Financial Aid 101 2010

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An overview of the financial aid process, scholarship, grant programs, financing options, and more.

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FINANCIAL AID 101

How to apply
‡ Complete the FAFSA ‡ Forms are available:
ONLINE at:

www.fafsa.ed.gov

It¶s all in the timing«
‡ Submit the FAFSA after January 1 ‡ Recommended filing date: February 15

The Big Question:
How is financial aid eligibility determined?
Estimated Cost of Attendance

=

Expected Family Contribution(EFC) ³Financial Need´

Institutional Programs
‡ Merit Scholarships ‡ Need Based Grants and Scholarships ‡ Endowed Scholarships ‡ Athletic Scholarships

Federal Programs
Entitlement Programs
Pell Grant, ACG, SMRT

Campus Based Programs
± SEOG ± Federal College Work Study ± Federal Perkins Loan

Federal Programs, cont.
Federal Stafford Loans
(Student is borrower)

‡ ‡ ‡ ‡

Freshman $ 3,500 Sophomore $ 4,500 Junior & Senior $ 5,500 All students can borrow additional
$2000

Federal Parent Loans (PLUS)
± $ Eligibility: up to Cost of Attendance less all other financial aid

State Programs
± Tuition Assistance Program (TAP) ± Higher Education Opportunity Program (HEOP) ± Merit Scholarships ± Lottery Scholarships

Special circumstances«
‡ Communication is key
Notify school in writing Provide detailed documentation

‡ Follow up with the school ‡ Most schools will help!

Financing Options
‡ Monthly Payment Plans ‡ Private Education Loans ‡ College Savings Programs (a.k.a. 529 Plans)

Check the Web!
www.finaid.org The SmartStudent Guide to Financial Aid www.fastweb.com FastWeb Scholarship Search www.hesc.com NYS Higher Education Services Corporation

Questions?

Siena College
515 Loudon Road Loudonville, New York 12211 (888) AT-SIENA (toll-free) (518) 783-2410 (fax) [email protected] (e-mail) www.siena.edu/financialaid

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