Upload
osborn-reeves
View
215
Download
1
Tags:
Embed Size (px)
Citation preview
Options Center at Goddard Riverside Community Center
Paying for College Applying for Financial Aid
OptionsGoddard Riverside Community Center
Options Center at Goddard Riverside Community Center
Agenda
Overview of College Cost and Financial Aid
Financial Aid Applications and Process
Financial Aid Award Letters at a Glance
Questions & Answers
Options Center at Goddard Riverside Community Center
Overview of College Cost and Financial Aid
Options Center at Goddard Riverside Community Center
Total Cost of Attendance
Direct Costs• Tuition• Mandatory Fees• Health Service Fees• Room & Board
Indirect Costs• Travel• Books • Supplies• Personal Expenses
Direct Costs + Indirect Costs =Cost of Attendance (COA)
Options Center at Goddard Riverside Community Center
CUNY BaruchTotal Cost of Attendance for 2011-2012
Living with a Parent• Tuition $5,130• Fees $ 370• Books & Supplies $1,779• Transportation $ 986• Housing $1,655• Food (Lunch) $1,105• Personal Expenses $1,733
Total COA $12,758
Options Center at Goddard Riverside Community Center
SUNY BinghamtonTotal Cost of Attendance for 2011-2012
• Tuition $ 5,270• Mandatory Fees $ 1,330• Room & Board* (average) $10,820• Books/Supplies $ 1,260• Personal $ 1,430• Travel $ 1,010
Total COA $21,120
Options Center at Goddard Riverside Community Center
Syracuse UniversityTotal Cost of Attendance for 2011-2012
Tuition $36,300
Fees $1,672
Room and Board $13,254
Books and Supplies $1,322
Personal Expenses $941
Travel Costs $606
Total COA $53,790
Options Center at Goddard Riverside Community Center
How Financial Aid Works
• Colleges determine their cost of attendance
• You provide financial information
• Federal gov’t and colleges determine what they think you can pay
• Colleges determine how much financial aid you need
Options Center at Goddard Riverside Community Center
How Financial Aid Works
Expected Family Contribution (EFC) How much the US Dept. of Education calculates your family can afford to contribute toward the student’s education for ONE academic year.
An EFC of $1,000 means the family is expected to contribute $1,000 towards the student’s education.
Options Center at Goddard Riverside Community Center
How Financial Aid Works
NEEDColleges determine how much financial aid a student NEEDS by subtracting the family’s Expected Family Contribution from the Cost of Attendance.
COA-EFC = Need
Options Center at Goddard Riverside Community Center
How Financial Aid WorksIf Joe the Student has an EFC of $1,000 what is his financial need at each college?
CUNY Baruch SUNY Binghamton Syracuse University
COA = 12,758 COA = 21,120 COA = 53,790
EFC = 1,000 EFC = 1,000 EFC = 1,000
Need = 11,758 Need = 20,120 Need = 52,790
Options Center at Goddard Riverside Community Center
How Financial Aid Works
Need is filled by Financial Aid, which consists of:
$ Grants /Scholarships$ Loans$ Federal Work-Study
Options Center at Goddard Riverside Community Center
How Financial Aid Works: Where Does the Money Come From?
Sources of Aid Types of Aid
Federal Government Grants/scholarshipsLoansWork Study
New York State Government (if NYS resident at a college in NYS)
TAP GrantScholarships (special eligibilities)Loans
Institution (college itself) GrantsLoans (less often)
Options Center at Goddard Riverside Community Center
Financial Applications and Process
Options Center at Goddard Riverside Community Center
How to Apply for Financial Aid:Completing the Forms
FAFSA - always required
TAP - NYS colleges require
CSS Profile - required by some colleges, never SUNY or CUNY
Individual College Forms - varies by college
Options Center at Goddard Riverside Community Center
Priority Deadlines
• Date set by each college for financial aid preference consideration
• Dates vary by school from November to February – check each school
• February 1st or Feb 15th are usual final deadlines
Deadline means -- get forms in!
