Presentation on theme: "Navigating the Financial Aid Process. Daniel M. Tramuta Associate Vice President for Enrollment Services SUNY Fredonia President, New York State Financial."— Presentation transcript:
Navigating the Financial Aid Process
Daniel M. Tramuta Associate Vice President for Enrollment Services SUNY Fredonia President, New York State Financial Aid Administrators Association (NYSFAAA)
TOPICS 1.How much does college cost? 2.How and when to apply for financial aid 3.How is financial need determined? 4.Sources and types of financial aid 5.Reviewing award letters 6.SUNY Financial Aid Day
How Much Does College Cost? Cost of Attendance (COA) Includes: 1.Tuition and fees 2.Room and board 3.Books and supplies 4.Transportation 5.Miscellaneous personal expenses
How Much Does College Cost? 4 Year PRIVATE On-Campus Student Tuition and fees:$27,981 Room and board: 10,523 Books and supplies: 1,116 Transportation: 849 Personal expenses: 1,427 Total Budget: $41,896 Source: College Board: Trends in College Pricing 2009 Middle States Averages.
How Much Does SUNY Cost Baccalaureate Degree Program ? NY State Resident Living On-Campus Tuition and fees: $6,230 Room and board: 10,300 Books and supplies: 1,200 Transportation: 960 Personal expenses: 1,360 Total Budget: $20,050 Source: SUNY Office of Student Financial Aid, System Administration
How Much Does SUNY Cost? The Bill: Typical First Semester Direct Charges New York State resident baccalaureate degree student living on campus for : Tuition $2,485 ($4,970) Fees 630 Room & Board 5,150 Total Direct Charges $8,265
How to Apply for Aid 1.Collect information 2.Request a federal PIN: 3.Complete FAFSA online: 4.Complete TAP online 5.Watch for Student Aid Report (SAR) 6.Keep records 7.Communicate with the financial aid office
1. Collect Information Student’s and parents’ SSN and DOB Parents’ marital status Tax returns for student and parents W-2s for student and parents Records of untaxed income for student and parents bank accounts, stock, real estate, and business records for student and parents Student’s driver’s license number Student’s alien registration number (non U.S citizens) PINs for student and one parent
2. Request Federal PIN at Get a PIN number NOW! Each student One parent! TIP: Parents and students may select the same PIN
3. Complete FAFSA at
7 Steps For Filing the FAFSA 1.Student Demographics Name, social security number, birth date Provide an address Indicate gender Males have the opportunity to enroll in Selective Service For more information go to: 2.School Selection Enter FAFSA codes – up to 10 colleges Indicate housing status
7 Steps For Filing the FAFSA 3. Dependency Status Generally a student is dependent if: Under 24 years old Not Married Not a graduate student Not serving in the US military 4.Parent Demographics Name, social security numbers, birth dates Marital status If your parent does not have an SSN, enter 0’s or 9’s
7 Steps For Filing the FAFSA 5.Financial information Use 2010 Tax returns If you have not filed, select “Will file” 6.Sign & Submit Sign electronically with PIN Print signature page Process now without signature 7.Confirmation
4. Complete TAP Online! From the FAFSA confirmation page, link to the TAP-on-the-Web (look for NY Residents) Establish your TAP PIN. You may choose to use the same number as your federal PIN
Missed the link or need to revise TAP info? Go to to complete the TAP information. Be aware that TAP will be processed for the first college on the FAFSA located in New York State (so you may need to correct the college)
5. Watch for SAR SAR will be available in 7-10 days on-line at fafsa.gov EFC is printed on upper right corner Make sure all the information is correct Use your PIN and make changes using Corrections on the Web at
Remember Steps 6 & 7 Keep documents in a file You may be selected for verification Watch your mail and Schools will contact you. Make sure to respond in a timely manner.
How and When to Apply FILE EARLY! Right after January 1, 2011 Check “will file taxes” Estimate financial information accurately Questions? FEDAID ( ) or
FAFSA4caster Instead of waiting, you and your parents can use the FAFSA4caster NOW to receive an early estimate of your eligibility for federal student aid.
FAFSA4caster Provides general information about federal student aid Estimates federal student aid eligibility Creates familiarity with the FA application process Helps you understand the types and amounts of federal aid you may be eligible for Submits a request for a Federal Student Aid PIN Sends reminders to submit the official FAFSA Reduces the time required to submit the FAFSA
How is Financial Need Determined? Estimated Family Contribution (EFC) is determined by: Parents’ income and assets - primary home value excluded Student’s income and assets Size of family Age of parents Number of children in college COA minus EFC = Need
Sources and Types of Financial Aid Federal New York State Private Lenders Gift Aid -- Scholarships -- Grants Self-help aid -- Employment opportunities Loans
Sources and Types of Financial Aid Scholarships Private scholarship search At your college of interest Free Internet scholarship searches Local library resources Local businesses and civic organizations (including professional associations) related to student's field of interest Parent’s employer/union
Sources and Types of Financial Aid Major Grant Programs PELL Grant Must have EFC between $0- $5,273 Maximum annual proposed award for is $5,710 NYS TAP Grant Based on NYS net taxable income TIP: Student can get up to an additional $5,550 in Year Round Pell if taking summer classes and demonstrating academic progression
Sources and Types of Financial Aid Federal Work Study Based on financial need On or off-campus employment Usually 8 to 12 hours per week
Sources and Types of Financial Aid William D. Ford Direct Loans Subsidized 3.4% ( ) 6.8% ( ) Based on need Federal government pays interest while student is in school $3,500 for Freshman Unsubsidized 6.8 % fixed interest Not based on need Student is responsible for interest while in school Max loan: cost of education minus financial aid $5,500 for Freshman
Source and Types of Financial Aid Perkins Loan Need based – limited campus based funding Early FAFSA application is critical Low interest rate (5%) Student pays no interest while in school Max $5,500 per year May be forgiven
Parent Loans for Undergraduate Students (PLUS) For parents of dependent students Borrow up to entire cost of college less financial aid No adverse credit (parent must pass credit check) Interest Rate 7.9% Time Payment Plans May vary…typically, families spread the direct costs over the semester or year. Sources and Types of Financial Aid
SUNY State-Operated Campuses TEACH Grant Up to $4,000 per year For students who intend to teach: - a high-need field - that serves students of low-income Four year service contract after graduation that must be completed within eight years More information: Participating campuses 10-11: Binghamton, Brockport, Buffalo State, Cortland, Empire State Fredonia, Geneseo, Old Westbury, Oneonta, Oswego, Plattsburgh, Potsdam, Stony Brook
Reviewing Award Letters Questions you should ask: What is the source of aid? What is the out-of-pocket expense? Will the scholarship be renewed? Is there a GPA requirement? What happens if the requirement is not met?
SUNY Statewide Financial Aid Day 2011 January 22, 2011 and February 19 th, 2011 Ask questions about the financial aid application, types of aid and the award process Some campuses will offer Web access to complete FAFSA online Watch for information at in early December