Kerry Lubold Assistant Director of Financial Aid SUNY
Plattsburgh www.plattsburgh.edu Planning and Paying for
College
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Next Step College. Are You Ready? How much does it cost What
academic programs are offered What social/campus activities exist
Is the campus accessible, is it safe Where is it located/how far
from home Will I receive a quality education Will it help me
achieve my career goals Will it support my college transition
needs
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What type of higher education is right for you? What are your
career goals? What is your earnings expectation? What employment
opportunities exists now? later?
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Complete Admissions Application Submit all requested
info/materials in a timely manner Know how to receive college
communications Keep the people important to you in the loop Have
you shown a spotlight on the attributes/characteristics that make
you great? Happy Admissions Application
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Ways to Pay Get more info www.studentaid.ed.gov and
www.hesc.orgwww.studentaid.ed.govwww.hesc.org Grants (i.e. Pell,
TAP, SEOG, EOP) - free, eligibility criteria, usually a need
component Scholarships (i.e. Presidential, Freshman Merit, Kiwanis)
- free, eligibility criteria, usually an academic component Loans
(i.e. FELP, Direct, PLUS, Perkins, Alternative) - debt, interest,
borrowing limits, repayment options Employment Opportunities (i.e.
work-study) - funding contingent on work or service Third Party
Resources - VESID, Employer, Union, Community Group Self-Help and
Out-of-Pocket - personal resources and cost-saving measures
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Federal Grants Pell Grant Financially needy applicants with EFC
below 5274 $555 - $5550 annually What is an EFC? Estimated Family
Contribution What does it do besides determine if I qualify for
Pell? Your Colleges Cost of Attendance (COA) Budget$29,000 - Your
EFC (Estimated Family Contribution)-11,000 = Your Financial
Need$18,000 Financial need can be met* with aid like grants,
scholarships, no in-school interest loans and work-study. *There is
no guarantee your financial need will be met.
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TEACH Grant Learn more at studentaid.ed.gov For students who
intend to teach in a high-need field in a public or private
elementary or secondary school serving students from low-income
families. Up to $2000 per semester for those who meet the education
and academic criteria Service Obligation must be fulfilled,
otherwise any grants received convert to an unsubsidized student
loan Some Eligible Schools in 2010-2011: Crown PointAusable
ValleyBloomingdale Elementary
Elizabethtown-LewisBeekmantownChateaugay KeeneNortheastern
ClintonFranklin Academy MinervaNorthern AdirondackSalmon River
MoriahPeru Middle SchoolSt. Regis Falls Schroon LakeSaranac
Elementary SchoolTupper Lake TiconderogaStafford Middle School
Westport Willsboro Possible eligible subject matters: Bilingual
EducationESOL Career & Tech. Ed (except Ag &
Bus/Mrkting)Languages Other Than English Chemistry (grades
7-12)Library & School Media Specialist Earth Science (grades
5-9 or 7-12)Special Education (grades 5-9 and 7-12) Physics (grades
7-12)Special Education-Bilingual
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New York State Aid TAP Grant Annual application (online or
paper) NYS Net Taxable Income < $80,000 $500 - $5000 for NYS
college tuition www.hesc.org Scholarships for Academic Excellence
NYS Regents Awards for Children of Deceased and Disabled Veterans
NYS Educational Opportunity Program (EOP, HEOP, SEEK) Military
Service Recognition Scholarships NYS Math & Science Teaching
Incentive Scholarship NYS Memorial Scholarships (children of
deceased firefighters, police, EMS) NYS Aid to Native Americans
Veterans Tuition Awards
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Where to look for free money School Counselor Public Library
College Websites Online Resources such as fastweb.com,
collegeboard.com Community & Govt Sponsors Moose Lodge, 4-H,
Youth Hockey League, VESID, etc. Employers (Student & Parents)
tuition reimbursement, short term loans, scholarships, etc.
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Self-Help what you can do to afford college Grades count --
Challenge yourself to perform your very best in high school. Save,
Save, Save -- Earnings you tuck away for college will help keep
your debt down. Want vs. Need -- Evaluate how the choices you make
can increase or decrease the cost of college. 4 year goal --
Maintain fulltime status, consider miniterm coursework and
communicate with your academic advisor to graduate on time.
