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Financial Aid Awareness: Are we Doing Enough?

Financial Aid Awareness: Are we Doing Enough?. Kerry Lubold Assoc Dir of Financial Aid SUNY Plattsburgh. Paying for college awareness: What ELSE CAN WE DO?. Target Audiences (who). Students Parents School Counselors School Mentors Teachers and Professors Academic Advisors

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Financial Aid Awareness: Are we Doing Enough?

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  1. Financial Aid Awareness:Are we Doing Enough? Kerry Lubold Assoc Dir of Financial Aid SUNY Plattsburgh

  2. Paying for college awareness:What ELSE CAN WE DO?

  3. Target Audiences (who) • Students • Parents • School Counselors • School Mentors • Teachers and Professors • Academic Advisors • Community Schools/Parent Facilitators • Club Advisors • PTO’s • Community and Workforce Agencies • Parents – to - be Duh . Huh ?

  4. The Life Cycle of a Buyer (when)

  5. Our safety nets (HOW) • Federal and State Aid • Institutional and Private Scholarships • Guidance Office • www.fafsa.gov • www.hesc.com • www.students.gov • www.studentaid.gov • www.fastweb.com • www.collegeboard.com

  6. What Other Resources exist ? There is something unique about each and every student

  7. What YOU can do to Afford College • Grades Matter • Save, Save, Save • Consider WANT vs. NEED • Complete All Coursework • Take responsibility for your college decision

  8. Candid Advising Do you: • Estimated awarding • In-person loan counseling • Refuse loan adjustments or certifications • Suggest alternative programs, or none Are your high debt students the biggest contributors to: • Deficient academic progress • Less desirable retention rates • Struggling graduation stats • Defaulted loans

  9. DISCOURAGING BORROWING[insert THIN Line]orSUPPORTING COLLEGE’s PROGRAMS and MISSION

  10. Budget Exercise Students Annual Spending You • Cell & other electronics $300 - $600 ___ • Laptop $400 - $800 ___ • Clothing $250 - $750 ___ • Food/meals $200 - $600 ___ • Coffee, energy drinks, snacks $400 - $700 ___ • Movies, bowling, skiing, etc. $150 - $750 ___ • Gym membership, outdoor equip. $180 - $600 ___ • Class materials $250 - $500 ___ • Class/Project attire $100 - $300 ___ • Group membership $100 - $250 ___ • Frat or Sorority Dues $150 - $800 ___ • Socializing $500 - $1500 ___ • Networking $100 - $300 ___ • Trips $300 - $1500 ___ • TOTAL SPENDING (1 YR) = $3380 - $9950 ___ • Common Spending Allowance = $1500 - $2500 Question: How will you pay for your spending habits? Recommendation: Live like a college student now... not later.

  11. Case Study: SAMMY Student • 4 in household / 1 in college • EFC = 8632 (Parent AGI = 75494) COA (tuit, fees, room, meals)= 21054 grants and scholarships = 3059 OOP/Debt = 17995 OPTIONS ?

  12. Question: How much will I PAY my college?Answer: All Balances below the red line College College College _______ _______ _______ Direct Costs $ $ $ • Free aid $_______ $_______ $_______ = Balance $ $ $ Can you pay some or all of the balance with cash resources? • Cash $_______ $_______ $_______ = Balance $ $ $ Will you need to borrow to pay what remains of the balance? • Student Loans $ $ $ • Parent Loans $_______ $_______ $_______ = Balance $ $ $

  13. National Delinquency Rate = 8.7% Ages 40-49 Delinquency Rate = 11.9% Just 57% of adults polled think college is a good investment Average tuition at four-year public university climbed 15 % between 2008 and 2010 Median family net worth dropped 40% from 2007 to 2010 One third of students surveyed said financial stressors have a negative impact on their academic performance Two-thirds of the nation’s $900 billion in student debt is held by Americans under 40

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