1. 2015 SUNY College Fairs Navigating the Financial Aid Process

2. 2015 SUNY College Fairs Julieta Schiffino Associate Director of Financial Aid Services The State University of New York

3. 2015 SUNY College Fairs 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.SUNY Smart Track 6.Reviewing Award Letters 7.SUNY Financial Aid Days

4. 2015 SUNY College Fairs 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

5. 2015 SUNY College Fairs How Much Does College Cost? Source: College Board: Trends in College Pricing 2013 Middle States Averages. Four-Year PRIVATE On-Campus Student Tuition and fees: $33,056 Room and board: 12,619 Books and supplies: 1,244 Transportation: 1,002 Personal expenses: 1,607 Total Budget: $49,528

6. 2015 SUNY College Fairs How Much Does SUNY Cost? Baccalaureate Degree Program 2015-2016 NY State Resident Living On-Campus Source: SUNY Office of Student Financial Aid, System Administration Tuition and fees: $7,980 ($6,470 & $ 1,510) Room and board: 12,150 Books and supplies: 1,340 Transportation: 1,050 Personal expenses: 1,500 Total Budget: $24,020

7. 2015 SUNY College Fairs How Much does CUNY Cost? Tuition and fees: $6,480 ($6,030 & $450) Room and board: 3,066 (19,998) Books and supplies: 1,304 Transportation: 1,020 Personal expenses: 1,798 Total Budget: $13,668

8. 2015 SUNY College Fairs How to Apply for Aid 1.Collect information 2.Complete FAFSA online: www.fafsa.ed.gov 3.Complete TAP online 4.Watch for Student Aid Report (SAR) 5.Keep records & communicate with the financial aid office

9. 2015 SUNY College Fairs 1. Collect Information  Student 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)

10. 2015 SUNY College Fairs 2. Complete FAFSA at www.fafsa.ed.gov

11. 2015 SUNY College Fairs Beware of www.fafsa.com!

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14. Seven Steps for Filing the FAFSA Step One: Student Demographics  Name, social security number, birth date  Provide an email address  Indicate gender  Males have the opportunity to enroll in Selective Service  For more information go to: www.sss.gov Step Two: School Selection  Enter FAFSA codes – up to 10 colleges  Indicate housing status

15. 2015 SUNY College Fairs Seven Steps for Filing the FAFSA Step Three: Dependency Status  Generally Dependent if under age 24  Independent if: Married A graduate student Serving in the U.S. military or a veteran Supporting children or other dependents Has a court appointed legal guardian Has been determined homeless or at risk of being homeless

16. 2015 SUNY College Fairs Seven Steps for Filing the FAFSA Step Four: Parent Demographics  Name, social security numbers, birth dates  Marital status If your parent does not have an SSN, enter 0’s or 9’s Step Five: Financial Information  Use 2015 tax returns  I am not going to file  I have already completed  I will file

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18. These fields are pre- filled based on FAFSA respons es

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20. Parent Financial Information

21. 2015 SUNY College Fairs Seven Steps for Filing the FAFSA Step Six: Sign and Submit using the FSA ID  Sign electronically  Print signature page  Process now without signature

22. 2015 SUNY College Fairs What is the FSA ID?  Is comprised of a username and password  The security of your FSA ID is important  https://fsaid.ed.gov/npas/indexhtm https://fsaid.ed.gov/npas/indexhtm  Sign FAFSA electronically  Used by students and parents throughout aid process  Only the owner should create a FSA ID

23. 2015 SUNY College Fairs The FSA ID Application Process

24. 2015 SUNY College Fairs Submit FAFSA

25. 2015 SUNY College Fairs Seven Steps for Filing the FAFSA Step Seven: Confirmation York

26. 2015 SUNY College Fairs 3. Complete TAP Online  From the FAFSA confirmation page, link to the TAP-on-the-Web.  Establish your TAP PIN.

27. 2015 SUNY College Fairs 4. Watch for SAR  SAR will be available in 3-5 days  EFC is printed on upper right corner  Make sure all information is correct  Corrections-on-the-Web at www.fafsa.ed.gov

28. 2015 SUNY College Fairs 5. Keep records & communicate with your financial aid office  You may be selected for verification

29. 2015 SUNY College Fairs How and When to Apply?

