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Paying for College Applying for Financial Aid

Paying for College Applying for Financial Aid. Options 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. Overview of College Cost and Financial Aid.

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Paying for College Applying for Financial Aid

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  1. Paying for CollegeApplying for Financial Aid Options Goddard Riverside Community Center

  2. Agenda Overview of College Cost and Financial Aid Financial Aid Applications and Process Financial Aid Award Letters at a Glance Questions & Answers

  3. Overview of College Cost and Financial Aid

  4. Total Cost of Attendance Indirect Costs Travel Books Supplies Personal Expenses Direct Costs • Tuition • Mandatory Fees • Health Service Fees • Room & Board Direct Costs + Indirect Costs = Cost of Attendance (COA)

  5. 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 

  6. 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

  7. 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

  8. 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.

  9. How Financial Aid Works NEED Colleges determine how much financial aid a student NEEDS by subtracting the family’s Expected Family Contribution from the Cost of Attendance. COA-EFC = Need

  10. How Financial Aid Works If Joe the Student has an EFC of $1,000 what is his financial need at each college?

  11. How Financial Aid Works Need is filled by Financial Aid, which consists of: • Grants /Scholarships • Loans • Federal Work-Study

  12. How Financial Aid Works: Where Does the Money Come From?

  13. Financial Applications and Process

  14. 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

  15. 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!

  16. 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

  17. FAFSAFree Application for Federal Student Aid www.fafsa.ed.gov NOT fafsa.com

  18. FAFSA • Form to be considered for all federal aid • Baseline form for all other aid, even outside scholarships • Online form is recommended

  19. 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

  20. 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

  21. FAFSA, continued School Selection • Online version —space for 10 colleges if 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

  22. 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

  23. 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

  24. 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

  25. 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

  26. FAFSA , continued Who’s in your household? Only for INDEPENDENT students

  27. 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: • Both Student and Parent use PINS • Student uses PIN, Parent prints and signs • Both Student and Parent print and sign

  28. 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

  29. 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

  30. 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

  31. CSS PROFILE, continuedSome Tips Do not overestimate future earnings Do not overestimate how much you can pay toward child’s college costs next year

  32. Financial Aid Award Lettersat a Glance

  33. 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

  34. Getting the Best Package Apply to colleges with a range of prices Apply by colleges’ PRIORITY DEADLINE Complete all steps in aid application process

  35. 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.

  36. 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

  37. Pointers About Financial Aid Record Keeping KEEP COPIES OF EVERYTHING!

  38. Questions?

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