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Navigating the Financial Aid Process

Navigating the Financial Aid Process. 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 Reviewing award letters SUNY Financial Aid Day. How Much Does College Cost?.

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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 • Reviewing award letters • SUNY Financial Aid Day

  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? 4 Year PRIVATE On-Campus Student Tuition and fees: $29,010 Room and board: 10,944 Books and supplies: 1,172 Transportation: 737 Personal expenses: 1,353 Total Budget: $43,216 Source: College Board: Trends in College Pricing 2010 Middle States Averages.

  5. How Much Does SUNY Cost? Baccalaureate Degree Program 2011-2012 NY State Resident Living On-Campus Tuition and fees: $6,600 Room and board: 10,820 Books and supplies: 1,260 Transportation: 1,010 Personal expenses: 1,430 Total Budget: $21,120 Source: SUNY Office of Student Financial Aid, System Administration

  6. How Much Does SUNY Cost? Associate Degree Program 2011-2012 In-District Resident Commuter Tuition and fees: $4,190 Room and board: $3,400 Books and supplies: $1,270 Transportation: $1,670 Personal expenses: $1,180 Total Budget: $11,710 Source: SUNY Office of Student Financial Aid, System Administration

  7. How Much Does SUNY Cost? The Bill: Typical First Semester Direct Charges New York State resident baccalaureate degree student living on campus for 2011 -12: Tuition $2,635 ($5,270) Fees $665 Room & Board $5,410 Total Direct Charges $8,710

  8. Net-Price Calculator • By October 2011, all colleges must post net-price • calculators on their Web sites • The aim of these calculators is to pinpoint the net price that a family will pay after receiving any scholarships or need-based grants

  9. How to Apply for Aid • Collect information • Request a federal PIN: www.pin.ed.gov • Complete FAFSA online: www.fafsa.ed.gov • Complete TAP online • Watch for Student Aid Report (SAR) • Keep records • Communicate with the financial aid office

  10. 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) • PINs for student and one parent

  11. 2. Request Federal PIN at www.pin.ed.gov Get a PIN number NOW! Each student One parent! TIP: Parents and Students may select the same PIN

  12. 3. Complete FASFA at www.fafsa.ed.gov

  13. Get a PIN number NOW! Each student One parent! TIP: Parents and Students may select the same PIN Beware of www.fafsa.com!

  14. 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.ss.gov Step Two: School Selection • Enter FAFSA codes – up to 10 colleges • Indicate housing status

  15. 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

  16. 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 2011 Tax returns • If you have not filed, select “Will file” • IRS information beginning after January 30

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

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

  19. 4. Complete TAP Online • From the FAFSA • confirmation page, link to the TAP-on-the-Web (look for NY Residents) • Establish your TAP PIN. You may choose to use the same number as your federal PIN

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

  21. Remember Numbers 6 & 7 • Keep documents in a file • You may be selected for verification • Watch your mail and email • Schools will contact you. Make sure to respond in a timely manner.

  22. How and When to Apply • FILE EARLY! • Right after January 1,2012 • Check “will file taxes” • Estimate financial information accurately • Questions? - 1-800-4FEDAID (1-800-433-3243) or www.fafsa.ed.gov

  23. Get an Early Start: The FAFSA4caster • Provides general information about federal student aid • Estimates federal student aid eligibility • Your estimate will be shown in the College Cost worksheet • You can also provide estimated amounts of other student aid and savings

  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 • Gift Aid • Scholarships • Grants • Self-help aid • Employment opportunities • Loans • Federal • New York State • Private • Lenders

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

  27. Nine Signs of Scam • Application fees • No phone number • Open to everyone • No proof of past winners • Fake nonprofit or federal status • Requests for personal financial information • Winning a scholarship that you didn't apply to • Claims that they'll "do all the work for you" • Search fees and claims "you can't get this information • anywhere else" • If you encounter a scholarship scam, report it to the Federal Trade Commission. • Visit www.ftc.gov or call 1-877-FTC-HELP.

  28. Sources and Types of Financial Aid: • Major Grant Programs • PELL Grant • Must have EFC between $0- $5,273 • Maximum annual award $5,550 • NYS TAP Grant • Based on NYS net taxable income

  29. 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

  30. Sources and Types of Financial Aid:William D. Ford Direct Loans • Subsidized • 3.4% (2011-2012) • 6.8% (2012-2013) • Based on need • Federal government pays interest while student is in school • $3,500 for Freshman • Unsubsidized • 6.8 % fixed interest • Not based on need • Student is responsible for interest while in school • Max loan: cost of education minus financial aid • $5,500 for Freshman

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

  32. Sources and Types of Financial Aid: • Parent Loans for Undergrad 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 7.9% • Time Payment Plans • May vary…typically, families spread the direct costs over the semester or year.

  33. SUNY State-Operated Campuses • 2011-2012 TEACH Grant • Up to $4,000 per year • For students who intend to teach: • a high-need field • that serves students of low-income • Four-year service contract • More information: www.studentaid.ed.gov

  34. Reviewing Award Letters: Comparing Financial Aid Award Packages SUNY COA $21,120 SUNY SFA Package - 6,100* Net cost to family $15,020 Non-SUNY COA $43,216 Non-SUNY SFA Package - 16,000* Net cost to family $27,216 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 2010

  35. 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? • What happens if the requirement is not met?

  36. SUNY Statewide Financial Aid Day 2012 • Ask questions about the financial aid application, types of aid and the award process • Some campuses will offer Web access to complete • FAFSA online • Watch for information at www.suny.edu/student in early December

  37. Questions?

  38. Please complete the survey you will receive in your inbox. Thank you for attending!

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