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What is financial aid How much will it cost Expected Family
contribution What is financial need What aid is available How to apply (FAFSA) Special circumstances
Funds provided to students/families to help pay for college educational expenses
Includes Scholarships Grants Loans Employment
Job
LLoansScholarship
Grants
Use reputable websites www.finaid.org www.fastweb.com
Your high school guidance office Watch for deadlines
College Public Libraries Local Service Organizations Parents’ place of employment
Tips to consider: Merit vs. Need
Academic, Athletic, Talent, Ethnic or
Family’s resources School determines Variable Separate
Application? Renewable?
Tuition and Fees Books & supplies Room and Board Transportation Some Personal Costs Loan Fees Disability Child Care Study Abroad
SUNY Community College
Private college
Tuition $4,400 $3,200 $19,600
Fees 1,230 510 1,014
Books & Supplies
1,000 1,060 800
Room & Board 8,800 1,500 8,950
Travel 800 1,200 600
Personal 1,340 950 600
Misc
Total $17,570 $8,420 $31,564
Amount family can reasonably be expected to contribute BUT not what the family will pay
Remains the same regardless of college price tag
2 components: Parent Student
Calculated from FAFSA
Cost of Attendance- Expected Family Contribution- Private Resources= Financial Need
* Note: colleges may not be able to offer enough aid to meet your financial needs
Scholarships No repayment
Grants No repayment Based on Need
Loans Repayment usually after education finished Only borrow what is needed Investment in future
Employment Paycheck or compensation(room/board)
Pell Grant Need Based
Supplemental Educational Opportunity Grant Need Based Targeted at lowest
incomes Varies between colleges
Academic Competitiveness Grant (ACG) Pell Grant eligible Rigorous high school program First and second year students 3.0 Grade Point Average (GPA)
SMART Grant (National Science and Mathematics to Retain Talent) Pell Grant Eligible Specific majors in national interest 3.0 GPA Third and fourth year students
TEACH Teacher Education
Assistance for College and Higher Education 75% percentile on admissions
test/3.25 GPA Must agree to teach at least 4
years High need subject, low-income
school Failure to complete requirement
Grant becomes interest bearing loan (unsubsidized)
Tuition Assistance Program Attend College in
New York State Award Range
$500- $5500 NY State Net
Taxable Income < $80,500
Perkins Loan Low interest, subsidized Highest need Repayment after graduation Awards vary
Stafford/Direct Loans Student’s loan Repayment after graduation Subsidized and Unsubsidized Awards increase with class
year Interest rates Processing fees apply
Even if you are determined NOT to have financial need, the student may qualify for the Unsubsidized Stafford/Direct loan.
Not based on need Students need co-signor with good credit
history If credit history is not good, see financial aid
officer Repayment may begin after student
graduates Current interest rate = 8.5% Processing fees apply
Complete the FAFSA on-line Apply for PIN number (student and parent) For 2009-2010, FAFSA no earlier than January
1, 2009 Application deadlines/priority dates
Use estimated figures if necessary BUT be sure to update information after taxes
are completed
Built-in edits Skip-logic allows to
skip unnecessary questions
Timely submission On-line help with
questions Check application
status on-line Renewal application
will pre-fill
Part One Name, etc Social Security Number –
student Email Educational Plans
Part Two Student’s Income
Taxed and Untaxed
Part Three Dependent Questions
Part Four Parents’ Information Email Household Size Number in College Income
Taxed and Untaxed
Part Five Only if student is Independent
Part Six List Colleges and Codes
Part Seven Signatures (PIN)
Cannot be reported on FAFSA Contact financial aid office(s) Examples of special circumstances
Change in employment status Medical bills not covered by insurance Change in parent’s marital status Unusual dependent care expenses Student is unable to obtain parental
information due to incarceration, abusive situation or no relationship with parents
January Apply for PIN Research Private
Scholarships February
Complete FAFSA March
Financial Aid award packages mailed
April Compare Award
Notices May
Make College Choice
College Savings Plans (529) New York Saves
Time Payment Plans Offered by
Colleges Less expensive
than borrowing
Borrowing for College Investment in their future What is a loan Don’t over borrow
Credit cards Use and misuse Building good credit
Bank Account Direct Deposit Career Services
Earnings vs debt repayment
www.pin.ed.gov
www.fafsa.ed.gov
www.hesc.com www.finaid.org www.oswego.e
du/financial