1 / 56

All About Financial Aid

All About Financial Aid. Presented By: New York State Financial Aid Administrators’ Association And Oswego State University. Your Guide This Evening. Kathy Flaherty Assistant Director, Financial Aid SUNY Oswego. Tonight’s Topics. What is financial aid How much will it cost

molly
Download Presentation

All About Financial Aid

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. All About Financial Aid Presented By: New York State Financial Aid Administrators’ Association And Oswego State University

  2. Your Guide This Evening Kathy Flaherty Assistant Director, Financial Aid SUNY Oswego

  3. Tonight’s Topics • What is financial aid • How much will it cost • Expected Family Contribution • What is financial need • What aid is available • How to apply (FAFSA) • FAFSA4Caster • Special Circumstances

  4. What Is Financial Aid Funds provided to students/families to help pay for college educational expenses Includes Scholarships Grants Loans Employment Job Scholarship LLoan Grants

  5. About College Costs • College is expensive, but worth it • Sound investment • More than just tuition • Vary by type of college • Community College, Public College, Private College • Look at costs for full education • 4 – 6 years total, and beyond….

  6. Cost of Attendance Tuition and Fees Books & supplies Room and Board Transportation Some Personal Costs Loan Fees Disability Child Care Study Abroad

  7. Typical College Costs

  8. Expected Family Contribution • Amount family can reasonably be expected to contribute • BUT NOT what the family will pay • Remains the same regardless of college price tag • Calculated from Federal formula and form (FAFSA) • 2 components: • Parent • Student

  9. What is Financial Need Cost of Attendance • Expected Family Contribution • Private Resources = Financial Need Amount of Financial Need determines aid received * Note: Colleges may not be able to offer enough aid to meet your financial needs

  10. Types of Aid • Scholarships • No repayment • Grants • No repayment • Based on Need • Loans • Repayment usually after education finished • Only borrow what is needed • Investment in future • Many types • Employment • Paycheck or compensation (room/board)

  11. Federal Government State Government Colleges Private Sources Civic Organizations Schools Religious Organizations Employers Sources of Aid

  12. Federal Government • Largest source • Awarded mainly based on financial need • Apply every year (FAFSA)

  13. Federal Grants • Pell Grant • Need Based • Up to $5,550 (2011-2012) • Supplemental Educational Opportunity Grant • Need Based • Targeted at lowest incomes • Varies between colleges • $100 - $4000 annual award

  14. TEACH Grant • Teacher Education Assistance for College and Higher Education • 75% percentile on admissions test/3.25 GPA • Must agree to teach at least 4 years • High need subject, low-income school • Failure to complete requirement • Grant becomes interest bearing loan (unsubsidized)

  15. State Aid • Both Merit and Need-Based • Residency Requirements • Apply every year (State form)

  16. New York State Grant • Tuition Assistance Program • Attend College in New York State • Award Range $500- $5500 • NY State Net Taxable Income < $80,500 • Part –time (APTS)

  17. College Scholarships • Tips to consider: • Merit vs. Need • Academic, Athletic, Talent, Ethnic • Family’s resources • School determines • Variable • Part of admissions process • Separate Application? • Renewable?

  18. Private Sources • Use reputable websites • www.finaid.org • www.fastweb.com • Your high school guidance office • Watch for deadlines • College • Public libraries • Local service organizations • Parents’ place of employment

  19. Loan Programs Federal Direct Stafford Loans (Student) Perkins Loan (Student) Federal Direct PLUS Loan (Parent) Alternative Student Loans (Private)

  20. Federal Loans • Perkins Loan • Low interest, subsidized • Highest need • Repayment after graduation • Awards vary • Direct Loans (Stafford) • Student’s loan • Need based • Repayment after graduation • Subsidized and Unsubsidized

  21. Federal Direct Stafford Loans Subsidized Direct Loan (Student) • Government pays interest while in school • Freshmen - $3,500 • Sophs - $4,500 • Junior/Senior - $5,500 • Interest = 3.4% Unsubsidized Direct Loan (Student) • All eligible students • Regardless of income or assets • Interest = 6.8% • $2,000 annual loan

