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cIcu Meeting ( www.nycolleges.org ) October 22, 1998 “Financial Aid 101” Dr. Keith Jepsen NYU Director, Financial Aid ( www.nyu.edu/financial.aid ) Adjunct Assoc. Professor of Higher Education Graduate School of Education course: “Financing Higher Education” ( www.nyu.edu/classes/jepsen ).

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cIcu Meeting(www.nycolleges.org)October 22, 1998“Financial Aid 101”Dr. Keith JepsenNYU Director, Financial Aid(www.nyu.edu/financial.aid)Adjunct Assoc. Professor of Higher EducationGraduate School of Educationcourse: “Financing Higher Education”(www.nyu.edu/classes/jepsen)


Financial aid 101 in new york
Financial Aid 101in New York

  • Form -- the process

  • Formula -- who gets what

  • So What? -- discussion


Financial aid 101 in new york form the process
Financial Aid 101in New York“Form”--the process

  • cIcu (www.nycolleges.org)

  • Department of Ed: FAFSA (www.fafsa.ed.gov)

  • NYSHESC (www.hesc.com)

  • Project EASI (www.easi.ed.gov)

  • New York Mentor (www.xap.com/xapWWW/DesignStudio/NewYork)

  • Access America for Students (www.npr.gov)


Financial aid 101 in new york formula who gets what
Financial Aid 101in New York“Formula”--who gets what

  • Federal methodology for Family Contribution (ifap.ed.gov/csb_html/efcform.htm)

  • TAP grant eligibility (www.hesc.com)

  • School packaging


Family #1 income $10,000 (2 parents, 1 in college)One year of college $33,846Family contribution 0Still need $33,846

TAP Grant 4125

Pell Grant 3000

NYU Scholarship 8500

Stafford loan 2625

Perkins loan 1500

Work-Study 3500

Total financial aid $23,250

Other sources? $10,596


Family #2 income $30,000 (2 parents, 1 in college)One year of college $33,846Family contribution 175Still need $33,671

TAP Grant 3295

Pell Grant 2850

NYU Scholarship 8500

Stafford loan 2625

Perkins loan 1500

Work-Study 3500

Total financial aid $22,270

Other sources? $11,401


Family #3 income $60,000 (2 parents, 1 in college)One year of college $33,846Family contribution 4951Still need $28,895

TAP Grant 275

Pell Grant 0

NYU Scholarship 8500

Stafford loan 2625

Perkins loan 1500

Work-Study 3500

Total financial aid $16,400

Other sources? $12,495


Family #4 income $90,000 (2 parents, 1 in college)One year of college $33,846Family contribution 14,467Still need $19,379

TAP Grant 0

Pell Grant 0

NYU Scholarship 8500

Stafford loan 2625

Perkins loan 1500

Work-Study 3500

Total financial aid $16,125

Other sources? $3,254


Financial aid 101 in new york discussion and reference
Financial Aid 101in New YorkDiscussion and Reference

  • Unmet need very large

  • Private loans are expensive

  • nysaves.org is good--but too late for “current” students. (www.nysaves.org)


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