What You Need to Know About Financial Aid Mark Hill Director of Financial Aid SUNY College of Environmental Science and Forestry

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1 What You Need to Know About Financial Aid Mark Hill Director of Financial Aid SUNY College of Environmental Science and Forestry Monday, January 5, 2014 Slide 1

2 Agenda Financial Aid Cost of Attendance (COA) Expected Family Contribution (EFC) Financial Need Sources of Financial Aid Applying for Financial Aid Special Circumstances Slide 2

3 Financial Aid Grants & Scholarships Gift Aid Merit or Need-Based Loans & Employment Opportunities Self-Help Aid Need or Non-Need Based Slide 3

4 Cost of Attendance (COA) The Budget Determined by the college or university Direct costs Indirect costs Vary widely from college to college Slide 4

5 Cost of Attendance (COA) Tuition and Fees Room and Board Books and Supplies Transportation Personal Expenses computer, travel abroad, child care, etc. Slide 5

6 Cost of Attendance Comparison Private 1 Public (SUNY) 2 Community College 2 Tuition & Fees $31,674 $7,582 $4,646 Room &Board $12,215 $12,020 $9,730 Books & Supplies $1,244 $1,270 $1,320 Transportation $957 $1,450 $1,110 Personal $1,570 $1,020 $1,280 Total $47,660 $23,342 $18,086 1 On Campus Student (College Board, Trends in College Pricing 2013, Middle States Averages) 2 On Campus Student (SUNY Office of Student Financial Aid) Slide 6

7 Financial Aid Philosophy In addition to the various types of aid available, the student and parent(s) are expected to contribute to paying for the overall Cost of Attendance. Slide 7

8 Expected Family Contribution The EFC Amount family can reasonably be expected to contribute toward college costs Calculated by a federal formula using family income, asset, and household size information Slide 8

9 Expected Family Contribution Stays the same regardless of college Two components: Parent Contribution Student Contribution Not a bill!!! Slide 9

10 Financial Need Cost of Attendance Expected Family Contribution = Financial Need Slide 10

11 Financial Need 1 X 2 Y 3 Z EFC EFC Cost of Expected Family Need Attendance Contribution (Variable) (Variable) (Constant) Slide 11

12 Financial Aid Awarding Philosophy Need-Based Aid Awarded up to the student s need level Non Need-Based Aid Awarded up to the difference between the cost of attendance and the offered need-based aid Slide 12

13 Need-Based Aid - Grants Federal Aid Pell Grant FSEOG TEACH State Aid TAP NY STEM Private & Institutional Slide 13

14 Federal Pell & SEOG Grants Pell Grant ($574 - $5,730) Awarded based on the EFC ($0 - $5,157) Entitlement-based aid form SEOG ($100 - $4,000) Awarded based on need Campus-based aid form Slide 14

15 TEACH Grants Up to $4,000 per year For students who intend to teach: - a high-need field - that serves students of low-income Four year service contract More information: Slide 15

16 NY State Tuition Assistance Program New York Resident Attend New York College or University Award amount based on need and tuition charges (maximum $5,000) Requires separate application Slide 16

17 NY Science, Technology, Engineering, & Mathematics Scholarship New York Resident Attend SUNY or CUNY School Award amount based on tuition charges minus other state aid (maximum $6,170) Requires separate application Slide 17

18 NY Science, Technology, Engineering, & Mathematics Scholarship Enrollment in approved program 5 years employment in NY state in approved field Service contract required Can become unsubsidized loan Slide 18

19 Outside Grants and Scholarships Available from variety of sources online searches high school guidance office local groups and organizations employers Slide 19

20 Need-Based Aid - Student Employment Federal Work-Study Program Awarded as a grant Allows student to obtain job and work to earn up to the grant amount Paycheck Slide 20

21 Self-Help Aid - Federal Loans Perkins Loans Need-Based Stafford Loans (Direct) Need or Non-Need Based Parents (PLUS) Loans (Direct) Non Need-Based Slide 21

22 Federal Loans - Perkins $4,000 maximum for undergraduates 5% fixed interest rate Subsidized with 9 month grace period Repayment period up to 10 years Campus-based aid form Slide 22

