Transcript 2015 COLLEGE FAIRS Navigating the Financial Aid Process 2015 SUNY College Fairs TOPICS 1. 2. 3. 4. 5. 6. 7. 8. How much does college cost? Net Price Calculator How and when to apply for financial.

2015 COLLEGE FAIRS
Navigating
the
Financial
Aid Process
2015 SUNY College Fairs
TOPICS
1.
2.
3.
4.
5.
6.
7.
8.
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
SUNY Smart Track
Reviewing Award Letters
SUNY Financial Aid Days
2015 SUNY College Fairs
How Much Does College Cost?
Cost of Attendance (COA) Includes:
1. Tuition and fees
2. Room and board
3. Books and supplies
4. Transportation
5. Miscellaneous personal expenses
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How Much Does College Cost?
Four-Year PRIVATE On-Campus Student
Tuition and fees:
$31,674
Room and board:
12,215
Books and supplies:
1,244
Transportation:
957
Personal expenses:
1,570
Total Budget:
$47,660
Source: College Board: Trends in College Pricing 2013 Middle States Averages.
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How Much Does SUNY Cost?
Baccalaureate Degree Program 2014-2015
NY State Resident Living On-Campus
Tuition and fees:
Room and board:
Books and supplies:
Personal expenses:
Transportation:
Total Budget:
$7,582 ($6,170 & $ 1,412)
12,020
1,270
1,020
1,450
$23,342
Source: SUNY Office of Student Financial Aid, System Administration
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How Much Does SUNY Cost?
Associate Degree Program 2014-2015
NY State Resident Living On-Campus
Tuition and fees:
Room and board:
Books and supplies:
Personal expenses:
Transportation:
Total Budget:
$4,646 ($4,076 & $570)
9,730
1,320
1,280
1,110
$18,086
Source: SUNY Office of Student Financial Aid, System Administration
2015 SUNY College Fairs
NetPrice Calculator
 The calculator estimates the net price that a family
will pay after receiving any scholarships or
need-based grants.
 Find SUNY’s calculator at: www.suny.edu/howmuch
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How to Apply for Aid
1.
2.
3.
4.
5.
Collect information
Complete FAFSA online: www.fafsa.ed.gov
Complete TAP online
Watch for Student Aid Report (SAR)
Keep records & communicate with the financial
aid office
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1. Collect Information
 Student and parents’ SSN and DOB
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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)
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2. Complete FAFSA at www.fafsa.ed.gov
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Beware of
www.fafsa.com!
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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.sss.gov
Step Two: School Selection
 Enter FAFSA codes – up to 10 colleges
 Indicate housing status
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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
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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 2015 tax returns
 If you have not filed, select “will file”
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2015 SUNY College Fairs
2015 SUNY College Fairs
2015 SUNY College Fairs
Student Financial Information
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Seven Steps for Filing the FAFSA
Step Six: Sign and Submit
 Sign electronically
 Print signature page
 Process now without signature
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Submit FAFSA
2015 SUNY College Fairs
Seven Steps for Filing the FAFSA
Step Seven: Confirmation
York
2015 SUNY College Fairs
3. Complete TAP Online
 From the FAFSA
confirmation
page, link to the
TAP-on-the-Web.
 Establish your TAP
PIN. You may
choose to use the
same number as
your federal PIN.
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4. Watch for SAR
 SAR will be available in 3-5 days
 EFC is printed on upper right corner
 Make sure all information is correct
 Corrections-on-the-Web at www.fafsa.ed.gov
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5. Keep records & communicate with your
financial aid office
 You may be selected for verification
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How and When to Apply?
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How and When to Apply
FILE EARLY!
