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Navigating Financial Aid: A Comprehensive Guide for Bursars

Delve into financial aid programs at Marist College, covering scholarships, loans, and key calculations to determine student aid eligibility, alongside case studies on loan repayment and forgiveness. Learn about proposed updates to federal student aid programs and get expert advice from the Executive Director of Student Financial Services.

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Navigating Financial Aid: A Comprehensive Guide for Bursars

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  1. Financial Aid for Bursars NYSOBBA June 12, 2019

  2. Marist College • Founded in 1929 • Located in New York’s historic Hudson Valley • Branch located in Florence, Italy • Enrollment 2018-2019 • 5,699 Traditional Undergraduate • 958 Graduate and Adult Albany Marist NYC Marist

  3. Components of Financial Aid • Case Studies • Financial Aid Award Letter/Billing • Student Loan Repayment/Forbearance • Current Financial Aid Topics/Update Agenda

  4. What is Financial Aid? Financial aid is funding used to assist students and families to pay for postsecondary educational expenses.

  5. Types of Financial Aid • Scholarships (merit/academic) • Grants (need based) • Federal College Work Study • Loans (need based and non-need based) • Gift Aid: Self Help Aid:

  6. Percentage of High School Graduates Who Completed a FAFSA

  7. What is Financial Need? • Cost of Attendance • - Expected Family Contribution • = Financial Need

  8. What is Cost of Attendance (COA)? • May include: • Tuition and Fees • Room and Board • Books • Travel • Miscellaneous Expenses • Billable costs • Non-billable costs • Varies widely from college to college

  9. What is the Expected Family Contribution (EFC)? • Calculated using data from the federal application form (FAFSA) and a federal formula. It is used to determine student aid eligibility. • Amount family can reasonably be expected to contribute • Stays the same regardless of college

  10. 5 Factors Considered in Calculating Your EFC: • Income • Assets • Household size • Number of students in college • Age of older parent • Examples of Assets: • Educational IRA Accounts • 529 Savings Plan* • Prepaid Tuition Plan • Trusts • Inheritance • Stocks • Cash • Mutual Funds • * These accounts are reported as parental • investments on the FAFSA, including all accounts • owned by the student and the parents for • any member of the household.

  11. Case Studies

  12. Case Studies

  13. Federal Loan Repayment and Forgiveness • Standard Repayment • Extended Repayment • Graduated Repayment • Income Based Repayment • Income Contingent Repayment • Pay As You Earn Repayment

  14. Federal Loan Repayment

  15. Federal Loan Repayment

  16. Federal Loan Forgiveness • Public Service Loan Forgiveness: • Must be employed in certain public service jobs • Must make 120 qualifying monthly payments • Teacher Loan Forgiveness: • Must teach full-time in a low-income elementary or secondary school, or educational service agency • Up to $17,500 of Federal Direct Loan (subsidized or unsubsidized) may be forgiven

  17. Higher Education Act • 1965- First enacted to govern the administration of federal student aid programs • 2008- Last reauthorization of the Act • With college costs & student debt increasing, many changes to student aid programs have been proposed

  18. Proposed Financial Aid Updates • Enhance Counseling for Federal Aid Recipients • Annual counseling for Federal Loan borrowers • Annual Pell Grant counseling • Promote Greater Transparency • Standardize financial aid award letters • Enhance consumer tools providing key college data to students (College Navigator) • Require data on transfers & part-time students • Provide links for each college listed on FAFSA

  19. Questions? Joe Weglarz Executive Director, Student Financial Services Joe.Weglarz@marist.edu (845) 575-3230 Marist College

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