Options Center at Goddard Riverside Community Center Paying for College Applying for Financial Aid Options Goddard Riverside Community Center

Options Center at Goddard Riverside Community Center Agenda Overview of College Cost and Financial Aid Financial Aid Applications and Process Financial Aid Award Letters at a Glance Questions & Answers

Options Center at Goddard Riverside Community Center Overview of College Cost and Financial Aid

Options Center at Goddard Riverside Community Center Total Cost of Attendance Direct Costs Tuition Mandatory Fees Health Service Fees Room & Board Indirect Costs Travel Books Supplies Personal Expenses Direct Costs + Indirect Costs = Cost of Attendance (COA)

Options Center at Goddard Riverside Community Center CUNY Baruch Total Cost of Attendance for Living with a Parent Tuition$5,130 Fees$ 370 Books & Supplies$1,779 Transportation$ 986 Housing$1,655 Food (Lunch)$1,105 Personal Expenses$1,733 Total COA $12,758

Options Center at Goddard Riverside Community Center SUNY Binghamton Total Cost of Attendance for Tuition$ 5,270 Mandatory Fees$ 1,330 Room & Board* (average)$10,820 Books/Supplies$ 1,260 Personal$ 1,430 Travel$ 1,010 Total COA $21,120

Options Center at Goddard Riverside Community Center Syracuse University Total Cost of Attendance for Tuition$36,300 Fees $1,672 Room and Board$13,254 Books and Supplies $1,322 Personal Expenses $941 Travel Costs $606 Total COA$53,790

Options Center at Goddard Riverside Community Center How Financial Aid Works Colleges determine their cost of attendance You provide financial information Federal gov’t and colleges determine what they think you can pay Colleges determine how much financial aid you need

Options Center at Goddard Riverside Community Center How Financial Aid Works Expected Family Contribution (EFC) How much the US Dept. of Education calculates your family can afford to contribute toward the student’s education for ONE academic year. An EFC of $1,000 means the family is expected to contribute $1,000 towards the student’s education.

Options Center at Goddard Riverside Community Center How Financial Aid Works NEED Colleges determine how much financial aid a student NEEDS by subtracting the family’s Expected Family Contribution from the Cost of Attendance. COA-EFC = Need

Options Center at Goddard Riverside Community Center How Financial Aid Works If Joe the Student has an EFC of $1,000 what is his financial need at each college? CUNY BaruchSUNY BinghamtonSyracuse University COA = 12,758COA = 21,120COA = 53,790 EFC = 1,000 Need = 11,758Need = 20,120Need = 52,790

Options Center at Goddard Riverside Community Center How Financial Aid Works Need is filled by Financial Aid, which consists of: $ Grants /Scholarships $ Loans $ Federal Work-Study

Options Center at Goddard Riverside Community Center How Financial Aid Works: Where Does the Money Come From ? Sources of AidTypes of Aid Federal GovernmentGrants/scholarships Loans Work Study New York State Government (if NYS resident at a college in NYS) TAP Grant Scholarships (special eligibilities) Loans Institution (college itself) Grants Loans (less often)

Options Center at Goddard Riverside Community Center Financial Applications and Process

Options Center at Goddard Riverside Community Center How to Apply for Financial Aid: Completing the Forms FAFSA - always required TAP - NYS colleges require CSS Profile - required by some colleges, never SUNY or CUNY Individual College Forms - varies by college

Options Center at Goddard Riverside Community Center Priority Deadlines Date set by each college for financial aid preference consideration Dates vary by school from November to February – check each school February 1 st or Feb 15 th are usual final deadlines Deadline means -- get forms in!

Options Center at Goddard Riverside Community Center Application Timelines FAFSA and TAP - in January CSS PROFILE - in January Individual Colleges - By priority deadline Check with each college for its deadline Note: Use estimates if 2012 taxes not filed in January

Options Center at Goddard Riverside Community Center FAFSA Free Application for Federal Student Aid NOT fafsa.com

Options Center at Goddard Riverside Community Center FAFSA Form to be considered for all federal aid Baseline form for all other aid, even outside scholarships Online form is recommended

Options Center at Goddard Riverside Community Center FAFSA, continued Obtain a FAFSA Personal Identification Number (PIN) for – Student – Parent signing forms PIN is used as “electronic signature” Apply for PINs at or

