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Assistant Director, RIT Office of financial aid and scholarships

Assistant Director, RIT Office of financial aid and scholarships. Melissa Russell. What is Financial Aid?. Financial aid is funds provided to students and families to help pay for postsecondary educational expenses. This can be in the form of - Scholarships Grants Loans

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Assistant Director, RIT Office of financial aid and scholarships

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  1. Assistant Director, RIT Office of financial aid and scholarships Melissa Russell

  2. What is Financial Aid? Financial aid is funds provided to students and families to help pay for postsecondary educational expenses. This can be in the form of - Scholarships Grants Loans Employment opportunities

  3. What is Cost of Attendance (COA) • Tuition and fees • Room and board • Books, supplies, transportation, and miscellaneous personal expenses, including documented costs for a personal computer • Loan fees • Costs may be enhanced for education related expenses on an individual basis

  4. What is the Expected Family Contribution (EFC) Index • Used by schools as a guide when awarding aid • Federal formula • Stays the same regardless of college • Two components • Parent contribution • Student contribution

  5. What is Financial Need Cost of Attendance –Expected Family Contribution = Financial Need

  6. Family Contribution The Same State Community Private College College College Cost $20,000 $10,000 $30,000 Family -10,000 - 10,000 -10,000 ______ _______ ______ Need $10,000 $ 0 $20,000

  7. Types of Financial Aid • Scholarships • Money that does not have to be paid back • Awarded on the basis of merit, skill, or a unique characteristic • Grants • Money thatdoes not have to be paid back • Usually awarded on the basis of financial need

  8. Types of Financial Aid • Loans • Money students and parents borrow to help pay educational expenses • Repayment usually begins after education is finished • Only borrow what is really needed • Look at loans as an investment • Employment • Allows student to earn money to help pay educational costs • A paycheck or non-monetary compensation, such as room and board

  9. Sources of Financial Aid • Federal government • States • Private sources • Civic organizations and churches • Employers

  10. Common Federal Aid Programs • Federal Pell Grant • Federal Supplemental Educational Opportunity Grant • Federal Perkins Loan • Federal Work-Study • Stafford Loans • PLUS Loans

  11. New York State TAP Award • Must attend a New York State School • Need and/or Merit based • Uses information from the FAFSA, link to the application at the end of the on-line FAFSA.

  12. Private Sources • Foundations, businesses, charitable organizations • Civic organizations and churches • Employers • Deadlines and application procedures vary widely • Begin researching private aid sources early • Check with the high school guidance office

  13. FAFSA • May be filed at any time during an academic year, but no earlier then the January 1st prior to the academic year for which the student requests aid • For the 2014-15 academic year, the FAFSA may be filed beginning January 1, 2014 • Colleges may set FAFSA filing deadlines and may require an institutional application in addition to the FAFSA

  14. FAFSA on the Web • Web site: www.fafsa.gov • 2014-15 FAFSA on the Web available on January 1, 2014 • FAFSA on the Web Worksheet: • Used as “pre-application” worksheet • Questions follow order of FAFSA on the Web

  15. Special Circumstances • Cannot report on FAFSA • Send explanation to financial aid office at each college - Change in employment status - Medical expenses not covered by insurance - Unusual dependent care expenses - Change in parent marital status • College will review special circumstances • Request additional documentation • Decisions are final and cannot be appealed to U.S. Department of Education

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