Presentation on theme: "Presented by Joanne Graziano Assistant Provost and Executive Director of Admissions and Recruitment Long Island University- C.W. Post."— Presentation transcript:
Presented by Joanne Graziano Assistant Provost and Executive Director of Admissions and Recruitment Long Island University- C.W. Post
Savings – Parent and student Current Income- Parent and student Future Income – Parent and student Financial Assistance
Application process and requirements Contact the schools for their requirements
Free Application for Federal Student Aid (FAFSA) College Scholarship Service Profile Application or Other Institutional Aid Application ( used by some colleges to award university scholarships and grants) New York State Tuition Assistance Program Application (TAP)
January of the senior year in high school 1. Parent and student need to go on-line and obtain FAFSA PIN#. 2. Complete & submit FAFSA before schools’ deadline date & annually thereafter 3. If Required -Complete & submit CSS Profile or Institutional aid application by deadline date 4. Complete and submit NY State TAP application when filing the FAFSA
Income information for the parent(s) Income information for the student applicant Asset information for the parent(s) Asset information for the student applicant Household size and number in college
Through the FAFSA, a uniform financial evaluation is performed that derives the expected family contribution available to assist the student in meeting their annual college expenses.
Once the FAFSA is processed, the family and student receive the expected family contribution results by mail or through a document called the Student Aid Report (SAR) Each of the schools listed on the FAFSA get these results electronically and begin to review and prepare an aid package assuming the student has been accepted.
Annual Cost of Attendance - 35,000 Please Note: Cost of Attendance includes tuition/fees, room/board, books, transportation & allowance for personal expenses. Less FAFSA EFC- 15,000 = Financial Need 20,000
Sources of assistance
Awards or scholarships based on high school averages and standardized test scores Awards or scholarships based on academic merit and financial need Scholarship amounts may be partial to full
Valedictorian/ Salutatorian Scholars Award University Scholars Award Academic Excellence Award Academic Incentive Award Alumni Scholarships Sibling Scholarships Study Grants Martin Luther King Scholarships Major Specific Scholarships
Awards based on artistic or musical talent and academic merit Awards based on performance and academic merit
Music Activity Grants Theatre, Dance, Film Incentive Awards Art Scholarships
Scholarships based on athletic ability Awards based on participation and performance
Federal Forms of Assistance Federal Grants Pell Grants SEOG Grants TEACH Grants Federal Work Programs College Work Study America Reads Federal Loan Programs Perkins Loans Direct Loans for Students & Parents
Federal Pell Grant Program – Current awards range from $555 to $5550 annually Supplemental Education Opportunity Grants - SEOG - students must be Pell Grant eligible to qualify- amounts are variable
The Teacher Education Assistance for College and Higher Education (TEACH) Grant Program provides grants of up to $4,000 per year to students who intend to teach in a public or private elementary or secondary school that serves students from low- income families.
The Tuition Assistance Program - TAP provides substantial grant assistance to eligible New York State residents attending colleges in New York state. Families with New York state Net Taxable Incomes of less than $80,000 are currently eligible. Awards for range from $425 to $4925 per year to assist with tuition costs only.
Federal College Work Study Grants Federal America Reads Work Program Cooperative Education Employment Other part-time on- campus employment
Federal Perkins Loans for students – Federal Direct/Stafford Loans for students- subsidized & unsubsidized Undergraduate Students Federal Parent Loans for Undergraduate Students – PLUS Interest rates are fixed.
Alternative Bank Loan Programs - always utilize all federal grant and loan programs before considering alternative loan options. Deferred Tuition Payment Plan Programs Section 529 Plans -Prepaid Tuition Plans -College Savings Plans
Elements of a financial assistance package Packages are likely to arrive between February – April if all aid applications are complete and student has been accepted.
If financial need = 20,000 NY Tap Grant - 2,000 College Scholarship/Grant- 12,000 College Work Study- 2,000 Federal Loan (freshman level)- 3,500 Total Financial Aid equals 19,500
Commuter Example Tuition/fees $ 30,210 less Grants/Scholarships 14,000 less Work Grant ( if earnings are applied to bill ) 2,000 less freshman level Federal Loans 5,500 = Net Cost to student/family $ 8,710
American Opportunity Credit It is available to a broader range of tax payers and covers up to four years of post- secondary education with a maximum tax credit of $2500 per student.
Individual taxpayers with modified adjusted gross incomes of $80,000 or less and joint filers with incomes of $160,000 or less are eligible for the tax credit.
Taxpayers will receive a tax credit based on 100 percent of the first $2,000 of tuition, fees and course materials paid during the taxable year, plus 25 percent of the next $2,000 of tuition, fees and course materials paid during the taxable year.
For those beyond first two years of college The lifetime learning credit may be particularly helpful to graduate students, students who are only taking one course and those who are not pursuing a degree.
For the tax year, you may be able to claim a lifetime learning credit of up to $2,000 for qualified education expenses paid for all students enrolled in eligible educational institutions. There is no limit on the number of years the lifetime learning credit can be claimed for each student.
Start to plan now, it is not too late! Visit college campuses preferably in-person, but at least start “on-line”. Educate yourself on all of the scholarship and “free money”options. Utilize the on-line tools to help you plan. Start the application process early!