The Changing
Landscape of
Financial Aid
2014 SUNY College Fairs
OpInform 2014
TOPICS
1.
2.
3.
4.
5.
What’s new in financial aid
How is financial need determined?
Sources and types of financial aid
Reviewing award letters
SUNY SmartTrack
2014 SUNY College Fairs
OpInform 2014
Federal Changes for the Coming Year




Interest Rates
Defense of Marriage Act/Parental Information
150% Subsidized Loan Limit
College Choice Tools
2014 SUNY College Fairs
OpInform 2014
Federal Changes for the Coming Year
 Annual fixed rates based on 10 Year T-Bill plus add-on
 Subsidized and unsubsidized loans
(undergraduates): Add-on of 2.05% with cap of
8.25%
 PLUS loans (parent and grad/professional): Add-on
of 4.6% with cap of 10.5%
2014 SUNY College Fairs
OpInform 2014
Federal Changes for the Coming Year
 FAFSA must include income of both the
student’s legal parents (biological or adoptive) if
the parents are living together, regardless of the
parents’ marital status or genders
 Mother and Father labels will change to Parent
1 and Parent 2. Help text will be significantly
enhanced to provide guidance for parents who
file separate tax returns
2014 SUNY College Fairs
OpInform 2014
Federal Changes for the Coming Year
 Limit on how many years a “first-time borrower”
may receive subsidized loans
 Students’ maximum time to receive subsidized
loans is established based on the length of the
program in which the student is enrolled - cannot
exceed 150%
 For first-time borrowers after July 1, 2013
2014 SUNY College Fairs
OpInform 2014
Federal Changes for the Coming Year
 College Affordability and Transparency Center
http://collegecost.ed.gov
College Navigator
College and Affordability transparency list
State spending list
 Shopping sheet
2014 SUNY College Fairs
OpInform 2014
2014 SUNY College Fairs
OpInform 2014
New York State Updates for the Coming Year
 TAP increase to $5,165
 TAP max for students in foster care
2014 SUNY College Fairs
OpInform 2014
How Much Does College Cost?
Cost of Attendance (COA) Includes:
1. Tuition and fees
2. Room and board
3. Books and supplies
4. Transportation
5. Miscellaneous personal expenses
2014 SUNY College Fairs
OpInform 2014
How Much Does SUNY Cost?
Baccalaureate Degree Program 2014-2015
NY State Resident Living On-Campus
Tuition and fees:
Room and board:
Books and supplies:
Transportation:
Personal expenses:
Total Budget:
$7,582
12,020
1,270
1,020
1,450
$23,342
Source: SUNY Office of Student Financial Aid, System Administration
($6,170 & $1,412)
2014 SUNY College Fairs
OpInform 2014
How Much Does SUNY Cost?
Associate Degree Program 2014-2015
NY State Resident Living On-Campus
Tuition and fees:
Room and board:
Books and supplies:
Transportation:
Personal expenses:
Total Budget:
$4,646 ($4,076 & $570)
9,730
1,320
1,280
1,110
$18,086
Source: SUNY Office of Student Financial Aid, System Administration
2014 SUNY College Fairs
OpInform 2014
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
2014 SUNY College Fairs
OpInform 2014
Sources and Types of Financial Aid
2014 SUNY College Fairs
OpInform 2014
Sources and Types of Financial Aid:
Scholarships
 Private scholarship search
 At your college of interest
 Free internet scholarship searches
 www.fastweb.com
 www.studentaid.ed.gov
 Local library resources
 Local businesses and civic organizations
(including professional associations) related
to student’s field of interest
 Parents’ employers/unions
2014 SUNY College Fairs
OpInform 2014
Sources and Types of Financial Aid:
Major Grant Programs
PELL Grant
 Must have EFC between $0 - $5,157
 Maximum annual award $5,730
NYS TAP Grant
 Based on NYS net taxable income
 Maximum annual award $5,165
2014 SUNY College Fairs
OpInform 2014
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
2014 SUNY College Fairs
OpInform 2014
Sources and Types of Financial Aid:
William D. Ford Direct Loans
Subsidized
 4.66%
 Capped at 8.25%
 Based on need
 Federal government pays
interest while student is in
school
 $3,500 for freshmen
Unsubsidized
 4.66%
 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
Combined total of $5,500 for freshmen
2014 SUNY College Fairs
OpInform 2014
Sources and Types of Financial Aid:
Perkins Loan





Need-based
Low interest rate (5%)
Student pays no interest while in school
Maximum $5,500 per year
May be forgiven
2014 SUNY College Fairs
OpInform 2014
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 7.21%
Capped at 10.5%
Time Payment Plans
 May vary…typically, families spread the direct
costs over the semester or year
2014 SUNY College Fairs
OpInform 2014
SUNY State-Operated Campuses
2014-2015 TEACH Grant
 Up to $4,000 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
2014 SUNY College Fairs
OpInform 2014
NYS STEM Scholarship
 TAP introduced the STEM scholarship
 Students will get their tuition for free at CUNY or
SUNY if they graduate in the top 10% of their class
 It is not income dependent
 There is a 5-year service commitment
2014 SUNY College Fairs
OpInform 2014
2014 SUNY College Fairs
OpInform 2014
What is SUNY Smart Track?
An innovative and transparent
system-wide approach to promote
awareness and understanding
regarding college costs, college
financing options and responsible
student loan borrowing.
2014 SUNY College Fairs
OpInform 2014
SUNY Smart Track





SUNY standard award letter
System-wide financial literary
Student engagement/communication
Delinquency/default resolution
www.suny.edu/smarttrack
2014 SUNY College Fairs
OpInform 2014
Smart Track Award Letter
2014 SUNY College Fairs
OpInform 2014
Smart Track Award Letter
Estimated Cost of Attendance Section
(Direct vs. Indirect Costs)
Transportation
2014 SUNY College Fairs
OpInform 2014
Smart Track Award Letter
Grants/Gift Aid Section
2014 SUNY College Fairs
OpInform 2014
Smart Track Award Letter
Estimated Remaining Costs Section
2014 SUNY College Fairs
OpInform 2014
Smart Track Award Letter
Options To Pay Net Cost Sections
2014 SUNY College Fairs
OpInform 2014
Smart Track Award Letter
College Overview Section





Graduation Rate
Loan Default Rate
Median Borrowing
Repaying Loan Information
School Contact Information
2014 SUNY College Fairs
OpInform 2014
Smart Track Award Letter
Customized College Information Section
2014 SUNY College Fairs
OpInform 2014
How important is Financial Literacy for
Student/Life Success?
 SUNY Smart Track Financial Literacy is a value-added
service provided to all SUNY students as part of their
SUNY experience
 Keeping students engaged promotes retention and
increases completion rates
 Students who have financial literacy are more likely to
become successful student loan repayers –
regardless of the amount borrowed
2014 SUNY College Fairs
OpInform 2014
SUNY Smart Track Financial Literacy Website
http://www.suny.edu/smarttrack
2014 SUNY College Fairs
OpInform 2014
Student Engagement/Communication
 All student loan borrowers receive
communications
 Engage students in campus activities and
services to promote retention
 Get to know financial aid office staff – call or
make a personal appointment to review your
loan history and repayment information
2014 SUNY College Fairs
OpInform 2014
All SUNY Campuses are linked to the SUNY Smart Track
Financial Literacy Website
2014 SUNY College Fairs
OpInform 2014
Questions?