Transcript Slide 1

Paying For College In New York State
Goals of Financial Aid
To assist students in paying for college by:
Evaluating family’s ability to pay for
educational costs
Distributing limited resources in an
equitable manner
Providing balance of gift aid & self-help
aid
Definition of Need
Cost of attendance (COA)
– Expected family contribution (EFC)
= Financial need
Cost of
Attendance
Tuition & Fees
Books & Supplies
Room & Board
Transportation
Miscellaneous Personal Expenses
Loan Fees
Expenses Associated with a Disability
Dependent or Elder Care Expenses
Expenses for Study Abroad or
Cooperative Education Programs
What is Financial Aid?
v Scholarships
v Grants
v Loans
v Employment opportunities
Financial Aid Package
College sends Award Letter to eligible
students:
Amount of financial aid
Types of financial aid awarded
Loan options
Student Financial Aid Sources
New York State
Federal Government
Colleges
Private Sources
Government Sponsored
Financial Aid Programs
Provide 2/3 of all student aid
Many students are eligible
Must apply to find out
To receive federal aid
students must:
Have a high school diploma or General
Education Equivalent (GED) Certificate
Be enrolled or accepted for enrollment as
a regular student working toward a
degree or certificate in an eligible
program
Be a U.S. citizen or eligible non-citizen
Provide driver’s license number, if
applicable
and…
Have a valid Social Security Number
Make academic progress
Register with Selective Service, if
applicable
Sign a statement of educational
purpose and a certification statement
on overpayment and default (both of
which are found on the FAFSA)
Not have eligibility suspended due to
drug-related conviction
New York State Aid
In addition to the above, students must:
Be a New York State Resident
Attend an eligible school in New York
State
Meet other eligibility criteria for
specific programs
Free Money
v Grants
v Scholarships
v Awards
GRANTS
Usually based on need; sometimes on
other factors:
Given to student to help pay for college.
Does not have to be repaid.
Examples:
- Pell Grant (federal)
- Tuition Assistance Program (TAP)
(NYState)
TAP
Eligibility
v US citizen or eligible non-citizen
v Legal resident of New York State
v Study full-time at an approved program of study
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in a NYS post-secondary institution
High school graduate, have GED or pass a
federally-approved Ability to Benefit exam
Be in good academic standing
Have at least a cumulative “C” average after
receiving two annual TAP payments
Not be in default of a Federal Student loan
Not be in default of any repayment of state
awards
Meet income eligibility requirements
Awards Ranges
v Dependent undergraduate
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– $500-$5,000
Independent undergraduate
– $500-$3,025
Graduate
– $75-$550
Actual Awards
TAP awards are based on:
Type of academic institution and tuition
NYS net taxable income
- Up to $80,000 combined family income for
dependent undergraduate student, married
students, or student with tax dependents
- Up to $10,000 for single independent
students with no dependents
- Pension Income Inclusion – NYS net taxable
income, plus income from state, local and
federal government pensions
How to Apply for TAP
FAFSA
Complete the FAFSA
www.fafsa.ed.gov
FAFSA – 2010-2011
New York State Residents
www.tapweb.org
If the student doesn’t use the TAP link on the FAFSA
confirmation page, the student must wait three
business days for using TAP on the Web (TOTW)
TOTW
After the FAFSA processer sends data and a
valid EFC to HESC, HESC will:
Email student with a link to TOTW site
or mail a postcard to students without
an email address
After seven days, another email or
postcard is sent
After 14 days, a paper TAP application
is sent with a cover letter encouraging
the student to use the Web and
includes the link
Next Steps
Online Change Form
TAP Request for Information
Part-time Students
Part-time TAP
v Student must have earned at least 12
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credits in each of two consecutive
semesters
6-11 credits
Maintain a “C” average
Standard TAP application process
APTS
v Aid for Part-time Study
v Part-time undergraduate study at NYS
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participating institutions
Maximum award $2000 annually
Campus-based application and award
process
– HESC distributes APTS funds to
participating colleges
– Colleges award APTS based on funds
availability and student need
Scholarships
 Similar to grants; money given to
student based on academic ability,