23 #SavePerkinsNow Your Help Needed! Perkins Program Expires in Sept 2015 Any Change Requires Government Action Value of the Program How You Can Help Slide 23

24 #SavePerkinsNow Your Help Needed! Program currently in automatic 1 year extension until September 2015 Loans may not be available starting in year Program will end if Congress takes no action Slide 24

25 #SavePerkinsNow Value of Program Favorable Loan Terms Subsidized Loan Low fixed interest rate No fees 9 month grace period Numerous forgiveness options Slide 25

26 #SavePerkinsNow Value of Program NY State has the largest Perkins portfolio in the country - $850 million Almost 100,000 students in NY schools received over $100 million Almost 500,000 students nationally received close to $1 billion Slide 26

27 #SavePerkinsNow How to Help! Communication with your representatives Contact from students and families has the biggest impact Who should I contact? Slide 27

28 #SavePerkinsNow How to Help! How can I communicate? Letter Social Media - #SavePerkinsNow What should I say? Sample letters and s are available Slide 28

29 Federal Direct Student Loans Subsidized or Unsubsidized 4.66% fixed interest rate (UG ) 6 month repayment grace period Repayment period from years One-time Origination Fee of 1.073% Slide 29

30 Federal Direct Student Loans Maximum Amounts: 1st Year: $5,500 ($3,500 max. subsidized) 2nd Year: $6,500 ($4,500 max. subsidized) 3rd Year: $7,500 ($5,500 max. subsidized) 4th Year: $7,500 ($5,500 max. subsidized) Slide 30

31 Federal Loans - PLUS Parents Loan for Undergraduate Students Fixed Interest Rate: 7.21% ( ) One-time Origination Fee of 4.292% Slide 31

32 Federal Loans - PLUS Repayment begins 60 days after loan is fully disbursed Maximum annual amount equal to Cost of Attendance minus all other aid Dependent on credit!!! (No adverse credit) Slide 32

33 Applying for Financial Aid FAFSA (Free Application for Federal Student Aid) ETA (Express Tap Application) Supplemental & Institutional Applications Slide 33

34 FAFSA Main federal aid application Available in online and paper formats Collects income, asset, and household size information Apply as soon as possible after January 1 Use 2014 Tax Return or Estimates Slide 34

35 IRS Data Import Import necessary tax information Active Opt-In Process Highly Recommended! Simplifies Verification Process! Slide 35

36 FAFSA - Slide 36

37 FAFSA - Pre-Application Worksheet Slide 37

38 FAFSA - PIN Registration 2 PINs Needed Can be requested before January 1 Slide 38

39 FAFSA - PIN Change New for 15-16! Federal PIN use will change starting late April 2015 Change to username and password system Will still be linked to PIN data Slide 39

40 Express Tap Application or Application for NY State Grant Program Available in online and paper formats Complete with FAFSA Slide 40

41 Supplemental & Institutional Applications Check with each school for additional requirements CSS Profile (College Board) Unique Institutional Applications Slide 41

42 Application Processing FAFSA and TAP results sent to student and all listed colleges Colleges create and provide aid packages Slide 42

43 Frequent Application Issues Social Security Numbers Divorced/remarried parental information Untaxed income U.S. income tax paid Slide 43

44 Frequent Application Issues Household size Number of household members in college Real estate and investment net worth Dependency Status Slide 44

45 Special Circumstances Cannot report on FAFSA Send explanation to financial aid office at each college College will review special circumstances Request additional documentation Decisions are final and cannot be appealed to U.S. Department of Education Slide 45

46 Special Circumstances Change in employment status Medical expenses not covered by insurance Change in parent marital status Unusual dependent care expenses Slide 46

47 What Does It All Mean? Understanding Your Financial Aid Award Compare Budget to Aid Costs Aid Tuition & Fees XXX Scholarships Room & Board XXX Grants Books & Supplies XXX Loans Personal & Trans XXX Work-Study TOTAL COSTS TOTAL AID Slide 47

48 What Does It All Mean? Things to Consider Compare Bottom Line Cost Compare Gift Aid/Self-Help Aid Ratio Consider Amount of Work-Study Award Review Scholarship and Grant Criteria Investigate Outside/Private Funding Slide 48

49 Thank You! Slide 49

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