The State University of New York /student Financing a SUNY Education 1 Operation Inform Financing a SUNY Education The State University of New York

The State University of New York /student Financing a SUNY Education 2  Presenter’s Name  Presenter’s Title  Name of Their School

The State University of New York /student Financing a SUNY Education 3 Topics How to advise families to apply for financial aid General eligibility Special Circumstances Determination of need Sources and types of financial aid How much does SUNY cost? Helping families review award letters Managing Debt SUNY Financial Aid Day Questions

The State University of New York /student Financing a SUNY Education 4 Advice Families to: Collect Documents Request a federal PIN Fill out the pre-application worksheet Complete FAFSA online at Print the confirmation page Use the link to apply for TAP Keep records

The State University of New York /student Financing a SUNY Education 5 Get a PIN number NOW! Each Student AND One Parent! Information processed within 72 hours Replaces need for having to mail in signatures Advise Families to:

The State University of New York /student Financing a SUNY Education 6 Advice Families to: Apply on-line using FAFSA on-the-web File the FAFSA as soon as possible after January 1st of each school year.

The State University of New York /student Financing a SUNY Education 7 Apply for TAP ! From the FAFSA confirmation page, link to the Tap On the Web application page Establish your TAP PIN; You may choose to use the same number as your federal PIN Advise Families to:

The State University of New York /student Financing a SUNY Education 8 FILE EARLY! Check “will file taxes” Estimate financial information Questions? FEDAID ( ) or a College Education at SUNY” Advise Families to:

The State University of New York /student Financing a SUNY Education 9 A student is independent only if they are: At least 24 years old on December 31st of the award year covered by the FAFSA A graduate or professional student Married Have legal dependent other than spouse An orphan or ward of the court A veteran of the U.S. Armed Forces Determined to be independent by the financial aid administrator (Professional Judgement) Advise Families That:

The State University of New York /student Financing a SUNY Education 10 OPERATION INFORM – “Financing a College Education at SUNY” Avoid Common FAFSA Filing Errors Missing Signatures Reporting Income of parent no longer in household Tax paid same figures as AGI Reporting” taxes withheld” instead of “taxes paid” Missing income and asset information Missing W-2 tax deferred pensions and savings plans on worksheet B Zeroes for Worksheet A,B,C information Non custodial parent listed as family income listed as family income (e.g. grandparent) Wrong SSN Advise Families to:

The State University of New York /student Financing a SUNY Education 11 Beware of

The State University of New York /student Financing a SUNY Education 12 Matriculated U.S. citizen or eligible non-citizen Selective service Social Security number Drug-related conviction Students can be full or part-time General Eligibility Requirements for Student Financial Aid

The State University of New York /student Financing a SUNY Education 13 Divorce, separation, death Job loss High medical expenses Elementary and secondary tuition costs Independence Special Circumstances

The State University of New York /student Financing a SUNY Education 14 Professional Judgment Documented Case-by-case basis Examples Special Circumstances

The State University of New York /student Financing a SUNY Education 15 How Need is Determined? EFC is determined by Parents income and assets Student’s income and assets Size of family Number of children in college Annual Cost minus EFC = Need

The State University of New York /student Financing a SUNY Education 16 Sources and Types of Aid  Federal  New York State  SUNY  Private  Families  Lenders  Gift Aid –Scholarships –Grants  Self help aid - Employment opportunities - Loans

The State University of New York /student Financing a SUNY Education 17 Sources and Types of Aid Major Grant Programs PELL Grant –Must have EFC between $0-$3,850 –Maximum award is $4,050 for year –Minimum award is $400 NYS TAP Grant –Based on NYS net taxable income –Maximum award is $4,350 for dependent student and $3,025 for independent student

The State University of New York /student Financing a SUNY Education 18 Stafford Loans: Federal Family Education Loans and Direct Loans Subsidized Low-interest Based on need Federal government pays interest while student is in school $2625 per year Unsubsidized Low-interest Not based on need Student is responsible for interest while in school Cost of education minus aid Current interest rate is 4.70%

The State University of New York /student Financing a SUNY Education 19 Sources and Types of Aid Parent Loans for Undergraduate Students For parents of dependent students Borrow up to entire cost of college less financial aid awarded No adverse credit Current interest rate is 6.10%

The State University of New York /student Financing a SUNY Education 20 Sources and Types of Aid Private Loans A private loan in the student’s name, not based on financial need. –Loan is based on student’s credit. Most will need a co-borrower. –The student can borrow up to the cost of attendance minus all other aid. –The interest rate and terms of the loan vary from lender to lender. –Must be coordinated through the Financial Aid office.