Right after January 1, 2016
 Check “will file taxes”
 Estimate financial information accurately
 Questions? - 1-800-4FEDAID
(1-800-433-3243) or www.fafsa.gov
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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
COA minus EFC = Need
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Sources and Types of Financial Aid
2015 SUNY College Fairs
Sources and Types of Financial Aid:
Scholarships
 Private scholarship search
 At your college of interest
 Free Internet scholarship searches
 www.fastweb.com
 www.studentaid.gov
 Local library resources
 Local businesses and civic organizations (including
professional associations) related to student's field of
interest
 Parents’ employers/unions
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Sources and Types of Financial Aid:
Major Grant Programs
PELL Grant
 Must have EFC between $0 - $5,157
 Maximum annual award $5,730
NYS TAP Grant
 Based on NYS net taxable income
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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
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Sources and Types of Financial Aid:
William D. Ford Direct Loans
Subsidized *
 4.66%
 Capped at 8.25%
 Based on need
 Federal government pays
interest while student is in
school
 $3,500 for freshmen
Unsubsidized
 4.66%
 Capped at 8.25%
 Not based on need
 Student is responsible for
interest while in school
 Loan cannot exceed cost of
education minus financial aid
Maximum Direct Loans for freshmen: $5,500
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Sources and Types of Financial Aid:
Perkins Loan
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Need-based
Low interest rate (5%)
Student pays no interest while in school
Maximum $5,500 per year
May be forgiven
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Sources and Types of Financial Aid:
Parent Loans for Undergraduate Students (PLUS)
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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 7.21%
Capped at 10.5%
Time Payment Plans
 May vary…typically, families spread the direct costs
over the semester or year.
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SUNY State-Operated Campuses
2014-2015 TEACH Grant
 Up to $4,000 per year
 For students who intend to teach:
 a high-need field
 students of low-income
 Four-year service contract
 More information: www.studentaid.ed.gov
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STEM Incentive Program
 Tuition scholarship at SUNY or CUNY
 Eligibility
 Need to graduate in top 10% of high school class
 Need to study in STEM Field
 Need to maintain a 2.5 average
 Five-year service contract to work in NY state in a
STEM field
 More information: www.hesc.ny.gov
or Scholarship Unit at 1-888-697-4372
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NY-Aims
 $500
 Eligibility
 NY state high school graduate
 Achieved academic excellence
– Top 15%
– 3.3 GPA or above
– Honor Regents diploma or a score of 3
or higher on two advanced placement exams
 Based on unmet need
 Applications and more information available in May
 More information: www.hesc.ny.gov
or Scholarship Unit at 1-888-697-4372
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NY ‘Get on your Feet’ Loan Forgiveness
 24 payments on the borrower’s behalf
 Eligibility
 Need to graduate from a NY state college
 Be a NY resident and NY state HS graduate
 Earn less than $50,000 a year
 Enrolled in IBR or PAYE
 Must apply within 2 years of graduation
 More information: www.hesc.ny.gov
or Scholarship Unit at 1-888-697-4372
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SUNY Smart Track
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SUNY standard award letter
System-wide financial literary
Student engagement/communication
Delinquency/default resolution
www.suny.edu/smarttrack
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SUNY Smart Track
2015 SUNY College Fairs
Award Letters
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Smart Track Award Letter
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Smart Track Award Letter
Grants/Gift Aid Section
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Smart Track Award Letter
Estimated Cost of Attendance Section
(Direct vs. Indirect Costs)
Transportation
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Smart Track Award Letter
Options To Pay Net Cost Sections
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Smart Track Award Letter
Options To Pay Net Cost Sections
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College Overview Section:
 Graduation rate
 Loan default rate
 Median borrowing
 Repaying loan information
 School contact information
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College Overview Section:
 Median borrowing
 Repaying loan information
 School contact information
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Reviewing Award Letters:
Comparing Financial Aid Award Packages
SUNY COA
SUNY SFA Package
Net cost to family
$23,342
- 5,770*
$17,572
Non-SUNY COA
Non-SUNY SFA Package
Net cost to family
$47,660
- 17,630*
$30,030
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 2013
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Reviewing Award Letters:
Questions You Should Ask
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What is the source of aid?
What is the out-of-pocket expense?
Will the scholarship be renewed?
Is there a GPA requirement for scholarship renewal?
What happens if the GPA requirement for scholarship
renewal is not met?
2015 SUNY College Fairs
Reviewing Award Letters:
Questions You Should Ask
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What is the source of aid?
What is the out-of-pocket expense?
Will the scholarship be renewed?
Is there a GPA requirement for scholarship renewal?
What happens if the GPA requirement for scholarship
renewal is not met?
2015 SUNY College Fairs
SUNY Financial Aid Days 2016
 Ask questions about the financial aid application,
types of aid and the award process
 Some campuses will offer Web access to complete the
FAFSA online
 Register at www.suny.edu/studentevents in early
December
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Questions?
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Please complete the survey you
will receive in your inbox.
Thank you for attending!