10/18/20151 high school financial aid night heather mc donnell
TRANSCRIPT
04/20/23 1
High School Financial Aid Night
Heather Mc Donnell
04/20/23 2
The Partnership
Family Government
Colleges & University
04/20/23 3
WHO is Responsible?
PARENTSprimarily
STUDENTminimally
GOVERNMENTpolitically
SOCIETYmorally
UNIVERSITYfinancially
04/20/23 4
Financial Aid 101
THE BASIC UNDERSTANDING
The student and parent(s) are expected to contribute to college expenses to the extent they are able.
04/20/23 5
An Expected Contribution
Is a measure of your capacity to absorb educational costs over period of time - not all from current income & assets.
Is NOT extra cash available
04/20/23 6
“To the Extent You are Able”
Income and net assets reflect an economic strength over a period of time.
Current financial circumstances are the baseline information used.
Similar treatment for similar situations; more expected from better economies.
Unusual situations may be considered.
04/20/23 7
Don’t Know Much About EFC
Parent Contribution
22 – 27% from income
AND 6% from net asset
(value minus debt)
Student Contribution
50% from incomeAND
20% from net assets
04/20/23 8
Family Planning & your EFC
One 100%
Two 50% 60%
Three 33% 45%
Four or more 25% 35%
04/20/23 9
Choices, Choices, Choices
Savings Monthly Tuition Payment Plan
Borrowing
ALL OF THE ABOVE
04/20/23 10
Student Financial Aid
Cost of the University ** minus Family Contribution equals Student’s financial need
** Parents can always borrow up to Cost (minus
aid)
04/20/23 11
WHAT Kind of Aid?
TYPES
Grants & Scholarships Student Employment
Loans
FROM
Federal gov’t State gov’t
Private Agencies Universities
04/20/23 12
The Myth of FA
Financial aid isn’t available Financial aid goes to the best students only
My income is too high to qualify My sibling/friend didn’t get any financial aid
Cost is the best way to choose a college Attend the college that offers the most aid
Financial aid is guaranteed for all four years Applying for financial aid will affect admission
04/20/23 13
The Application Link Federal Resources - the FAFSA
Free Application for Federal Student Aid USE THE PIN!
New York State Resources - TAPTuition Assistance Program
University Resources - Profile
04/20/23 14
The FATAL Mistake
DEADLINES missing
application dates missing admission dates missing information
04/20/23 15
Where on the Web?
www.nysfaaa.org www.collegeboard.com
www.fastweb.com www.finaid.org
www.petersons.com www.scholarships.salliemae.com
www.hesc.state.ny.us