Financial aid presentation Carmel High School Bob Sweeney bsweeney47@yahoo.com

Cost of College Tuition Total Cost * average cost Community College $4,586 $13,000* SUNY’s $6,670 $26,000* Public – Out of State $32,000* $50,000* Private $45,000* $65,000* * average cost Financial Fit: Now is the time to have the chat about how much finances will be a part of the decision of which college is best for our student.

Will I qualify for financial Aid? Need Based Aid Merit Based Aid Combination of Need and Merit

Calculating “Need” COA – EFC = Need COA = Cost of Attendance EFC = Expected Family Contribution

COA = Cost of Attendance Direct Costs (Billed by the College) Tuition Fees Room Board Indirect Costs (Pay as you Go Expenses) Books and Supplies Transportation Personal Expenses

EFC = Expected Family Contribution How is EFC calculated? Federal Methodology (FAFSA) www.fafsa.ed.gov Institutional Methodology (CSS Profile) www.css.collegeboard.org Parent Assets (6%) vs. Student Assets (20%) toward EFC

Need Community College $13,000 $10,000 $ 3,000 COA - EFC = Need Community College $13,000 $10,000 $ 3,000 SUNYs $26,000 $10,000 $15,000 Public – Out of State $50,000 $10,000 $40,000 Private $65,000 $10,000 $55,000

Expected Family Contribution (EFC) is influenced by these factors: The amount the student’s parents will be asked to pay from income and assets The amount the student can contribute from earnings and savings Family size, age of oldest parent, number of children currently attending college Special circumstances: Health related expenses, loss of property or death in the family

What kind of aid will I get? Free Money Grants: Pell, TAP, FSEOG, Institutional Scholarships: NYS (Excelsior, STEM), Institutional Self Help Work Study Loans Borrowers: Student, Parent or Both Lenders: Federal Government, Other Financial Institution

loans Direct Subsidized & Unsubsidized Perkins PLUS (Parent Loan for Undergraduate Students) Private Loans

Where to Find Financial Aid? Federal Government www.fafsa.ed.gov State Government (NYS TAP) www.hesc.ny.gov Your College or University www.css.collegeboard.com Outside groups, corporations or individuals www.fastweb.com; www.petersons’s.com; www.cappex.com

Fafsa (free application for federal student aid) Complete this form for EVERY college! 2017 tax return, income and financial information NOT included in FAFSA Value of primary residence Value of 401K or other retirement accounts 529 Accounts are always considered a parent asset

css profile Complete this form ONLY for colleges that need it. (pay a fee for this form) A full look at 2016 and 2017 income and assets Value of all real estate owned Value of all investments, including 401K and retirement investments

Now What Happens? File all financial aid applications. Submit all additional documentation as requested by any college. Each college will “send” a financial aid award to you. Compare financial aid awards for “real costs”. You do NOT receive money from FAFSA. They indicate what you may be eligible to receive.

Be a Smart Consumer Know the policies at your colleges: Do they offer merit aid or other scholarships? Do they meet full demonstrated aid? How do they meet demonstrated need? Assuming our family economics remain the same for the next 3 years, can I anticipate the same financial aid package each year? Are they need blind in the admission process? Do I need to complete the financial aid process in order to be considered for merit aid?

Be a smart consumer Use Net Price Calculators on the college website Use calculators to estimate your EFC FAFSA4caster on www.fafsa.ed.gov https://bigfuture.collegeboard.org/pay-for-college/paying-your- share/expected-family-contribution-calculator

Most common “other” questions Should I bother to apply for financial aid? Do your homework! (Net Price Calculators, Family Contribution Calculators) The more children you have in college, the more need you have. The college has a base line of your economics in case something happens. “No Need” is required to use federal student loans and federal parent loans. If I am applying ED or EA for Admission will it hurt me if I apply for financial aid? If you need aid to pay for this school, you best “check the box” and complete all forms on time. Do your homework! Is the college need blind or need aware? Will “checking the box” help or hurt me in the admission process? Shows true interest in the college theory vs. full pay theory

Other Scholarships Your High School (or Counselor) National web based search engines www.fastweb.com, www.cappex.com, www.petersons.com Employers, Unions, Professional Associations Social, Civic, Religious, Ethnic and Medical Organizations Do not undersell yourself here. Have a resume handy. Caution-This can be a full time job.

Helpful Hints Have the honest conversation now. Use calculators to find your EFC. Fill out the correct financial aid forms for each college. Meet all priority deadlines. Be aware that “early” admission applications often mean early financial aid deadlines. Do not wait to be accepted to college to apply for financial aid. You need to apply for aid each year. Craft a balanced list of colleges.