Financial Aid packages

Reading your financial aid package can be tricky. I've put together a bunch of information for you to help you understand the different types of money that will be offered to you on your financial aid award letters.

When it comes to college, there is such a thing as *FREE MONEY!* It's my favorite phrase at this time of year. Free money is money you are given by the state or federal government or school that goes toward your tuition but you do NOT have to pay it back! FREE MONEY!! The following is a list and description of the different types of free money available to you:

• Pell Grant
• Federal Government money with a maximum amount per year of $5,645. Pell is a need-based grant, which means that eligibility is based on federally determined EFC*. For example, for a full time student: EFC = $0 = $5,645 (max Pell Grant). 
• Tuition Assistance Program (TAP)
• New York state grant with a maximum per year of $5,000. TAP is a need-based grant for New York state residents only, attending a New York state school. Eligibility is based on NYS taxable income. This money is only applied to tuition.
• Federal Supplemental Educational Opportunity Grant (FSEOG)
• Federal Government money with a maximum per year of about $4,000. This grant is for low income students and eligibility is determined by each different college.
• Institutional Grants / Scholarships
• The maximum amount per year varies by each school. Can be based on need, merit, or special talent. Colleges use their own methodologies, different from federal or state formulas, to determined eligibility for grants from their endowments or budgets. Grants can range from $250 to total cost of attendance. 

*EFC = Estimated Family Contribution. This number is determined by the information inputted in your FAFSA

The following free money grants/scholarships are not as common:

• Educational Training Voucher (ETV)
• Federal government money with a maximum amount per year of $5,000. This voucher is only for students who are in foster care, were adopted from foster care after age 16 or aged out of foster care. Students apply for ETC only after deciding which college they will attend.
• TEACH Grant
• Federal government money with a maximum amount per year of $4,000. This is for students who intend to teach in a high needs subject area (math, science, special ed), at a high needs location (title 1 school). After graduating, student must teach for at least four academic years within eight calendar years. If student does not teach for required years, grant turns into unsubsidized Stafford loan.
• Outside Scholarships
• Can be funded by foundations, unions, corporations, etc. Thousands of organizations provide college scholarships. Each has own criteria, applications, and award amounts. May be renewable or for one year only.

The following is a list of loans available to students and families. Loans *must be repaid.* Your financial aid award letter will include loans as part of your package - don't let this confuse you. Loans are NOT the same as grants - they *must be repaid.* They are included in your financial aid package because the federal government allows students to take out a certain amount of money with a lower interest rate than a private bank would. More info:

• Stafford Student loan - Subsidized
• Federal government loan with a maximum borrowing amount of $3,500 for your first year of college (The max raises by $1,000 each year). This is a need-based loan, which means the amount of money you can borrow is determined by your family's financial situation. The interest rate for the 2013-14 school year is 6.8%. All loans start collecting interest once you take them out; subsidized loan means that the federal government pays the interest while you are enrolled in college. After graduation, you have a grace period of 6 months before you have to start paying back the loan cost plus interest.

• Stafford Student loan - Unsubsidized
• Same as the subsidized loan except for 2 major differences. First, the max amount of federal money you can borrow is $5,500 (Example: If you received the max for a Subsidized Stafford loan - $3,500 - you can receive no more than $2,000 for an Unsubsidized Stafford loan - totaling $5,500 in federal money. If you do not receive anything for a Subsidized Stafford loan, you can receive $5,500 for an Unsubsidized Stafford loan). Second, while both loans begin collecting interest right away, you will be responsible for the interest accumulated throughout your time in college. After your 6 month grace period following graduation, you will be paying the cost of your loan, the interest it gained over the last few years in college, and the interest it will continue to gain over time. 

• Perkins Loan
• Federal government loan with a maximum borrowing amount of $5,500. The amount received is determined on the basis of financial need. This loan has a 5% interest rate and is subsidized - the interest is paid while you are enrolled in college.  

• Parent PLUS
• This loan is only available for parents to take out. The amount can be up to the total Cost of Attendance. 

-Ms. Miller

Financial Info for Students

Hey seniors, 

Someone recently reached out to me about a great website that's very helpful for students who are about to go into college. The main website is www.debt.org and below are some of the articles that are going to be especially helpful for you as you begin to establish your financial independence. Check them out! 

Building and Repairing Your Credit History
debt.org/credit/improving-your-score/

College Budgeting 101
debt.org/students/college-budgeting-101/

Income Based Repayment Loans
debt.org/students/income-based-repayment-loans/

How to Pay Back Student Loans
debt.org/students/how-to-pay-back-loans/

-Ms. Miller

Scholarships

Most of the time, I'll tell you to search around websites like www.collegeboard.com or www.fastweb.com to find scholarships that would best suit you but I'm gonna take some time to tell you about some local scholarships that you may not find on those websites!!

