all about financial aid presented by: new york state financial aid administrators’ association...
TRANSCRIPT
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All About Financial Aid
Presented By:
New York State Financial Aid Administrators’ Association
(NYSFAAA)
and
Oswego State University
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Your Guide This Evening
Kathy FlahertyAssistant Director,
Financial AidSUNY Oswego
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Tonight’s Topics
How Much Will It Cost
What Aid is Available
FAFSA, etc Financial Aid
Timeline Special
Circumstances Other Resources Questions
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Paying for College: What is Your Plan
The Money Tree Myth
Family Resources Financial Aid
Scholarships Grants Loans
Student Parents
Payment Plans
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About College Costs
“Return on Investment” College is investment in student’s future More than just tuition, books Costs vary by type of college
Community College Public College Private College
Look at costs for full education 2 – 6 years total and beyond….
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Cost of Attendance
Tuition and Fees Books & Supplies Room (Housing) Board (Meal
Plan/Food) Transportation Some Personal
Costs Loan Fees Study Abroad Disability Services
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Typical College CostsSUNY Community
CollegePrivate college
Tuition $ 6,170 $ 4,500 $ 28,500
Fees 1,400 500 1,400
Books & Supplies
800 800 1,100
Room & Board 12,900 2,000 (comm)
12,000
Travel 600 2,000 900
Personal 600 700 600
Misc
Total $ 22,470 $10,500 $ 44,500
2
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What Is Financial Aid
Funds provided to students/families to help pay for college expenses
Includes Scholarships Grants Loans Employment
Job
LLoansScholarship
Grants
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Federal Grants Pell Grant
Need Based Up to @ $5,700/year
Supplemental Educational Opportunity Grant Need Based Priority to Pell
recipients Targeted at lowest
incomes Varies between
colleges $100 - $4000 annual
award
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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)
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New York State Grants Tuition Assistance
Program (TAP) Attend College in
New York State Award Range $500-
@$6200 NY State Net Taxable
Income < $80,500 New York State
Scholar Part-Time Grants Educational
Opportunity Program (EOP)/HEOP
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College Scholarships
Merit vs. Need Academic, Athletic,
Talent, Ethnic Variable Awards Questions to ask:
Part of Admissions process ?
Separate Application?
Renewable? With what conditions
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Use reputable websites www.finaid.org www.fastweb.com
Your high school guidance office Watch for deadlines
Local service organizations Parents’ place of employment
Private Scholarship Sources
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Loan Programs
Federal Direct
StaffordLoans
(Student) PerkinsLoan
(Student)Federal DirectPLUSLoan
(Parent)
Alternative
StudentLoans
(Private)
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Federal Student Loans Direct Loan
Amount by Year in School Subsidized
Financial need required Interest after leaving school Repayment after leaving
school 6 months Unsubsidized
Interest while in School Currently 4.66%
Repayment after leaving school 6 months
Perkins Loan 5% Fixed Interest Interest/Repayment when leave
school
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Parent’s loan Family income not a factor Cost of Attendance less financial aid
awarded Good credit history required
If credit history is not good, see financial aid officer
Interest payment while student in school Current rate = 7.21%
Repayment of principal may begin after student graduates
Processing fees apply
Parent Loans
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Federal Work Study Institutional Job
programs Many benefits
Connect to College Reduce reliance on
parents Money
management Financial literacy
skills Good job skills
Student Employment
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Campus Based Aid
Limited Funding Awards vary by College Types
Federal Perkins LoanFederal Work StudyFederal Supplemental Educational Opportunity Grant
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Cost of Attendance Expected Family Contribution (from
FAFSA) Private Resources= Financial Need
Amount of Financial Need determines federal aid received
* Note: Colleges may not be able to offer enough aid to meet your financial needs
What is Financial Need
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About the Applications
FAFSA and PROFILE New York TAP Scholarship Watch for
deadlines/priority dates
Update estimated income
Re-apply each year Follow-up requests
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Apply for a PIN Both student and parent
Complete 2015-2016 FAFSA Free Application for Federal Student Aid January 1, 2015 Watch for deadlines/priority dates Update estimates with actual data
Getting Started
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Electronic signature for FAFSA Loan application Access National
Student Loan Database (NSLDS) Loan History
Protect your number
PIN Number
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PIN Registration
www.pin.ed.gov
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www.fafsa.govFAFSA on the Web (FOTW)
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FAFSA on the Web (FOTW)
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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.
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• 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.
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• 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.
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IRS Data
IRS Data Retrieval At least 2 weeks
after federal taxes are completed
Link to IRS Data Extracts income
information
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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.
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Calculated from a Federal formula and the FAFSA/PROFILE form
Uses: Parent income and resources Student income and resources
Family Contribution result is index number BUT NOT what the family will pay
Remains the same regardless of college price tag
Used by Colleges to award financial aid
And the Result is : Expected Family Contribution
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Estimate Eligibility (FAFSA4caster)
On line tool Helps families prepare
financially for college Asks for data needed
for FAFSA Estimates Pell Grant
eligibility
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Early Resultswww.fafsa4caster.ed.gov
Click icon to add picture
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Aid Application Process
Evaluate Financial
Aid Offers
Family Collects
Information Fill Out
FAFSA4caster
Receive Financial
Aid Award Letter
Review Student
Aid Report
Complete FAFSA online
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January Apply for PIN Research private
scholarships February
Complete FAFSA March
Financial aid award packages mailed
April Compare award notices
May Make college choice
Financial Aid Timeline
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What About….
Verification Special
Circumstances What is
“family” ,“parent” Financial
Independence Academic Progress Lifetime Aid
Eligibility Promissory Notes
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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
Special Circumstances
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Other Resources
Veterans Educational Benefits Post 9/11 GI Bill Transfer to Dependents Yellow Ribbon Program
Resident Assistantships
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Time Payment Plans Offered by
Colleges Less costly than
borrowing College Savings
Plans (529) New York Saves
Other Payment Options
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New York Saveshttps://www.nysaves.org/content/home.html
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Application Workshops
Financial Aid Offices
Websites
Help Is Available
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www.finaid.org
Financial Aid Website
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New York Higher Education Services Corporation
http://www.hesc.ny.gov/content.nsf
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www.oswego.edu/financialCollege Website
Click icon to add picture
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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
Money Management
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Federal American
Opportunity Credit Up to $2500
Life-long Learning Credit Up to $2000
State
Don’t Forget Tax Credits
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Helpful Tips It is never too early to
start the college planning process
The more information you have, the easier the process will be for you and the student
Use calculators Family contribution Interest payments
Free application assistance is available
Stay informed Ask questions!
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Search for Scholarships
Apply for Aid Be Aware of Deadlines Consider Less
Expensive School/Commute?
Use Tuition Payment Plans
Consider Loans Carefully
Use Tax Credits
Summary