1. Financial Literacy Part III

2. Financial Aid LoansLoans, grants, and scholarships available to help students pay for education expenses, especially by an educational institution or a government grantsscholarshipseducation expenses Loansgrantsscholarshipseducation expenses Financial aid is designed to make education more affordable, though schools also may use it to attract competitive students. Financial aid is designed to make education more affordable, though schools also may use it to attract competitive students. affordable

3. Grants vs. Loans Grants- FREE money! Pell or MAP Work Study Loans-borrowed money, have to be paid back Scholarships Paying for tuition AND room and board? Student Fees

4. Types of Loans Subsidized Government pays your interest as long as you are in school half-time (6 credit hours/12 hours is minimum for full time) The government will pay your interest during times when you've been authorized to defer the loan It's easy to keep the subsidized status if you remain enrolled in an approved program at least half time and there are no major changes to your family's Expected Family Contribution (EFC) Offers a maximum of $23,000 to students upon graduation No payments until 6 months after you cease to be a half- time student

5. Types of Loans Unsubsidized You are allowed to defer any payments until after you graduate If you do not demonstrate financial need for the Subsidized Stafford/Direct Loan, you may still borrow the same amounts under the Unsubsidized Stafford/Direct Loan Offers a maximum of $23,000 to students upon graduation

6. Subsidized vs. Unsubsidized Subsidized You can only borrow certain amounts based on your grade level in school and on the type of student you are (Not the most flexible deal if you compare student loan rates) Loan fees (origination and insurance fees) are automatically deducted from each disbursement Loan fees (origination and insurance fees) are automatically deducted from each disbursement

7. Subsidized vs. Unsubsidized Unsubsidized Not awarded on the basis of need, so since anyone is eligible, you need to apply early Interest is not paid by the government while you're in school, so you will be charged interest from the time the loan is dispersed to the time it's paid in full You can only borrow certain amounts based on your grade level in school and on the type of student you are Loan fees are automatically deducted from each disbursement

8. How to read an Award letter…. Projected Cost of Attendance — Undergraduate (2014-2015)* Tuition (New York State residents): $6,170 Tuition (out-of-state residents): $19,590 Fees: $2,701 Fees: $2,701 Room and board (average): $12,400 Total (New York State residents): $21,271 Total (New York State residents): $21,271 Total (out-of-state residents): $34,691 *Costs are subject to change without notice.