Financial Aid Presentation 2017-18 Handout

College Funding Services l Website: www.ineedfinancialaid.com l Toll Free: 844-CFS4AID (237-4243) l Email: info@ineedfinancialaid.com How do they determine if I’m eligible? — COA – EFC = NEED — COA = Cost of Attendance — — — — (Includes tuition, books, room/board, etc.) EFC = Expected Family Contribution (Based on parent and student income, assets, age, number of students in school, etc.) Need = Amount of aid the family is eligible What should we know about our Family Contribution? lAsset Protection Allowance lWhat is considered an asset? lParental Assets vs Student Assets lIs debt considered? lHow should we value our home? — — — www.finaid.com Calculators Federal Housing Index What should we know about our Family Contribution? l Parent Income vs Student Income l Student Income allowance = $6,420 l Self-employed families l l Do NOT include business assets/worth on FAFSA if you have less than 100 employees Salary to a dependent as tax benefit detrimental for financial aid How much should students borrow? l NO MORE than Average Starting Salary by Major: l l l l l l l l Engineering $62,891 Computer Science $62,103 Business $57,229 Communications $48,253 Math/Science $44,299 Education $40,267 Humanities/Social Sciences $38,049 Unknown $30,000 Financial Aid l Myths vs reality: l Income too High l Grades too Low l Own a home l I can always apply next year Sources of Financial Aid l FEDERAL GOVERNMENT l Pell Grants l SEOG Grants l College Work/Study l Subsidized and Unsubsidized Stafford Loans l PLUS Sources of Financial Aid State Government l Special programs for in-state residents l Contact HESAA l www.hesaa.org l NJ Class Loans l NJ TAG Grant Sources of Financial Aid Colleges and Universities l Private universities have endowment funds, outside of federal and state funds l Create competition l Give preferential packaging to students who are in top 25% of applicants What if I do not qualify for Need-Based Aid? l Merit Aid l Top 25% of applicants l School by school basis; some more generous than others (some not at all) l Value Schools l Average School cost $30-$70K l Lower end of range = Value l l Ex Binghamton l COA = $36,000 Honors Programs American Opp Tax Credit - AOTC — $2,500 Credit Per Child, Per Year — Phased out for families with AGI between $160,000-$180,000 — Phased out for single parents AGI between $80,000-$90,000 — In order to qualify for maximum credit you must pay college at least $4,000 from a source other than 529 How can I qualify for AOTC if my AGI is over $180,000? — Possible to capture credit through the student — Student must file taxes, claim themselves and show earned income — If family has self-employment income, student should be employee — If family has other property student can be property manager — Other ways to be creative — Consult your CPA How do you apply? — The FAFSA (Free Application for Federal Student Aid) — EVERYONE must fill out this form to get aid — You cannot apply for Federal Loans if you do not fill one out — Not accessible until Oct 1st, 2017 — Accessible at FAFSA.ed.gov — 2016 is base income year for class of 2018 — “Prior Prior” is new base income year — DEADLINES ARE PARAMOUNT FAFSA - FSA ID l New Login/Access Procedure: FSA ID l Required by student and one parent l Needed to access/submit the FAFSA l Username/Password (Replaced PIN number system) l Create Prior to preparing FAFSA: l FSAID.ed.gov CSS/PROFILE l Most private schools require this form l Much more invasive and complex l Home equity treated as liquid asset l Section Q l www.collegeboard.com l $25.00 for 1st school, $16.00 for each thereafter How do you apply for aid? l Institutional Applications l Some schools require their own additional forms l i.e., UPENN, Princeton l They should be consistent with other forms l Usually asks similar questions to the other two forms How do you apply for aid? l FAFSA l CSS/PROFILE l College Institutional Forms l Additional Forms: l Business/Farm Supplement l Divorced/Separated Situations Case Studies Amherst College: Cost - $75,000 EFC - $20,000 Need - $55,000 UMASS-Amherst: Cost - $28,000 EFC - $20,000 Need - $8,000 Amherst College: Meets 100% Need Gift Aid - 100% Self Help – 0% UMASS-Amherst: Meets 60% Need Gift Aid - 50% Self Help - 50% What you actually pay at each school: Amherst College: Original EFC = $20,000 Total Gift = $55,000 Total Cost = $20,000 UMASS-AMHERST: Original EFC = $20,000 + Unmet Need = $3,000 Total Cost = $23,000 Case Studies Colgate University: Cost - $70,000 EFC - $70,000 Need - $0 Case Western: Cost - $65,000 EFC - $70,000 Need - $0 Colgate University: Need-based aid = $0 Merit-based aid = $0 Case Western: Need-based aid = $0 Merit-based aid = $30,000 What you actually pay at each school: Colgate University: Year 1 = $70,000 Total Cost = $280,000 Case Western: Year 1 = $35,000 Total Cost = $140,000 How to appeal for the best possible package 5 Point Plan of Attack Bring