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OPTIONS College Access Professional Development Institute – Goddard Riverside Community Center
Applying For Financial AidNew Settlement Apartments
College Access Center
OPTIONS College Access Professional Development Institute – Goddard Riverside Community Center
Total Cost of Attendance
• Direct Costs (Billed Costs)– Tuition– Mandatory Fees– Health Service Fees– Room– Board
• Indirect Costs (Unbilled Costs)– Travel– Books– Supplies– Personal Expenses
OPTIONS College Access Professional Development Institute – Goddard Riverside Community Center
CUNY – HunterTotal Cost of Attendance
• Tuition $4,600• Fees $ 200• Books & Supplies $1,146• Transportation $ 918 • Housing $1,740• Food (lunch) $1,020 • Personal Expenses $1744
Total $ 11,368
OPTIONS College Access Professional Development Institute – Goddard Riverside Community Center
SUNY BinghamtonTotal Cost of Attendance
• Tuition $4,970• Mandatory Fees $1, 845• Books/Supplies $1,000• Personal/Travel $1,000• Room & Board (average) $11,245
Total $20, 060
OPTIONS College Access Professional Development Institute – Goddard Riverside Community Center
Syracuse UniversityTOTAL COST OF ATTENDANCE for 2010-11
2009-2010 Billable Costs
Tuition $34,970
Room/Board $12,850
Fees $1,332
2009-10 Billable Costs: $49,152
Other Expenses (average costs)
Books and supplies $1,308
Travel $600
Personal Expenses $900
Total: $2,808
Total billed and unbilled costs $51,960
OPTIONS College Access Professional Development Institute – Goddard Riverside Community Center
“Sticker Price” vs. Individual Student Cost
• What a student actually pays per year depends on how much financial aid he/she is awarded;
• Most financial aid is awarded based on the student’s “need; ”
• The “Need” is determined by student’s Expected Family Contribution (EFC)
OPTIONS College Access Professional Development Institute – Goddard Riverside Community Center
What is the Expected Family Contribution (EFC)?
Federal calculation of how much a family is able to contribute
towards the student’s education in particular academic year
www.FAFSA4caster.gov
OPTIONS College Access Professional Development Institute – Goddard Riverside Community Center
Expected Family Contribution (EFC)Examples
• An EFC of $1,000 means that the family is expected to contribute $1,000 toward the student’s education for that academic year.
• To be eligible for a Pell Grant the EFC Range is $0 -$4,041
• www.fafsa4caster.ed.gov
OPTIONS College Access Professional Development Institute – Goddard Riverside Community Center
Calculating “Need”
Cost of Attendance- Expected Family Contribution
Documented Need
OPTIONS College Access Professional Development Institute – Goddard Riverside Community Center
How “Need” works
• Joe the Student has an EFC of $900• What is his financial need at each college he
applied to?CUNY Brooklyn SUNY Oneonta St . John’s University
COA = 10,000 COA = 17,000 COA = 37,000
EFC = 900 EFC = 900 EFC = 900
Need = 9,100 Need = 16,100 Need = 36,100
OPTIONS College Access Professional Development Institute – Goddard Riverside Community Center
Defining Financial Aid
• Financial aid consists of: – Grants/Scholarships– Loans– Federal Work-Study
• Other Resources to help pay for college– Alternative loans (private)– Budget plans– Outside scholarships– Tax benefits
OPTIONS College Access Professional Development Institute – Goddard Riverside Community Center
What does “100% financial need met” mean?
College A College B College c College D
90% grants 75% grants 25% grants 5% grants
9.5% loans 25% loans 75% loans 85% loans
.5 % WS 10% WS
Four hypothetical answers for one student
OPTIONS College Access Professional Development Institute – Goddard Riverside Community Center
How will the college meetmy NEED?
• Will identify fin aid (grants, loans, work-study) from many sources on your behalf.
• May or may not cover all your need• May cover your need with a lot in loans• Best case scenario: your need is covered
with mostly scholarship/grants
OPTIONS College Access Professional Development Institute – Goddard Riverside Community Center
What happens after colleges determine “need”
Colleges attempt to meet need through variety of financial aid resources:– Federal grants– State grants – Institutional grants– Federal loans– Federal work-study– other
OPTIONS College Access Professional Development Institute – Goddard Riverside Community Center
Sources of Aid
Federal Grants
26%
State Grants6%
Institutional Aid17%
Scholarships4%
Loans42%
Federal Tax Credits
4%
Work Study1%
OPTIONS College Access Professional Development Institute – Goddard Riverside Community Center
Sources of Aid• Maximum Pell Grant - $5550
• Maximum TAP Grant (State) - $4925
• Institutional Aid - ????
• Scholarships - ????
• Loans - ?????
OPTIONS College Access Professional Development Institute – Goddard Riverside Community Center
How is specific aid determined for you?
1. Fin aid office at each college starts with COA2. Subtract s EFC to find NEED3. Fin Aid office attempts to “meet your need” by
plugging in all government and institutional sources you are eligible for.
4. Sources likely include mix of GRANTS, LOANS, WORK-STUDY.
5. You find own private scholarships and alert college.6. Net price calculator
OPTIONS College Access Professional Development Institute – Goddard Riverside Community Center
COA – (financial aid + EFC) = Gap
What happens if a college does not meet a student’s need?
