1. OpInform 2015 Back to Basics: Foundations of Financial Aid

2.  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

3. What Makes up a Financial Aid Package? OpInform 2015

4. 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

5. What Makes up a Financial Aid Package? OpInform 2015 Scholarship Programs  Private scholarship search  At your college of interest  Free internet scholarship searches www.fastweb.com www.studentaid.gov  Local library resources  Local businesses and civic organizations (including professional associations) related to student's field of interest  Student’s employer  Parents’ employers/unions

6. 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

7. 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

8. 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.

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

10. What Makes up a Financial Aid Package? OpInform 2015 SUNY State-Operated Campuses 2015-2016 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: www.studentaid.ed.gov

11. 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: www.hesc.ny.gov or Scholarship Unit at 1-888-697-4372

12. 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: www.hesc.ny.gov or Scholarship Unit at 1-888- 697-4372

13. 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 2016-17 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

14. 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 2014-15  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

15. 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

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

17. 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

18. OpInform 2015 Best Practices

19. OpInform 2015 Best Practices Discussing Financial Aid at Family Meetings

20. OpInform 2015 Best Practices Reviewing Award Letters

21. OpInform 2015 Change to FAFSA Process

22. OpInform 2015  2017-18 FAFSA will be available in October (vs January)  Students will be asked to report income from prior-prior year (vs prior year)

23. 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

24. OpInform 2015 SUNY Smart Track

25. OpInform 2015  SUNY standard award letter  System-wide financial literary  Student engagement/communication  Delinquency/default resolution  www.suny.edu/smarttrack

26. SUNY Smart Track OpInform 2015

27. SUNY Smart Track Award Letters OpInform 2015

28. Breaking Down a SUNY Smart Track Award Letter OpInform 2015

29. Breaking Down a SUNY Smart Track Award Letter OpInform 2015

30. Breaking Down a SUNY Smart Track Award Letter OpInform 2015

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

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

33.  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 www.suny.edu/studentevents in early December 2016 SUNY Financial Aid Days OpInform 2015

34. QUESTIONS? OpInform 2015