1. Navigating the Financial Aid Process

2. TOPICS How much does college cost?
How and when to apply for financial aid
How is financial need determined?
Sources and types of financial aid
SUNY Smart Track
Reviewing Award Letters
SUNY Financial Aid Days

3. How Much Does College Cost?
Cost of Attendance (COA) Includes:
Tuition and fees
Room and board
Books and supplies
Transportation
Miscellaneous personal expenses

4. How Much Does College Cost?
Four-Year PRIVATE On-Campus Student
Tuition and fees: $34,461
Room and board: ,945
Books and supplies: ,249
Transportation: ,033
Personal expenses: ,628
Total Budget: $51,316
Source: College Board: Trends in College Pricing 2015 Middle States Averages.

5. How Much Does SUNY Cost? Baccalaureate Degree Program 2016-2017
NY State Resident Living On-Campus
Tuition and fees: $8,060 ($6,470 & $ 1,590)
Room and board: ,590
Books and supplies: ,340
Transportation: ,080
Personal expenses: ,560
Total Budget: $24,630
Source: SUNY Office of Student Financial Aid, System Administration

6. How Much Does SUNY Cost? Associate Degree Program 2016-2017
NY State Resident Living On-Campus
Tuition and fees: $4,980 ($4,350 & $630)
Room and board: ,380
Books and supplies: ,320
Transportation: ,280
Personal expenses: ,160
Total Budget: $19,120
Source: SUNY Office of Student Financial Aid, System Administration

7. How to Apply for Aid Request an FSA ID for the student and parent
Collect information
Complete FAFSA online:
Complete TAP online
Watch for Student Aid Report (SAR) & communicate with the financial aid office

8. 1. Request an FSA ID Parent and Student

9. The FSA ID Application Process

10. What is the FSA ID? Is comprised of a username and password
The security of your FSA ID is important
Sign FAFSA electronically
Used by students and parents throughout aid process
Only the owner should create an FSA ID

11. 2. Collect Information Student and parents’ SSN and DOB
Parents’ marital status
FSA ID for student and parent
W-2s for student and parents
Records of untaxed income for student and parents
Bank accounts, stock, real estate and business record for
student and parents
Student’s driver’s license number
Student’s alien registration number (non-U.S citizens)

12. 3. Complete FAFSA at www.fafsa.ed.gov

14. My FAFSA

15. Seven Steps for Filing the FAFSA
Step One: Student Demographics
Name, social security number, birth date
Provide an address
Indicate gender
Males have the opportunity to enroll in
Selective Service. For more information go to:
Step Two: School Selection
Enter FAFSA codes – up to 10 colleges
Indicate housing status

16. Seven Steps for Filing the FAFSA
Step Three: Dependency Status
Generally Dependent if under age 24
Independent if:
Married
A graduate student
Serving in the U.S. military or a veteran
Supporting children or other dependents
Has a court appointed legal guardian
Has been determined homeless or at risk of
being homeless

17. Seven Steps for Filing the FAFSA
Step Four: Parent Demographics
Name, social security numbers, birth dates
Marital status
If your parent does not have an SSN, enter 0’s or 9’s
Step Five: Financial Information
Use 2015 tax returns

19. These fields are pre-filled based on FAFSA responses

21. Parent Financial Information

22. Seven Steps for Filing the FAFSA
Step Six: Sign and Submit using the FSA ID
Sign electronically
Print signature page
Process now without signature

23. Submit FAFSA

24. Seven Steps for Filing the FAFSA
Step Seven: Confirmation
York 24

25. 4. Complete TAP Online confirmation page, link to the TAP-on-the-Web.
From the FAFSA
confirmation
page, link to the
TAP-on-the-Web.
Establish your
TAP PIN.

26. 5. Watch for SAR & Communicate with your Financial Aid Office
SAR will be available in 3-5 days
EFC is printed on upper right corner
Make sure all information is correct
Corrections-on-the-Web at

27. How and When to Apply?

28. How and When to Apply FILE EARLY! Right after October 1, 2016
Use 2015 tax information
Use the IRS data retrieval tool
Questions? FEDAID ( ) or

29. How is Financial Aid 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
COA minus EFC = Need

30. Sources and Types of Financial Aid

31. Sources and Types of Financial Aid: Scholarships
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
Parents’ employers/unions

32. Sources and Types of Financial Aid: Major Grant Programs
PELL Grant
Must have EFC between $0 - $5,234
Maximum annual award $5,815
NYS TAP Grant
Based on NYS net taxable income

33. Sources and Types of Financial Aid: Federal Work Study
Based on financial need
On- or off-campus employment
Usually 12 to 15 hours per week

34. Sources and Types of Financial Aid: William D. Ford Direct Loans
Subsidized
3.76%**
Capped at 8.25%
Based on need
Federal government pays interest while student is in school
$3,500 for freshmen
Unsubsidized
3.76%
Capped at 8.25%
Not based on need
Student is responsible for interest while in school
Loan cannot exceed cost of education minus financial aid
Maximum Direct Loans for freshmen: $5,500
**(as of 7/1/2016)

35. Sources and Types of Financial Aid:
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 6.31%**
Capped at 10.5%
Time Payment Plans
May vary…typically, families spread the direct costs
over the semester or year.
** (as of 7/1/16)

36. SUNY State-Operated Campuses 2016-2017 TEACH Grant
Up to $3,724 per year
For students who intend to teach:
a high-need field
students of low-income
Four-year service contract
More information:

37. 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

38. SUNY Smart Track SUNY standard award letter
System-wide financial literary
Student engagement/communication
Delinquency/default resolution

39. SUNY Smart Track

41. Award Letters

42. Smart Track Award Letter

43. Smart Track Award Letter
Grants/Gift Aid Section

44. Smart Track Award Letter

45. Smart Track Award Letter Options To Pay Net Cost Sections

46. Smart Track Award Letter Options To Pay Net Cost Sections

47. College Overview Section:
Graduation rate
Loan default rate
Median borrowing
Repaying loan information
School contact information

48. College Overview Section:
Median borrowing
Repaying loan information
School contact information

49. Reviewing Award Letters: Comparing Financial Aid Award Packages
SUNY COA $24,630
SUNY SFA Package ,430*
Net cost to family $18,200
Non-SUNY COA $51,316
Non-SUNY SFA Package ,520*
Net cost to family $33,796
Focus on Net Cost vs. SFA Package
Focus on Type of Aid & Total Amount
* Student loans are not included
Source: College Board: Trends in College Pricing 2015

50. Reviewing Award Letters: Questions You Should Ask
What is the source of aid?
What is the out-of-pocket expense?
Will the scholarship be renewed?
Is there a GPA requirement for scholarship renewal?
What happens if the GPA requirement for scholarship
renewal is not met?

51. SUNY Financial Aid Days 2016
October 15, 2016
November 12, 2016
Look for more information:

52. Questions?

53. Please complete the survey you will soon receive in your inbox.
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