SUNY Financial Aid Day. University at Buffalo February 22, 2014

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2 SUNY Financial Aid Day University at Buffalo February 22, 2014

3 Agenda SESSION 1: Presentation and Q&A 9:00 9:45 am Complete your on-line FAFSA and TAP applications 9:45 10:45 SESSION 2: Presentation and Q&A Session 2 10:00 10:45 am Complete your on-line FAFSA and TAP applications 10:45 11:45 am

4 Presentation Outline The Financial Aid Awarding Process How Much Does College Cost? What is My Financial Need? Applying for Financial Aid SUNY Financial Aid Award Letter Sources and Types of financial aid available for undergraduates: Grants/Scholarships Federal College Work Study Student and Parent Loans Scholarships and Scholarly Opportunities

5 The Financial Aid Awarding Process Once you have been accepted; all schools who received your FAFSA information will provide you a financial aid award letter. Feel free to discus your financial aid package with each school. Remember you need to file for federal and state financial aid every year. Be aware of your school s priority filing date. March 1 is UB s priority filing date for campus-based aid

6 How Much Does College Cost? Cost of Attendance (COA) Includes: 1. Tuition and fees 2. Room and board 3. Books and supplies 4. Transportation 5. Miscellaneous personal expenses

7 How do colleges determine financial aid eligibility? Cost of Attendance (COA) (tuition, fees, room, board, books, personal & transportation) (minus) Expected Family Contribution (EFC) (determined by the FAFSA) = Financial Aid Need

8 How Much Does College Cost? Four-Year PRIVATE On-Campus Student Tuition and fees: $30,547 Room and board: 11,768 Books and supplies: 1,244 Transportation: 957 Personal expenses: 1,570 Total Budget: $46,086 Source: College Board: Trends in College Pricing 2012 Middle States Averages.

9 How Much Does SUNY Cost? Baccalaureate Degree Program NY State Resident Living On-Campus Tuition and fees: $7,220 ($5,870 & $ 1,350) Room and board: 11,770 Books and supplies: 1,270 Transportation: 990 Personal expenses: 1,450 Total Budget: $22,770 Source: SUNY Office of Student Financial Aid, System Administration

10 Applying for Financial Aid File the Free Application for Federal Student Aid (FAFSA) on the web at: For scholarship consideration know the deadlines at the schools you are applying to.

11 Go to to get Student & Parent PINs for FAFSA How to Apply for Federal Aid

12 Complete FASFA at

13 Beware of

14 Filing for the New York State Tuition Assistance Program (TAP) New York State residents - file the Express TAP Application (ETA) on-line when you reach the Confirmation Page of the FAFSA on the web. TAP on the Web allows one to complete the application on-line and return to it at a later time if required: Reminder: To qualify for TAP, the NYS Taxable Income cannot exceed $80,000 Make sure the correct school code is listed. (UB s undergraduate code is 1010)

15 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) PINs for student and one parent

16 Comparing SUNY Award Letters Your award letter from all SUNY schools will include a Financial Aid Award Letter to assist in determining the net cost of the school before educational loans are borrowed. COA Gift Aid = Net Cost

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18 Reviewing Award Letters: Comparing Financial Aid Award Packages SUNY COA $22,700 SUNY SFA Package - 5,750* Net cost to family $16,950 Non-SUNY COA $46,086 Non-SUNY SFA Package - 15,680* Net cost to family $30,406 Focus on Net Cost vs. SFA Package Focus on Type of Aid & Total Amount * Student loans are not included Source: College Board: Trends in College Pricing 2012

19 Sources and Types of Financial Aid

20 Grants - Federal PELL Grants ($574-$5,645/yr for 13/14) Supplemental Education Opportunity Grant (SEOG) Varying amounts depending upon financial need March 1 UB FAFSA filing deadline date for UB students to be considered for SEOG.

21 Grants - State TAP The Tuition Assistance Program (TAP), New York's largest grant program, helps eligible New York residents attending in-state postsecondary institutions pay for tuition. TAP grants are based on the applicant s and his or her family s New York State taxable income. Academic Merit Scholarships Academic Excellence Scholarship: Scholarships for Academic Excellence are awarded to outstanding graduates from registered New York State high schools. Awards are based on student grades in certain Regents exams. For up to five years of undergraduate study in New York State.

22 Employment Federal College Work Study Generally $1,100 award at UB Other University Employment Departments may hire students not based on financial need

23 Educational Loans for Students & Parents Perkins - $800 average award at UB Stafford Subsidized and Unsubsidized maximum annual amount for a Dependent student: Freshman: $5,500 Sophomore: $6,500 Junior & Senior: $7,500 Entrance Counseling and Master Promissory Notes required. PLUS (parent loans) Eligible for cost of attendance minus other aid Private Loans

24 Private Scholarship Search Fin Aid on the Web The College Board FastWeb GoCollege - The Collegiate Websource New York State Financial Aid Administrators Association

25 Other Payment Plans College Payment Plans Example: UB s Payment Plan New York s 529 College Savings Plan Home Equity Line of Credit Loan from Retirement Accounts

26 UB s Office of Financial Aid and Student Response Centers (SRC) North Campus Office of Financial Aid: 115 Porter Hall Ellicott Complex For appointments with advisors SRC: 232 Capen Hall For general financial aid questions South Campus SRC: 104 Harriman Hall For students in health related professions located on South

27 CONTACT US Phone (716) Website

28 School Codes UB s Federal School Code is: UB s State School Code is: 1010

29 Scholarships & Scholarly Opportunities What are the requirements for consideration? Are there any specific deadlines to: submit an admission application, or submit a FAFSA, or complete an application by submitting all credentials i.e. transcripts, SAT/ACT results, letters of recommendation, etc.? Please note, missing a deadline could result in being excluded from scholarship consideration.

30 Scholarships & Scholarly Opportunities How does a college inform you of a merit-based scholarship award? Does a college offer an Honors Experience for academically talented students and how is one invited to participate?

31 SUNY Financial Aid Day Evaluation A paper survey has been distributed. Please complete and hand this in at the end of your visit. If you provided an address upon registration, you may be contacted by SUNY to complete a short evaluation of this event via .

32 Questions and Answers (Q&A)