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Financial Aid Presentation. For New Students 2009-2010. The cost of your education….. Tuition - $4,970 Fees - $1,404 Room - $6,890 Board - $3,980 4 years of tuition, fees, room and board: $17,244 x 4 = $68,976 Plus books ($400 x 8 semesters=$3,200), personal and transportation
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Financial Aid Presentation For New Students 2009-2010
The cost of your education….. Tuition - $4,970 Fees - $1,404 Room - $6,890 Board - $3,980 4 years of tuition, fees, room and board: $17,244 x 4 = $68,976 Plus books ($400 x 8 semesters=$3,200), personal and transportation (Commuter Bill - $6,374)
Apply for financial aid File a FAFSA (Free Application for Federal Student Aid) File electronically Be sure to apply on time – MARCH 1st (late applications may not receive enough aid to pay the college bill)
Information needed to complete the FAFSA: • Parents’ taxable and untaxed income • Student’s taxable and untaxed income • Family assets • Household size • Number in college
Monitor your MyOswego account • Updated awards • Missing information • Payments owed • Refunds
FAFSA is processed and the EFC (expected family contribution) is determined. This is the amount the Federal Government expects that you and your family should be able to afford to pay toward your college expenses. The EFC is used to determine your eligibility for financial aid.
Sample budget/aid Applying by March 1 Applying after March 1 $18,971 budget $18,971 0 EFC 0 5,350 Pell 5,350 4, 995 TAP 4,995 1,000 EOP Housing 1,000 800 EOP Books 800 150 EOP Stipend 150 500 SEOG 1,200 FWS 1,400 Perkins Loan 3,500 Subsidized Stafford 3,500 0 Unsubsidized Stafford 2,000 76 Unmet need 1,176
Gift Aid - maximum awarded • Pell - $5,350 • TAP - $4,995 (must meet academic standards) • ACG1 - $750 (must meet academic standards) • ACG2- $1,300 (must have 3.0 gpa after first 2 semesters) • FSEOG - $500 • Smart Grant - $4,000 (must maintain 3.0 gpa) • Teach Grant -$4,000 (must maintain 3.25 gpa) • Private Scholarships
Campus Job Opportunites Federal Work Study Auxiliary Services Other Campus Employment Go to www.OSWEGO.edu/financial select Employment
Loan • Perkins Loan • Subsidized Stafford • Unsubsidized Stafford • PLUS (Parent Loan for Undergraduate Students) • Alternative Loans • Direct to Consumer Loans
Perkins Loan - $1,400 5% interest, 9 month grace period Subsidized Stafford - $3,500 fr; $4,500 soph; $5,500 jr; $5,500 sr 5.6% interest, 6 month grace period Unsubsidized Stafford - $2,000 each year 6.8% interest, 6 month grace period PLUS –loan parents are borrowing 8.5% interest, can be deferred Alternative Loans – student can be borrower, needs a co-signer variable interest rate that changes quarterly, no cap on interest, 6 month grace period Direct to Consumer Loans - not certified by school
Monthly payment for $27,000 Stafford Loan $310/month for 10 years
To support repayment of a $27,000 debt, how much should you earn? $46,700/year
Be conservative of the amounts you are borrowing! Evaluate your ‘needs and wants’! What you can do to cut down borrowing: RA, good grades to maintain scholarships, part-time work, complete your degree in 4 years, pursue as much grant money as possible
Dropping Courses/Withdrawing Dropping Classes Dropping a class could mean your financial aid changes or you could owe money – always check with Financial Aid Withdrawing Withdrawing from school is when you cancel all of your classes – always check with Financial Aid to find out the financial aspect of your decision or if you have other choices
Overseas Opportunities Many overseas programs are offered, from a quarter course, to 6 weeks in the summer or a full semester. Make an appointment with Financial Aid to see if you can afford the program – bring with you the cost sheet, acceptance letter
The Credit Card Debt Picture Among college students, 76% have credit cards and 43% have four cards or more. The average credit card balance among college students is $2,169.
Credit card repayment You charge $2,500 on your credit card at 19.9% interest. Scenario #1 You pay $50 per month Scenario #2 You pay $100 per month How long will it take to pay off? $50/month – 9 yrs 1 mo; $100/month – 2 yrs 9 mo
Importance of Good Credit Banks, credit card companies, landlords and potential employees check credit scores. You can request a free copy of your credit score at: www.annualcreditreports.com Credit scores can range from 300 (worst) to 850 (best).
Example of a loan based on your credit score: $25,000 car loan borrowed and repaid over 5 years 7% interest: $495 per month; total repayment $29,700 12% interest: $556 per month; total repayment $33,360
Remember – the choices you make now will determine your life tomorrow. Make today count!