1. Financial
Aid
Awareness
Worksheet
-‐
December
12,
2012
Parents/Guardians + Students: Please sign and return this worksheet
no later than Wednesday, December 19th 2012.
Save the Date: BHSECQ Financial Aid Night
w/ Columbia U. Fin Aid Director
12/20/12 – 5:30 – 7:30 pm
Dear
Y2
Students
and
Parents,
Financial
Aid
is
the
most
important
part
of
the
College
Applications
process
and
all
students
and
families
need
to
be
involved
and
informed
in
this
process.
We
in
the
CTO
are
here
to
help
as
much
as
we
can,
however,
ultimately,
it
is
the
responsibility
of
each
student
and
their
parents/guardians
to
learn
as
much
as
they
can
about
this
process,
and
to
ensure
that
you
meet
deadlines
and
understand
procedures
and
requirements
(of
which
there
are
many!)
To
facilitate
this
awareness,
we
ask
that
a
parent
or
guardian,
together
with
their
student,
read
the
accompanying
Financial
Aid
101
document
and
initial
next
to
each
item
listed
below:
1. _______
I
will
make
every
attempt
to
attend
Financial
Aid
Night
on
Thursday,
December
20th
2012
-‐
5:30
-‐7:30
pm
with
guest
presenter,
James
Bogner
-‐
Assistant
Director
of
Financial
Aid
from
Columbia
University.
2. _______
I
will
read
the
Financial
Aid
101
(attached)
to
gain
a
better
understanding
of
required
forms,
basic
terms,
and
timeline.
3. _______
I
understand
that
every
college
publishes
a
‘Net
Price
Calculator’
(NPC)
on
their
website
and
that
the
CTO
strongly
recommends
filing
out
obe
for
most
of
your
schools.
The
NPC
will
estimate
your
“net
price”
(cost
minus
any
aid
you
are
eligible
for)
to
attend
a
particular
university.
4. _______
I
am
aware
that
all
colleges
require
the
FAFSA
(Free
Application
for
Federal
Student
Aid),
that
I
can
begin
working
on
it
the
form
on
or
after
January
1st
2013.
5. _______
I
know
to
find
the
FAFSA
at
www.fafsa.ed.gov
(not
fafsa.com)
and
that
it
is
a
free
form
and
I
should
not
have
to
pay
anyone
to
fill
it
out.
2. 6. _______
I
know
that
I
should
file
the
FAFSA
using
2011
taxes
and
2012
estimates
of
assets
and
income
from
2012
and
not
wait
until
I
finish
my
taxes
to
complete
financial
aid
forms.
7. _______
I
know
that
I
should
attempt
to
file
my
2012
taxes
as
soon
as
possible
this
year.
8. _______
I
know
that
student’s
should
only
file
the
FAFSA
and
TAP
if
I
am
a
U.S.
Citizen,
Legal
Permanent
Resident
or
have
legal
asylee
status.
I
know
I
should
feel
free
to
speak
with
the
CTO
Director
with
specific
questions
about
this.
9. _______I
am
aware
that
any
NY
State
and
NYC
Colleges
will
also
require
the
TAP
(Tuition
Assistance
Program)
form
and
that
I
have
the
option
to
link
directly
to
the
TAP
grant
application
from
the
FAFSA
submission
confirmation
page
and
should
plan
to
fill
out
the
FAFSA
and
TAP
at
the
same
time.
10. _______I
am
aware
that
many
private
colleges
also
require
the
CSS
profile
(College
Scholarship
Service)
in
addition
to
FAFSA
and
TAP,
that
there
is
a
fee
for
the
CSS
Profile
and
that
it
can
be
found
at
www.collegeboard.org.
This
form
typically
takes
longer
to
fill
out
and
can
be
filled
out
as
early
as
October.
11. _______
I
understand
that
it
is
very
important
that
I
speak
to
financial
aid
officers
about
any
special
circumstances,
rather
than
assuming
that
the
forms
capture
everything
important.
12. _______
I
know
about
the
resources
available
to
me
should
I
have
questions
(FAFSA,
CSS,
and
TAP
hotlines,
and
financial
aid
offices
at
colleges
list
on
the
Financial
Aid
101).
