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All About Financial Aid

All About Financial Aid. Presented By: New York State Financial Aid Administrators’ Association and Oswego State University. Your Guide This Evening. Kathy Flaherty Assistant Director, Financial Aid SUNY Oswego. Tonight’s Topics. How Much W ill I t C ost What Aid is Available

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All About Financial Aid

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  1. All About Financial Aid Presented By: New York State Financial Aid Administrators’ Association and Oswego State University

  2. Your Guide This Evening Kathy Flaherty Assistant Director, Financial Aid SUNY Oswego

  3. Tonight’s Topics • How Much Will It Cost • What Aid is Available • Application Process • Financial Aid Timeline • Special Circumstances • Other Resources • Questions

  4. Paying for College: What is Your Plan • The Money Tree Myth • Family Resources • Financial Aid • Scholarships • Grants • Loans • Student • Parents • Installment Payments

  5. About College Costs • “Return on Investment” • College is investment in your future • More than just tuition, books • Costs vary by type of college • Community College, Public College, Private College • Look at costs for full education • 4 – 6 years total, and beyond….

  6. Cost of Attendance Tuition and Fees Books & Supplies Room (Housing) Board (Meal Plan/Food) Transportation Some Personal Costs Loan Fees Study Abroad Disability Services

  7. Typical College Costs 2

  8. What Is Financial Aid Funds provided to students/families to help pay for college expenses Includes Scholarships Grants Loans Employment Job Scholarship LLoans Grants

  9. Federal Grants • Pell Grant • Need Based • Up to @ $5,600/year • Supplemental Educational Opportunity Grant • Need Based • Targeted at lowest incomes • Varies between colleges • $100 - $4000 annual award

  10. 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)

  11. New York State Grants • Tuition Assistance Program • Attend College in New York State • Award Range $500- $5500 • NY State Net Taxable Income < $80,500 • New York State Scholar • Part-Time Grants • EOP/HEOP

  12. College Scholarships • Merit vs. Need • Academic, Athletic, Talent, Ethnic • Family’s resources • Variable • Part of admissions process ? • Separate Application? • Renewable? • With what conditions

  13. Private Scholarship Sources • Use reputable websites • www.finaid.org • www.fastweb.com • Your high school guidance office • Watch for deadlines • Public libraries • Local service organizations • Parents’ place of employment

  14. Loan Programs Federal Direct Stafford Loans (Student) Perkins Loan (Student) Federal Direct PLUS Loan (Parent) Alternative Student Loans (Private)

  15. Federal Student Loans • Direct Loan • Year in School Determines Amount • Subsidized • Financial need required • Interest after leaving school • Repayment after leaving school 6 months • UnSubsidized • Interest while in School • Repayment after leaving school 6 months • Perkins Loan • 5% Fixed Interest • Interest/Repayment when leave school

  16. Parent Loans • 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 • Repayment of principal may begin after student graduates • Current interest rate = 7.9% • Processing fees apply

  17. Student Employment • Federal Work Study • Institutional Job programs • Many benefits • Connect to College • Reduce reliance on parents • Money management • Financial literacy skills • Good job skills

  18. Campus Based Aid • Limited Funding • Varies by College • Types • Federal Perkins Loan • Federal Work Study • Federal Supplemental Educational Opportunity Grant

  19. About the Applications • Watch for deadlines/priority dates • Update estimates • Re-Apply each year • Follow-up is important • FAFSA and PROFILE • New York TAP • Scholarship

  20. Getting Started • Apply for a PIN • Both student and parent • Complete 2014-2015 FAFSA • Free Application for Federal Student Aid • January 1, 2014 • Watch for deadlines/priority dates • Update estimates with actual data

  21. PIN Number • Electronic signature for • FAFSA • Loan application • Access National Student Loan Database (NSLDS) • Loan History • Protect your number

  22. PIN Registrationwww.pin.ed.gov

  23. FAFSA on the Web (FOTW) www.fafsa.ed.gov

  24. FAFSA on the Web (FOTW)

  25. 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.

  26. 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.

  27. Pages that contain only parental questions are now PURPLE. • Basic demographic information for the parents is collected on the Parent Demographic Information page.

  28. 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.

  29. IRS Data • IRS Data Retrieval • At least 2 weeks after federal taxes are completed • Link to IRS Data • Extracts income information

  30. 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.

  31. And the Result is : Expected Family Contribution • 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

  32. What is Financial Need Cost of Attendance • Expected Family Contribution • 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

  33. Special Circumstances • 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

  34. Aid Application Process Family Collects Information Evaluate Financial Aid Offers Fill Out FAFSA4caster Complete FAFSA online Receive Financial Aid Award Letter Review Student Aid Report

  35. Financial Aid Timeline • January • Apply for PIN • Research private scholarships • February • Complete FAFSA • March • Financial aid award packages mailed • April • Compare award notices • May • Make college choice

  36. What About…. • Verification • Promissory Notes • Financial Independence • Special Circumstances • Define “family” • Lifetime Eligibility

  37. Other Resources • Veterans Educational Benefits • Post 9/11 GI Bill • Transfer to Dependents • Yellow Ribbon Program • Resident Assistantships

  38. Other Payment Options • Time Payment Plans • Offered by Colleges • Less costly than borrowing • College Savings Plans (529) • New York Saves

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

  40. Estimate Eligibility (FAFSA4caster) • On line tool • Helps families prepare financially for college • Asks for data needed for FAFSA • Estimates Pell Grant eligibility

  41. Early Results www.fafsa4caster.ed.gov

  42. Help Is Available • Application Workshops • Financial Aid Offices • Websites

  43. 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!

  44. Money Management • 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

  45. Don’t Forget Tax Credits • Federal • American Opportunity Credit • Up to $2500 • Life-long Learning Credit • Up to $2000 • State

  46. New York Higher Education Services Corporation • http://www.hesc.ny.gov/content.nsf

  47. Financial Aid Website www.finaid.org

  48. College Website www.oswego.edu/financial

  49. Summary • Save for College • Search for Scholarships • Apply for Aid • PIN • FAFSA • Be Aware of Deadlines • Special Circumstances • Less Expensive School/Commute? • Tuition Installment Plans • Consider Loans Carefully • Use Tax Credits

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