Paying For College In New York State

Goals of Financial Aid To assist students in paying for college by:  Evaluating family’s ability to pay for educational costs  Distributing limited resources in an equitable manner  Providing balance of gift aid & self-help aid

Definition of Need Cost of attendance (COA) – Expected family contribution (EFC) = Financial need

Cost of Attendance  Tuition & Fees  Books & Supplies  Room & Board  Transportation  Miscellaneous Personal Expenses  Loan Fees  Expenses Associated with a Disability  Dependent or Elder Care Expenses  Expenses for Study Abroad or Cooperative Education Programs

What is Financial Aid? v Scholarships v Grants v Loans v Employment opportunities

Financial Aid Package College sends Award Letter to eligible students:  Amount of financial aid  Types of financial aid awarded  Loan options

Student Financial Aid Sources  New York State  Federal Government  Colleges  Private Sources

Government Sponsored Financial Aid Programs  Provide 2/3 of all student aid  Many students are eligible  Must apply to find out

To receive federal aid students must:  Have a high school diploma or General Education Equivalent (GED) Certificate  Be enrolled or accepted for enrollment as a regular student working toward a degree or certificate in an eligible program  Be a U.S. citizen or eligible non-citizen  Provide driver’s license number, if applicable

and…  Have a valid Social Security Number  Make academic progress  Register with Selective Service, if applicable  Sign a statement of educational purpose and a certification statement on overpayment and default (both of which are found on the FAFSA)  Not have eligibility suspended due to drug-related conviction

New York State Aid In addition to the above, students must:  Be a New York State Resident  Attend an eligible school in New York State  Meet other eligibility criteria for specific programs

Free Money v Grants v Scholarships v Awards

GRANTS Usually based on need; sometimes on other factors:  Given to student to help pay for college.  Does not have to be repaid.  Examples: -Pell Grant (federal) -Tuition Assistance Program (TAP) (NYState)

TAP

Eligibility v US citizen or eligible non-citizen v Legal resident of New York State v Study full-time at an approved program of study in a NYS post-secondary institution v High school graduate, have GED or pass a federally-approved Ability to Benefit exam v Be in good academic standing v Have at least a cumulative “C” average after receiving two annual TAP payments v Not be in default of a Federal Student loan v Not be in default of any repayment of state awards v Meet income eligibility requirements

Awards Ranges v Dependent undergraduate –$500-$5,000 v Independent undergraduate –$500-$3,025 v Graduate –$75-$550

Actual Awards TAP awards are based on:  Type of academic institution and tuition  NYS net taxable income -Up to $80,000 combined family income for dependent undergraduate student, married students, or student with tax dependents -Up to $10,000 for single independent students with no dependents -Pension Income Inclusion – NYS net taxable income, plus income from state, local and federal government pensions

How to Apply for TAP

FAFSA Complete the FAFSA

FAFSA –

New York State Residents

If the student doesn’t use the TAP link on the FAFSA confirmation page, the student must wait three business days for using TAP on the Web (TOTW)

TOTW After the FAFSA processer sends data and a valid EFC to HESC, HESC will:  student with a link to TOTW site or mail a postcard to students without an address  After seven days, another or postcard is sent  After 14 days, a paper TAP application is sent with a cover letter encouraging the student to use the Web and includes the link

Next Steps

Online Change Form

TAP Request for Information

Part-time Students

Part-time TAP v Student must have earned at least 12 credits in each of two consecutive semesters v 6-11 credits v Maintain a “C” average v Standard TAP application process

APTS v Aid for Part-time Study v Part-time undergraduate study at NYS participating institutions v Maximum award $2000 annually v Campus-based application and award process –HESC distributes APTS funds to participating colleges –Colleges award APTS based on funds availability and student need

Scholarships  Similar to grants; money given to student based on academic ability, talent or special circumstances  Do not have to be repaid (sometimes a service component) vExamples: –Robert C. Byrd Honors Scholarship (Federal) –NYS Regents Health Care Opportunity (State)

Other Grants, Scholarships, and Awards from New York State v New York State World Trade Center Memorial Scholarships v Flight 3407 Memorial Sscholarships v Flight 587 Memorial Scholarships v Military Service Recognition Scholarship v Memorial Scholarships v New York State Volunteer Recruitment Service Scholarship v Scholarship for Academic Excellence v Veterans Tuition Awards v NYS Regents Health Care Opportunity Scholarships v Vietnam Veterans Tuition Awards v Robert C. Byrd Honors Scholarship v NYS Math and Science Teaching Incentive Scholarships v NYS Lottery Leaders of Tomorrow Go to

vCreated to increase the number of middle & high school educators teaching mathematics & science in New York State vProvides awards to students attending school at a bachelor and/or master degree level in exchange for agreeing to teach math or science for five years on a full-time basis at a secondary school in New York State The NYS Math & Science Teaching Incentive Program

Eligibility vBe a US citizen or eligible non-citizen vMatriculate in an approved undergraduate or graduate program at a degree-granting institution that leads to a career as a math and science teacher in secondary education vHave a cumulative college grade point average(GPA) of 2.5 or higher vNot be in default on a student loan

Award  The annual award for full-time study equals the annual tuition charged to NYS residents at a 4-year SUNY college  The maximum annual award for the academic year is expected to be $4,995.  Up to four years of full-time undergraduate study and one year of full-time graduate study matriculated in an approved program leading to permanent certification as a secondary education teacher in mathematics or science

Award v Execute a Service Contract in which they agree to work for five years as a secondary school math or science teacher. v Not have a service obligation under another program. For example, students may not hold both the Federal Teach Grant and a NYS Math and Science Teacher Incentive Program award at the same time.

How to Apply  Students must file a FAFSA and TAP application every year in which they seek an award.  Applications for 2009 series will be available in January 2010.

Work-study or Work (but study first)

Saving For College!

Resources

HESC E-Library

College & Career Planning

Career

CareerZone v Review careers by clusters –Identifies careers with expected higher demand v Assessment tool v Career descriptions –Educational requirements –NYS schools

College Planning

College.gov v Why go? v What to do? v How to pay? v I’m going

College Navigator v Help find the right college v Search functions by level of award, institution type, state

Mapping Your Future

CareerShip v Information: v Description v Tasks v Wages v Career outlook v Interests v Education v Knowledge v Skills v Similar careers v Review careers by cluster v Review featured career v Match career to interests v Career search

Show Me The Future v Online life skills and financial literacy game: v Helps students learn basic skills in financial planning, goal setting, and decision-making –Cost of living –Budgeting –Difference between wants and needs –Importance of financial planning –Need to set career goals –Value of higher education v Helps students envision their futures

Financial Literacy Training

FACTS - HESC Financial Literacy Training v Financial Awareness and Consumer Training for Students –Develops financial literacy for your students at your campus v Professional staff from HESC will provide training for you, your staff and your students

Training Outline v Importance of Completing High School/College v Identify Needs vs. Wants v Develop a Spending Plan v Use of Debit vs. Credit  Prevent Identity Theft

Money Wise 411 Money Wise 411 is designed specifically for high school students in order to develop skills and avoid credit card debt!

School Responsibilities v Ensure Attendance v Distribute Surveys v Contact: Pamela Jerome (518)

Thank you! Questions?