talent or special circumstances
 Do not have to be repaid (sometimes a
service component)
v Examples:
– Robert C. Byrd Honors Scholarship (Federal)
– NYS Regents Health Care Opportunity
(State)
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Other Grants, Scholarships, and Awards from New York State
New York State World Trade Center Memorial
Scholarships
Flight 3407 Memorial Sscholarships
Flight 587 Memorial Scholarships
Military Service Recognition Scholarship
Memorial Scholarships
New York State Volunteer Recruitment Service
Scholarship
Scholarship for Academic Excellence
Veterans Tuition Awards
NYS Regents Health Care Opportunity Scholarships
Vietnam Veterans Tuition Awards
Robert C. Byrd Honors Scholarship
NYS Math and Science Teaching Incentive
Scholarships
NYS Lottery Leaders of Tomorrow
Go to www.hesc.org
The NYS Math & Science Teaching
Incentive Program
v Created to increase the number of middle &
high school educators teaching mathematics
& science in New York State
v Provides awards to students attending
school at a bachelor and/or master degree
level in exchange for agreeing to teach math
or science for five years on a full-time basis
at a secondary school in New York State
Eligibility
v Be a US citizen or eligible non-citizen
v Matriculate in an approved
undergraduate or graduate program at
a degree-granting institution that leads
to a career as a math and science
teacher in secondary education
v Have a cumulative college grade point
average(GPA) of 2.5 or higher
v Not be in default on a student loan
Award
 The annual award for full-time study equals
the annual tuition charged to NYS residents at
a 4-year SUNY college
 The maximum annual award for the 2009-10
academic year is expected to be $4,995.
 Up to four years of full-time undergraduate
study and one year of full-time graduate study
matriculated in an approved program leading
to permanent certification as a secondary
education teacher in mathematics or science
Award
v Execute a Service Contract in which they
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agree to work for five years as a secondary
school math or science teacher.
Not have a service obligation under another
program. For example, students may not hold
both the Federal Teach Grant and a NYS Math
and Science Teacher Incentive Program award
at the same time.
How to Apply
Students must file a FAFSA and TAP
application every year in which they
seek an award.
Applications for 2009 series will be
available in January 2010.
Work-study or Work
(but study first)
Saving For College!
Resources
HESC E-Library
HESC E-Library
College & Career Planning
Career
CareerZone
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Review careers by clusters
– Identifies careers with expected higher demand
v Assessment tool
v Career descriptions
– Educational requirements
– NYS schools
College Planning
College.gov
v Why go?
v What to do?
v How to pay?
v I’m going
College Navigator
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Help find the right college
Search functions by level of award, institution
type, state
Mapping Your Future
CareerShip
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Review careers by
cluster
Review featured
career
Match career to
interests
Career search
v Information:
v Description
v Tasks
v Wages
v Career outlook
v Interests
v Education
v Knowledge
v Skills
v Similar careers
Show Me The Future
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Online life skills and financial literacy game:
Helps students learn basic skills in financial
planning, goal setting, and decision-making
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Cost of living
Budgeting
Difference between wants and needs
Importance of financial planning
Need to set career goals
Value of higher education
Helps students envision their futures
Financial Literacy Training
FACTS - HESC Financial Literacy Training
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Financial Awareness and Consumer Training for
Students
– Develops financial literacy for your students at your
campus
v Professional staff from HESC will provide training
for you, your staff and your students
Training Outline
v Importance of Completing High School/College
v Identify Needs vs. Wants
v Develop a Spending Plan
v Use of Debit vs. Credit
v Prevent Identity Theft
Money Wise 411
Money Wise 411 is
designed specifically
for high school
students in order to
develop skills and
avoid credit card
debt!
School Responsibilities
v Ensure Attendance
v Distribute Surveys
v Contact: Pamela Jerome (518) 402-3521
Thank you!
Questions?