13. _______I
understand
that
each
college
may
require
different
fin
aid
forms
and
have
different
deadlines
and
so
it
is
essential
to
check
my
with
each
of
the
schools
fin
aid
websites/offices.
Parent
Name
(printed):________________
Parent
Signature:
___________________
Date:
__/__/__
Student
Name:
______________________
Student
Signature:
__________________
Date:
__/__/__
3. Financial
Aid
101
Goals
of
Financial
Aid
Process
Financial
Aid
Forms:
• Evaluate
family
circumstances
in
a
consistent
and
equitable
way
• Assist
the
student
in
attaining
and
realizing
their
ability
to
go
to
1. FAFSA:
Free
Application
for
Federal
Student
Aid
-‐
Required
by
all
college
despite
the
price
tag
of
college.
colleges
• Required
for
federal,
state,
and
some
institutional
aid
Financial
Aid
Timeline
• Determines
Expected
Family
Contribution
(EFC)
• File
on
the
web
at
www.fafsa.gov
st
• December:
Look
up
fin
aid
requirements
&
deadlines
for
schools
• The
form
is
only
available
after
January
1 .
st • For
divorced
families,
non-‐custodial
parent
does
not
need
to
• January
1
-‐
February
1,
2013:
Apply
for
Aid
by
filing
the
FAFSA,
provide
income.
TAP,
CSS,
and
any
additional
required
forms
using
2011
taxes.
• Both
parent
and
student
need
a
pin
#
(www.pin.ed.gov)
• January
&
February:
Call
financial
aid
office
regarding
special
circumstances.
2.
CSS/Financial
Aid
PROFILE:
Required
by
many
private
colleges
The
CSS
PROFILE
is
used
primarily
by
expensive
private
schools
to
• March:
Follow
up
financial
aid
offices
individually.
determine
your
true
ability
to
pay.
In
addition
to
using
the
FAFSA
to
• April
or
before:
Update
FAFSA
once
taxes
are
complete
determine
an
initial
EFC,
private
schools
use
the
PROFILE
to
look
for
supplemental
sources
of
funding.
For
instance,
colleges
requiring
the
• March
–
April:
Receive
Award
Letters
PROFILE
will
ask
about
home
equity
and
treat
it
as
a
legitimate
source
•
th
April:
Call
fin
aid
offices
if
awards
are
not
received
by
the
7 .
for
funding
college,
whereas
colleges
requiring
only
the
FAFSA
do
not.
The
CSS
Profile
also
considers
non-‐custodial
parent
income
a
source
of
• April-‐May:
Follow
up
on
any
requests
for
additional
documents
funding.
The
FAFSA
does
not.
However,
if
you
have
not
had
any
contact
with
your
non-‐custodial
parent
for
an
extended
period
of
time,
it
is
• May
1:
National
School
Decision
and
Deposit
Deadline
possible
to
obtain
a
non-‐custodial
waiver.
• January
-‐
February
2014:
Re-‐apply
for
Aid
• File
online:
www.collegeboard.org
st
• The
form
is
available
as
early
as
October
1
• $25
application
and
initial
report
Types
of
Financial
Aid
offered
by
Colleges
• $16
additional
school
report
fee
(The
PROFILE
service
provides
fee
waivers
automatically
for
people
with
low
income
and
1.
Need-‐based
assets)
• Federal
government
need-‐based
aid
includes:
o Pell
Grants
of
up
to
$5,500,
3.
New
York
State
TAP
:
Required
by
all
NY
Colleges
o FSEOG
grants
of
up
to
$4,000
Before
you
begin
your
TAP
application,
you
must
have
completed
the
o Stafford
subsidized
&
unsubsidized
loans
FAFSA.
New
York
State
(NYS)
Residents
attending
NYS
schools
will
have
o Perkins
loans
the
option
to
link
directly
to
the
TAP
application
from
the
FAFSA
• Need-‐based
state
aid:
submission
confirmation
page.
