OpInform 2015 Back to Basics: Foundations of Financial Aid

 The Basics The Makings of a Financial Aid Package How Financial Need is Determined  Best Practices Discussing Financial Aid Reviewing Award Letters  Change to FAFSA Process  SUNY SmartTrack  SUNY Financial Aid Days Topics OpInform 2015

What Makes up a Financial Aid Package? OpInform 2015

What Makes up a Financial Aid Package? OpInform 2015 Grant Programs  PELL Grant Must have an EFC between $0-$5,199 Max. Award $5,775  NYS TAP Grant Based on NYS net taxable income Max. Award $5,165

What Makes up a Financial Aid Package? OpInform 2015 Scholarship Programs  Private scholarship search  At your college of interest  Free internet scholarship searches  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? OpInform 2015 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? OpInform 2015 William D. Ford Direct Loans  Subsidized 4.29% Capped at 8.25% Based on need Federal government pays interest while student is in school $3,500 for freshmen  Unsubsidized 4.29% Capped at 8.25% Not based on need Maximum Direct Loans for freshmen: $5,500

What Makes up a Financial Aid Package? OpInform 2015 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 6.84%  Capped at 10.5% Time Payment Plans  May vary…typically, families spread the direct costs over the semester or year.

What Makes up a Financial Aid Package? OpInform 2015 Additional Resources

What Makes up a Financial Aid Package? OpInform 2015 SUNY State-Operated Campuses TEACH Grant  Up to $3,728 per year  For students who intend to teach: A high-need field Students of low-income  Four-year service contract  More information:

What Makes up a Financial Aid Package? OpInform 2015 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: or Scholarship Unit at

What Makes up a Financial Aid Package? OpInform 2015 NY-AIMS  Award of $500  Eligibility NY State high school graduate Achieved academic excellence ‒Top 15% ‒3.3 GPA or above ‒Honor Regents diploma or a score of 3 or higher on two advanced placement exams Based on unmet need  Applications and more information available in May  More information: or Scholarship Unit at

The New York State Masters-in-Education Teacher Incentive Scholarship Program OpInform 2015  Awarded to 500 top undergraduate students  Full graduate tuition to pursue Masters in Education at a SUNY or CUNY  Available for the academic year Eligibility  Student must be enrolled full-time in a master's degree in education program  Agree to teach in a NYS public elementary or secondary school for 5 years following degree completion

New York State ‘Get on Your Feet’ Loan Forgiveness Program OpInform 2015 Eligibility  Reside in NYS for 12 continuous months  Be a U.S. citizen or eligible non-citizen  Graduated or received a NYS HS equivalency diploma  Earned an undergraduate degree from a college or university located in NYS in or after  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

New York State ‘Get on Your Feet’ Loan Forgiveness Program OpInform 2015 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

What Makes up a Financial Aid Package? OpInform 2015 Cost of Attendance

How is Financial Aid Determined? OpInform 2015 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 COA minus EFC = Need

OpInform 2015 Best Practices

OpInform 2015 Best Practices Discussing Financial Aid at Family Meetings

OpInform 2015 Best Practices Reviewing Award Letters

OpInform 2015 Change to FAFSA Process

OpInform 2015  FAFSA will be available in October (vs January)  Students will be asked to report income from prior-prior year (vs prior year)

Change to FAFSA Process OpInform 2015  Students will no longer need to estimate income  FAFSA can be submitted earlier  Financial aid packages can be prepared earlier  Families will have more time to prepare for meeting college costs

OpInform 2015 SUNY Smart Track

OpInform 2015  SUNY standard award letter  System-wide financial literary  Student engagement/communication  Delinquency/default resolution 

SUNY Smart Track OpInform 2015

SUNY Smart Track Award Letters OpInform 2015

Breaking Down a SUNY Smart Track Award Letter OpInform 2015

Breaking Down a SUNY Smart Track Award Letter OpInform 2015

Breaking Down a SUNY Smart Track Award Letter OpInform 2015

Breaking Down a SUNY Smart Track Award Letter OpInform 2015 College Overview Section:  Graduation rate  Loan default rate

Breaking Down a SUNY Smart Track Award Letter OpInform 2015 College Overview Section:  Median borrowing  Repaying loan information  School contact information

 Ask questions about the financial aid application, types of aid and the award process  Some campuses will offer web access to complete the FAFSA online  Students may register at in early December 2016 SUNY Financial Aid Days OpInform 2015

QUESTIONS? OpInform 2015