1. All About Financial Aid Presented By: New York State Financial Aid Administrators’ Association And Oswego State University

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

3. Tonight’s Topics  What is financial aid  How much will it cost  Expected Family Contribution  What is financial need  What aid is available  How to apply (FAFSA)  FAFSA4Caster  Special Circumstances

5.  College is expensive, but worth it  Sound investment  More than just tuition  Costs vary by type of college  Community College, Public College, Private College  Look at costs for full education  4 – 6 years total, and beyond….

6. Cost of Attendance  Tuition and Fees  Books & supplies  Room and Board  Transportation  Some Personal Costs  Loan Fees  Disability  Child Care  Study Abroad

7. Typical College Costs SUNYCommunity CollegePrivate college Tuition$ 5,270$ 4,000$ 25,000 Fees 1,500 550 1,000 Books & Supplies 1,000 1,230 1,100 Room & Board 12,310 6,500 11,000 Travel 800 2,000 900 Personal 800 700 600 Misc Total$ 21,680 $14,980 $ 39,600

8.  The money tree  “hope”  Scholarships  Financial aid

9.  Amount family can reasonably be expected to contribute  BUT NOT what the family will pay  Remains the same regardless of college price tag  Calculated from Federal formula and form (FAFSA/Profile)  2 components:  Parent income/resources  Student income/resources Expected Family Contribution

10. Cost of Attendance - Expected Family Contribution - Private Resources = Financial Need Amount of Financial Need determines aid received * Note: Colleges may not be able to offer enough aid to meet your financial needs What is Financial Need

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

12.  Scholarships  No repayment  Grants  No repayment  Based on Need  Loans  Repayment usually after education finished  Only borrow what is needed  Investment in future  Many types  Employment  Paycheck or compensation (room/board) Types of Aid

13.  Federal Government  State Government  Colleges  Private Sources  Civic Organizations  Schools  Religious Organizations  Employers Sources of Aid

14.  Largest source  Awarded mainly based on financial need  Apply every year (FAFSA)

15. Federal Grants  Pell Grant  Need Based  Up to $5,550 (2011-2012)  Supplemental Educational Opportunity Grant  Need Based  Targeted at lowest incomes  Varies between colleges  $100 - $4000 annual award

16. 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)

17.  Both Merit and Need-Based  Residency Requirements  Apply every year (State form)

18. New York State Grant  Tuition Assistance Program  Attend College in New York State  Award Range $500- $5500  NY State Net Taxable Income < $80,500  Part –time (APTS)

19. College Scholarships  Tips to consider:  Merit vs. Need  Academic, Athletic, Talent, Ethnic  Family’s resources  School determines  Variable  Part of admissions process  Separate Application?  Renewable?

20.  Use reputable websites  www.finaid.org  www.fastweb.com  Your high school guidance office  Watch for deadlines  College  Public libraries  Local service organizations  Parents’ place of employment Private Sources

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

22. Federal Loans  Perkins Loan  Low interest, subsidized  Highest need  Repayment after graduation  Awards vary  Direct Loans (Stafford)  Student’s loan  Need based  Repayment after graduation  Subsidized and Unsubsidized

23. Subsidized Direct Loan (Student)  Government pays interest while in school  Freshmen - $3,500  Sophs - $4,500  Junior/Senior - $5,500  Interest = 3.4%  6 month grace Unsubsidized Direct Loan (Student)  All eligible students  Regardless of income or assets  Interest = 6.8%  $2,000 annual loan

24. AmountEstimated Monthly Payment $5,500 63 8,500 98 10,500121 15,000173 20,000230 23,000265 25,000289 50,000575

25.  Not based on need  Cost of Attendance less financial aid awarded  Good credit history  If credit history is not good, see financial aid officer  Repayment may begin after student graduates  Current interest rate = 7.9%  Processing fees apply Parent Loans

26.  Federal Work Study  Institutional Job programs  Opportunity to connect with college  Many benefits Student Employment

27.  Complete the FAFSA on-line  Apply for PIN number (student and parent)  For 2012-2013, FAFSA no earlier than January 1, 2012  Application deadlines/priority dates  Use estimated figures if necessary  BUT be sure to update information after taxes are completed  Apply every year Apply for Financial Aid

28.  Electronic signature for  FAFSA  Loan application signature  Research aid database (NSLDS)  Protect your number PIN Number

29. PIN Registration

30.  Built-in edits  Skip-logic allows to skip unnecessary questions  Timely submission  On-line help with questions  Check application status on-line  Simplified future application Why File On Line

31. www.fafsa.ed.gov FAFSA on the Web (FOTW)

32. www.fafsa.gov FAFSA on the Web (FOTW)

33. 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.

34. 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.

35. Pages that contain only parental questions are now PURPLE. Basic demographic information for the parents is collected on the Parent Demographic Information page.

36. 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.

37.  New this year  At least 2 weeks after  Complete federal taxes  IRS Data Retrieval Tool  Voluntary  Could reduce docs requested by Financial Aid Office  How it works

38. 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.

39.  On line tool  Helps families prepare financially for college  Asks for data needed for FAFSA  Estimates Pell Grant eligibility  www.FAFSA4caster.ed.gov www.FAFSA4caster.ed.gov

40. Early Results

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

42.  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

43.  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

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

45. https://uii.nysaves.s.upromise.com/ New York Saves (529 Plan)

46.  Federal  American Opportunity Credit  Up to $2500  Life-long Learning Credit  Up to $2000  State Use Tax Credits

47.  Post 9/11 GI Bill  Transfer to Dependents  Yellow Ribbon Program

48.  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

49.  www.pin.ed.gov  www.fafsa.gov  www.hesc.com  www.finaid.org  www.oswego.edu/financial Helpful Web Sites

50.  www. hesc.com

51. www.finaid.org Financial Aid Website

52. www.oswego.edu/financial College Website

53.  Save for College  Search for Scholarships  Apply for Aid  PIN  FAFSA  Be aware of deadlines  Special Circumstances  Less expensive school/commute?  Tuition installment plans  Consider Parent loans  Tax credits Summary

54.  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  ReApply for aid each year  Watch for FAFSA deadlines  Watch for scholarship deadlines  Follow up is important