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Navigating the Financial Aid Process - PowerPoint PPT Presentation

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Navigating the Financial Aid Process

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  1. Navigating the Financial Aid Process

  2. TOPICS • How much does college cost? • Net Price Calculator • How and when to apply for financial aid • How is financial need determined? • Sources and types of financial aid • Reviewing award letters • SUNY Financial Aid Day

  3. How Much Does College Cost? • Cost of Attendance (COA) Includes: • Tuition and fees • Room and board • Books and supplies • Transportation • Miscellaneous personal expenses

  4. How Much Does College Cost? 4 Year PRIVATE On-Campus Student Tuition and fees: $29,010 Room and board: 10,944 Books and supplies: 1,172 Transportation: 737 Personal expenses: 1,353 Total Budget: $43,216 Source: College Board: Trends in College Pricing 2010 Middle States Averages.

  5. How Much Does SUNY Cost? Baccalaureate Degree Program 2011-2012 NY State Resident Living On-Campus Tuition and fees: $6,600 Room and board: 10,820 Books and supplies: 1,260 Transportation: 1,010 Personal expenses: 1,430 Total Budget: $21,120 Source: SUNY Office of Student Financial Aid, System Administration

  6. How Much Does SUNY Cost? Associate Degree Program 2011-2012 In-District Resident Commuter Tuition and fees: $4,190 Room and board: $3,400 Books and supplies: $1,270 Transportation: $1,670 Personal expenses: $1,180 Total Budget: $11,710 Source: SUNY Office of Student Financial Aid, System Administration

  7. How Much Does SUNY Cost? The Bill: Typical First Semester Direct Charges New York State resident baccalaureate degree student living on campus for 2011 -12: Tuition $2,635 ($5,270) Fees $665 Room & Board $5,410 Total Direct Charges $8,710

  8. Net-Price Calculator • By October 2011, all colleges must post net-price • calculators on their Web sites • The aim of these calculators is to pinpoint the net price that a family will pay after receiving any scholarships or need-based grants

  9. How to Apply for Aid • Collect information • Request a federal PIN: www.pin.ed.gov • Complete FAFSA online: www.fafsa.ed.gov • Complete TAP online • Watch for Student Aid Report (SAR) • Keep records • Communicate with the financial aid office

  10. 1. Collect Information • Student and parents’ SSN and DOB • Parents’ marital status • Tax returns for student and parents • W-2s for student and parents • Records of untaxed income for student and parents, • bank accounts, stock, real estate and business records for • student and parents • Student’s driver’s license number • Student’s alien registration number (non-U.S citizens) • PINs for student and one parent

  11. 2. Request Federal PIN at www.pin.ed.gov Get a PIN number NOW! Each student One parent! TIP: Parents and Students may select the same PIN

  12. 3. Complete FASFA at www.fafsa.ed.gov

  13. Get a PIN number NOW! Each student One parent! TIP: Parents and Students may select the same PIN Beware of www.fafsa.com!

  14. Seven Steps for Filing the FAFSA • Step One: Student Demographics • Name, social security number, birth date • Provide an email address • Indicate gender • Males have the opportunity to enroll in Selective Service • For more information go to: www.ss.gov Step Two: School Selection • Enter FAFSA codes – up to 10 colleges • Indicate housing status

  15. Seven Steps for Filing the FAFSA • Step Three: Dependency Status • Generally Dependent if under age 24 • Independent if: • Married • A graduate student • Serving in the U.S. military or a veteran • Supporting children or other dependents • Has a court appointed legal guardian • Has been determined homeless or at risk of being homeless

  16. Seven Steps for Filing the FAFSA • Step Four: Parent Demographics • Name, social security numbers, birth dates • Marital status If your parent does not have an SSN, enter 0’s or 9’s • Step Five: Financial Information • Use 2011 Tax returns • If you have not filed, select “Will file” • IRS information beginning after January 30

  17. Seven Steps for Filing the FAFSA • Step Six: Sign and Submit • Sign electronically with PIN • Print signature page • Process now without signature

  18. Seven Steps for Filing the FAFSA • Step Seven: Confirmation

  19. 4. Complete TAP Online • From the FAFSA • confirmation page, link to the TAP-on-the-Web (look for NY Residents) • Establish your TAP PIN. You may choose to use the same number as your federal PIN

  20. 5. Watch for SAR • SAR will be available in 3-5 days • EFC is printed on upper right corner • Make sure all the information is correct • Use your PIN and make changes using Corrections on the Web at www.fafsa.ed.gov

  21. Remember Numbers 6 & 7 • Keep documents in a file • You may be selected for verification • Watch your mail and email • Schools will contact you. Make sure to respond in a timely manner.

