2015 suny college fairs navigating the financial aid process

2015 SUNY College Fairs

Navigating the

Financial Aid Process


Julieta SchiffinoAssociate Director of Financial Aid

ServicesThe State University of New York


TOPICS1. How much does college cost?2. How and when to apply for financial aid 3. How is financial need determined?4. Sources and types of financial aid5. SUNY Smart Track6. Reviewing Award Letters7. SUNY Financial Aid Days


How Much Does College Cost?Cost of Attendance (COA) Includes:1. Tuition and fees2. Room and board3. Books and supplies4. Transportation5. Miscellaneous personal expenses


How Much Does College Cost?

Source: College Board: Trends in College Pricing 2013 Middle States Averages.

Four-Year PRIVATE On-Campus StudentTuition and fees: $33,056Room and board: 12,619Books and supplies: 1,244Transportation: 1,002Personal expenses: 1,607Total Budget: $49,528


How Much Does SUNY Cost?

Baccalaureate Degree Program 2015-2016NY State Resident Living On-Campus

Source: SUNY Office of Student Financial Aid, System Administration

Tuition and fees: $7,980 ($6,470 & $ 1,510)

Room and board: 12,150Books and supplies: 1,340Transportation: 1,050Personal expenses: 1,500Total Budget: $24,020


How Much does CUNY Cost?Tuition and fees: $6,480 ($6,030 & $450) Room and board: 3,066 (19,998)Books and supplies: 1,304Transportation: 1,020Personal expenses: 1,798Total Budget: $13,668


How to Apply for Aid1. Collect information2. Complete FAFSA online: www.fafsa.ed.gov3. Complete TAP online 4. Watch for Student Aid Report (SAR)5. Keep records & communicate with the financial

aid office


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)


2. Complete FAFSA at www.fafsa.ed.gov


Beware of www.fafsa.com!


Seven Steps for Filing the FAFSAStep 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


Seven Steps for Filing the FAFSAStep 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


Seven Steps for Filing the FAFSAStep 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

I am not going to file I have already completed I will file


These fields are pre-filled based on FAFSA responses


Parent Financial Information


Seven Steps for Filing the FAFSAStep Six: Sign and Submit using the FSA ID

Sign electronically Print signature page Process now without signature


What is the FSA ID? Is comprised of a username and password The security of your FSA ID is important https://fsaid.ed.gov/npas/indexhtm

Sign FAFSA electronically Used by students and parents throughout aid processOnly the owner should create a FSA ID


The FSA ID Application Process


Submit FAFSA


Seven Steps for Filing the FAFSAStep Seven: Confirmation

York


3. Complete TAP Online From the FAFSA confirmation page, link to the TAP-on-the-Web.

Establish your TAP PIN.


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


5. Keep records & communicate with your financial aid office

You may be selected for verification


How and When to Apply?


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


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


Sources and Types of Financial Aid


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


Sources and Types of Financial Aid:Major Grant Programs

PELL Grant Must have EFC between $0 - $5,157 Maximum annual award $5,775

NYS TAP Grant Based on NYS net taxable income


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


Sources and Types of Financial Aid:William D. Ford Direct LoansSubsidized * 4.29% Capped at 8.25% Based on need Federal government pays

interest while student is in school

$3,500 for freshmen

Unsubsidized 4.29% 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


Sources and Types of Financial Aid:Parent Loans for Undergraduate 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 6.84% Capped at 10.5%

Time Payment Plans May vary…typically, families spread the direct costs over the semester or year.


SUNY State-Operated Campuses 2015-2016 TEACH Grant Up to $3,728 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


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


NY Aims$500 Demonstrate the biggest need Academic Excellence

Achieved at least 2 of the following : Graduate with a GPA of 3.3 or above; Graduate “with honors” on a NYS Regents diploma or received a score of 3 or higher on 2 or more Advanced Placement (or AP) examinations; Graduate within the top 15% of the class


SUNY Smart Track SUNY standard award letter System-wide financial literary Student

engagement/communication Delinquency/default

resolution www.suny.edu/smarttrack


SUNY Smart Track


Award Letters


Smart Track Award Letter


Grants/Gift Aid Section



Options To Pay Net Cost SectionsSmart Track Award Letter


College Overview Section: Graduation rate Loan default rate Median borrowing Repaying loan information School contact information


College Overview Section: Median borrowing Repaying loan information School contact information


Reviewing Award Letters:Comparing Financial Aid Award PackagesSUNY COA $24,020SUNY SFA Package - 6,110*Net cost to family $17,910

Non-SUNY COA $49,528Non-SUNY SFA Package - 18,870*Net cost to family $30,658

Focus on Net Cost vs. SFA PackageFocus on Type of Aid & Total Amount* Student loans are not included

Source: College Board: Trends in College Pricing 2013


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 for scholarship renewal? What happens if the GPA requirement for scholarship renewal is not met?


SUNY Financial Aid Days 2016January 16, 2016February 20, 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


Questions?


Thank you for attending!

2015 suny college fairs navigating the financial aid process

Documents