OpInform 2017 Laying the Groundwork for Student Success: Financial Aid at SUNY

Topics Excelsior Scholarship Change to FAFSA Process The Basics The Makings of a Financial Aid Package How Financial Need is Determined Best Practices Reviewing Award Letters Resources SUNY Smart Track Resources for Undocumented Students SUNY Financial Aid Days

Excelsior Scholarship Administered by HESC Awards are limited to length of program (2-year, 4-year, approved 5-year) Last dollar Combined awards (Pell, TAP, Tuition credit, other tuition specific or full COA aid) equal $5,500 SUNY/CUNY covers the remaining tuition

Excelsior Scholarship Excelsior Scholarship recipients are charged the 2016-17 tuition rate for length of attendance, provided they remain Excelsior- eligible Tuition rate for recipients resets after four years Non-recipients are charged current tuition rate

Excelsior Scholarship General Award Eligibility Requirements NYS Resident U.S. Citizen or eligible noncitizen High school diploma, recognized equivalent or ATB Matriculated full-time in an approved program of study Additional Excelsior Requirements Attend a public institution Meet income requirements Successfully complete (earn) 30 credits each year

Excelsior Scholarship New Students Enroll in 12 credits applicable to program(s) in first term Earn 30 credits each year of enrollment Transfer students Earned 30 credits each year of enrollment Credits must be accepted by the new campus Credits must be applicable to the program of study

Excelsior Scholarship Matriculated students must be enrolled in consecutive terms to maintain eligibility: 365 days to complete and earn 30 credits Interruptions of study for hardship cases, pre-approved leave of absence Summer and winter terms can be used to meet credit requirement (no Excelsior funds for these terms)

Excelsior Scholarship Non-credit courses don’t count toward credit requirement EOP student requirement - total 24 credits per year ADA student - no credit requirement (same as TAP) AP/IB courses can be used to meet credit requirement

Excelsior Scholarship Excelsior Application Released on June 7, 2017 Deadline for submission: July 21, 2017 Deadline for submission for 2018: ? HESC will process information through general requirements and verify income with NYS Tax and Finance HESC obtains signed service agreement from student

Excelsior Scholarship Reside in NYS post graduation/attendance equal to the number of annual awards received Can meet residency requirement While in military, regardless of station, as long as they maintain NYS residency While completing undergraduate or graduate studies (including medical residency) in- state Can defer residency requirement While completing undergraduate or graduate studies (including medical residency) out-of-state For hardship or other HESC approved circumstance Cannot work outside of NYS during residency period

Excelsior Scholarship Reverts to an interest-free 10-year loan if post-graduation/attendance requirement is not met HESC has responsibility to track students

Change to FAFSA Process

Change to FAFSA Process 2018-19 IRS Data Retrieval Tool for FAFSA will be available in October Students will not be able to view information transferred using the IRS Data Retrieval Tool

What Makes up a Financial Aid Package?

What Makes Up a Financial Aid Package?

What Makes up a Financial Aid Package? Grant Programs PELL Grant Must have an EFC between $0-$5,300 Max. Award $5,920 NYS TAP Grant Based on NYS net taxable income Max. Award $5,165

What Makes up a Financial Aid Package? Scholarship Programs Private scholarship search At your college of interest Free internet scholarship searches www.fastweb.com www.studentaid.gov Local library resources Local businesses and civic organizations (including professional associations) related to student's field of interest Student’s employer Parents’ employers/unions

What Makes up a Financial Aid Package? Federal Work Study Based on financial need Traditionally on-campus employment Usually 12 to 15 hours per week

What Makes up a Financial Aid Package? William D. Ford Direct Loans Subsidized 4.45% Capped at 8.25% Based on need Federal government pays interest while student is in school $3,500 for freshmen Unsubsidized 4.45% Capped at 8.25% Not based on need Maximum Direct Loans for freshmen: $5,500

What Makes up a Financial Aid Package? Parent Loans for Undergraduate Students (PLUS) For parents of dependent students Borrow up to entire cost of college less financial aid No adverse credit (parent must pass credit check) Interest rate 7% Capped at 10.5% Time Payment Plans May vary…typically, families spread the direct costs over the semester or year.

Other Aid

SUNY State-Operated Campuses 2017-2018 TEACH Grant Other Aid SUNY State-Operated Campuses 2017-2018 TEACH Grant Up to $4,000 per year For students who intend to teach: A high-need field Students of low-income Four-year service contract More information: www.studentaid.ed.gov

STEM Incentive Program Other Aid STEM Incentive Program Tuition scholarship at SUNY or CUNY Eligibility Need to graduate in top 10% of high school class Need to study in STEM Field Need to maintain a 2.5 average Five-year service contract to work in NY state in a STEM field More information: www.hesc.ny.gov or Scholarship Unit at 1-888-697-4372

NYS “Get on your Feet” Loan Forgiveness Program Other Aid NYS “Get on your Feet” Loan Forgiveness Program Offers up to 24 months of federal student loan debt relief equal to student’s monthly student loan repayment amount as established under the Income-Based Repayment plan, the Pay As You Earn plan, or the Revised Pay As You Earn plan.

Other Aid NYS “Get on your Feet” Loan Forgiveness Program Eligibility Reside in NYS for 12 continuous months Be a U.S. citizen or eligible noncitizen Graduated or received a NYS HS equivalency diploma Earned an undergraduate degree from a college or university located in NYS in or after 2014-15 Have a AGI of less than $50,000 Enrolled in the federal IBR plan or Pay as You Earn plan If employed, primary work location in NYS 

Other Aid NYS “Get on your Feet” Loan Forgiveness Program Eligibility Current on all federal or NYS student loans Current on the repayment of any NYS award Be in compliance with the terms of any service condition imposed by a NYS award Earned no higher than a bachelor’s degree at the time of application Apply within 2 years of receiving an undergraduate degree

How is Financial Need Determined?

How is Financial Need Determined? Estimated Family Contribution (EFC) is determined by: Parents’ income and assets - primary home value excluded Student’s income and assets Size of family Age of parents Number of children in college Cost of Attendance minus EFC = Need

Best Practices

Best Practices Discussing Financial Aid at Family Meetings

Best Practices Reviewing Award Letters

SUNY Smart Track Award Letters

Breaking Down a SUNY Smart Track Award Letter

Breaking Down a SUNY Smart Track Award Letter

Breaking Down a SUNY Smart Track Award Letter

Breaking Down a SUNY Smart Track Award Letter

Breaking Down a SUNY Smart Track Award Letter College Overview Section: Graduation rate Loan repayment rate

Breaking Down a SUNY Smart Track Award Letter College Overview Section: Median borrowing Repaying loan information School contact information

Resources

SUNY Smart Track www.suny.edu/smarttrack

SUNY Smart Track Specifically designed for high school students Take courses on financial literacy Guides students on creating a plan of action for each grade Allows students to explore careers Provides information on financial aid and the Excelsior Scholarship True cost calculator Free

SUNY Smart Track

SUNY Smart Track

SUNY Smart Track Educator Toolkits at suny.edu/counselor

Resources for Undocumented Students suny.edu/attend/ get-started/ undocumented

QUESTIONS?