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2015 SUNY College Fairs
Navigating the
Financial Aid Process
2015 SUNY College Fairs
Julieta SchiffinoAssociate Director of Financial Aid
ServicesThe State University of New York
2015 SUNY College Fairs
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
2015 SUNY College Fairs
How Much Does College Cost?Cost of Attendance (COA) Includes:1. Tuition and fees2. Room and board3. Books and supplies4. Transportation5. Miscellaneous personal expenses
2015 SUNY College Fairs
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
2015 SUNY College Fairs
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
2015 SUNY College Fairs
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
2015 SUNY College Fairs
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
2015 SUNY College Fairs
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)
2015 SUNY College Fairs
2. Complete FAFSA at www.fafsa.ed.gov
2015 SUNY College Fairs
Beware of www.fafsa.com!
2015 SUNY College Fairs
2015 SUNY College Fairs
2015 SUNY College Fairs
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
2015 SUNY College Fairs
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
2015 SUNY College Fairs
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
2015 SUNY College Fairs
2015 SUNY College Fairs
These fields are pre-filled based on FAFSA responses
2015 SUNY College Fairs
2015 SUNY College Fairs
Parent Financial Information
2015 SUNY College Fairs
Seven Steps for Filing the FAFSAStep Six: Sign and Submit using the FSA ID
Sign electronically Print signature page Process now without signature
2015 SUNY College Fairs
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
2015 SUNY College Fairs
The FSA ID Application Process
2015 SUNY College Fairs
Submit FAFSA
2015 SUNY College Fairs
Seven Steps for Filing the FAFSAStep 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.
2015 SUNY College Fairs
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
2015 SUNY College Fairs
5. Keep records & communicate with your financial aid office
You may be selected for verification
2015 SUNY College Fairs
How and When to Apply?
2015 SUNY College Fairs
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
2015 SUNY College Fairs
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
2015 SUNY College Fairs
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
2015 SUNY College Fairs
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
2015 SUNY College Fairs
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
2015 SUNY College Fairs
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
2015 SUNY College Fairs
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.
2015 SUNY College Fairs
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
2015 SUNY College Fairs
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
2015 SUNY College Fairs
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
2015 SUNY College Fairs
SUNY Smart Track SUNY standard award letter System-wide financial literary Student
engagement/communication Delinquency/default
resolution www.suny.edu/smarttrack
2015 SUNY College Fairs
SUNY Smart Track
2015 SUNY College Fairs
Award Letters
2015 SUNY College Fairs
Smart Track Award Letter
2015 SUNY College Fairs
Grants/Gift Aid Section
Smart Track Award Letter
2015 SUNY College Fairs
Smart Track Award Letter
2015 SUNY College Fairs
Options To Pay Net Cost SectionsSmart Track Award Letter
2015 SUNY College Fairs
Options To Pay Net Cost SectionsSmart Track Award Letter
2015 SUNY College Fairs
College Overview Section: Graduation rate Loan default rate Median borrowing Repaying loan information School contact information
2015 SUNY College Fairs
College Overview Section: Median borrowing Repaying loan information School contact information
2015 SUNY College Fairs
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
2015 SUNY College Fairs
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?
2015 SUNY College Fairs
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
2015 SUNY College Fairs
Questions?
2015 SUNY College Fairs
Thank you for attending!