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Financial Aid 101 in New York

cIcu Meeting ( www.nycolleges.org ) October 22, 1998 “Financial Aid 101” Dr. Keith Jepsen NYU Director, Financial Aid ( www.nyu.edu/financial.aid ) Adjunct Assoc. Professor of Higher Education Graduate School of Education course: “Financing Higher Education” ( www.nyu.edu/classes/jepsen ).

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Financial Aid 101 in New York

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  1. cIcu Meeting(www.nycolleges.org)October 22, 1998“Financial Aid 101”Dr. Keith JepsenNYU Director, Financial Aid(www.nyu.edu/financial.aid)Adjunct Assoc. Professor of Higher EducationGraduate School of Educationcourse: “Financing Higher Education”(www.nyu.edu/classes/jepsen)

  2. Financial Aid 101in New York • Form -- the process • Formula -- who gets what • So What? -- discussion

  3. Financial Aid 101in New York“Form”--the process • cIcu (www.nycolleges.org) • Department of Ed: FAFSA (www.fafsa.ed.gov) • NYSHESC (www.hesc.com) • Project EASI (www.easi.ed.gov) • New York Mentor (www.xap.com/xapWWW/DesignStudio/NewYork) • Access America for Students (www.npr.gov)

  4. Financial Aid 101in New York“Formula”--who gets what • Federal methodology for Family Contribution (ifap.ed.gov/csb_html/efcform.htm) • TAP grant eligibility (www.hesc.com) • School packaging

  5. Family #1 income $10,000 (2 parents, 1 in college)One year of college $33,846Family contribution 0Still need $33,846 TAP Grant 4125 Pell Grant 3000 NYU Scholarship 8500 Stafford loan 2625 Perkins loan 1500 Work-Study 3500 Total financial aid $23,250 Other sources? $10,596

  6. Family #2 income $30,000 (2 parents, 1 in college)One year of college $33,846Family contribution 175Still need $33,671 TAP Grant 3295 Pell Grant 2850 NYU Scholarship 8500 Stafford loan 2625 Perkins loan 1500 Work-Study 3500 Total financial aid $22,270 Other sources? $11,401

  7. Family #3 income $60,000 (2 parents, 1 in college)One year of college $33,846Family contribution 4951Still need $28,895 TAP Grant 275 Pell Grant 0 NYU Scholarship 8500 Stafford loan 2625 Perkins loan 1500 Work-Study 3500 Total financial aid $16,400 Other sources? $12,495

  8. Family #4 income $90,000 (2 parents, 1 in college)One year of college $33,846Family contribution 14,467Still need $19,379 TAP Grant 0 Pell Grant 0 NYU Scholarship 8500 Stafford loan 2625 Perkins loan 1500 Work-Study 3500 Total financial aid $16,125 Other sources? $3,254

  9. Financial Aid 101in New YorkDiscussion and Reference • Unmet need very large • Private loans are expensive • nysaves.org is good--but too late for “current” students. (www.nysaves.org)

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