  22. How and When to Apply • FILE EARLY! • Right after January 1,2012 • Check “will file taxes” • Estimate financial information accurately • Questions? - 1-800-4FEDAID (1-800-433-3243) or www.fafsa.ed.gov

  23. Get an Early Start: The FAFSA4caster • Provides general information about federal student aid • Estimates federal student aid eligibility • Your estimate will be shown in the College Cost worksheet • You can also provide estimated amounts of other student aid and savings

  24. How is Financial Aid Determined? • Estimated Family Contribution (EFC) is determined by: • Parents’ income and assets - primary home value • excluded • Student’s income and assets • Size of family • Age of parents • Number of children in college • COAminusEFC=Need

  25. Sources and Types of Financial Aid • Gift Aid • Scholarships • Grants • Self-help aid • Employment opportunities • Loans • Federal • New York State • Private • Lenders

  26. Sources and Types of Financial Aid: Scholarships • Private scholarship search • At your college of interest • Free Internet scholarship searches • www.fastweb.com • www.students.gov • Local library resources • Local businesses and civic organizations (including • professional associations) related to student's field of • interest • Parent’s employer/union

  27. Nine Signs of Scam • Application fees • No phone number • Open to everyone • No proof of past winners • Fake nonprofit or federal status • Requests for personal financial information • Winning a scholarship that you didn't apply to • Claims that they'll "do all the work for you" • Search fees and claims "you can't get this information • anywhere else" • If you encounter a scholarship scam, report it to the Federal Trade Commission. • Visit www.ftc.gov or call 1-877-FTC-HELP.

  28. Sources and Types of Financial Aid: • Major Grant Programs • PELL Grant • Must have EFC between $0- $5,273 • Maximum annual award $5,550 • NYS TAP Grant • Based on NYS net taxable income

  29. Sources and Types of Financial Aid: • Federal Work Study • Based on financial need • On- or off-campus employment • Usually 12 to 15 hours per week

  30. Sources and Types of Financial Aid:William D. Ford Direct Loans • Subsidized • 3.4% (2011-2012) • 6.8% (2012-2013) • Based on need • Federal government pays interest while student is in school • $3,500 for Freshman • Unsubsidized • 6.8 % fixed interest • Not based on need • Student is responsible for interest while in school • Max loan: cost of education minus financial aid • $5,500 for Freshman

  31. Sources and Types of Financial Aid: • Perkins Loan • Need-based • Low interest rate (5%) • Student pays no interest while in school • Max $5,500 per year • May be forgiven

  32. Sources and Types of Financial Aid: • Parent Loans for Undergrad Students (PLUS) • For parents of dependent students • Borrow up to entire cost of college less financial aid • No adverse credit (parent must pass credit check) • Interest Rate 7.9% • Time Payment Plans • May vary…typically, families spread the direct costs over the semester or year.

  33. SUNY State-Operated Campuses • 2011-2012 TEACH Grant • Up to $4,000 per year • For students who intend to teach: • a high-need field • that serves students of low-income • Four-year service contract • More information: www.studentaid.ed.gov

  34. Reviewing Award Letters: Comparing Financial Aid Award Packages SUNY COA $21,120 SUNY SFA Package - 6,100* Net cost to family $15,020 Non-SUNY COA $43,216 Non-SUNY SFA Package - 16,000* Net cost to family $27,216 Focus on Net Cost vs. SFA Package Focus on Type of Aid & Total Amount * Student loans are not included Source: College Board: Trends in College Pricing 2010

  35. Reviewing Award Letters:Questions you should ask • What is the source of aid? • What is the out-of-pocket expense? • Will the scholarship be renewed? • Is there a GPA requirement? • What happens if the requirement is not met?

  36. SUNY Statewide Financial Aid Day 2012 • Ask questions about the financial aid application, types of aid and the award process • Some campuses will offer Web access to complete • FAFSA online • Watch for information at www.suny.edu/student in early December

  37. Questions?

  38. Please complete the survey you will receive in your inbox. Thank you for attending!