This is called a “gap”
OPTIONS College Access Professional Development Institute – Goddard Riverside Community Center
Defining student financial responsibility
It’s important for students to understand their complete responsibility, not just loans or gap.
EFC + loans + WS + gap = student responsibility
OPTIONS College Access Professional Development Institute – Goddard Riverside Community Center
Where does aid come from?
Sources of Aid Types of Aid
Federal Government Grants/scholarshipsLoansWork Study
New York State Government (if NYS resident at a college in NYS)
TAP GrantScholarships (special eligibilities)
Institution (college itself) GrantsLoans (less often)
OPTIONS College Access Professional Development Institute – Goddard Riverside Community Center
How do I apply for Financial Aid?
1. FAFSA: Free Application for Federal Student Aid www.fafsa.ed.gov(Most important form, base of all aid decisions)
2. TAP Application: NYS Tuition Assistance Grant(for NYS residents attending college in NYS)website:www.Hesc.org(Continued)
OPTIONS College Access Professional Development Institute – Goddard Riverside Community Center
Fin Aid Applicationscontinued
3. PROFILE: form administered by College Board, used by colleges to award institutional aid
Website: www.profileonline.collegeboard.com
4. Other forms: some colleges may have other shorter forms to complete
5. Verification: providing copies of financial forms directly to colleges
OPTIONS College Access Professional Development Institute – Goddard Riverside Community Center
OPTIONS College Access Professional Development Institute – Goddard Riverside Community Center
OPTIONS College Access Professional Development Institute – Goddard Riverside Community Center
OPTIONS College Access Professional Development Institute – Goddard Riverside Community Center
OPTIONS College Access Professional Development Institute – Goddard Riverside Community Center
OPTIONS College Access Professional Development Institute – Goddard Riverside Community Center
OPTIONS College Access Professional Development Institute – Goddard Riverside Community Center
OPTIONS College Access Professional Development Institute – Goddard Riverside Community Center
OPTIONS College Access Professional Development Institute – Goddard Riverside Community Center
OPTIONS College Access Professional Development Institute – Goddard Riverside Community Center
OPTIONS College Access Professional Development Institute – Goddard Riverside Community Center
OPTIONS College Access Professional Development Institute – Goddard Riverside Community Center
OPTIONS College Access Professional Development Institute – Goddard Riverside Community Center
OPTIONS College Access Professional Development Institute – Goddard Riverside Community Center
OPTIONS College Access Professional Development Institute – Goddard Riverside Community Center
OPTIONS College Access Professional Development Institute – Goddard Riverside Community Center
OPTIONS College Access Professional Development Institute – Goddard Riverside Community Center
OPTIONS College Access Professional Development Institute – Goddard Riverside Community Center
Helping students evaluate packages
• Complete analysis of each college• Compare relative burdens of each• Project total loan amount• Project monthly loan payments
OPTIONS College Access Professional Development Institute – Goddard Riverside Community Center
OPTIONS College Access Professional Development Institute – Goddard Riverside Community Center
OPTIONS College Access Professional Development Institute – Goddard Riverside Community Center
OPTIONS College Access Professional Development Institute – Goddard Riverside Community Center
OPTIONS College Access Professional Development Institute – Goddard Riverside Community Center
OPTIONS College Access Professional Development Institute – Goddard Riverside Community Center
OPTIONS College Access Professional Development Institute – Goddard Riverside Community Center
OPTIONS College Access Professional Development Institute – Goddard Riverside Community Center
OPTIONS College Access Professional Development Institute – Goddard Riverside Community Center
OPTIONS College Access Professional Development Institute – Goddard Riverside Community Center
OPTIONS College Access Professional Development Institute – Goddard Riverside Community Center
OPTIONS College Access Professional Development Institute – Goddard Riverside Community Center
OPTIONS College Access Professional Development Institute – Goddard Riverside Community Center
OPTIONS College Access Professional Development Institute – Goddard Riverside Community Center
TAP & CSS PROFILEApplications
OPTIONS College Access Professional Development Institute – Goddard Riverside Community Center
HESC Loan Calculator
http://www.hesc.com/content.nsf/SFC/5/Financial_Aid_Calculators
OPTIONS College Access Professional Development Institute – Goddard Riverside Community Center
OPTIONS College Access Professional Development Institute – Goddard Riverside Community Center
OPTIONS College Access Professional Development Institute – Goddard Riverside Community Center
Timeline
• FAFSA and TAP: in JANUARY (ideally)• BEFORE Priority deadline at each
college• PROFILE: fall semester or January• Use estimates if 2008 taxes not done
in January
OPTIONS College Access Professional Development Institute – Goddard Riverside Community Center
Other pointers about Financial Aid
• You reapply for aid each year• Government aid based only custodial
household• College aid based on both parents• Some students will have to verify information
with documents (1040, etc.)• Some aid dependent on academic
performance
OPTIONS College Access Professional Development Institute – Goddard Riverside Community Center
Families working togetherSome thoughts from counselors
• Recognize college process is stressful for everyone
• Focus on good-fit for the student• Help each other stay organized• Parents must be involved with financial aid
process, but it helps to involve students
OPTIONS College Access Professional Development Institute – Goddard Riverside Community Center
College Access Center
• 1563 Walton Avenue, Bronx, NY 10452• 718-294-3870• a.palmer@newsettlement.org
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