Presented By:
New York State Financial Aid
Administrators’ Association
(NYSFAAA)
and
Oswego State University
Kathy Flaherty
Assistant Director,
Financial Aid
SUNY Oswego
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How Much Will It Cost
What Aid is Available
Family Contribution
Financial Need
Applying: FAFSA
Financial Aid Timeline
Special Circumstances
Other Resources
Questions
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The Money Tree Myth
Family Resources
Financial Aid
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Scholarships
Grants
Self-Help
 Student Loans
 Job
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Parents
Payment Plans
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College: Investment in student’s future
More than just tuition, books
Costs vary by type of college
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Community College
Public College
Private College
Look at costs for entire education
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Associate’s degree, Bachelor’s degree
and beyond….
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Tuition and Fees
Books & Supplies
Room (Housing)
Board (Meal Plan/Food)
Transportation
Some Personal Costs
Loan Fees
Study Abroad
Tuition
Fees
Books & Supplies
Room & Board
SUNY
Community College Private college
$ 6,500
$ 4,500
$ 29,000
1,400
500
1,400
800
800
1,000
12,900
2,000 commute
12,900
Travel
600
2,000
800
Personal
800
700
600
2
Misc
Total
$ 23,000
$10,500
$ 45,700
Cost of Attendance
Expected Family Contribution (from FAFSA)
Private Resources
= Financial Need
Amount of Financial Need determines federal aid
received
* Note: Colleges may not be able to offer enough aid
to meet your financial needs
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Job
Grants
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Scholarship
Loans
Funds provided to
students/families to
help pay for college
expenses
Includes
Scholarships
 Grants
 Loans
 Employment
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Pell Grant
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Need Based
Current Maximum is
$5775/year
Supplemental Educational
Opportunity Grant
Need Based
 Priority to Pell recipients
 Targeted at lowest incomes
 Varies between colleges
 $100 - $4000 annual
award
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Teacher Education Assistance for
College and Higher Education
 75% percentile on admissions
test/3.25 GPA
 Currently @ $3700/ year
 Must agree to teach at least 4 years
 High need subject area
 Low-income school
 Failure to complete requirement
 Grant becomes interest bearing loan
(unsubsidized)
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Tuition Assistance
Program (TAP)
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Attend College in New
York State
Award Range $500@$6200
NY State Net Taxable
Income < $80,500
New York State Scholar
Part-Time Grants
Educational Opportunity
Program (EOP)/HEOP
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Merit vs. Need
 Academic, Athletic,
Talent, etc
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Awards Vary
Use FAFSA and/or
college applications
Questions to ask:
 Part of Admissions
process ?
 Separate Application?
 Renewable?
 With what conditions
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Use reputable websites
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Your high school guidance office
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www.finaid.org
www.fastweb.com
Watch for deadlines
Local civic organizations
Parents’ place of employment
Federal
Direct
Stafford
Loans
(Student)
Federal
Direct
PLUS
Loan
(Parent)
Alternative
Student
Loans
(Private)
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Direct Loan
Year in School determines max
 Subsidized
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 Financial need required
 Interest after leaving school
 Repayment after leaving school 6
months
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Unsubsidized
 Interest while in School
 Currently 4.29%
 Repayment after leaving school 6
months
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Perkins Loan
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Discontinued!
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Parent’s loan
Family income not a factor
Cost of Attendance less financial aid awarded
Good credit history required
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Repayment Options
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If credit history is not good, see financial aid officer
Principal and Interest now
Interest only now
Payment when student leaves school (Not Recommended
Current rate = 6.84%
Processing fees apply (Now 4.272%)
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Federal Work Study
Institutional Job
programs
Many benefits
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Connect to College
Reduce reliance on
parents
Money management
Financial literacy skills
Good job skills
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Limited Funding
Awards vary by
College
Types
 Federal Work Study
 Federal
Supplemental
Educational
Opportunity Grant
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Types
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FAFSA and PROFILE
New York TAP
College’s Scholarship
Watch for
deadlines/priority dates
Update estimated
income
Re-apply each year
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Apply for an FSA ID
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Both student and parent
Complete 2016-2017 FAFSA
Free Application for Federal Student Aid
 January 1, 2016
 Update estimates with actual data
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Use FAFSA4caster for early information
Early Results
www.fafsa4caster.ed.gov
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Electronic signature for
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FAFSA
Loan application
Access National
Student Loan
Database (NSLDS)
 Loan History
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Protect your number
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https://fsaid.ed.gov/npas/ind
exhtm
Sign FAFSA electronically
Not required, but speeds
processing
May be used by students and
parents throughout aid
process, including
subsequent school year
Only the owner should create a
FSA ID
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Website: www.fafsa.gov
2016–17 FAFSA on the Web available on
January 1, 2016
FAFSA on the Web Worksheet:
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Used as “pre-application” worksheet
Questions follow order of FAFSA on the Web
www.fafsa.gov
The status
message on this
page indicates
early Title IV
eligibility for the
student based on
their valid Social
Security Number,
citizenship
status, and drug
convictions.
