan Student Loan Certainty Act of 2013
Rate is based on the US Treasury bill
Most students are eligible for both
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Parent PLUS loan
6.29%
Credit based
Repayment begins immediately - can defer
repayment until 6 months after student
graduates or drops below half-time
enrollment.
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Private loans
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Available to students
Borrowed from a bank
Interest rates are variable
Credit based loans, most students require a
cosigner
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Know what you are getting into
◦ Do your research
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Understand the types of student loans
◦ Do not borrow more than you need
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Make a plan for repayment
◦ Consider paying interest while in school
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Don’t get yourself into further debt
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Federal Direct Stafford Loan and Parent PLUS
Loan
◦ Must complete Master Promissory Note
◦ Must complete Entrance Counseling
 Students only
◦ www.studentloans.gov
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Filling the gap that financial aid does not
cover
◦ Parent PLUS Loan
◦ Private Loan
◦ Cash payments (including 529 Plans)
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Financial Aid – payments from outside
sources
Bursar’s Office
◦ Payments out of pocket
◦ PA 529 plans
◦ Deferred payment plans
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FAFSA
State Grant Form
CSS Profile
Institutional financial aid forms
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www.yk.psu.edu
www.studentaid.psu.edu
www.bursar.psu.edu
www.fastweb.com
www.studentaid.ed.gov
www.finaid.org
www.pasfaa.org