An Introduction to Financial Aid Beth Post-Lundquist, Director of Financial Aid Skidmore College Dan Lundquist, Retired Vice President, Admissions The.

How to Pay For College Workshop Skidmore College Office of Student Aid and Family Finance

An Introduction to Financial Aid

Beth Post-Lundquist, Director of Financial Aid Skidmore CollegeDan Lundquist, Retired Vice President, AdmissionsThe Sage CollegesUnion CollegeUniversity of Pennsylvania

Navigating College AffordabilityTopics We Will DiscussAffordability, the financial fit factorNet Price CalculatorsTypes of Financial AidHow Financial Aid is CalculatedCompleting the FAFSA and PROFILEAward LettersAdditional Resources

The Importance of FitWith so many college options it is important to focus on fit, or comfort and connection:Academic FitSocial FitFinancial FitCollege is a students experience and, usually, a family commitment so balancing these factors, early, can be key to successExploration, questioning, and honest conversations help this process

Net Price CalculatorsWhat are they?Online tool - every college has oneSome are very simple to complete, and results are very generalSome are more thorough, and results are much more individualizedGives you a more personalized, early, financial aid estimatePrimary purpose is to advise prospective students of Grant and Scholarship estimatesneed-based eligibility based on family financesmerit-based eligibility based on student achievement

How can families use Net Price CalculatorsThe Net Price Calculator can helpBallpark your costHelp shape the potential college list Manage expectationsStrategies to target your cost, affordability zoneat Private colleges, merit scholarshipsFind colleges where you are a starMatching academic credentials to colleges profiles will help you identify places that will offer non-need-based grants at Public colleges, priceMany affluent families who might not qualify for need-based aid consider public universities for their lower cost5

Get Data and Information

http://college-insight.orgWhat is Financial Aid? Funds provided to students and families to help pay for postsecondary educational expenses

How Financial Need is Calculated Cost of Attendance Family Contribution = Financial Need

What is the Estimated Family Contribution (EFC)?Calculated based on data provided on the financial aid application, including:Family household sizeFamily household members enrolled in collegeParent incomeStudent incomeParent assetsStudent assetsUsed to determine Federal aid eligibility, it is an assessment of the familys (theoretical) ability to pay for students education for one yearGovernment Assistance AvailableANNUALELIGIBILITYNAMESOURCETYPEMAXIMUMCRITERIAPellFederalgift$5,700 EFC < $5,000TAPStategift$5,000 NYNTI < $80,000Subsidized stu. loanFederalstudent loan$3,500 need & time enrUnsubsidized loanFederalstudent loan$2,000 time enrollmentPLUSFederalparent loanup to COAclear credit history"work study"Federalstudent workgenerally $2000need/school policyExamples of the types of financial aid available and the eligibility requirements that schools will use to determine whether you qualify 4 yr 4 yr Community Public Private College Price $ 19,500 $ 60,000 $ 3,500 - Family Contribution $ 9,000 $ 9,000 $ 9,000 = Financial Need $ 10,500 $ 51,000 0 Public Private Price is $ 19,500 $ 58,000 - Family Contribution $ 9,000 $ 9,000 = Financial Need of $ 10,500 $ 49,000 Student Loan $ 3,500 $ 3,500 Work $ 2,000 $ 2,000 TAP $ 500 $ 500 Grant $ 43,000 Total Aid $ 6,000 $ 49,000 Net Price to the Family $19,000 $14,500 (Net Price = price grants)Exploring the Difference Between Price and CostTop-line PRICE

Bottom-line COST after financial aid financial aid award Public Private Price is $ 18,500 $ 60,000 - Family Contribution $ 9,000 $ 9,000 = Financial Need of $ 9,500 $ 51,000 Student Loan $ 3,500 $ 3,500 Work $ 2,000 $ 2,000 TAP $ 500 $ 500 Grant $ 45,000 Total Aid $ 6,000 $ 51,000 Net Price to the Family $18,000 $14,500 (Net Price = price grants)Exploring the Difference Between Price and CostTop-line PRICE

Bottom-line COST after financial aid financial aid award Public Private Price is $ 19,500 $ 60,000 - Family Contribution $ 9,000 $ 9,000 = Financial Need of $ 10,500 $ 51,000 Student Loan $ 3,500 $ 3,500 Work $ 2,000 $ 2,000 TAP $ 500 $ 500 Grant $ 45,000 Total Aid $ 6,000 $ 51,000 Net Price to the Family $19,000 $14,500 (Net Price = price grants)Exploring the Difference Between Price and CostTop-line PRICE

Bottom-line COST after financial aid financial aid awardPRICE

COSTPackaging CaveatsWe have chosen a typical New York public university, and it assumes they do not offer need-based grants (as was true when Beth was financial aid director at UAlbany)The private college example assumes the college meets 100% of need not all do, nor is there any requirement that they doIn both cases the yellow box (institutional grant and scholarship) is there to draw attention to the variability of individual institutions policies on need- and non-need-based gift aidAfter reviewing this illustration, we strongly suggest you test drive the Net Price Calculator at comparison colleges your child is interested in, that will give you the best insight into affordability or Financial FitHow and When to ApplyFAFSA Free Application for Federal Student Aid www.fafsa.ed.gov

Profile College Boardhttp://student.collegeboard.org/css-financial-aid-profile(or search on College Board website Profile)Private Scholarshipswww.fastweb.comhttps://bigfuture.collegeboard.org/scholarship-search

Apply early = DeadlinesFAFSA after January 1, before earliest deadlineProfile generally late fall

Example of college fin aid app requirements and deadlinesCollege Fin College NameFAFSACSS PROFILE?Aid App?1st year priority filing date for fin aid appSt. Michael's CollegeFAFSANoNoFebruary 1SUNY OswegoFAFSANoNoNothing listed, but notifications start Feb 15SUNY PlattsburghFAFSANoNoFebruary 15 SUNY PotsdamFAFSANoNoNothing listed Castleton State CollegeFAFSANoNo"first come, first served"Keene State CollegeFAFSANoNoASAP, and before March 1Stonehill CollegeFAFSAYesNoFebruary 1Champlain CollegeFAFSANoNoFebruary 15 The College of Saint RoseFAFSANoNoFebruary 1Endicott College in Beverly, MAFAFSANoYesMarch 15The Free Application for Federal Student Aid (FAFSA)A standard form that collects demographic and financial information about the student and familyMay be filed electronically or using paper formAvailable in English and SpanishParent and student each create user ID and passwordFile online: www.fafsa.ed.gov January 1, 2016 becomes available for new year

New York State Grants: TAPOnly for NYS residents at NYS colleges

Link to the TAP Application from the FAFSA

New York State (NYS) Residents attending NYS schools will have the option to link directly to the TAP application from the FAFSA submission confirmation page. If you exited the FAFSA before selecting this option, you can complete the application after HESC receives your FAFSA data (three days). HESC will send you an email or postcard notifying you to complete the TAP application online if you did not select the FAFSA link to TAP on the Web.

For more details and direct linkshttp://www.hesc.com/Content.nsf/ca/Apply_for_TAP_Now

FAFSA Tips1. It is the STUDENTS application, though a parent may be completing it, soDont use parent social security # when it prompts you to enter your social security numberDont use parent marital status when it prompts you to enter your marital status2. Database matches are completed against other Federal agencies to check for accuracy. Social Security administration for name + social security number matchHomeland Security for citizenship statusSelective Service for registration status (if the student does not indicate they are female)

FAFSA Tips continued3. Divorced/separated/remarried familiesUse the parents info that the student lived with most in past 12 monthsOnly one parents info reported UNLESS remarried

4. Assets: report value at time of form completionDo not include assets in Retirement PlansDo not include value of home on FAFSA529 plans are reported in parents name regardless if owned by student and/or parentUGMA accounts are reported in students nameFamilies Special CircumstancesNo space to report on FAFSAEmployment/income changesHealth expenses, etc.Send explanation to financial aid office at each collegeCollege will review special circumstancesRequest additional documentationThese decisions are final and cannot be appealed to U.S. Department of Education

The CSS Financial Aid PROFILEwww.collegeboard.orgSome private colleges require the Profile: check the CSS list (at collegeboard.org) or colleges websitesThree years of income data instead of oneParent assets will include the family home, farm and small businessSome expense questions not on FAFSASome colleges will have specific, customized supplemental questions There is a section available to provide special circumstances information on the Profile

Award Decisions and NotificationsFinancial aid awards are sent with or shortly after the admission decisionKeep an eye out: it might be online or hidden in all the mail that arrives from colleges!Read all information carefully

Respond within 2 weeks if Early Decision applicant

Respond by May 1st if Regular Decision applicant

Compare offers: remember Financial Fit

Uncertain? Contact the Financial Aid office. The process to ask for more assistance is called an appeal. We are here to help.Q & AHelp with financial aid paperwork and why this is important?Do we get more FA if we have two attending at the same time? For parents who are divorced how is financial aid paperwork submitted? What information is needed and who can see it?How am I gunna make this happen without going into debt forever? My mom will probably ask more specific questions but I have no idea what I'm doing at allSUMMARYFile the FAFSA during January (check if the PROFILE application is also required by any colleges)Pay Attention to Requests for Additional Information from CollegesExpect to Receive the Admission & Financial Aid Decisions Near the End of March from Colleges Contact the Financial Aid Office if the Student is Admitted BUT You Feel it is UnaffordableEncourage Your Son/Daughter to Apply to a Variety of Types of Colleges (strive for best Academic & Social & Financial Fit)

Questions?

Beth is the director of financial aid at Skidmore College. She has 25 years experience in the profession at both private and public institutions. She is active in financial aid professional organizations, and presents to hundreds of families annually on the topics of college affordability and financial aid.Before joining the staff of the University at Albany in 2007, Post-Lundquist was director of financial aid at Union College. Prior to Union College, she was assistant director of financial aid at RPI. Post-Lundquist holds a bachelors degree from Siena College. Email: [email protected]: 518 580 - 5750