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Navigating the Financial Aid Process

Learn about the cost of college, how to apply for financial aid, how financial need is determined, types of financial aid, and more.

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Navigating the Financial Aid Process

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  1. Navigating the Financial Aid Process

  2. TOPICS • How much does college cost? • Net Price Calculator • How and when to apply for financial aid • How is financial need determined? • Sources and types of financial aid • SUNY Smart Track • Reviewing Award Letters • SUNY Financial Aid Days

  3. How Much Does College Cost? • Cost of Attendance (COA) Includes: • Tuition and fees • Room and board • Books and supplies • Transportation • Miscellaneous personal expenses

  4. How Much Does College Cost? Four-Year PRIVATE On-Campus Student Tuition and fees: $31,674 Room and board: 12,215 Books and supplies: 1,244 Transportation: 957 Personal expenses: 1,570 Total Budget: $47,660 Source: College Board: Trends in College Pricing 2013 Middle States Averages.

  5. How Much Does SUNY Cost? Baccalaureate Degree Program 2014-2015 NY State Resident Living On-Campus Tuition and fees: $7,582 ($6,170 & $ 1,412) Room and board: 12,020 Books and supplies: 1,270 Personal expenses: 1,020 Transportation: 1,450 Total Budget: $23,342 Source: SUNY Office of Student Financial Aid, System Administration

  6. How Much Does SUNY Cost? Associate Degree Program 2014-2015 NY State Resident Living On-Campus Tuition and fees: $4,646 ($4,076 & $570) Room and board: 9,730 Books and supplies: 1,320 Personal expenses: 1,280 Transportation: 1,110 Total Budget: $18,086 Source: SUNY Office of Student Financial Aid, System Administration

  7. NetPrice Calculator The calculator estimates the net price that a family will pay after receiving any scholarships or need-based grants. Find SUNY’s calculator at: www.suny.edu/howmuch

  8. How to Apply for Aid • Collect information • Complete FAFSA online: www.fafsa.ed.gov • Complete TAP online • Watch for Student Aid Report (SAR) • Keep records & communicate with the financial aid office

  9. 1. Collect Information • Student and parents’ SSN and DOB • Parents’ marital status • Tax returns for student and parents • W-2s for student and parents • Records of untaxed income for student and parents, • bank accounts, stock, real estate and business records for • student and parents • Student’s driver’s license number • Student’s alien registration number (non-U.S citizens)

  10. 2. Complete FAFSA at www.fafsa.ed.gov

  11. Beware of www.fafsa.com!

  12. Seven Steps for Filing the FAFSA • Step One: Student Demographics • Name, social security number, birth date • Provide an email address • Indicate gender • Males have the opportunity to enroll in Selective Service • For more information go to: www.sss.gov Step Two: School Selection • Enter FAFSA codes – up to 10 colleges • Indicate housing status

  13. Seven Steps for Filing the FAFSA • Step Three: Dependency Status • Generally Dependent if under age 24 • Independent if: • Married • A graduate student • Serving in the U.S. military or a veteran • Supporting children or other dependents • Has a court appointed legal guardian • Has been determined homeless or at risk of being homeless

  14. Seven Steps for Filing the FAFSA • Step Four: Parent Demographics • Name, social security numbers, birth dates • Marital status If your parent does not have an SSN, enter 0’s or 9’s • Step Five: Financial Information • Use 2015 tax returns • If you have not filed, select “will file”

  15. Student Financial Information

  16. Seven Steps for Filing the FAFSA • Step Six: Sign and Submit • Sign electronically • Print signature page • Process now without signature

  17. Submit FAFSA

  18. Seven Steps for Filing the FAFSA • Step Seven: Confirmation York

  19. 3. Complete TAP Online • From the FAFSA • confirmation page, link to the TAP-on-the-Web. • Establish your TAP PIN. You may choose to use the same number as your federal PIN.

