Presented By:

New York State Financial Aid Administrators’ Association

And

Oswego State University

Kathy FlahertyAssistant Director,

Financial AidSUNY Oswego

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

Funds provided to students/families to help pay for college educational expenses

Includes Scholarships Grants Loans Employment

Job

LLoanScholarship

Grants

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….

Tuition and Fees Books & supplies Room and Board Transportation Some Personal

Costs Loan Fees Disability Child Care Study Abroad

SUNY Community College

Private college

Tuition $ 4,970 $ 3,600 $ 25,000

Fees 1,230 510 1,014

Books & Supplies

1,000 1,060 800

Room & Board 10,870 1,500 11,000

Travel 800 1,200 600

Personal 1,340 950 600

Misc

Total $ 20,210 $8,820 $ 39,014

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

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

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)

Federal Government State Government Colleges Private Sources

Civic Organizations Schools Religious Organizations

Employers

Largest source

Awarded mainly based on financial need

Apply every year (FAFSA)

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

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)

Both Merit and Need-Based

Residency Requirements

Apply every year (State form)

Tuition Assistance Program Attend College in

New York State Award Range

$500- $5500 NY State Net

Taxable Income < $80,500

Part –time (APTS)

Tips to consider: Merit vs. Need

Academic, Athletic, Talent, Ethnic

Family’s resources School determines Variable Part of admissions

process Separate

Application? Renewable?

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

Federal Direct

StaffordLoans

(Student) PerkinsLoan

(Student)Federal DirectPLUSLoan

(Parent)

Alternative

StudentLoans

(Private)

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

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

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

Federal Work Study Institutional Job

programs Opportunity to

connect with college

Many benefits

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

Electronic signature for FAFSA Loan application

signature Research aid

database Protect your

number

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

www.fafsa.gov

www.fafsa.gov

This is the login page for FOTW.

•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.

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.

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

• 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.

•Pages that contain only parental questions are now PURPLE.

•Basic demographic information for the parents is collected on the Parent Demographic Information page.

• 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.

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

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.

On line tool Helps families

prepare financially for college

Asks for data needed for FAFSA

Estimates Pell Grant eligibility

www.FAFSA4caster.ed.gov

Evaluate Financial

Aid Offers

Family Collects

Information Fill Out

FAFSA4caster

Receive Financia

l Aid Award Letter

Review Student

Aid Report

Complete FAFSA online

January Apply for PIN Research Private

Scholarships February

Complete FAFSA March

Financial Aid award packages mailed

April Compare Award

Notices May

Make College Choice

Begin researching financial aid options

Start or continue saving

Apply early

Research private scholarships

Don’t pay for scholarship searches

College Savings Plans (529) New York Saves

Time Payment Plans Offered by

Colleges Less expensive

than borrowing

https://uii.nysaves.s.upromise.com/

https://uii.nysaves.s.upromise.com/

Federal American

Opportunity Credit Up to $2500

Life-long Learning Credit Up to $2000

State

Post 9/11 GI Bill Transfer to

Dependents Yellow Ribbon

Program

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

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

Early Spring FAFSA deadlines Scholarship

Deadlines Verification

www.pin.ed.gov www.fafsa.gov www.hesc.com www.finaid.org www.oswego.edu/

financial

www. hesc.com

www.finaid.org

www.oswego.edu/financial

Save for College Search for Scholarships Apply for Aid

PIN FAFSA

Be aware of deadlines Special Circumstances Less expensive

school/commute? Tuition installment

plans Consider Parent loans Tax credits

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

ReApply for aid each year Watch for FAFSA deadlines Watch for scholarship

deadlines Follow up is important