30. 2015 SUNY College Fairs How and When to Apply FILE EARLY! Right after January 1, 2016  Check “will file taxes”  Estimate financial information accurately  Questions? - 1-800-4FEDAID (1-800-433-3243) or www.fafsa.gov

31. 2015 SUNY College Fairs How is Financial Aid 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

32. 2015 SUNY College Fairs Sources and Types of Financial Aid

33. 2015 SUNY College Fairs Sources and Types of Financial Aid: Scholarships  Private scholarship search  At your college of interest  Free Internet scholarship searches www.fastweb.com www.studentaid.gov  Local library resources  Local businesses and civic organizations (including professional associations) related to student's field of interest  Parents’ employers/unions

34. 2015 SUNY College Fairs Sources and Types of Financial Aid: Major Grant Programs PELL Grant  Must have EFC between $0 - $5,157  Maximum annual award $5,775 NYS TAP Grant  Based on NYS net taxable income

35. 2015 SUNY College Fairs Sources and Types of Financial Aid: Federal Work Study  Based on financial need  On- or off-campus employment  Usually 12 to 15 hours per week

36. 2015 SUNY College Fairs Sources and Types of Financial Aid: William D. Ford Direct Loans Subsidized *  4.29%  Capped at 8.25%  Based on need  Federal government pays interest while student is in school  $3,500 for freshmen Unsubsidized  4.29%  Capped at 8.25%  Not based on need  Student is responsible for interest while in school  Loan cannot exceed cost of education minus financial aid Maximum Direct Loans for freshmen: $5,500

37. 2015 SUNY College Fairs Sources and Types of Financial Aid: 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 6.84%  Capped at 10.5% Time Payment Plans  May vary…typically, families spread the direct costs over the semester or year.

38. 2015 SUNY College Fairs SUNY State-Operated Campuses 2015-2016 TEACH Grant  Up to $3,728 per year  For students who intend to teach: a high-need field students of low-income  Four-year service contract  More information: www.studentaid.ed.gov

39. 2015 SUNY College Fairs STEM Incentive Program  Tuition scholarship at SUNY or CUNY  Eligibility Need to graduate in top 10% of high school class Need to study in STEM Field Need to maintain a 2.5 average  Five-year service contract to work in NY state in a STEM field  More information: www.hesc.ny.govwww.hesc.ny.gov or Scholarship Unit at 1-888-697-4372

40. 2015 SUNY College Fairs NY Aims  $500  Demonstrate the biggest need  Academic Excellence Achieved at least 2 of the following :  Graduate with a GPA of 3.3 or above;  Graduate “with honors” on a NYS Regents diploma or received a score of 3 or higher on 2 or more Advanced Placement (or AP) examinations;  Graduate within the top 15% of the class

41. 2015 SUNY College Fairs SUNY Smart Track  SUNY standard award letter  System-wide financial literary  Student engagement/communication  Delinquency/default resolution  www.suny.edu/smarttrack

42. 2015 SUNY College Fairs SUNY Smart Track

43. 2015 SUNY College Fairs Award Letters

44. 2015 SUNY College Fairs Smart Track Award Letter

45. 2015 SUNY College Fairs Grants/Gift Aid Section Smart Track Award Letter

46. 2015 SUNY College Fairs Smart Track Award Letter

47. 2015 SUNY College Fairs Options To Pay Net Cost Sections Smart Track Award Letter

48. 2015 SUNY College Fairs Options To Pay Net Cost Sections Smart Track Award Letter

49. 2015 SUNY College Fairs College Overview Section:  Graduation rate  Loan default rate  Median borrowing  Repaying loan information  School contact information

50. 2015 SUNY College Fairs College Overview Section:  Median borrowing  Repaying loan information  School contact information

51. 2015 SUNY College Fairs Reviewing Award Letters: Comparing Financial Aid Award Packages SUNY COA $24,020 SUNY SFA Package - 6,110* Net cost to family $17,910 Non-SUNY COA $49,528 Non-SUNY SFA Package- 18,870* Net cost to family $30,658 Focus on Net Cost vs. SFA Package Focus on Type of Aid & Total Amount * Student loans are not included Source: College Board: Trends in College Pricing 2013

52. 2015 SUNY College Fairs 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 for scholarship renewal?  What happens if the GPA requirement for scholarship renewal is not met?

53. 2015 SUNY College Fairs SUNY Financial Aid Days 2016 January 16, 2016 February 20, 2016  Ask questions about the financial aid application, types of aid and the award process  Some campuses will offer Web access to complete the FAFSA online  Register at www.suny.edu/studentevents inwww.suny.edu/studentevents early December

54. 2015 SUNY College Fairs Questions?

55. 2015 SUNY College Fairs Thank you for attending!