Presented by Joanne Graziano Assistant Provost and Executive Director of Admissions and Recruitment...

Presented by Joanne GrazianoAssistant Provost and Executive Director of

Admissions and RecruitmentLong Island University- C.W. Post

Savings – Parent and student

Current Income- Parent and student

Future Income – Parent and student

Financial Assistance

Application process and requirements

Contact the schools for their requirements

2011-12 Free Application for Federal Student Aid (FAFSA)

2011-12 College Scholarship Service Profile Application or Other Institutional Aid Application (used by some colleges to award university scholarships and grants)

2011-12 New York State Tuition Assistance Program Application (TAP)

January of the senior year in high school

1. Parent and student need to go on-line and obtain FAFSA PIN#.

2. Complete & submit FAFSA before schools’ deadline date & annually thereafter

3. If Required -Complete & submit CSS Profile or Institutional aid application by deadline date

4. Complete and submit NY State TAP application when filing the FAFSA

Income information for the parent(s) Income information for the student

applicant Asset information for the parent(s) Asset information for the student applicant Household size and number in college

Through the FAFSA, a uniform financial evaluation is performed that derives the expected family contribution available to assist the student in meeting their annual college expenses.

Once the FAFSA is processed, the family and student receive the expected family contribution results by mail or email through a document called the Student Aid Report (SAR)

Each of the schools listed on the FAFSA get these results electronically and begin to review and prepare an aid package assuming the student has been accepted.

Annual 2011-12 Cost of Attendance -Annual 2011-12 Cost of Attendance - 35,000 35,000Please Note: Cost of Attendance includes tuition/fees, room/board, Please Note: Cost of Attendance includes tuition/fees, room/board, books, transportation & allowance for personal expenses. books, transportation & allowance for personal expenses.

Less FAFSA EFC-Less FAFSA EFC- 15,000 15,000

= Financial Need = Financial Need 20,00020,000

Sources of assistance

Awards or scholarships based on high school averages and standardized test scores

Awards or scholarships based on academic merit and financial need

Scholarship amounts may be partial to full

Valedictorian/ Salutatorian

Scholars Award University Scholars

Award Academic

Excellence Award Academic Incentive

Award

Alumni Scholarships

Sibling Scholarships

Study Grants Martin Luther King

Scholarships Major Specific

Scholarships

Awards based on artistic or musical talent and academic merit

Awards based on performance and academic merit

Music Activity Grants

Theatre, Dance, Film Incentive Awards

Art Scholarships

Scholarships based on athletic ability

Awards based on participation and performance

Athletic Grants

Student Activity Grants

Peer Mentoring Grants

Federal Pell Grant Program – Current 2010-11 awards range from $555 to $5550 annually

Supplemental Education Opportunity Grants - SEOG - students must be Pell Grant eligible to qualify- amounts are variable

The Teacher Education Assistance for College and Higher Education (TEACH) Grant Program provides grants of up to $4,000 per year to students who intend to teach in a public or private elementary or secondary school that serves students from low-income families.

The Tuition Assistance Program - TAP provides substantial grant assistance to eligible New York State residents attending colleges in New York state.

Families with New York state Net Taxable Incomes of less than $80,000 are currently eligible.

Awards for 2010-11 range from $425 to $4925 per year to assist with tuition costs only.

Federal College Work Study Grants

Federal America Reads Work Program

Cooperative Education Employment

Other part-time on-campus employment

Federal Perkins Loans for students –

Federal Direct/Stafford Loans for students- subsidized & unsubsidized

Federal Parent Loans for Undergraduate Undergraduate Students Students – PLUS

Interest rates are

fixed.

Alternative Bank Loan Programs - always utilize all federal grant and loan programs before considering alternative loan options.

Deferred Tuition Payment Plan Programs

Section 529 Plans

-Prepaid Tuition Plans

-College Savings Plans

Elements of a financial assistance package

Packages are likely to arrive between February – April if all aid applications are complete and student has been accepted.

G rants/Free M oneyFederal G rants

State G rants

U niversity D eferred Paym ent O ptionsTuition M anagem ent System s

C .W . PostScholarships & G rants

Self-H elp AssistanceW ork O pportunities & Loan O ptions

Estim ated Annual Educational C ostsR esident S tudents

orC om m uter S tudents

If financial need = 20,000

NY Tap Grant - 2,000College Scholarship/Grant- 12,000College Work Study- 2,000Federal Loan (freshman level)- 3,500

Total Financial Aid equals 19,500

2010-11 Commuter Example Tuition/fees $ 30,210

less Grants/Scholarships 14,000 less Work Grant (if earnings are applied to bill ) 2,000 less freshman level Federal Loans 5,500

= Net Cost to student/family $ 8,710

American Opportunity Credit

It is available to a broader range of tax payers and covers up to four years of post-secondary education with a maximum tax credit of $2500 per student.

Individual taxpayers with modified adjusted gross incomes of $80,000 or less and joint filers with incomes of $160,000 or less are eligible for the tax credit.

Taxpayers will receive a tax credit based on 100 percent of the first $2,000 of tuition, fees and course materials paid during the taxable year, plus 25 percent of the next $2,000 of tuition, fees and course materials paid during the taxable year.

For those beyond first two years of college

The lifetime learning credit may be particularly helpful to graduate students, students who are only taking one course and those who are not pursuing a degree.

For the tax year, you may be able to claim a lifetime learning credit of up to $2,000 for qualified education expenses paid for all students enrolled in eligible educational institutions. There is no limit on the number of years the lifetime learning credit can be claimed for each student.

Start to plan now, it is not too late! Visit college campuses preferably in-

person, but at least start “on-line”. Educate yourself on all of the

scholarship and “free money”options. Utilize the on-line tools to help you

plan. Start the application process early!

www.fafsa.ed.gov www.collegeboard.com www.hesc.com www.fastweb.com www.irs.gov