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All About Financial Aid Presented By: New York State Financial Aid Administrators’ Association and Oswego State University
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Your Guide This Evening Kathy Flaherty Assistant Director, Financial Aid SUNY Oswego
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Tonight’s Topics How Much Will It Cost What Aid is Available Application Process Financial Aid Timeline Special Circumstances Other Resources Questions
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The Money Tree Myth Family Resources Financial Aid Scholarships Grants Loans Student Parents Installment Payments
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“Return on Investment” College is investment in your future More than just tuition, books Costs vary by type of college Community College, Public College, Private College Look at costs for full education 4 – 6 years total, and beyond….
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Cost of Attendance Tuition and Fees Books & Supplies Room (Housing) Board (Meal Plan/Food) Transportation Some Personal Costs Loan Fees Study Abroad Disability Services
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Typical College Costs SUNYCommunity CollegePrivate college Tuition$ 5,870$ 4,700$ 28,500 Fees 1,300 500 1,000 Books & Supplies 800 1,250 1,100 Room & Board 13,850 2,000 11,600 Travel 600 2,000 900 Personal 600 700 600 Misc Total$ 23,020 $11,150 $ 43,700 2
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What Is Financial Aid Funds provided to students/families to help pay for college expenses Includes Scholarships Grants Loans Employment Job LLoans Scholarship Grants
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Federal Grants Pell Grant Need Based Up to @ $5,600/year Supplemental Educational Opportunity Grant Need Based Targeted at lowest incomes Varies between colleges $100 - $4000 annual award
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TEACH Grant Teacher Education Assistance for College and Higher Education 75% percentile on admissions test/3.25 GPA Must agree to teach at least 4 years High need subject, low-income school Failure to complete requirement Grant becomes interest bearing loan (unsubsidized)
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New York State Grants Tuition Assistance Program Attend College in New York State Award Range $500- $5500 NY State Net Taxable Income < $80,500 New York State Scholar Part-Time Grants EOP/HEOP
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College Scholarships Merit vs. Need Academic, Athletic, Talent, Ethnic Family’s resources Variable Part of admissions process ? Separate Application? Renewable? With what conditions
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Use reputable websites www.finaid.org www.fastweb.com Your high school guidance office Watch for deadlines Public libraries Local service organizations Parents’ place of employment Private Scholarship Sources
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Federal Direct Stafford Loans (Student) Perkins Loan (Student) Federal Direct PLUS Loan (Parent) Alternative Student Loans (Private)
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Federal Student Loans Direct Loan Year in School Determines Amount Subsidized Financial need required Interest after leaving school Repayment after leaving school 6 months UnSubsidized Interest while in School Repayment after leaving school 6 months Perkins Loan 5% Fixed Interest Interest/Repayment when leave school
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Parent’s loan Family income not a factor Cost of Attendance less financial aid awarded Good credit history required If credit history is not good, see financial aid officer Interest payment while student in school Repayment of principal may begin after student graduates Current interest rate = 7.9% Processing fees apply Parent Loans
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Federal Work Study Institutional Job programs Many benefits Connect to College Reduce reliance on parents Money management Financial literacy skills Good job skills Student Employment
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Limited Funding Varies by College Types Federal Perkins Loan Federal Work Study Federal Supplemental Educational Opportunity Grant
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Watch for deadlines/priority dates Update estimates Re-Apply each year Follow-up is important FAFSA and PROFILE New York TAP Scholarship
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Apply for a PIN Both student and parent Complete 2014-2015 FAFSA Free Application for Federal Student Aid January 1, 2014 Watch for deadlines/priority dates Update estimates with actual data Getting Started
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Electronic signature for FAFSA Loan application Access National Student Loan Database (NSLDS) Loan History Protect your number PIN Number
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PIN Registration www.pin.ed.gov
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www.fafsa.ed.gov FAFSA on the Web (FOTW)
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The status message on this page indicates early Title IV eligibility for the student based on their valid Social Security Number, citizenship status, and drug convictions.
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Error messages are shown in a RED box at the top of the page and lists multiple errors at one time. The error graphic is also shown next to each question that will need to be answered or corrected.
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Pages that contain only parental questions are now PURPLE. Basic demographic information for the parents is collected on the Parent Demographic Information page.
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If the student’s parent is single, divorced, or widowed, the student will only see questions for the one parent. The Virtual Keyboard icon is present for the parent’s Social Security Number and Date of Birth.
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IRS Data Retrieval At least 2 weeks after federal taxes are completed Link to IRS Data Extracts income information
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The confirmation number will contain the student’s randomly generated identification number. This will replace the student’s current confirmation number which is composed of their Social Security Number and first two letters of their last name.
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Calculated from a Federal formula and the FAFSA/PROFILE form Uses: Parent income and resources Student income and resources Family Contribution result is index number BUT NOT what the family will pay Remains the same regardless of college price tag And the Result is : Expected Family Contribution
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Cost of Attendance - Expected Family Contribution - Private Resources = Financial Need Amount of Financial Need determines federal aid received * Note: Colleges may not be able to offer enough aid to meet your financial needs What is Financial Need
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Cannot be reported on FAFSA Contact financial aid office(s) Examples of special circumstances Change in employment status Medical bills not covered by insurance Change in parent’s marital status Unusual dependent care expenses Student is unable to obtain parental information due to incarceration, abusive situation or no relationship with parents Special Circumstances
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Evaluate Financial Aid Offers Family Collects Information Fill Out FAFSA4caster Receive Financial Aid Award Letter Review Student Aid Report Complete FAFSA online
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January Apply for PIN Research private scholarships February Complete FAFSA March Financial aid award packages mailed April Compare award notices May Make college choice Financial Aid Timeline
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Verification Promissory Notes Financial Independence Special Circumstances Define “family” Lifetime Eligibility
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Veterans Educational Benefits Post 9/11 GI Bill Transfer to Dependents Yellow Ribbon Program Resident Assistantships
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Time Payment Plans Offered by Colleges Less costly than borrowing College Savings Plans (529) New York Saves Other Payment Options
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On line tool Helps families prepare financially for college Asks for data needed for FAFSA Estimates Pell Grant eligibility
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Early Results www.fafsa4caster.ed.gov
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Application Workshops Financial Aid Offices Websites Help Is Available
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It is never too early to start the college planning process The more information you have, the easier the process will be for you and the student Use calculators Family contribution Interest payments Free application assistance is available Stay informed Ask questions!
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Borrowing for College Investment in their future What is a loan Don’t over borrow Credit cards Use and misuse Building good credit Bank Account Direct Deposit Career Services Earnings vs debt repayment Money Management
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Federal American Opportunity Credit Up to $2500 Life-long Learning Credit Up to $2000 State Don’t Forget Tax Credits
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http://www.hesc.ny.gov/content.nsf
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www.finaid.org Financial Aid Website
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www.oswego.edu/financial College Website
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Save for College Search for Scholarships Apply for Aid PIN FAFSA Be Aware of Deadlines Special Circumstances Less Expensive School/Commute? Tuition Installment Plans Consider Loans Carefully Use Tax Credits Summary
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