Options Center at Goddard Riverside Community Center
Application Timelines• FAFSA and TAP - in January
• CSS PROFILE - in January
• Individual Colleges - By priority deadline Check with each college for its deadline
Note: Use estimates if 2012 taxes not filed in January
Options Center at Goddard Riverside Community Center
FAFSAFree Application for Federal Student Aid
www.fafsa.ed.govNOT fafsa.com
Options Center at Goddard Riverside Community Center
FAFSA
• Form to be considered for all federal aid
• Baseline form for all other aid, even outside scholarships
• Online form is recommended
Options Center at Goddard Riverside Community Center
FAFSA, continued
• Obtain a FAFSA Personal Identification Number (PIN) for
– Student– Parent signing forms
• PIN is used as “electronic signature”
• Apply for PINs at www.fafsa.gov or www.pin.ed.gov
Options Center at Goddard Riverside Community Center
FAFSA, continuedStudent Demographic Information
• You/Your means the student• SS# must match last name• Must be citizen , permanent resident or other
eligible status• DO NOT FILE if undocumented
• Selective service – for young men only• Drug Felony question – only if convicted
while receiving FA for college• Parents education – not relevant for eligibility
Options Center at Goddard Riverside Community Center
FAFSA, continued School Selection
• Online version —space for 10 collegesif more than 10 needed, process first 10, then
trade spaces for new ones
• Enrollment status – check full time
• Check that student is interested in work study
Options Center at Goddard Riverside Community Center
FAFSA , continuedParents’ Demographic Information
• Parent = biological or legally adoptive or stepparent
• Legal resident of NYS = living here more than one year
• If parents are separated or not married, only provide custodial parent’s info included
Options Center at Goddard Riverside Community Center
FAFSA, continuedParent Demographic Information, cont.
• Custodial means guardian who supports student more than 50% OR who student lives with more than 50% of time– Custodial does NOT MEAN who claims you
• Household includes all people living under roof supported by parent
• Number of college students in household does not include parents
Options Center at Goddard Riverside Community Center
FAFSA, continued Parents’ Financial Information continued
• Use 2011 taxes to estimate 2012 figures
• Only list the parent whose info is included on form
• Total current balance of cash/savings/checking accounts should be the amount left after all monthly bills have been paid and food bought
• 529 Plans are considered parent’s asset
• Parental asset more protected than student’s
Options Center at Goddard Riverside Community Center
FAFSA , continuedStudent’s Financial Information
• If not applicable, put zeros or leave blank (depending on instructions)
• OK to not file taxes if not required to file
Options Center at Goddard Riverside Community Center
FAFSA , continued Who’s in your household?
• Only for INDEPENDENT students
Options Center at Goddard Riverside Community Center
FAFSA, continuedSignatures
• Preparer = paid consultant helping you with form
• If filing hard copy, Student and Parent sign and send in
• If filing on-line, three choices for signing:1. Both Student and Parent use PINS2. Student uses PIN, Parent prints and signs3. Both Student and Parent print and sign
Options Center at Goddard Riverside Community Center
FAFSA, continued
• After FAFSA is submitted, a Student Aid Report (SAR) will be received
• SAR summarizes all data and gives federal EFC
• You can make changes online at any time
Options Center at Goddard Riverside Community Center
TAP Applicationwww.HESC.com
• Must file FAFSA before starting TAP• Shorter form, pre-filled in with some info
from FAFSA• Only list one college at a time• Independent status different than FAFSA• Like FAFSA, only asks for custodial parent info• Focuses on NYS Income Tax
Options Center at Goddard Riverside Community Center
CSS PROFILEwww.profileonline.collegeboard.comMajor Distinctions from FAFSA/TAP
• Only complete for colleges requiring it• NOT Free—$25 for first college, $16 for each after• Automatic fee waiver for low-income• Includes three years of income• Includes non-custodial parent• College-specific questions• More assets questions• Space for special explanations
Options Center at Goddard Riverside Community Center
CSS PROFILE, continuedSome Tips
• Do not overestimate future earnings
• Do not overestimate how much you can pay toward child’s college costs next year
Options Center at Goddard Riverside Community Center
Financial Aid Award Lettersat a Glance
Options Center at Goddard Riverside Community Center
College Offers
• College sends an AWARD LETTER• Award Letter outlines student’s package
the costs the EFC all aid offered from government and
college sources• Analyze the offer carefully: good deal or bad
deal
Options Center at Goddard Riverside Community Center
Getting the Best Package
• Apply to colleges with a range of prices
• Apply by colleges’ PRIORITY DEADLINE
• Complete all steps in aid application process
Options Center at Goddard Riverside Community Center
Getting the Best Package, continued
Can you ask a college for better aid?
Yes, it’s worth a try. Base appeal on additional information about your family financial situation.
Options Center at Goddard Riverside Community Center
Pointers About Financial Aid • Must reapply for aid each year• Gov’t aid based solely on custodial
household’s income and assets• College aid based on both parents’ income
and assets• Some students will have to verify information
with documents (1040, etc.)• Some aid dependent on academic
performance
Options Center at Goddard Riverside Community Center
Pointers About Financial Aid
Record Keeping
KEEP COPIES OF EVERYTHING!
Options Center at Goddard Riverside Community Center
Questions?