All About Financial Aid Presented By: New York State Financial Aid Administrators’ Association (NYSFAAA) and Oswego State University

Your Guide This Evening Kathy Flaherty Assistant Director, Financial Aid SUNY Oswego

Tonight’s Topics  How Much Will It Cost  What Aid is Available  FAFSA, etc  Financial Aid Timeline  Special Circumstances  Other Resources  Questions

 The Money Tree Myth  Family Resources  Financial Aid  Scholarships  Grants  Loans  Student  Parents  Payment Plans

 “Return on Investment”  College is investment in student’s future  More than just tuition, books  Costs vary by type of college  Community College  Public College  Private College  Look at costs for full education  2 – 6 years total  and beyond….

Cost of Attendance  Tuition and Fees  Books & Supplies  Room (Housing)  Board (Meal Plan/Food)  Transportation  Some Personal Costs  Loan Fees  Study Abroad  Disability Services

Typical College Costs SUNYCommunity CollegePrivate college Tuition$ 6,170$ 4,500$ 28,500 Fees 1, ,400 Books & Supplies 800 1,100 Room & Board 12,900 2,000 (comm) 12,000 Travel 600 2, Personal Misc Total$ 22,470 $10,500 $ 44,500 2

What Is Financial Aid  Funds provided to students/families to help pay for college expenses  Includes  Scholarships  Grants  Loans  Employment Job LLoans Scholarship Grants

Federal Grants  Pell Grant  Need Based  Up $5,700/year  Supplemental Educational Opportunity Grant  Need Based  Priority to Pell recipients  Targeted at lowest incomes  Varies between colleges  $100 - $4000 annual award

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)

New York State Grants  Tuition Assistance Program (TAP)  Attend College in New York State  Award Range  NY State Net Taxable Income < $80,500  New York State Scholar  Part-Time Grants  Educational Opportunity Program (EOP)/HEOP

College Scholarships  Merit vs. Need  Academic, Athletic, Talent, Ethnic  Variable Awards  Questions to ask:  Part of Admissions process ?  Separate Application?  Renewable?  With what conditions

 Use reputable websites    Your high school guidance office  Watch for deadlines  Local service organizations  Parents’ place of employment Private Scholarship Sources

Federal Direct Stafford Loans (Student) Perkins Loan (Student) Federal Direct PLUS Loan (Parent) Alternative Student Loans (Private)

Federal Student Loans  Direct Loan  Amount by Year in School  Subsidized  Financial need required  Interest after leaving school  Repayment after leaving school 6 months  Unsubsidized  Interest while in School  Currently 4.66%  Repayment after leaving school 6 months  Perkins Loan  5% Fixed Interest  Interest/Repayment when leave school

 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  Current rate = 7.21%  Repayment of principal may begin after student graduates  Processing fees apply Parent Loans

 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

 Limited Funding  Awards vary by College  Types  Federal Perkins Loan  Federal Work Study  Federal Supplemental Educational Opportunity Grant

Cost of Attendance - Expected Family Contribution (from FAFSA) - 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

 FAFSA and PROFILE  New York TAP  Scholarship  Watch for deadlines/priority dates  Update estimated income  Re-apply each year  Follow-up requests

 Apply for a PIN  Both student and parent  Complete FAFSA  Free Application for Federal Student Aid  January 1, 2015  Watch for deadlines/priority dates  Update estimates with actual data Getting Started

 Electronic signature for  FAFSA  Loan application  Access National Student Loan Database (NSLDS)  Loan History  Protect your number PIN Number

PIN Registration

FAFSA on the Web (FOTW)

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.

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.

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.

 IRS Data Retrieval  At least 2 weeks after federal taxes are completed  Link to IRS Data  Extracts income information

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.

 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  Used by Colleges to award financial aid And the Result is : Expected Family Contribution

 On line tool  Helps families prepare financially for college  Asks for data needed for FAFSA  Estimates Pell Grant eligibility

Early Results

Evaluate Financial Aid Offers Family Collects Information Fill Out FAFSA4caster Receive Financial Aid Award Letter Review Student Aid Report Complete FAFSA online

 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

 Verification  Special Circumstances  What is “family”,“parent”  Financial Independence  Academic Progress  Lifetime Aid Eligibility  Promissory Notes

 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

 Veterans Educational Benefits  Post 9/11 GI Bill  Transfer to Dependents  Yellow Ribbon Program  Resident Assistantships

 Time Payment Plans  Offered by Colleges  Less costly than borrowing  College Savings Plans (529)  New York Saves Other Payment Options

 Application Workshops  Financial Aid Offices  Websites Help Is Available

Financial Aid Website

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College Website

 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

 Federal  American Opportunity Credit  Up to $2500  Life-long Learning Credit  Up to $2000  State Don’t Forget Tax Credits

 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!

 Search for Scholarships  Apply for Aid  Be Aware of Deadlines  Consider Less Expensive School/Commute?  Use Tuition Payment Plans  Consider Loans Carefully  Use Tax Credits Summary