Financial Aid Presentation 2017-18 Handout

—COA – EFC = NEED —COA = Cost of Attendance —EFC = Expected Family Contribution of students in school, etc.. Student Income lStudent Income allowance = $6,420 lSelf-employed families les

lWebsite: www.ineedfinancialaid.com

lToll Free: 844-CFS4AID (237-4243)

lEmail: info@ineedfinancialaid.com

How do they determine if I’m eligible?

—COA – EFC = NEED

—COA = Cost of Attendance

—EFC = Expected Family Contribution

of students in school, etc.)

—Need = Amount of aid the family is eligible

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?

lParent Income vs Student Income

lStudent Income allowance = $6,420

lSelf-employed families

less than 100 employees

l Salary to a dependent as tax benefit detrimental for financial

aid

How much should students borrow?

lNO MORE than Average Starting Salary by Major:

l Engineering $62,891

l Computer Science $62,103

l Business $57,229

l Communications $48,253

l Math/Science $44,299

Education $40,267

lMyths vs reality:

lIncome too High

lGrades too Low

lOwn a home

lI can always apply next year

Sources of Financial Aid

lFEDERAL GOVERNMENT

lPell Grants

lSEOG Grants

lCollege Work/Study

lSubsidized and Unsubsidized Stafford Loans

lPLUS

Sources of Financial Aid

State Government

lSpecial programs for in-state residents

lContact HESAA

lwww.hesaa.org

lNJ Class Loans

lNJ TAG Grant

Colleges and Universities

lPrivate universities have endowment funds, outside of

federal and state funds

lCreate competition

lGive preferential packaging to students who are in top

25% of applicants

What if I do not qualify for Need-Based Aid?

lMerit Aid

lTop 25% of applicants

lSchool by school basis; some more generous than

others (some not at all)

lValue Schools

lAverage School cost $30-$70K

lLower end of range = Value

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

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

FAFSA - FSA ID

lNew Login/Access Procedure: FSA ID

lRequired by student and one parent

lNeeded to access/submit the FAFSA

lUsername/Password (Replaced PIN number system)

lCreate Prior to preparing FAFSA:

lMost private schools require this form

lMuch more invasive and complex

lHome equity treated as liquid asset

lSection Q

lwww.collegeboard.com

l$25.00 for 1stschool, $16.00 for each thereafter

How do you apply for aid?

lInstitutional Applications

lSome schools require their own additional forms

lThey should be consistent with other forms

lUsually asks similar questions to the other two forms

How do you apply for aid?

lFAFSA

lCSS/PROFILE

lCollege Institutional Forms

lAdditional Forms:

lBusiness/Farm Supplement

Divorced/Separated Situations

Amherst College: UMASS-Amherst:

Cost - $75,000 Cost - $28,000

EFC - $20,000 EFC - $20,000

Need - $55,000 Need - $8,000

Amherst College: UMASS-Amherst:

Meets 100% Need Meets 60% Need

Gift Aid - 100% Gift Aid - 50%

Self Help – 0% Self Help - 50%

What you actually pay at each school:

Amherst College: UMASS-AMHERST:

Original EFC = $20,000 Original EFC = $20,000

Total Gift = $55,000 + Unmet Need = $3,000

Total Cost = $20,000 Total Cost = $23,000

Case Studies

Colgate University: Case Western:

Cost - $70,000 Cost - $65,000

EFC - $70,000 EFC - $70,000

Need - $0 Need - $0

Colgate University: Case Western:

Need-based aid = $0 Need-based aid = $0

Merit-based aid = $0 Merit-based aid = $30,000

What you actually pay at each school:

Colgate University: Case Western:

Year 1 = $70,000 Year 1 = $35,000

Total Cost = $280,000 Total Cost = $140,000

How to appeal for the best possible package

5 Point Plan of Attack

1.Bring color/background to your story

2.Ask for specific amount of additional aid

3.Show awards offered by other colleges

4.Challenge expenses not considered on taxes

5.Be persistent

@ Rerrsselaer I

."'".FFTNANCTALATD

Stefan Blair

Apt 18F

90 La Salle Street

New York NY 10027-4724

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".

Tuition

Undergraduate Fees

Room and Board

Books and Supplies Personal and Misc.

Direct Loan Fee

TOTAL RENSSELAER AND OTHER FINANCIAL AID $2 5 , 5 O O

Fall20l6 Spring 2017 Total

$1, 5oo $1, 500 $3, 000

91, 750 $1, 750 $3, 5oo

$l-, oo0 $l-, ooo $2, ooo

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,

March 12,2016

Rensselaer ID Number: 661637805 Regular Decision

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$14,630

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Federal Perkins Loan

Federal Direct Subsidized Loan

Federal Direct Unsub Loan

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Larry Chambers

Director

Office of Financial Aid

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

Undergraduate Fees $1,277

Books and Supplies $1,264 Personal and Misc $1,553

TOTAL RENSSELAER AND OTHER FINANCIAL AID $32,000

Fall 2016 Spring 2017 Total

Federal Direct Subsidized Loan $1,750 $1,750 $3,500

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

661-63-7805

I

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