Options Center at Goddard Riverside Community Center FAFSA, continued Student Demographic Information You/Your means the student SS# must match last name Must be citizen, permanent resident or other eligible status DO NOT FILE if undocumented Selective service – for young men only Drug Felony question – only if convicted while receiving FA for college Parents education – not relevant for eligibility

Options Center at Goddard Riverside Community Center FAFSA, continued School Selection Online version —space for 10 colleges if more than 10 needed, process first 10, then trade spaces for new ones Enrollment status – check full time Check that student is interested in work study

Options Center at Goddard Riverside Community Center FAFSA, continued Dependent or Independent Questions to determine student’s dependent vs. independent status Foster care, legal guardian, homeless shelter If answer no to all questions then YOU ARE A DEPENDENT DEPENDENT means you must provide information on “custodial parent”

Options Center at Goddard Riverside Community Center FAFSA, continued Parents’ Demographic Information Parent = biological or legally adoptive or stepparent Legal resident of NYS = living here more than one year If parents are separated or not married, only provide custodial parent’s info included

Options Center at Goddard Riverside Community Center FAFSA, continued Parent Demographic Information, cont. Custodial means guardian who supports student more than 50% OR who student lives with more than 50% of time – Custodial does NOT MEAN who claims you Household includes all people living under roof supported by parent Number of college students in household does not include parents

Options Center at Goddard Riverside Community Center FAFSA, continued Parents’ Financial Information continued Use 2011 taxes to estimate 2012 figures Only list the parent whose info is included on form Total current balance of cash/savings/checking accounts should be the amount left after all monthly bills have been paid and food bought 529 Plans are considered parent’s asset Parental asset more protected than student’s

Options Center at Goddard Riverside Community Center FAFSA, continued Student’s Financial Information If not applicable, put zeros or leave blank (depending on instructions) OK to not file taxes if not required to file

Options Center at Goddard Riverside Community Center FAFSA, continued Who’s in your household? Only for INDEPENDENT students

Options Center at Goddard Riverside Community Center FAFSA, continued Signatures Preparer = paid consultant helping you with form If filing hard copy, Student and Parent sign and send in If filing on-line, three choices for signing: 1.Both Student and Parent use PINS 2.Student uses PIN, Parent prints and signs 3.Both Student and Parent print and sign

Options Center at Goddard Riverside Community Center FAFSA, continued After FAFSA is submitted, a Student Aid Report (SAR) will be received SAR summarizes all data and gives federal EFC You can make changes online at any time

Options Center at Goddard Riverside Community Center TAP Application Must file FAFSA before starting TAP Shorter form, pre-filled in with some info from FAFSA Only list one college at a time Independent status different than FAFSA Like FAFSA, only asks for custodial parent info Focuses on NYS Income Tax

Options Center at Goddard Riverside Community Center CSS PROFILE Major Distinctions from FAFSA/TAP Only complete for colleges requiring it NOT Free—$25 for first college, $16 for each after Automatic fee waiver for low-income Includes three years of income Includes non-custodial parent College-specific questions More assets questions Space for special explanations

Options Center at Goddard Riverside Community Center CSS PROFILE, continued Some Tips Do not overestimate future earnings Do not overestimate how much you can pay toward child’s college costs next year

Options Center at Goddard Riverside Community Center Financial Aid Award Letters at a Glance

Options Center at Goddard Riverside Community Center College Offers College sends an AWARD LETTER Award Letter outlines student’s package the costs the EFC all aid offered from government and college sources Analyze the offer carefully: good deal or bad deal

Options Center at Goddard Riverside Community Center Getting the Best Package Apply to colleges with a range of prices Apply by colleges’ PRIORITY DEADLINE Complete all steps in aid application process

Options Center at Goddard Riverside Community Center Getting the Best Package, continued Can you ask a college for better aid? Yes, it’s worth a try. Base appeal on additional information about your family financial situation.

Options Center at Goddard Riverside Community Center Pointers About Financial Aid Must reapply for aid each year Gov’t aid based solely on custodial household’s income and assets College aid based on both parents’ income and assets Some students will have to verify information with documents (1040, etc.) Some aid dependent on academic performance

Options Center at Goddard Riverside Community Center Pointers About Financial Aid Record Keeping KEEP COPIES OF EVERYTHING!

Options Center at Goddard Riverside Community Center Questions?