1. OPTIONS College Access Professional Development Institute – Goddard Riverside Community Center Applying For Financial Aid New Settlement Apartments College Access Center

2. OPTIONS College Access Professional Development Institute – Goddard Riverside Community Center Total Cost of Attendance Direct Costs (Billed Costs) – Tuition – Mandatory Fees – Health Service Fees – Room – Board Indirect Costs (Unbilled Costs) – Travel – Books – Supplies – Personal Expenses

3. OPTIONS College Access Professional Development Institute – Goddard Riverside Community Center CUNY – Hunter Total Cost of Attendance Tuition$4,600 Fees$ 200 Books & Supplies$1,146 Transportation$ 918 Housing$1,740 Food (lunch)$1,020 Personal Expenses$1744 Total $ 11,368

4. OPTIONS College Access Professional Development Institute – Goddard Riverside Community Center SUNY Binghamton Total Cost of Attendance Tuition$4,970 Mandatory Fees$1, 845 Books/Supplies$1,000 Personal/Travel$1,000 Room & Board (average)$11,245 Total $20, 060

5. OPTIONS College Access Professional Development Institute – Goddard Riverside Community Center Syracuse University TOTAL COST OF ATTENDANCE for 2010-11 2009-2010 Billable Costs Tuition$34,970 Room/Board$12,850 Fees$1,332 2009-10 Billable Costs:$49,152 Other Expenses (average costs) Books and supplies$1,308 Travel$600 Personal Expenses$900 Total: $2,808 Total billed and unbilled costs$51,960

6. OPTIONS College Access Professional Development Institute – Goddard Riverside Community Center Sticker Price vs. Individual Student Cost What a student actually pays per year depends on how much financial aid he/she is awarded; Most financial aid is awarded based on the students need; The Need is determined by students Expected Family Contribution (EFC)

7. OPTIONS College Access Professional Development Institute – Goddard Riverside Community Center What is the Expected Family Contribution (EFC)? Federal calculation of how much a family is able to contribute towards the students education in particular academic year www.FAFSA4caster.gov

8. OPTIONS College Access Professional Development Institute – Goddard Riverside Community Center Expected Family Contribution (EFC) Examples An EFC of $1,000 means that the family is expected to contribute $1,000 toward the students education for that academic year. To be eligible for a Pell Grant the EFC Range is $0 -$4,041 www.fafsa4caster.ed.gov

9. OPTIONS College Access Professional Development Institute – Goddard Riverside Community Center Calculating Need Cost of Attendance - Expected Family Contribution Documented Need

10. OPTIONS College Access Professional Development Institute – Goddard Riverside Community Center How Need works Joe the Student has an EFC of $900 What is his financial need at each college he applied to? CUNY BrooklynSUNY OneontaSt. Johns University COA = 10,000COA = 17,000COA = 37,000 EFC = 900 Need = 9,100Need = 16,100Need = 36,100

11. OPTIONS College Access Professional Development Institute – Goddard Riverside Community Center Defining Financial Aid Financial aid consists of: – Grants/Scholarships – Loans – Federal Work-Study Other Resources to help pay for college – Alternative loans (private) – Budget plans – Outside scholarships – Tax benefits

12. OPTIONS College Access Professional Development Institute – Goddard Riverside Community Center What does 100% financial need met mean? College ACollege BCollege cCollege D 90% grants75% grants25% grants5% grants 9.5% loans25% loans75% loans85% loans.5 % WS10% WS Four hypothetical answers for one student

13. OPTIONS College Access Professional Development Institute – Goddard Riverside Community Center How will the college meet my NEED? Will identify fin aid (grants, loans, work- study) from many sources on your behalf. May or may not cover all your need May cover your need with a lot in loans Best case scenario: your need is covered with mostly scholarship/grants

14. OPTIONS College Access Professional Development Institute – Goddard Riverside Community Center What happens after colleges determine need Colleges attempt to meet need through variety of financial aid resources: – Federal grants – State grants – Institutional grants – Federal loans – Federal work-study – other

15. OPTIONS College Access Professional Development Institute – Goddard Riverside Community Center Sources of Aid

16. OPTIONS College Access Professional Development Institute – Goddard Riverside Community Center Sources of Aid Maximum Pell Grant - $5550 Maximum TAP Grant (State) - $4925 Institutional Aid - ???? Scholarships - ???? Loans - ?????