color/background to your story Ask for specific amount of additional aid Show awards offered by other colleges Challenge expenses not considered on taxes Be persistent @ Rerrsselaer I "'".FFTNANCTALATD March 12,2016 Rensselaer ID Number: 661637805 Stefan Blair Apt 18F 90 La Salle Street New York NY 10027-4724 Regular Decision Dear Stefan: i am pieaseci to infonn you oi tire financiai aid awarcils.l beiow for the 2tJi6-201'/ ard year Detaiieci information on awards, policies, and procedures may be found in the "Student Guide to Financial Aid" cosr oF ATTENDANCE' Tuition i68,284 #49 Undergraduate Fees Room and Board Books and Supplies Personal and Misc Direct Loan Fee ,520 >L, Z / I $14,630 #a ,264 Cr 4!, trtra JJ) $40 TOTAL RENSSELAER AND OTHER FINANCIAL AID Fall20l6 Spring Rensselaer Leadership Arvard Federal Perkins Loan Federal Direct Subsidized Loan Federal Direct Unsub Loan ESTIMATED FAMILY COST TO ATTEND $9,ooo $1, 5oo 91, 750 $l-, oo0 2017 $9,000 $1, 500 $1, 750 $l-, ooo $2 , 5OO Total $18,ooo $3, 000 $3, 5oo $2, ooo RENSSELAER $4L,7 84 Receipt of awards not listed above or changes to infomation may change award eligibility or amounts Awards you wish to decline or reduce should be crossed out, adjusted and initialed Our "Student Guide to Financial Aid" as well as the "Financing a Rensselaer Education" document is available at http://admissions.rpi.edu/aid/info.html Be sure to meet the May 1.2016 enrollment deposit deadline Please feel free to contact a staff member if you have any questions regarding your aid Sincerely, &Q,@^^z= Larry Chambers Director Rensselaer Polytechnic Institute Academy Hall | 1i0 8th Street I Tio11 NY 12180-1590 (518) 276-6813 | Fax: (5i8) 276-4797 I finaid@rpi.edu I wwrv'rpi.edu 661-63-7805 Office of Financial Aid I Stefan Blair Apt 18F 90 La Salle Street New York, NY 10027-4724 April 13, 2016 Rensselaer ID Number: 661637805 Revised Dear Stefan: I am pleased to inform you of the financial aid award(s) below for the 2016-2017 aid year Thank you for providing our Appeals Committee with your recent request for re-evaluation of your financial aid Every attempt has been made to provide you with the most aid possible Our Appeals Committee decisions are final Compare this notification with your last notification for changes made Detailed information on awards, policies, and procedures may be found in the "Student Guide to Financial Aid" COST OF ATTENDANCE $69,792 Tuition Undergraduate Fees Room and Board Books and Supplies Personal and Misc Direct Loan Fee Laptop Computer $49,520 $1,277 $14,630 $1,264 $1,553 $48 $1,500 TOTAL RENSSELAER AND OTHER FINANCIAL AID .$32,000 RPI Access Grant Rensselaer Leadership Award Rensselaer Laptop Scholarship Federal Perkins Loan Federal Direct Subsidized Loan Federal Direct Unsub Loan Fall 2016 Spring 2017 $2,000 $2,000 $9,000 $9,000 $1,500 $0 $1,500 $1,500 $1,750 $1,750 $1,000 $1,000 Total $4,000 $18,000 $1,500 $3,000 $3,500 $2,000 ESTIMATED FAMILY COST TO ATTEND RENSSELAER $37,792 Receipt of awards not listed above or changes to information may change award eligibility or amounts Awards you wish to decline or reduce should be crossed out, adjusted and initialed Our "Student Guide to Financial Aid" as well as the "Financing a Rensselaer Education" document is available at http://admissions.rpi.edu/aid/info.html Be sure to meet the May 1, 2016 enrollment deposit deadline Please feel free to contact a staff member if you have any questions regarding your aid Sincerely, Larry Chambers Director Rensselaer Polytechnic Institute 110 8th Street | Troy, New York 12180-3590 USA | Academy Hall Phone (518) 276-6813 | Fax (518) 276-4797 | Email: finaid@rpi.edu www.rpi.edu Seminar Evaluation Form (We provide a consensus of your feedback to the guidance department) Please mark the following questions using this evaluation scale: – Strongly Disagree – Neutral – Strongly Agree 1) I am now more knowledgeable about the financial aid process 2) The seminar answered questions I had prior to attending 3) What did you like the most about the seminar and the information presented? _ _ _ 4) What did you like the least about the seminar and the information presented? _ _ _ 5) How did you find out about and decide to attend this seminar? _ _ _ _ Yes, I would like a free consultation Name High School Student Grade Level _ Best # _ Email: _ ... $38,049 Unknown $30,000 Financial Aid l Myths vs reality: l Income too High l Grades too Low l Own a home l I can always apply next year Sources of Financial Aid l FEDERAL GOVERNMENT l Pell Grants... PLUS Sources of Financial Aid State Government l Special programs for in-state residents l Contact HESAA l www.hesaa.org l NJ Class Loans l NJ TAG Grant Sources of Financial Aid Colleges and Universities... $65,000 EFC - $70,000 Need - $0 Colgate University: Need-based aid = $0 Merit-based aid = $0 Case Western: Need-based aid = $0 Merit-based aid = $30,000 What you actually pay at each school: Colgate University: