financial aid counseling i: the application process options institute at goddard riverside community...
TRANSCRIPT
FINANCIAL AID COUNSELING I:
THE APPLICATION PROCESS
Options Institute at Goddard Riverside Community Center
Options Institute – Goddard Riverside Community Center
Agenda
Welcome Financial Aid Vocabulary and Overview First Steps to Filing FAFSA: The Rules Filing the FAFSA – A Case Study Special Circumstances
Financial Aid Vocabulary
Financial Aid Overview
Options Institute – Goddard Riverside Community Center
Total Cost of Attendance
Tuition Mandatory Fees Health Service
Fees Room & Board
Travel Books Supplies Personal
Expenses
Direct Costs Indirect Costs
Options Institute – Goddard Riverside Community Center
Syracuse University
2014-2015 Total Cost of Attendance Per Year
Tuition $ 40,380 Subtotal
Misc Fees $ 1,508 Direct
Housing and Meals $14,460 $56,348
Books and Supplies $ 1,376 Subtotal
Personal Expenses $ 970 Indirect
Travel Costs $ 626 $2,972
Total COA $59,320
Options Institute – Goddard Riverside Community Center
Expected Family Contribution
EFC is the amount of money a student’s family can afford to pay toward one year of college, as determined by the U.S. Department of Education.
An EFC amount of $1,000 means that the student’s family will be expected to contribute $1,000 towards his education in that year.
Who pays the rest of the total Cost of Attendance?
Options Institute – Goddard Riverside Community Center
Financial Need
“financial need”Colleges determine how much financial aid a student needs by subtracting the family’s Expected Family Contribution from the Cost of Attendance.
COA - EFC = Need $
Options Institute – Goddard Riverside Community Center
Financial Need
Joe Student has a federal EFC of $1,000.
What is his financial need at Syracuse University?Syracuse
University
If COA is… $59,320
and EFC is… $ 1,000
then Need is… $58,320
Options Institute – Goddard Riverside Community Center
Defining Financial Aid
Need is met by Financial Aid, which consists of:
$ Grants /Scholarships
$ Loans$ Federal Work-Study
Options Institute – Goddard Riverside Community Center
Where Does Aid Come From? Sources of
AidFin. Aid Form Types of Aid
Federal Government
FAFSA GrantsLoansWork Study
New York State Government (if NYS resident at a college in NYS)
TAP TAP GrantScholarships (special eligibilities)
Institution (college itself)
FAFSAProfile Institutional Forms
Grants (merit and need)Loans (less often)Scholarships
The Rules
First Steps to Filing the FAFSA
Options Institute – Goddard Riverside Community Center
FAFSA Basics
www.fafsa.ed.gov or
www.fafsa.gov
No deadline
Online or paper versions
Financial estimates
Student and parent PIN
Options Institute – Goddard Riverside Community Center
Who Should File the FAFSA?
Students eligible for federal financial aid: US Citizens Permanent Residents (Green Card Holders) Refugees/Asylees Other humanitarian groups: Parolees,
Victims of Human Trafficking, and Cuban-Haitian Entrants
Students eligible for institutional aid ONLY: Student Visa Holders, F-1 or 2 Exchange Visitors, J-1 or 2 visa holders G-series visa holders
Options Institute – Goddard Riverside Community Center
Who Should Not File the FAFSA
Undocumented Students
Options Institute – Goddard Riverside Community Center
Who is Considered Independent ?
Students automatically independent Age 24 and over Married Graduate student Supporting dependents Are/have served in US Armed Forces In legal guardianship Orphan, foster care, ward of court after age
13 Emancipated minor Unaccompanied homeless youth
Continued on next slide…
Continued from prev slide…
Options Institute – Goddard Riverside Community Center
Who is Considered Independent?
The following does not make a student independent
Parent refusal to provide financial info
Student refusal to ask parents for info
Student living on her own for several years
Student refusal to communicate with parents
Options Institute – Goddard Riverside Community Center
Circumstances for Independence
Documented Involuntary Dissolution of Family Abuse in family
Abandonment
Incarceration or institutionalization of both parents
Parents lack physical or mental capacity to raise child
Dependency Override
Options Institute – Goddard Riverside Community Center
Income Reported on FAFSA
Parent(s) income +
Student income
Student income+
Student’s spouse income
Independent StudentDependent Student
Options Institute – Goddard Riverside Community Center
Who Is Considered a Parent
Biological or adoptive parents
Step-parents, if married to a biological or adoptive parent
Options Institute – Goddard Riverside Community Center
Who Is Considered a Parent
Here’s a hint to help you remember!
SIMBA S step- I if M married, B biological, or A adoptive
Options Institute – Goddard Riverside Community Center
Who Is Not Considered a Parent
Grandparents Foster parents Legal guardians Siblings Uncles Aunts Family friends
Unless, they have legally adopted the student.
Options Institute – Goddard Riverside Community Center
Parent Income Recorded on FAFSA
Custodial Parent(s)- REGARDLESS of GENDER
Data Collected on FAFSA
Single legal parent 1 parentTwo legal parents who are married to each other
2 parents
Legal parent who is married to a stepparent
2 parents
Two legal parents who are not married to each other and living together
2 parents
NEW!
NEW!
Options Institute – Goddard Riverside Community Center
Parent Income Recorded on FAFSA
For Divorced or Separated Parents: Report income of parent lived with most
If student lived with both parents equally, report income of parent who provides most financial support
If student is supported equally by both parents, use income of parent who makes the least
Remember: If the custodial parent is re-married, the step-parent’s income must also be reported.
Test Your Knowledge
Practice Situations
Meet Ali …
Filing the FAFSA