Presented By:

New York State Financial Aid Administrators’ Association

And

Oswego State University

Kathy FlahertyAssistant Director,

Financial AidSUNY Oswego

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

Federal government

State Government Colleges Private Sources

Civic Organizations Churches

Employers

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

Federal Work Study Institutional Job

programs Opportunity to

connect with college

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

www.fafsa.ed.gov

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

Electronic signature for FAFSA Loan applications

Protect your number

www.pin.ed.gov

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

https://uii.nysaves.s.upromise.com/

https://uii.nysaves.s.upromise.com/

Federal Hope Tax Credit Life-long

Learning Credit State

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

FAFSA Deadline Early Spring Scholarship

Deadlines

www.pin.ed.gov

www.fafsa.ed.gov

www.hesc.com www.finaid.org www.oswego.e

du/financial

www. hesc.com

www.finaid.org

www.oswego.edu/financial

Save for College Search for

Scholarships Apply for Aid

PIN FAFSA

Be aware of deadlines Special Circumstances Less expensive

school/commute? Tuition installment

plans Consider Parent loans Tax credits