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
Reviewing award letters
SUNY Financial Aid Day

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?
4 Year PRIVATE On-Campus Student
Tuition and fees: $27,981
Room and board: ,523
Books and supplies: ,116
Transportation:
Personal expenses: ,427
Total Budget: $41,896
Source: College Board: Trends in College Pricing Middle States Averages.

5. Baccalaureate Degree Program 2010-11?
How Much Does SUNY Cost
Baccalaureate Degree Program ?
NY State Resident Living On-Campus
Tuition and fees: $6,230
Room and board: ,300
Books and supplies: ,200
Transportation:
Personal expenses: ,360
Total Budget: $20,050
Source: SUNY Office of Student Financial Aid, System Administration

6. How Much Does SUNY Cost Associate Degree Progam Cost at 2010-11?
In District Commuting
Tuition and fees: $4,040
Room and board: ,240
Books and supplies: ,210
Transportation: ,590
Personal expenses: ,120
Total Budget: $11,200
Source: SUNY Office of Student Financial Aid, System Administration

7. How Much Does SUNY Cost?
The Bill: Typical First Semester Direct Charges
New York State resident baccalaureate degree student living on campus for :
Tuition $2,485 ($4,970)
Fees
Room & Board 5,150
Total Direct Charges $8,265

8. How to Apply for Aid Collect information
Request a federal PIN:
Complete FAFSA online:
Complete TAP online
Watch for Student Aid Report (SAR)
Keep records
Communicate with the financial aid office

9. 1. Collect Information Student’s and parents’ SSN and DOB
Parents’ marital status
Tax returns for student and parents
W-2s for student and parents
Records of untaxed income for student and parents
bank accounts, stock, real estate, and business records for
student and parents
Student’s driver’s license number
Student’s alien registration number (non U.S citizens)
PINs for student and one parent

10. 2. Request Federal PIN at www.pin.ed.gov
Get a PIN number NOW! Each student One parent!
TIP:
Parents and students may select the same PIN

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

12. Beware of

13. 7 Steps For Filing the FAFSA
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:
School Selection
Enter FAFSA codes – up to 10 colleges
Indicate housing status

14. 7 Steps For Filing the FAFSA
3. Dependency Status Generally a student is dependent if: Under 24 years old Not Married Not a graduate student Not serving in the US military
Parent Demographics Name, social security numbers, birth dates Marital status If your parent does not have an SSN, enter 0’s or 9’s

15. 7 Steps For Filing the FAFSA
Financial information
Use 2010 Tax returns
If you have not filed, select “Will file”
Sign & Submit
Sign electronically with PIN
Print signature page
Process now without signature
7. Confirmation

16. 4. Complete TAP Online! From the FAFSA confirmation page, link to the
TAP-on-the-Web
(look for NY Residents)
Establish your TAP
PIN. You may
choose to use the
same number as
your federal PIN

17. Missed the link or need to revise TAP info?
Go to to complete the TAP information.
Be aware that TAP will be processed for the first college on the FAFSA located in New York State (so you may need to correct the college)

18. 5. Watch for SAR SAR will be available in 7-10 days
EFC is printed on upper right corner
Make sure all the information is correct
Use your PIN and make changes using
Corrections on the Web at

19. Remember Steps 6 & 7 Keep documents in a file
You may be selected for verification
Watch your mail and
Schools will contact you. Make sure to respond in a timely manner.

20. How and When to Apply FILE EARLY! Right after January 1, 2011
Check “will file taxes”
Estimate financial information accurately
Questions? FEDAID ( ) or

21. FAFSA4caster
Instead of waiting, you and your parents can use the FAFSA4caster NOW to receive an early estimate of your eligibility for federal student aid. 21

22. FAFSA4caster Provides general information about federal student aid
Estimates federal student aid eligibility
Creates familiarity with the FA application process
Helps you understand the types and amounts of federal aid you may be eligible for
Submits a request for a Federal Student Aid PIN
Sends reminders to submit the official FAFSA
Reduces the time required to submit the FAFSA 22

23. How is Financial Need 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

24. Sources and Types of Financial Aid
Gift Aid
-- Scholarships
-- Grants
Self-help aid
-- Employment opportunities
Loans
Federal
New York State
Private
Lenders

25. 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
Parent’s employer/union

26. Sources and Types of Financial Aid Major Grant Programs
NYS TAP Grant
Based on NYS net taxable income
PELL Grant
Must have EFC between $0- $5,273
Maximum annual award $5,550
TIP:
Student can get up to an additional $5,550 if taking summer classes and demonstrating academic progression

27. 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

28. Sources and Types of Financial Aid William D. Ford Direct Loans
Subsidized
3.4% ( )
6.8% ( )
Based on need
Federal government pays interest while student is in school
$3,500 for Freshman
Unsubsidized
6.8 % fixed interest
Not based on need
Student is responsible for interest while in school
Max loan: cost of education minus financial aid
$5,500 for Freshman

29. Source and Types of Financial Aid
Perkins Loan
Need based
Low interest rate (5%)
Student pays no interest while in school
Max $5,500 per year
May be forgiven

30. 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 7.9%
Time Payment Plans
May vary…typically, families spread the direct costs over the semester or year.

31. SUNY State-Operated Campuses 2010-11 TEACH Grant
Up to $4,000 per year
For students who intend to teach:
- a high-need field
- that serves students of low-income
Four year service contract
More information:
Participating campuses 10-11:
Binghamton, Brockport, Buffalo State, Cortland, Empire State
Fredonia, Geneseo, Old Westbury, Oneonta, Oswego, Plattsburgh, Potsdam, Stony Brook

32. Tax Benefits for 2010 Hope Scholarship
Tax credit of up to $2,500 (100% of first $2000 and 25% of the second $2000)
Income phases out from $80, ,000 for single filers and from $160, ,000 for married filing joint
You may get up to $1000 refunded even if there is no tax liability
Ask your tax preparer

33. Reviewing Award Letters Comparing Financial Aid Award Packages
SUNY COA $20,050
SUNY SFA Package ,400*
Net cost to family $14,650
Non-SUNY COA $41,896
Non-SUNY SFA Package - 14,400*
Net cost to family $27,496
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 2009

34. 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?
What happens if the requirement is not met?

35. SUNY Statewide Financial Aid Day 2011
Ask questions about the financial aid application, types of aid and the award process
Some campuses will offer Web access to complete FAFSA online
Watch for information at in early December

36. Questions?

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