Transcript Financing Your C.W. Post Education

Presented by Joanne Graziano
Assistant Provost and Executive Director of
Admissions and Recruitment
Long Island University- C.W. Post
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Savings – Parent and student
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Current Income- Parent and student
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Future Income – Parent and student
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Financial Assistance
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Application process
and requirements
Contact the schools
for their
requirements
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2011-12 Free Application for Federal
Student Aid (FAFSA)
2011-12 College Scholarship Service
Profile Application or Other Institutional
Aid Application (used by some colleges to
award university scholarships and grants)
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2011-12 New York State Tuition
Assistance Program Application (TAP)
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4.
January of the senior year in
high school
Parent and student need to
go on-line and obtain FAFSA
PIN#.
Complete & submit FAFSA
before schools’ deadline date
& annually thereafter
If Required -Complete &
submit CSS Profile or
Institutional aid application
by deadline date
Complete and submit NY
State TAP application when
filing the FAFSA
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Income information for the parent(s)
Income information for the student applicant
Asset information for the parent(s)
Asset information for the student applicant
Household size and number in college
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Through the FAFSA, a
uniform financial
evaluation is
performed that derives
the expected family
contribution available
to assist the student
in meeting their annual
college expenses.
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Once the FAFSA is processed, the family
and student receive the expected family
contribution results by mail or email
through a document called the Student Aid
Report (SAR)
Each of the schools listed on the FAFSA get
these results electronically and begin to
review and prepare an aid package
assuming the student has been accepted.
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Annual 2011-12 Cost of Attendance -
35,000
Please Note: Cost of Attendance includes tuition/fees, room/board,
books, transportation & allowance for personal expenses.
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Less FAFSA EFC-
15,000
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= Financial Need
20,000
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Sources of
assistance
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Awards or scholarships based on high school
averages and standardized test scores
Awards or scholarships based on academic
merit and financial need
Scholarship amounts may be partial to full
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Valedictorian/
Salutatorian
Scholars Award
University Scholars
Award
Academic
Excellence Award
Academic Incentive
Award
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Alumni
Scholarships
Sibling Scholarships
Study Grants
Martin Luther King
Scholarships
Major Specific
Scholarships
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Awards based on artistic or musical talent
and academic merit
Awards based on performance and academic
merit
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Music Activity
Grants
Theatre, Dance,
Film Incentive
Awards
Art Scholarships
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Scholarships based on athletic ability
Awards based on participation and
performance
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Athletic Grants
Student Activity
Grants
Peer Mentoring
Grants
Federal Forms of
Assistance
Federal Grants
Pell Grants
SEOG Grants
TEACH Grants
Federal Work
Programs
College Work Study
America Reads
Federal Loan
Programs
Perkins Loans
Direct Loans for
Students & Parents
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Federal Pell Grant Program –
Current 2010-11 awards range from
$555 to $5550 annually
Supplemental Education Opportunity Grants
- SEOG - students must be Pell Grant
eligible to qualify- amounts are variable
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The Teacher Education Assistance for College and
Higher Education (TEACH) Grant Program provides
grants of up to $4,000 per year to students who
intend to teach in a public or private elementary or
secondary school that serves students from lowincome families.
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The Tuition Assistance Program - TAP
provides substantial grant assistance to
eligible New York State residents attending
colleges in New York state.
Families with New York state Net Taxable
Incomes of less than $80,000 are currently
eligible.
Awards for 2010-11 range from $425 to
$4925 per year to assist with tuition costs
only.
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Federal College Work
Study Grants
Federal America Reads
Work Program
Cooperative Education
Employment
Other part-time oncampus employment
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Federal Perkins
Loans for students
–
Federal
Direct/Stafford
Loans for studentssubsidized &
unsubsidized
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Federal Parent
Loans for
Undergraduate
Students – PLUS
Interest rates are fixed.
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Alternative Bank
Loan Programs -
always utilize all
federal grant and loan
programs before
considering alternative
loan options.
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Deferred Tuition
Payment Plan
Programs
Section 529 Plans
-Prepaid Tuition Plans
-College Savings Plans
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Elements of a financial
assistance package
Packages are likely to
arrive between
February – April if all
aid applications are
complete and student
has been accepted.
Estimated Annual Educational Costs
Resident Students
or
Commuter Students
Grants/Free Money
Federal Grants
State Grants
C.W. Post
Scholarships & Grants
University Deferred Payment Options
Tuition Management Systems
Self-Help Assistance
Work Opportunities & Loan Options
If financial need =
20,000
NY Tap Grant College Scholarship/GrantCollege Work StudyFederal Loan (freshman level)-
2,000
12,000
2,000
3,500
Total Financial Aid equals
19,500
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2010-11 Commuter Example
Tuition/fees
$
less Grants/Scholarships
less Work Grant (if earnings are applied to bill
less freshman level Federal Loans
= Net Cost to student/family
30,210
14,000
) 2,000
5,500
$ 8,710
American Opportunity Credit
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It is available to a broader range of tax
payers and covers up to four years of postsecondary education with a maximum tax
credit of $2500 per student.
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Individual taxpayers with modified adjusted
gross incomes of $80,000 or less and joint
filers with incomes of $160,000 or less are
eligible for the tax credit.
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Taxpayers will receive a tax credit based on
100 percent of the first $2,000 of tuition,
fees and course materials paid during the
taxable year, plus 25 percent of the next
$2,000 of tuition, fees and course materials
paid during the taxable year.
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For those beyond first two years of college
The lifetime learning credit may be
particularly helpful to graduate students,
students who are only taking one course and
those who are not pursuing a degree.
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For the tax year, you may be able to claim a
lifetime learning credit of up to $2,000 for
qualified education expenses paid for all
students enrolled in eligible educational
institutions. There is no limit on the number
of years the lifetime learning credit can be
claimed for each student.
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Start to plan now, it is not too late!
Visit college campuses preferably in-person,
but at least start “on-line”.
Educate yourself on all of the scholarship and
“free money”options.
Utilize the on-line tools to help you plan.
Start the application process early!
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www.fafsa.ed.gov
www.collegeboard.com
www.hesc.com
www.fastweb.com
www.irs.gov