October 9, 2021

Fall Open House

Understanding

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Financial Aid

Ryan DePuy

Vice President

Undergraduate Admissions

rdepuy@iona.edu

October 9, 2021

Fall Open House

Ted Talk Goals

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• Understand Where $$ Comes From

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• Understand The Process

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• Reduce Fear

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What is Financial Aid?

Types of Financial Aid

• Merit-based

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• Participation-based

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• Need-based

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Financial Aid Terms

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• Student Aid Index (SAI)
• Used to be Estimated Family Contribution (EFC)
• Direct Cost (Tuition, fees, room, board)
• Indirect Costs (travel, books, discretionary)
• Cost of Attendance (Direct + Indirect)
• Financial Need (COA – EFC = Need)
• Total Offer/Award
• Net Price (COA – Total Award)

Net Cost | Solve for “X”

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$45,000 (COA)

- $20,000 (Total Offer)

= X (NET COST)

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Types of Financial Aid

• Merit-based

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• Participation-based

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• Need-based

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Applying for Merit-Based Aid

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• Most Colleges and Universities consider students for merit-based awards at the time of application. You can ask!

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• Schools can utilize a combination of academic credentials, scores, or an academic index to evaluate students

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• Usually the largest piece of your financial aid

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• Helpful Hint: Pay attention to application deadlines!!!

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Applying for Participation Aid

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• Award contingent on your involvement in an activity or program on campus
• Athletics
• Community Service
• Residential Status
• Honors
• Specialty Academic Programs

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• Potential additional applications, essays, and/or interviews for consideration

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Applying for Need-based Aid

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• FAFSA
• Free Application for Federal Student Aid
• https://studentaid.gov/
• Mobile App

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• CSS Profile
• College Board Document

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FAFSA

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• Open 10/1/2026

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• Tax information from the previous FY is used

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• Usually best if parents assist students through the process, or complete it on their behalf.

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• Helpful Hint: Make sure to use the student’s information, it’s the the student’s FAFSA

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FAFSA Step-by-step

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1. Create an account (FSA ID)
2. Start FAFSA @ fafsa.gov
3. Fill out the demographics section
4. List the schools
5. Answer dependency questions
6. Parent demographics
7. Supply financial information

IRS Data Retrieval Tool

• Sign
• Finished!

CSS Profile

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• Opens Oct 1^st of student’s senior year

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• Very similar to the FAFSA, though more complex

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• Complete 1x

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• Grants

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• Scholarships

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• Federal/State Money
• Pell
• TAP
• SEOG (Supplemental Educational Opportunity Grants)
• Subsidized or Unsubsidized Federal Loans

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Results of Need-based aid

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• Federal Subsidized and Unsubsidized
• Fixed 6.53% Interest Rate Currently

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• PLUS Loan
• Loan for the parent of the dependent child
• 9.08% Interest Rate (moving up!)

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• Alternatives
• Private lenders. Be sure to check the terms and conditions. Range 12% - 17% depending.

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Student and Parent Loans

What Now?

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• Review your financial aid award letters.

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• Do the math!

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• Connect with Financial Aid Office with Questions

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• Keep a record/spreadsheet of award letters

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Can I Negotiate?

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• Yes and No

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• Connect with Financial Aid Office to learn more about the standard appeal process and what it looks like at that school

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• Special circumstances/conditions appeal

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Helpful Hints & Resources

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• Net Price Calculator (NPC)

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• Financial Aid & School Websites

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• Leverage your Admissions Counselor
• Ask schools about their aid process!

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• Always remember, aid varies:
• Student to Student
• School to School
• Year to Year

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October 9, 2021

Fall Open House

Understanding

Financial Aid

Ryan DePuy

Vice President

Undergraduate Admissions

rdepuy@iona.edu

914-633-2275