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Before January 1 st Submit all required college admissions
materials, complete all necessary tests (SAT and/or ACT), and are
on track for high school graduation. Discuss college costs as a
family and review your colleges Net Price Calculator Apply for your
Federal PIN at www.pin.ed.govwww.pin.ed.gov The student and ONE
parent must have PINs Try out the FAFSA 4 Caster
www.fafsa4caster.ed.gov
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After January 1 st to do Complete your 12-13 FAFSA online at
www.fafsa.gov, paying attention to your colleges recommended
deadlinewww.fafsa.gov Complete your NYS TAP application online (via
link from FAFSA confirmation or at www.tapweb.org) www.tapweb.org
Complete your colleges supplemental applications and respond to all
requests for information/documentation File your federal and state
income tax returns as soon as possible
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FAFSA.GOV You will need to know SSNs, income, assets and other
household info Parent on the FAFSA --- the household the student
resides in for 51% of the year or more (not necessarily the parent
who claims the student on taxes) Income can be estimated --- use
W-2s, EOY pay stubs or last years tax return Do not report ---
value of your home, value of your retirement accounts List all the
colleges to whom you have applied for admissions Submit your
completed FAFSA by your colleges recommended deadline
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The highlights Look for free money from all available resources
Discuss what you can afford & cost-saving measures Submit all
applications & required documentation timely Ask for help along
the way, thats what we are here for
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Direct CostsClinton CCPlattsburghPaul SmithsSt. Lawrence
Tuition3,6005,27019,97040,905 Fees4901,5103,890240
Room4,2006,1005,0005,715 Board3,4503,6504,3904,900 Estimated Total
of Direct Costs $11,740$16,530$33,250$51,760 Indirect Costs (varies
student to student) - Books/Supplies$1,000 - Transportation$ 600 -
Personal/Living$1,150 $2,750 Higher cost does NOT necessarily mean
more costly Sounds like a lot of work. Why should I do it?
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Financial Aid Award Letter Will list the financial aid you may
qualify for should you decide to attend that college/university
Will provide instructions for you to follow if any action is
required to accept, decline, or finalize the awards
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Paying for college when financial aid is not enough Payment
Plans (college specific) Personal Resources (savings, investments)
Personal Loans (home equity, line of credit) Education Loans
(federal or alternative)
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Federal Student Loans Fixed Interest Rate 6.8 % Federal Direct
Subsidized and Unsubsidized Student Loans Subsidized =no interest
charged while in school, only during repayment Unsubsidized =
interest will be charged through the entire life of the loan Max
Eligibility Freshman$5,500Junior$7,500 Sophomore$6,500Senior$7,500
Repayment - beginning 6 months following graduation or cessation of
at least halftime enrollment - 10 years or longer repayment
schedules (no prepayment penalties) - deferment, cancellation and
consolidation options available - visit www.studentaid.ed.gov for
repayment plan options and calculatorswww.studentaid.ed.gov
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Federal Parent (PLUS) Loans Interest Rate Fixed at 7.9%
Repayment begins 60 days following full disbursement, OR request
deferment during in-school period Standard 10 year repayment period
(no prepayment penalty) Alternative (Private) Student Loans Primary
borrower is usually the student Credit and income review weighs
heavily on the co-signer Interest rate can be Prime or LIBOR Fixed
and variable interest programs available
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Sample Repayment 10 Years BorrowedInterest RateMonthly
RepaymentTotal Repaid Federal Student$23,000 6.8% F~ $265~ $31,762
Loan Federal Parent (PLUS)$23,0007.9% F~ $278~ $33,340 Loan
Alternative Student$23,0007.5 12.9% V*~ $307~ $36,780 Loan * A few
lenders offer fixed rate alternative loans, with and without fees.
Visit lender websites for info.
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Special Circumstances Examples only. Its your colleges
professional judgment to consider circumstances and how Loss of
income - retirement, unemployment, job change, etc. Loss of
Benefits social security, unemployment compensation, child support,
disability pension, etc. Change in Marital Status widowed, divorced
or separated since filing the FAFSA. Extraordinary Expense
unreimbursed out-of-pocket medical, catastrophic event, etc.
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Academic Achievement Matters Most financial aid has a minimum
academic progress expectation SAP = Satisfactory Academic Progress
2.0 gpa or better (higher for many aid programs) 67% completion
rate (fulltime for state aid) Warning/Probationary semester may be
available May lose aid awards if student falls below standards
Federal, state and institutional standards differ
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Your success begins with YOU ! Have goals Be confident Seek
assistance Plan ahead Communicate Explore opportunities
