1. Financial Aid Presentation For New Students 2009-2010

2. The cost of your education….. Tuition - $4,970 Fees - $1,404 Room - $6,890 Board - $3,980 4 years of tuition, fees, room and board: $17,244 x 4 = $68,976 Plus books ($400 x 8 semesters=$3,200), personal and transportation (Commuter Bill - $6,374)

3. Apply for financial aid File a FAFSA (Free Application for Federal Student Aid) File electronically Be sure to apply on time – MARCH 1 st (late applications may not receive enough aid to pay the college bill)

4. Information needed to complete the FAFSA: Parents’ taxable and untaxed income Student’s taxable and untaxed income Family assets Household size Number in college

5. Monitor your MyOswego account Updated awards Missing information Payments owed Refunds

6. FAFSA is processed and the EFC (expected family contribution) is determined. This is the amount the Federal Government expects that you and your family should be able to afford to pay toward your college expenses. The EFC is used to determine your eligibility for financial aid.

7. Sample budget/aid Applying by March 1Applying after March 1 $18,971 budget$18,971 0EFC 0 5,350 Pell 5,350 4, 995TAP 4,995 1,000EOP Housing 1,000 800EOP Books 800 150EOP Stipend 150 500SEOG 1,200FWS 1,400Perkins Loan 3,500Subsidized Stafford 3,500 0Unsubsidized Stafford 2,000 76Unmet need 1,176

8. Gift Aid - maximum awarded Pell - $5,350 TAP - $4,995 (must meet academic standards) ACG1 - $750 (must meet academic standards) ACG2- $1,300 (must have 3.0 gpa after first 2 semesters) FSEOG - $500 Smart Grant - $4,000 (must maintain 3.0 gpa) Teach Grant -$4,000 (must maintain 3.25 gpa) Private Scholarships

9. Campus Job Opportunites Federal Work Study Auxiliary Services Other Campus Employment Go to www.OSWEGO.edu/financial select Employmentwww.OSWEGO.edu/financial

10. Loan Perkins Loan Subsidized Stafford Unsubsidized Stafford PLUS (Parent Loan for Undergraduate Students) Alternative Loans Direct to Consumer Loans

11. Perkins Loan - $1,400 5% interest, 9 month grace period Subsidized Stafford - $3,500 fr; $4,500 soph; $5,500 jr; $5,500 sr 5.6% interest, 6 month grace period Unsubsidized Stafford - $2,000 each year 6.8% interest, 6 month grace period PLUS –loan parents are borrowing 8.5% interest, can be deferred Alternative Loans – student can be borrower, needs a co-signer variable interest rate that changes quarterly, no cap on interest, 6 month grace period Direct to Consumer Loans - not certified by school

12. Monthly payment for $27,000 Stafford Loan $310/month for 10 years

13. To support repayment of a $27,000 debt, how much should you earn? $46,700/year

14. Be conservative of the amounts you are borrowing! Evaluate your ‘needs and wants’! What you can do to cut down borrowing: RA, good grades to maintain scholarships, part-time work, complete your degree in 4 years, pursue as much grant money as possible

15. Dropping Courses/Withdrawing Dropping Classes Dropping a class could mean your financial aid changes or you could owe money – always check with Financial Aid Withdrawing Withdrawing from school is when you cancel all of your classes – always check with Financial Aid to find out the financial aspect of your decision or if you have other choices

16. Overseas Opportunities Many overseas programs are offered, from a quarter course, to 6 weeks in the summer or a full semester. Make an appointment with Financial Aid to see if you can afford the program – bring with you the cost sheet, acceptance letter

17. The Credit Card Debt Picture Among college students, 76% have credit cards and 43% have four cards or more. The average credit card balance among college students is $2,169.

18. Credit card repayment You charge $2,500 on your credit card at 19.9% interest. Scenario #1 You pay $50 per month Scenario #2 You pay $100 per month How long will it take to pay off? $50/month – 9 yrs 1 mo; $100/month – 2 yrs 9 mo

19. Importance of Good Credit Banks, credit card companies, landlords and potential employees check credit scores. You can request a free copy of your credit score at: www.annualcreditreports.com www.annualcreditreports.com Credit scores can range from 300 (worst) to 850 (best).

20. Example of a loan based on your credit score: $25,000 car loan borrowed and repaid over 5 years 7% interest: $495 per month; total repayment $29,700 12% interest: $556 per month; total repayment $33,360

21. Remember – the choices you make now will determine your life tomorrow. Make today count!