  20. 4. Watch for SAR • SAR will be available in 3-5 days • EFC is printed on upper right corner • Make sure all information is correct • Corrections-on-the-Web at www.fafsa.ed.gov

  21. 5. Keep records & communicate with your financial aid office • You may be selected for verification

  22. How and When to Apply?

  23. How and When to Apply • FILE EARLY! • Right after January 1,2016 • Check “will file taxes” • Estimate financial information accurately • Questions? - 1-800-4FEDAID (1-800-433-3243) or www.fafsa.gov

  24. How is Financial Aid Determined? • Estimated Family Contribution (EFC) is determined by: • Parents’ income and assets - primary home value • excluded • Student’s income and assets • Size of family • Age of parents • Number of children in college • COAminusEFC=Need

  25. Sources and Types of Financial Aid

  26. Sources and Types of Financial Aid: Scholarships • Private scholarship search • At your college of interest • Free Internet scholarship searches • www.fastweb.com • www.studentaid.gov • Local library resources • Local businesses and civic organizations (including • professional associations) related to student's field of • interest • Parents’ employers/unions

  27. Sources and Types of Financial Aid: • Major Grant Programs • PELL Grant • Must have EFC between $0 - $5,157 • Maximum annual award $5,730 • NYS TAP Grant • Based on NYS net taxable income

  28. Sources and Types of Financial Aid: • Federal Work Study • Based on financial need • On- or off-campus employment • Usually 12 to 15 hours per week

  29. Sources and Types of Financial Aid:William D. Ford Direct Loans • Subsidized * • 4.66% • Capped at 8.25% • Based on need • Federal government pays interest while student is in school • $3,500 for freshmen • Unsubsidized • 4.66% • Capped at 8.25% • Not based on need • Student is responsible for interest while in school • Loan cannot exceed cost of education minus financial aid Maximum Direct Loans for freshmen: $5,500

  30. Sources and Types of Financial Aid: • Perkins Loan • Need-based • Low interest rate (5%) • Student pays no interest while in school • Maximum $5,500 per year • May be forgiven

  31. Sources and Types of Financial Aid: • Parent Loans for Undergraduate Students (PLUS) • For parents of dependent students • Borrow up to entire cost of college less financial aid • No adverse credit (parent must pass credit check) • Interest rate 7.21% • Capped at 10.5% • Time Payment Plans • May vary…typically, families spread the direct costs over the semester or year.

  32. SUNY State-Operated Campuses • 2014-2015 TEACH Grant • Up to $4,000 per year • For students who intend to teach: • a high-need field • students of low-income • Four-year service contract • More information: www.studentaid.ed.gov

  33. STEM Incentive Program • Tuition scholarship at SUNY or CUNY • Eligibility • Need to graduate in top 10% of high school class • Need to study in STEM Field • Need to maintain a 2.5 average • Five-year service contract to work in NY state in a • STEM field • More information: www.hesc.ny.gov • or Scholarship Unit at 1-888-697-4372

  34. NY-Aims • $500 • Eligibility • NY state high school graduate • Achieved academic excellence • Top 15% • 3.3 GPA or above • Honor Regents diploma or a score of 3 • or higher on two advanced placement exams • Based on unmet need • Applications and more information available in May • More information: www.hesc.ny.gov • or Scholarship Unit at 1-888-697-4372

  35. NY ‘Get on your Feet’ Loan Forgiveness • 24 payments on the borrower’s behalf • Eligibility • Need to graduate from a NY state college • Be a NY resident and NY state HS graduate • Earn less than $50,000 a year • Enrolled in IBR or PAYE • Must apply within 2 years of graduation • More information: www.hesc.ny.gov • or Scholarship Unit at 1-888-697-4372

  36. SUNY Smart Track • SUNY standard award letter • System-wide financial literary • Student engagement/communication • Delinquency/default resolution • www.suny.edu/smarttrack

  37. SUNY Smart Track

  38. Award Letters

  39. Smart Track Award Letter

  40. Smart Track Award Letter Grants/Gift Aid Section

  41. Smart Track Award Letter Estimated Cost of Attendance Section(Direct vs. Indirect Costs) Transportation

  42. Smart Track Award Letter Options To Pay Net Cost Sections

  43. Smart Track Award Letter Options To Pay Net Cost Sections

  44. College Overview Section: • Graduation rate • Loan default rate • Median borrowing • Repaying loan information • School contact information

  45. College Overview Section: • Median borrowing • Repaying loan information • School contact information

  46. Reviewing Award Letters: Comparing Financial Aid Award Packages SUNY COA $23,342 SUNY SFA Package - 5,770* Net cost to family $17,572 Non-SUNY COA $47,660 Non-SUNY SFA Package - 17,630* Net cost to family $30,030 Focus on Net Cost vs. SFA Package Focus on Type of Aid & Total Amount * Student loans are not included Source: College Board: Trends in College Pricing 2013

  47. Reviewing Award Letters: • Questions You Should Ask • What is the source of aid? • What is the out-of-pocket expense? • Will the scholarship be renewed? • Is there a GPA requirement for scholarship renewal? • What happens if the GPA requirement for scholarship • renewal is not met?

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