1. Presented By: New York State Financial Aid Administrators’ Association And Oswego State University

2. Kathy Flaherty Assistant Director, Financial Aid SUNY Oswego

3.  What is financial aid  How much will it cost  Expected Family contribution  What is financial need  What aid is available  How to apply (FAFSA)  Special circumstances

4.  Funds provided to students/families to help pay for college educational expenses  Includes  Scholarships  Grants  Loans  Employment Job LLoans Scholarship Grants

5.  Use reputable websites  www.finaid.org www.finaid.org  www.fastweb.com www.fastweb.com  Your high school guidance office  Watch for deadlines  College  Public Libraries  Local Service Organizations  Parents’ place of employment

6.  Tips to consider:  Merit vs. Need  Academic, Athletic, Talent, Ethnic or  Family’s resources  School determines  Variable  Separate Application?  Renewable?

7.  Tuition and Fees  Books & supplies  Room and Board  Transportation  Some Personal Costs  Loan Fees  Disability  Child Care  Study Abroad

8. SUNYCommunity CollegePrivate college Tuition$4,400$3,200$19,600 Fees 1,230 510 1,014 Books & Supplies 1,000 1,060 800 Room & Board 8,800 1,500 8,950 Travel 800 1,200 600 Personal 1,340 950 600 Misc Total$17,570 $8,420 $31,564

9.  Amount family can reasonably be expected to contribute  BUT not what the family will pay  Remains the same regardless of college price tag  2 components:  Parent  Student  Calculated from FAFSA

10. Cost of Attendance - Expected Family Contribution - Private Resources = Financial Need * Note: colleges may not be able to offer enough aid to meet your financial needs

11.  Federal government  State Government  Colleges  Private Sources  Civic Organizations  Churches  Employers

12.  Scholarships  No repayment  Grants  No repayment  Based on Need  Loans  Repayment usually after education finished  Only borrow what is needed  Investment in future  Employment  Paycheck or compensation(room/board)

13.  Pell Grant  Need Based  Supplemental Educational Opportunity Grant  Need Based  Targeted at lowest incomes  Varies between colleges

14.  Academic Competitiveness Grant (ACG)  Pell Grant eligible  Rigorous high school program  First and second year students  3.0 Grade Point Average (GPA)  SMART Grant (National Science and Mathematics to Retain Talent)  Pell Grant Eligible  Specific majors in national interest  3.0 GPA  Third and fourth year students

15.  TEACH  Teacher Education Assistance for College and Higher Education  75% percentile on admissions test/3.25 GPA  Must agree to teach at least 4 years  High need subject, low-income school  Failure to complete requirement  Grant becomes interest bearing loan (unsubsidized)

16.  Tuition Assistance Program  Attend College in New York State  Award Range $500- $5500  NY State Net Taxable Income < $80,500

17.  Perkins Loan  Low interest, subsidized  Highest need  Repayment after graduation  Awards vary  Stafford/Direct Loans  Student’s loan  Repayment after graduation  Subsidized and Unsubsidized  Awards increase with class year  Interest rates  Processing fees apply

18.  Even if you are determined NOT to have financial need, the student may qualify for the Unsubsidized Stafford/Direct loan.

19.  Not based on need  Students need co-signor with good credit history  If credit history is not good, see financial aid officer  Repayment may begin after student graduates  Current interest rate = 8.5%  Processing fees apply

20.  Federal Work Study  Institutional Job programs  Opportunity to connect with college

21.  Complete the FAFSA on-line  Apply for PIN number (student and parent)  For 2009-2010, FAFSA no earlier than January 1, 2009  Application deadlines/priority dates  Use estimated figures if necessary  BUT be sure to update information after taxes are completed

22. www.fafsa.ed.gov

23.  Built-in edits  Skip-logic allows to skip unnecessary questions  Timely submission  On-line help with questions  Check application status on-line  Renewal application will pre-fill

24.  Electronic signature for  FAFSA  Loan applications  Protect your number

25. www.pin.ed.gov

26.  Part One  Name, etc  Social Security Number – student  Email  Educational Plans  Part Two  Student’s Income  Taxed and Untaxed

27.  Part Three  Dependent Questions  Part Four  Parents’ Information  Email  Household Size  Number in College  Income  Taxed and Untaxed

28.  Part Five  Only if student is Independent  Part Six  List Colleges and Codes  Part Seven  Signatures (PIN)

29.  Cannot be reported on FAFSA  Contact financial aid office(s)  Examples of special circumstances  Change in employment status  Medical bills not covered by insurance  Change in parent’s marital status  Unusual dependent care expenses  Student is unable to obtain parental information due to incarceration, abusive situation or no relationship with parents

30.  January  Apply for PIN  Research Private Scholarships  February  Complete FAFSA  March  Financial Aid award packages mailed  April  Compare Award Notices  May  Make College Choice

31.  College Savings Plans (529)  New York Saves  Time Payment Plans  Offered by Colleges  Less expensive than borrowing

32. https://uii.nysaves.s.upromise.com/

33.  Federal  Hope Tax Credit  Life-long Learning Credit  State

34.  Borrowing for College  Investment in their future  What is a loan  Don’t over borrow  Credit cards  Use and misuse  Building good credit  Bank Account  Direct Deposit  Career Services  Earnings vs debt repayment

35.  FAFSA Deadline  Early Spring  Scholarship Deadlines

36.  www.pin.ed.gov www.pin.ed.gov  www.fafsa.ed.gov www.fafsa.ed.gov  www.hesc.com www.hesc.com  www.finaid.org www.finaid.org  www.oswego.edu /financial www.oswego.edu /financial

37. www. hesc.com

38. www.finaid.org

39. www.oswego.edu/financial

40.  Save for College  Search for Scholarships  Apply for Aid  PIN  FAFSA  Be aware of deadlines  Special Circumstances  Less expensive school/commute?  Tuition installment plans  Consider Parent loans  Tax credits