Download - All About Financial Aid
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