If
you
exited
the
FAFSA
before
selecting
o NY
TAP
award
of
up
to
$5,000
annually
for
students
this
option,
you
can
complete
the
application
after
the
NYS
Higher
attending
college
in
NY
State.
Education
Services
Corporation
(HESC)
receives
your
FAFSA
data
(three
• Institutional
(college)
need-‐based
aid
availability
varies.
days).
HESC
will
send
you
an
email
or
postcard
notifying
you
to
complete
the
TAP
application
online
www.hesc.ny.gov.
2.
Merit-‐based
(non-‐need-‐based)
Aid
based
on
your
grades,
test
scores,
community
service,
hobbies
and
4.
Additional
Financial
Aid
Forms
special
talents
(artistic/athletic,
etc.).
Often
selective
and
moderately
Be
sure
to
check
each
school’s
financial
aid
website.
Some
may
have
selective
colleges
will
offer
merit
scholarships
to
increase
their
additional
required
forms.
enrollment
of
excellent
students.
In
contrast,
the
most
highly
selective
colleges
typically
do
not
typically
offer
merit
awards,
Resources
Have
more
questions?
Here’s
where
you
can
go
for
help:
What
About
Scholarships?
• Check
with
employers,
high
school
counselors,
libraries,
clubs,
1.
College
Financial
Aid
Offices:
Do
not
forget
that
the
financial
aid
churches,
corporations,
Naviance,
CTO
emails
offices
for
each
of
your
colleges
are
one
of
your
most
valuable
• Use
the
web:
www.finaid.org,
www.fastweb.com,
resources.
These
colleges
really
do
want
to
help
you
and
it
is
comforting
www.wiredscholar.com,
www.thewashboard.org
to
get
help
from
the
people
behind
the
forms.
• Turn
in
high
quality
attractive
applications
• Beware
of
Scams.
Never
PAY
for
a
scholarship
search.
2.
FAFSA
hotline:
1-‐800-‐433-‐3243
Mon
–
Fri.
8am
–
10pm
FederalStudentAidCustomerService@ed.gov
Comparing
Aid
Packages
• Make
sure
you
consider
ALL
costs
(direct
and
non-‐direct)
3.
CSS
hotline:
1-‐305-‐829-‐9793
Mon
–
Fri.
8am
–
10pm
• Review
types,
amounts,
and
renew-‐ability
of
gift
aid
(free
money)
help@cssprofile.org
• Compare
types
and
amounts
of
self-‐help
aid
(loans,
work
study)
• Determine
amount
needed
in
addition
to
what
is
offered
(also
4.
TAP
Application
www.tapweb.org
Call:
1-‐888-‐NYSHESC
(1-‐888-‐697-‐
known
as
a
“gap”)
4372)
toll
free
8:00
a.m.
and
4:45
p.m.
ET
Mon
-‐-‐
Fri.
Updated
12/2012
4. Financial
Aid
101
Tips
on
completing
Financial
Aid
Forms
Make
it
a
family
affair.
The
more
parents
can
help
with
the
financial
aid
process,
the
better
–
from
researching
deadlines
and
required
forms,
to
actually
filing
out
the
forms.
If
you,
the
student,
must
manage
the
process
yourself,
please
see
your
CTO
advisor.
• Gather
records
o Student
Social
Security
Card
o W-‐2,
last
pay
stub,
and
most
recent
income
taxes
o Bank/Investment
statements
• Heads
Up:
o On
the
FAFSA
you
will
only
be
able
to
enter
10
schools
initially.
After
5
days
however,
the
FAFSA
will
have
processed
your
application
and
you
can
safely
delete
schools
and
add
new
ones.
o On
the
FAFSA,
do
not
leave
blanks
(unless
instructed
to)
o On
the
FAFSA,
once
you
have
completed
your
tax
forms,
make
the
corrections
to
your
FAFSA
using
the
IRS
Tax
Transfer
FAQs
about
the
FAFSA
Q:
Should
I
wait
to
complete
the
FAFSA
until
my
taxes
are
done?
A:
No.
