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Paying for College: TAP, Pell, and Excelsior

Paying for College: TAP, Pell, and Excelsior. CUNY K-16 Initiatives: A NYGEAR UP Partner. Agenda: Paying for College. Pell TAP Excelsior SUNY and CUNY tuition Enhanced Tuition Award Resources. Pell Grant. Award Amount is based on: Financial need Cost of attendance

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Paying for College: TAP, Pell, and Excelsior

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  1. Paying for College: TAP, Pell, and Excelsior CUNY K-16 Initiatives: A NYGEAR UP Partner

  2. Agenda: Paying for College • Pell • TAP • Excelsior • SUNY and CUNY tuition • Enhanced Tuition Award • Resources

  3. Pell Grant • Award Amount is based on: • Financial need • Cost of attendance • Status as a full-time or part-time student • Plans to attend school for a full academic year or less • Maximum Award: $5,920 • Average Award: $3,740 Federal Money

  4. TAP • Award Amount is based on: • Financial need (NYS Taxable income of less than $80,000) • Financial status (independent or dependent) • Cost of attendance • Maximum Award: $5,165 • Average Award: $3,320 New York State Tuition Assistance Program

  5. Excelsior Scholarship • Award Amount is based on: • Financial need (family income less than $100,000) • CUNY or SUNY tuition cost, minus other financial aid awards Student eligibility is based on: • NYS resident, US citizen • Family income • Successfully completing 30 credits per year • Non-default status on student loans • Live and work in NYS after graduation • Maximum Award: $5,500 • Average Award: N/A New York State money

  6. Excelsior Scholarship If an Excelsior recipient does not successfully complete 30 credits per year or decides to not live and work in NY state: • The award will convert to a 10-year, zero-interest loan. • The award will be prorated when calculating the loan amount. For example, if you received awards for four years and reside in NYS for three years, you will be required to repay one-fourth of the award as a no-interest loan. If you relocated due to an allowable hardship, your loan conversion may be waived. Penalties for losing or forfeiting eligibility

  7. Excelsior: Risks and Rewards Students who may not be good candidates for the Excelsior award are: • Those that are eligible to receive full Pell and TAP, which covers all of SUNY and CUNY tuition. • Those with remedial needs, as they will not be able to complete 30 credits per year. • Those who cannot take on 30 credits per year because of time limitations (jobs, childcare, family responsibilities). • Those who cannot commit to live and work in New York state after graduation.

  8. CUNY YEARLY TUITION TUITION COSTS • SUNY YEARLY TUITION • $6,470 SUNY & CUNY $6,530

  9. CUNY YEARLY TUITION $6,530 - $3740: Average Pell in 2017 - $3320: Average TAP in 2017 -$530 • SUNY YEARLY TUITION • $6,470 • - $3740: Average Pell in 2017 • - $3320: Average TAP in 2017 • - $590 TAP + Pell About 60% of CUNY and SUNY students attend college tuition free

  10. Enhanced Tuition Awards • An Enhanced Tuition Awards (ETA) recipient can receive up to $6,000 through a combination of their TAP award, ETA award and a match from their private college. • For example, a student who receives a $1,000 TAP award would receive an additional $5,000 – half of which would be paid by the ETA and half by his or her college. • Award Amount and Eligibility is the same as the Excelsior Scholarship • Maximum Award: $6,000 • Average Award: N/A $6,000 towards tuition at participating private schools in New York state

  11. Resources • hesc.ny.gov – Higher Education Services Corporation for TAP, ETA, and Excelsior information • fafsa.ed.gov for Pell grant information • CUNY.edu • SUNY.edu

  12. Questions? • Workshop Evaluations

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