the changing landscape of financial aid. 2014 suny college fairs opinform 2014 topics 1.what’s new...

The Changing Landscape of Financial Aid

2014 SUNY College Fairs OpInform 2014

TOPICS

1. What’s new in financial aid2. How is financial need determined?3. Sources and types of financial aid4. Reviewing award letters5. SUNY SmartTrack


Federal Changes for the Coming Year

Interest Rates Defense of Marriage Act/Parental Information 150% Subsidized Loan Limit College Choice Tools


Federal Changes for the Coming Year Annual fixed rates based on 10 Year T-Bill plus add-on

Subsidized and unsubsidized loans (undergraduates): Add-on of 2.05% with cap of 8.25% PLUS loans (parent and grad/professional): Add-on of 4.6% with cap of 10.5%


Federal Changes for the Coming Year FAFSA must include income of both the

student’s legal parents (biological or adoptive) if the parents are living together, regardless of the parents’ marital status or genders

Mother and Father labels will change to Parent 1 and Parent 2. Help text will be significantly enhanced to provide guidance for parents who file separate tax returns



Limit on how many years a “first-time borrower” may receive subsidized loans

Students’ maximum time to receive subsidized loans is established based on the length of the program in which the student is enrolled - cannot exceed 150%

For first-time borrowers after July 1, 2013



College Affordability and Transparency Centerhttp://collegecost.ed.govCollege NavigatorCollege and Affordability transparency listState spending list

Shopping sheet


New York State Updates for the Coming Year

TAP increase to $5,165 TAP max for students in foster care


How Much Does College Cost?

Cost of Attendance (COA) Includes:1. Tuition and fees2. Room and board3. Books and supplies4. Transportation5. Miscellaneous personal expenses


How Much Does SUNY Cost?

Baccalaureate Degree Program 2014-2015NY State Resident Living On-Campus

Source: SUNY Office of Student Financial Aid, System Administration

Tuition and fees: $7,582 ($6,170 & $1,412)

Room and board: 12,020Books and supplies: 1,270Transportation: 1,020Personal expenses: 1,450Total Budget: $23,342


How Much Does SUNY Cost?

Associate Degree Program 2014-2015NY State Resident Living On-Campus

Source: SUNY Office of Student Financial Aid, System Administration

Tuition and fees: $4,646 ($4,076 & $570)

Room and board: 9,730Books and supplies: 1,320Transportation: 1,280Personal expenses: 1,110Total Budget: $18,086


How is Financial Aid Determined?

Estimated Family Contribution (EFC) is determined by:

Parents’ income and assets - primary home value excluded Student’s income and assets Size of family Age of parents Number of children in college

COA minus EFC = Need


Sources and Types of Financial Aid


Sources and Types of Financial Aid: Scholarships

Private scholarship searchAt your college of interestFree internet scholarship searches

www.fastweb.com www.studentaid.ed.gov

Local library resourcesLocal businesses and civic organizations (including professional associations) related to student’s field of interestParents’ employers/unions


Sources and Types of Financial Aid:Major Grant Programs

PELL Grant Must have EFC between $0 - $5,157 Maximum annual award $5,730

NYS TAP Grant Based on NYS net taxable income Maximum annual award $5,165


Sources and Types of Financial Aid:Federal Work Study

Based on financial need On- or off-campus employment Usually 12 to 15 hours per week


Sources and Types of Financial Aid:William D. Ford Direct Loans

Subsidized 4.66% Capped at 8.25% Based on need Federal government pays

interest while student is in school

$3,500 for freshmen

Unsubsidized 4.66% Capped at 8.25% Not based on need Student is responsible for

interest while in school Loan cannot exceed cost of

education minus financial aid

Combined total of $5,500 for freshmen


Sources and Types of Financial Aid:Perkins Loan

Need-based Low interest rate (5%) Student pays no interest while in school Maximum $5,500 per year May be forgiven


Sources and Types of Financial Aid:Parent Loans for Undergraduate Students (PLUS) For parents of dependent students Borrow up to entire cost of college less financial aid No adverse credit (parent must pass credit check) Interest rate 7.21% Capped at 10.5%

Time Payment Plans May vary…typically, families spread the direct costs over the semester or year


SUNY State-Operated Campuses 2014-2015 TEACH Grant Up to $4,000 per year For students who intend to teach:

a high-need field students of low-income

Four-year service contract More information: www.studentaid.ed.gov


NYS STEM Scholarship

TAP introduced the STEM scholarship Students will get their tuition for free at CUNY or

SUNY if they graduate in the top 10% of their class It is not income dependent There is a 5-year service commitment


An innovative and transparent system-wide approach to promote awareness and understanding regarding college costs, college financing options and responsible student loan borrowing.

What is SUNY Smart Track?


SUNY Smart Track

SUNY standard award letter System-wide financial literary Student engagement/communication Delinquency/default resolution www.suny.edu/smarttrack


Smart Track Award Letter



Estimated Cost of Attendance Section(Direct vs. Indirect Costs)

Transportation



Grants/Gift Aid Section


Estimated Remaining Costs Section



Options To Pay Net Cost Sections




College Overview Section

Graduation Rate Loan Default Rate Median Borrowing Repaying Loan Information School Contact Information


Customized College Information Section



How important is Financial Literacy for Student/Life Success?

SUNY Smart Track Financial Literacy is a value-added service provided to all SUNY students as part of their SUNY experience

Keeping students engaged promotes retention and increases completion rates

Students who have financial literacy are more likely to become successful student loan repayers – regardless of the amount borrowed


SUNY Smart Track Financial Literacy Website

http://www.suny.edu/smarttrack


Student Engagement/Communication

All student loan borrowers receive communications

Engage students in campus activities and services to promote retention

Get to know financial aid office staff – call or make a personal appointment to review your loan history and repayment information


All SUNY Campuses are linked to the SUNY Smart Track Financial Literacy Website


Questions?

the changing landscape of financial aid. 2014 suny college fairs opinform 2014 topics 1.what’s new...

Documents

suny college fairs opinform

college navigator college

college cost

suny smarttrack slide

suny cost

college coa

need slide

foster care slide