If
you
are
facing
a
deadline
and
want
to
get
the
application
in
as
soon
as
possible,
you
may
estimate
your
tax
amounts
for
now
Q:
If
my
parents
are
separated
or
divorced
which
parent
reports
information
on
the
FAFSA?
A:
An
answer
to
this
question
is
in
the
Glossary
section
below,
under
non
custodial
parent.
Q:
Should
I
file
the
FAFSA
if
I
am
not
a
U.S.
Citizen
or
Permanent
Resident
(LPR)?
A:
No.
Only
file
the
FAFSA
if
you,
the
student,
are
a
U.S.
Citizen
or
LPR.
If
you
are
a
citizen/LPR,
but
your
parents
are
non-‐citizens,
they
should
enter
nine
zeroes
for
their
social
security
number
(000-‐00-‐0000)
Comparing
Aid
Packages
• Make
sure
you
consider
ALL
costs
(direct
and
non-‐direct)
for
each
school
• Review
types,
amounts,
and
renew-‐ability
of
gift
aid
(free
money)
• Compare
types
and
amounts
of
self-‐help
aid
(loans,
work
study,
etc)
• Determine
amount
needed
in
addition
to
what
is
offered
(also
known
as
a
“gap”)
Financial
Aid
Glossary
Cost
of
Attendance
Expected
Family
Contribution
(EFC)
• Varies
from
school
to
school
and
usually
includes:
• This
is
the
number
determined
by
the
FAFSA
o Tuition
and
Fees
• Income
o Room
and
Board
• Asset
Equity
o Books
and
Supplies
• Family
Size
o Transportation
• Number
of
Family
Members
in
College
o Miscellaneous
Personal
Expenses/Other
• Age
of
Parents
Non
Custodial
Parent
(EFC)
(From
Finaid.org)
The
custodial
parent
for
federal
student
aid
purposes
is
the
parent
with
whom
you
lived
the
most
during
the
past
12
months.
(The
twelve
month
period
is
the
twelve
month
period
ending
on
the
FAFSA
application
date,
not
the
previous
calendar
year.)
Note
that
this
is
not
necessarily
the
same
as
the
parent
who
has
legal
custody.
If
you
did
not
live
with
one
parent
more
than
the
other,
the
parent
who
provided
you
with
the
most
financial
support
during
the
past
twelve
months
should
fill
out
the
FAFSA.
This
is
probably
the
parent
who
claimed
you
as
a
dependent
on
their
tax
return.
The
CSS
Profile
does
require
non
custodial
parent
income
and
asset
information.
The
FAFSA
does
not
require
non
custodial
parent
information.
Subsidized
vs.
Unsubsized
Loans
(adapted
from
Finaid.org)
Federal
loans
come
in
two
forms,
subsidized
and
unsubsidized.
An
easy
way
to
remember
the
difference
is
to
think
of
subsidized
as
supported.
Subsidized
loans
have
lower
interest
rates
(3.4%
for
subsidized
Stafford
versus
6.8%
for
unsubsidized
Stafford),
and
the
interest
on
the
subsidized
Stafford
loan
is
paid
by
the
federal
government
while
the
student
is
in
school
and
during
the
first
6
months
after
graduation.
Note
on
Maximum
Amount
of
Loans:
Undergraduates
may
borrow
up
to
$31,000
($5,500
during
the
freshman
year,
$6,500
during
the
sophomore
year
and
$7,500
during
the
third,
fourth
and
fifth
years)
no
more
than
a
total
of
$23,000
of
which
may
be
subsidized.
Appeal
A
formal
request
to
have
a
financial
aid
administrator
review
your
aid
eligibility
and
possibly
use
Professional
Judgment
to
adjust
the
figures.
For
example,
if
you
believe
the
financial
information
on
your
financial
aid
application
does
not
reflect
your
family's
current
ability
to
pay
(e.g.,
because
of
death
of
a
parent,
unemployment
or
other
unusual
circumstances),
you
should
definitely
make
an
appeal.
The
financial
aid
administrator
may
require
documentation
of
the
special
circumstances
or
of
other
information
listed
on
your
financial
aid
application.
Updated
12/2012