The State University of New York /student Financing a SUNY Education 21 Sources and Types of Aid A ll families are generally eligible to participate in the following programs Stafford Student Loans Parent Loans: Parents may borrow up to the cost of education minus all other financial aid received. Time Payment Plan: Families may spread the semester direct costs over five months. Free Scholarship Search on the Internet:

The State University of New York /student Financing a SUNY Education 22 Private Scholarship Search Free Internet scholarship searches Local library resources Local businesses and civic organizations Parent’s places of employment Internet search engines Sources and Types of Aid

The State University of New York /student Financing a SUNY Education 23 Sources of Aid and Types *Tax Benefits DEDUCTIONS: Up to $3,000 for higher education expenses. TAX CREDITS: $1,000 to $1,500 per year *Subject to various income limits, Etc… (Advise families to seek professional tax advise…)

The State University of New York /student Financing a SUNY Education 24 Cost of Attendance Tuition and fees Room and board Books and supplies Equipment specific to curriculums Transportation Miscellaneous personal expenses Loan fees Expenses related to a disability How Much Does SUNY Cost?

The State University of New York /student Financing a SUNY Education 25 In-State Tuition for Certain Non-NYS Residents Eligibility Requirements: Attend for at least 2 years and graduate from an approved NYS high school, or receive a NYS GED; and Enroll at SUNY within 5 years of graduation or GED Students without lawful immigration status must file a notarized affidavit How Much Does SUNY Cost?

The State University of New York /student Financing a SUNY Education 26 How Much Does SUNY Cost? Baccalaureate Degree Associate Degree Associate Degree Programs ProgramsPrograms ON-CAMPUS COMMUTER ON-CAMPUS COMMUTER COMMUTERS TUITION 4,350 4,350 4,350 4,350 2,957 STUDENT FEES ROOM & BOARD 8,180 2,870 7,530 2,240 2,360 BOOKS & SUPPLIES 1,060 1,060 1,000 1, PERSONAL 1,130 1,530 1,120 1, TRANSPORTATION 640 1, ,180 1,060 TOTAL $16,490 $12,010 $15,560 $10,870 $8, COMMUNITY COLLEGES STATE OPERATED CAMPUSES

The State University of New York /student Financing a SUNY Education 27 The Bill: Typical First Semester Direct Charges A New York State resident baccalaureate degree student living on campus--- Tuition$2,175 Fees 475 Room & Board 4,090 Total Direct Charges$6,740 How Much Does SUNY Cost ?

The State University of New York /student Financing a SUNY Education Financial Aid Eligibility Letter How Student Eligibility was Calculated: Estimated Expenses $16, Less Expected Family Contribution$2, Less Other Resources$0.00 Equals Student’s Eligibility for assistance$14, Total Financial Aid Available To Student$14, Student’s NameID# AddressProgram of Study April 1, 2005 Helping Families Review Award Letters

The State University of New York /student Financing a SUNY Education Financial Aid Eligibility Letter (Continued) Grants/ScholarshipsFallSpringtotal NYS TAP – estimate Federal Pell Grant Alumni Scholarship Upstate Scholarship $ $1, $ $2, $ $1, $ $2, $1, $2, $ $4, SUBSIDIZED LOANS AVAILABLE Federal Stafford Loan Federal Perkins Loan $1, $1, $1, $1, $2, $2, FEDERAL WORK STUDY$ $1, Helping Families Review Award Letters

The State University of New York /student Financing a SUNY Education 30 Helping Families Review Award Letters Comparing Financial Aid Award Packages SUNY COA$16,500 SUNY SFA Package- 7,000 Net cost to family $9,550 Non-SUNY COA $35,000 Non-SUNY SFA Package - 20,000 Net cost to family $15,000 Advice families to focus on Net Cost vs. SFA Package Advice families to focus on Type of Aid & Total Amount

The State University of New York /student Financing a SUNY Education 31 Helping families Review Award letters Questions parents and students 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? What happens if the requirement is not met?

The State University of New York /student Financing a SUNY Education 32 Debt Management Advise students: To create their own budget: Track expenses Spending should be less than income Financial aid is for educational expenses Differentiate wants and needs Don’t borrow more than needed Beware of credit card debt

The State University of New York /student Financing a SUNY Education 33 SUNY Statewide Financial Aid Day February 4,2007 Free service for students and parents: To ask questions about the financial aid application, types of aid available and the award process Some campuses will offer web access to complete FAFSA online Information available at starting early Decemberwww.suny.edu

The State University of New York /student Financing a SUNY Education 34