Presenter: Jahaira Troche A.Applying for Financial Aid: A.What is it? B.What do I need to complete it? C.What does it look like? Financial aid consists of funds provided to students and families to help pay for Postsecondary Educational expenses. Students are required to provide Financial Information, if the student is intending to apply for Financial Aid. $150 Billion Dollars in Grants, Loans and Work Study Starting the Financial Aid Process first requires that you Know what financial aid forms each school requires: ALL SCHOOLS REQUIRE: FAFSA (Free Application for Financial Aid) after Jan 1 in Sr. Year STATE GRANT Form (TAP) through NY State aid. Only applies to those attending a NY College. Complete form from the FAFSA link at the end of the FAFSA application process. If you dont you will have to wait for about 3 days for information to be available. SOME SCHOOLS REQUIRE: CSS Profile or an Institutional Financial Aid Form Review Your SAR (Student Aid Report) Make Corrections to FAFSA as needed 1 st Financial aid form: FASFA 2 nd Financial Aid Form: State Aid Be prepared to Send ALL Supporting Documentation to the college at a later date Be sure you send the right information. You are asking for financial help.. You may have to prove it! Last year Income Taxes and This year (if available, if not records and documentation of untaxed and taxed income received, including Social Security Income, Welfare Benefits, W-2, child support ) Social Security Card, alien registration card and/or ID Current Bank Statements or estimates, including stocks, bonds, mutual funds, College plans for other children and other investments (if applicable). When filling out and submitting FAFSA electronically, youll need a Federal Student Aid PIN to sign the form both parent and student. (https://pin.ed.gov/PINWebApp/pinindex.jsp). Receive Financial Aid Package from the College Compare packages from different colleges Cost of Attendance: How Much Does College Cost? Baccalaureate Degree Program in SUNY NY State Resident Living On-Campus Source: SUNY Office of Student Financial Aid, System Administration Tuition and fees: $7,582 ($6,170 & $1,412) Room and board: 12,020 Books and supplies: 1,270 Transportation: 1,020 Personal expenses: 1,450 Total Budget: $23,342 How Much Does College Cost? SUNY Associate Degree Program NY State Resident Living On-Campus Source: SUNY Office of Student Financial Aid, System Administration Tuition and fees: $4,646 ($4,076 & $570) Room and board: 9,730 Books and supplies: 1,320 Transportation: 1,280 Personal expenses: 1,110 Total Budget: $18,086 Receive Financial Aid Package from the College Compare packages from different colleges How is Financial Aid Determined? Estimated Family Contribution (EFC) is determined by: Parents income and assets - primary home value excluded Students income and assets Size of family Age of parents Number of children in college COA minus EFC = Need Grants/Scholarships Money you dont have to pay back Subsidized Loans Government pays interest while student is college Unsubsidized Loans- Interest is added on to what you owe while attending school, brining loan amount higher PLUS Loans Parent Loans Private Loans Personal Loans Work Study Work program used for spending money College is a huge investment in your future. Dont Borrow more then you need!