  22. Parent Loans • Not based on need • Cost of Attendance less financial aid awarded • Good credit history • If credit history is not good, see financial aid officer • Repayment may begin after student graduates • Current interest rate = 8.5% • Processing fees apply

  23. Student Employment • Federal Work Study • Institutional Job programs • Opportunity to connect with college • Many benefits

  24. Apply for Financial Aid • Complete the FAFSA on-line • Apply for PIN number (student and parent) • For 2011-2012, FAFSA no earlier than January 1, 2011 • Application deadlines/priority dates • Use estimated figures if necessary • BUT be sure to update information after taxes are completed • Apply every year

  25. PIN Registration

  26. PIN Number • Electronic signature for • FAFSA • Loan application signature • Research aid database • Protect your number

  27. Why File On Line • Built-in edits • Skip-logic allows to skip unnecessary questions • Timely submission • On-line help with questions • Check application status on-line • Simplified future application

  28. FAFSA on the Web (FOTW) www.fafsa.gov

  29. FAFSA on the Web (FOTW) www.fafsa.gov

  30. This is the login page for FOTW.

  31. For enhanced security, the Virtual Keyboard icon is available on the Student’s Social Security Number and Student’s Date of Birth fields. • The Virtual Keyboard will display when the student selects the icon next to the question and will disappear when the student selects the icon again.

  32. The status message on this page indicates early Title IV eligibility for the student based on their valid Social Security Number, citizenship status, and drug convictions.

  33. If you perform an action that is successful, the system will provide you with a GREEN box and a success message.

  34. Error messages are shown in a RED box at the top of the page and lists multiple errors at one time. • The error graphic is also shown next to each question that will need to be answered or corrected.

  35. Pages that contain only parental questions are now PURPLE. • Basic demographic information for the parents is collected on the Parent Demographic Information page.

  36. If the student’s parent is single, divorced, or widowed, the student will only see questions for the one parent. • The Virtual Keyboard icon is present for the parent’s Social Security Number and Date of Birth.

  37. IRS Data • New this year • After January 30, 2011 • Complete federal taxes • IRS Data Retrieval Tool • Voluntary • Could reduce docs requested by Financial Aid Office • How it works

  38. The confirmation number will contain the student’s randomly generated identification number. This will replace the student’s current confirmation number which is composed of their Social Security Number and first two letters of their last name.

  39. Early Results

  40. Estimate Eligibility (FAFSA4caster) • On line tool • Helps families prepare financially for college • Asks for data needed for FAFSA • Estimates Pell Grant eligibility • www.FAFSA4caster.ed.gov

  41. Aid Application Process Family Collects Information Evaluate Financial Aid Offers Fill Out FAFSA4caster Complete FAFSA online Receive Financial Aid Award Letter Review Student Aid Report

  42. Financial Aid Timeline • January • Apply for PIN • Research Private Scholarships • February • Complete FAFSA • March • Financial Aid award packages mailed • April • Compare Award Notices • May • Make College Choice

  43. What You Should Do Now • Begin researching financial aid options • Start or continue saving • Apply early • Research private scholarships • Don’t pay for scholarship searches

  44. Other Payment Options • College Savings Plans (529) • New York Saves • Time Payment Plans • Offered by Colleges • Less expensive than borrowing

  45. New York Saves (529 Plan) https://uii.nysaves.s.upromise.com/ https://uii.nysaves.s.upromise.com/

  46. Use Tax Credits • Federal • American Opportunity Credit • Up to $2500 • Life-long Learning Credit • Up to $2000 • State

  47. Veteran Education Benefits • Post 9/11 GI Bill • Transfer to Dependents • Yellow Ribbon Program

  48. Special Circumstances • Cannot be reported on FAFSA • Contact financial aid office(s) • Examples of special circumstances • Change in employment status • Medical bills not covered by insurance • Change in parent’s marital status • Unusual dependent care expenses • Student is unable to obtain parental information due to incarceration, abusive situation or no relationship with parents

  49. Money Management • Borrowing for College • Investment in their future • What is a loan • Don’t over borrow • Credit cards • Use and misuse • Building good credit • Bank Account • Direct Deposit • Career Services • Earnings vs debt repayment

  50. Re Apply for Aid Each Year • Early Spring • FAFSA deadlines • Scholarship Deadlines • Verification

More Related