17. OPTIONS College Access Professional Development Institute – Goddard Riverside Community Center How is specific aid determined for you? 1.Fin aid office at each college starts with COA 2.Subtract s EFC to find NEED 3.Fin Aid office attempts to meet your need by plugging in all government and institutional sources you are eligible for. 4.Sources likely include mix of GRANTS, LOANS, WORK-STUDY. 5.You find own private scholarships and alert college. 6.Net price calculator

18. OPTIONS College Access Professional Development Institute – Goddard Riverside Community Center COA – (financial aid + EFC) = Gap What happens if a college does not meet a students need? This is called a gap

19. OPTIONS College Access Professional Development Institute – Goddard Riverside Community Center Defining student financial responsibility Its important for students to understand their complete responsibility, not just loans or gap. EFC + loans + WS + gap = student responsibility

20. OPTIONS College Access Professional Development Institute – Goddard Riverside Community Center Where does aid come from? Sources of AidTypes of Aid Federal GovernmentGrants/scholarships Loans Work Study New York State Government (if NYS resident at a college in NYS) TAP Grant Scholarships (special eligibilities) Institution (college itself) Grants Loans (less often)

21. OPTIONS College Access Professional Development Institute – Goddard Riverside Community Center How do I apply for Financial Aid? 1. FAFSA: Free Application for Federal Student Aid www.fafsa.ed.gov (Most important form, base of all aid decisions) 2. TAP Application: NYS Tuition Assistance Grant (for NYS residents attending college in NYS) website:www.Hesc.org (Continued)

22. OPTIONS College Access Professional Development Institute – Goddard Riverside Community Center Fin Aid Applications continued 3. PROFILE: form administered by College Board, used by colleges to award institutional aid Website: www.profileonline.collegeboard.com 4. Other forms: some colleges may have other shorter forms to complete 5. Verification: providing copies of financial forms directly to colleges

23. OPTIONS College Access Professional Development Institute – Goddard Riverside Community Center

40. Helping students evaluate packages Complete analysis of each college Compare relative burdens of each Project total loan amount Project monthly loan payments

41. OPTIONS College Access Professional Development Institute – Goddard Riverside Community Center

55. TAP & CSS PROFILE Applications

56. OPTIONS College Access Professional Development Institute – Goddard Riverside Community Center HESC Loan Calculator http://www.hesc.com/content.nsf/SFC/5/Financ ial_Aid_Calculators

57. OPTIONS College Access Professional Development Institute – Goddard Riverside Community Center

59. Timeline FAFSA and TAP: in JANUARY (ideally) BEFORE Priority deadline at each college PROFILE: fall semester or January Use estimates if 2008 taxes not done in January

60. OPTIONS College Access Professional Development Institute – Goddard Riverside Community Center Other pointers about Financial Aid You reapply for aid each year Government aid based only custodial household College aid based on both parents Some students will have to verify information with documents (1040, etc.) Some aid dependent on academic performance

61. OPTIONS College Access Professional Development Institute – Goddard Riverside Community Center Families working together Some thoughts from counselors Recognize college process is stressful for everyone Focus on good-fit for the student Help each other stay organized Parents must be involved with financial aid process, but it helps to involve students

62. OPTIONS College Access Professional Development Institute – Goddard Riverside Community Center College Access Center 1563 Walton Avenue, Bronx, NY 10452 718-294-3870 a.palmer@newsettlement.org