All About Financial Aid Presented By: New York State Financial Aid Administrators’ Association...

All About Financial Aid

Presented By:

New York State Financial Aid Administrators’ Association

(NYSFAAA)

and

Oswego State University

Your Guide This Evening

Kathy FlahertyAssistant Director,

Financial AidSUNY Oswego

Tonight’s Topics

How Much Will It Cost

What Aid is Available

FAFSA, etc Financial Aid

Timeline Special

Circumstances Other Resources Questions

Paying for College: What is Your Plan

The Money Tree Myth

Family Resources Financial Aid

Scholarships Grants Loans

Student Parents

Payment Plans

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….

Cost of Attendance

Tuition and Fees Books & Supplies Room (Housing) Board (Meal

Plan/Food) Transportation Some Personal

Costs Loan Fees Study Abroad Disability Services

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

What Is Financial Aid

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

Includes Scholarships Grants Loans Employment

Job

LLoansScholarship

Grants

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

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)

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

College Scholarships

Merit vs. Need Academic, Athletic,

Talent, Ethnic Variable Awards Questions to ask:

Part of Admissions process ?

Separate Application?

Renewable? With what conditions

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

Loan Programs

Federal Direct

StaffordLoans

(Student) PerkinsLoan

(Student)Federal DirectPLUSLoan

(Parent)

Alternative

StudentLoans

(Private)

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

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

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

Campus Based Aid

Limited Funding Awards vary by College Types

Federal Perkins LoanFederal Work StudyFederal Supplemental Educational Opportunity Grant

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

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

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

Electronic signature for FAFSA Loan application Access National

Student Loan Database (NSLDS) Loan History

Protect your number

PIN Number

PIN Registration

www.pin.ed.gov

www.fafsa.govFAFSA on the Web (FOTW)

FAFSA on the Web (FOTW)

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.

• 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.

• 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.

IRS Data

IRS Data Retrieval At least 2 weeks

after federal taxes are completed

Link to IRS Data Extracts income

information

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.

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

Estimate Eligibility (FAFSA4caster)

On line tool Helps families prepare

financially for college Asks for data needed

for FAFSA Estimates Pell Grant

eligibility

Early Resultswww.fafsa4caster.ed.gov

Click icon to add picture

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

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

What About….

Verification Special

Circumstances What is

“family” ,“parent” Financial

Independence Academic Progress Lifetime Aid

Eligibility Promissory Notes

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

Other Resources

Veterans Educational Benefits Post 9/11 GI Bill Transfer to Dependents Yellow Ribbon Program

Resident Assistantships

Time Payment Plans Offered by

Colleges Less costly than

borrowing College Savings

Plans (529) New York Saves

Other Payment Options

New York Saveshttps://www.nysaves.org/content/home.html

Application Workshops

Financial Aid Offices

Websites

Help Is Available

www.finaid.org

Financial Aid Website

New York Higher Education Services Corporation

http://www.hesc.ny.gov/content.nsf

www.oswego.edu/financialCollege Website

Click icon to add picture

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

Federal American

Opportunity Credit Up to $2500

Life-long Learning Credit Up to $2000

State

Don’t Forget Tax Credits

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!

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