~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~

The O'Keefe Foundation Scholarship

A wonderful scholarship opportunity from an organization formed in memory of Firefighter Patrick J. O'Keefe of the FDNY's Rescue Company One who was killed at the WTC on 9/11. This scholarship is an $8,000 award paid over 4 years and is available to any US citizen who is an immigrant or child of an immigrant OR has lost a parent to a violent act.

Qualifications:

• Must be a graduating seniors
• Must be accepted into an accredited college or university (at the time of the award, not the time of application)
• Must be a US citizen who is an immigrant or child of an immigrant OR has lost a parent to a violent act.
• Must reside in Nassau or Suffolk county or one of the five boroughs of New York City. 
• There are NO academic or financial requirements, however, financial need is considered. 

How to apply:

Complete an application, provide two letters of recommendation, and write an essay about yourself. If you fit the qualification criteria, see me or Ms. Marsigliano for information about what to include in the essay and filling out the application. See http://spiritrider.org/ for more information. 

~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~

Albert Shanker College Scholarship Fund

Who can apply?

The program is limited to New York City public high school seniors who will graduate from a vocational, academic or alternative school or will receive an equivalency diploma from a public evening school or a New York City Board of Education alternative educational program. In addition, students must have high academic standing and demonstrate leadership in school and community. All applicants also must be eligible to receive and must apply for federal financial aid (a Pell Grant).

What about financial eligibility?

In order to qualify for the UFT Albert Shanker scholarships, students must have family income levels no higher than the maximums set by the Albert Shanker College Scholarship Fund. Maximum levels vary according to the number of dependents in the family. Further details and exact income data are listed on page four of the scholarship instructions.

Students must show valid proof of family income, which must include income of parents, step-parents, guardians or any other adults who have assumed legal responsibility for the applicant. The Scholarship Fund requires tax returns and other official documents as proof of family income. It is important to document income from all sources, including non-taxable income such as public assistance payments, child support, Social Security and veteran’s pensions.

An applicant whose family lives abroad will also be required to appropriately document family income.

The deadline for the Albert Shanker College Scholarship Fund is JANUARY 31ST. The award is $5,000 paid as $1,250 per year. See Ms. Marsigliano for the application and making sure it gets sent in on time. 

~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~

Legend Award for Young Visual Artists

This scholarship is not exclusively for seniors! It is for all high school grade levels. 

This award was conceived by Sharon and Mark Voto of Legend Business Group as a way to recognize the talents of young local visual artists and give them financial support to help them achieve their goals. 

One finalist  will be selected to receive $1000. First and second runners up will receive $500 and $250. 

Five finalists will be selected to exhibit at the Legend Business Group showroom. 

Who is eligible?

• High school students in grades 9-12
• Residents of Staten Island
• Visual artists working in painting, drawing, sculpture, or installation

How do you apply?

1. Submit an application letter with your information and a brief description of your aspirations as an artist, and how you plan to spend the award if received. 

2. One letter of recommendation from someone who can speak to your artistic excellence.

3. A digital portfolio of 10 jpeg images showing a sample of your work on a CD.

4. Work Sample List giving information for each of the 10 jpeg images.

Entries must arrive at COAHSI by February 22nd. Do not send original work! Entries will not be returned. 

See me or Ms. Marsigliano for specifics on what to send in and where to send it! 

-Ms. Miller

CUNY Deadline is approaching

Seniors,
Many of you have already completed your CUNY applications but for those of you that haven't - the deadline is fast approaching!!

FEBRUARY 1ST IS THE DEADLINE FOR THE CUNY APPLICATION!!

After Feb 1st, you will not be able to submit an application online to any CUNY schools. CUNY has some incredible schools around New York City at a fraction of the cost of private schools in the area. 

Not sure what you want to study as a career in college? Choose CUNY for 2 years to save money and explore your elective options.

Not sure if you'll get financial aid for all four years of college? Everyone gets less financial aid in their first 2 years than in their last 2 years! Choose CUNY for 2 years (at least!) to lighten your loan debt!

Not sure if you want to live at home and commute or live away from home at school? Choose CUNY to see what the college lifestyle is like and transfer if you want!

Want to get a great education in a major like Nursing, Computer Technology, Auto Tech, Psychology, Social Work, Science, Education, Business, Management, Marketing, Graphic Design, Criminal Justice, English?? CHOOSE CUNY!! 

Visit www.cuny.edu to explore CUNY schools and to complete your application. 

***IT IS THE SIMPLEST COLLEGE APPLICATION YOU WILL FILL OUT!!***

Have your Social Security Number and Student ID / OSIS #, basic information, and your list of CUNY colleges you'd like to attend. Make sure to include a Community College or two as fall-backs! 

Come see me if you have any questions over the next 2 weeks while the application is still open. 

-Ms. Miller