• Error messages are
shown in a RED box at
the top of the page
and lists multiple
errors at one time.
• The error graphic is
also shown next to
each question that will
need to be answered
or corrected.
• If the student’s
parent is single,
divorced, or
widowed, the
student will only
see questions for
the one parent.
• The Virtual
Keyboard icon is
present for the
parent’s Social
Security Number
and Date of Birth.
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While completing FOTW,
applicant may submit realtime request to IRS for tax
data
IRS will authenticate
taxpayer’s identity
If match found, IRS sends
real-time results to applicant
in new browser window
Applicant chooses whether or
not to transfer data to FOTW
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Some will be unable to use IRS DRT
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Examples include:
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Filed an amended tax return
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No Social Security Number (SSN) was entered
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Student or parent married but filed separately
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Available early February 2016 for 2016–17
processing cycle
Participation is voluntary
Reduces documents requested by financial aid
office
The confirmation
number will
contain the
student’s
randomly
generated
identification
number.
This will replace
the student’s
current
confirmation
number which is
composed of their
Social Security
Number and first
two letters of their
last name.
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CPS notifies student of FAFSA processing results
by:
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Email notification containing a direct link to student’s
online SAR if student’s email was provided on paper or
electronic FAFSA
Student with FSA ID may view SAR online at
www.fafsa.gov
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Calculated from a Federal formula and the
FAFSA/PROFILE form
Uses:
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Family Contribution result is index number
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Parent income and resources
Student income and resources
BUT NOT what the family will pay
Remains the same regardless of college price tag
Used by Colleges to award financial aid
Evaluate
Financial
Aid Offers
Receive
Financial
Aid Award
Letter
Family
Collects
Information
Review
Student
Aid Report
Fill Out
FAFSA4caster
Complete
FAFSA
online
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January
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February
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Financial aid award
packages mailed
April
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Complete FAFSA
March
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Apply for FSA ID
Research private
scholarships
Compare award notices
May
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Make college choice
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Verification
Special Circumstances
What is “family” ,“parent”
Financial Independence
Academic Progress
Lifetime Aid Eligibility
Promissory Notes
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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
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Veterans Educational Benefits
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Post 9/11 GI Bill
Transfer to Dependents
Yellow Ribbon Program
Resident Assistantships
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Time Payment Plans
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Offered by Colleges
Less costly than
borrowing
College Savings Plans
(529)
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New York Saves
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Application
Workshops
Financial Aid Offices
Websites
www.finaid.org
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https://www.hesc.ny.gov/content.nsf
www.oswego.edu/financial
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Borrowing for College
Investment in the future
 What is a loan
 Don’t overborrow
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Credit cards
Use and misuse
 Building good credit
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Bank Account
Direct Deposit
Career Services
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Earnings vs. debt
repayment
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Federal
American Opportunity
Credit
 Up to $2500
 Life-long Learning
Credit
 Up to $2000
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State
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New filing dates
2017-2018 FAFSA available
October 1, 2017
 Many Questions
 TAP not ready
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Prior Year Data
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2015 year data used this
year and next
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It is never too early to start the
college planning process
The more information you have,
the easier the process will be
for you and the student
Use calculators
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Family contribution
Interest payments
Free application assistance is
available
Stay informed
Ask questions!
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Search for Scholarships
Apply for Aid
Be Aware of Deadlines
Consider Less
Expensive
School/Commute?
Use Tuition Payment
Plans
Consider Loans
Carefully
Use Tax Credits