Planning and Paying
for College
TODD MORAVEC
DIRECTOR OF FINANCIAL AID
SUNY PLATTSBURGH
WWW.PLATTSBURGH.EDU
College Considerations
 What type of education do I want/need (certificate, 2 year, 4 year, master’s, doctorate)
 How much does it cost
 What academic programs are offered
 What social/campus activities exist
 Is the campus accessible, is it safe
 Where is it located/how far from home
 Will I receive a quality education
 Will it help me achieve my career goals
 Will it support my college transition needs
CAREER CONSIDERATIONS
What type of higher education is right for you?
What are your career goals?
What is your earnings expectation?
What employment opportunities exists now? later?
Financial Considerations
More info at… www.studentaid.ed.gov and www.hesc.ny.gov
 Grants (i.e. Pell, TAP, SEOG, EOP)
- free, eligibility criteria, usually a need component
 Scholarships (i.e. Presidential, Freshman Merit, Kiwanis)
- free, eligibility criteria, usually an academic component
 Loans (i.e. FELP, Direct, PLUS, Perkins, Alternative)
- debt, interest, borrowing limits, repayment options
 Employment Opportunities (i.e. work-study)
- funding contingent on work or service
 Third Party Resources
- VESID, Employer, Union, Community Group
 Self-Help and Out-of-Pocket
- personal resources and cost-saving measures
To Do List... # 1 Talk About
Money
 How much does college (or other higher ed.) cost?
 How much can we afford? (saved ahead or during)
 Is student and/or parent borrowing an option?
 What other costs do we need to prepare for?
 What can we do to minimize college costs?
How much does college cost?
Direct Costs
Clinton CC
Plattsburgh
St. Rose
Utica
Tuition
3,820
5,570
25,722
30,890
Fees
495
1,550
900
500
Room
4,500
6,284
5,440
6,634
Board
3,750
3,900
5,430
5,300
Estimated Total of
Direct Costs
$12,565
$17,304
$37,492
$43,324
Indirect Costs (varies student to student)
Books/Supplies $1,100
Transportation $ 600
Personal/Living $1,500
$3,200
Higher cost does
NOT necessarily mean
more costly…
-
Freshman
On-Campus
Dependent
EFC = 13556 (91,000 Parent AGI)
Estimated Cost for 1st Year of Attendance
Estimated tuition and fees:
Estimated room and board:
Cost Paid Directly to SUNY Oswego
$6,206
$10,870
$17,076
Estimated books and supplies:
Estimated personal expenses:
Estimated transportation:
$800
$800
$600
Estimated total cost of attendance:
Estimated grants and scholarships:
Estimated Net Price:
(Price of attendance - grant aid)
$19,276
-$2,140
$17,136
Estimated loans:
$8,146
Estimated out-of-pocket cost:
(Net price minus loans)
$8,990
To Do List... # 2 Apply for
Admission
Complete
Admissions
Application
Happy
Admissions
Application
 Submit all requested info/materials in a timely manner
 Know how to receive college communications
 Keep the people important to you in the loop
 Have you shown a spotlight on the attributes/characteristics
that make you great?
To Do List... # 3 Apply for
Federal Aid
 Get your PIN at www.pin.ed.gov
both the student and a parent will need PIN’s
 Apply after January 1st at www.fafsa.gov
find out if your colleges have a recommended application deadline
 Complete your taxes as soon as possible
you can estimate income on your fafsa, then make corrections later
 Respond timely to all requests for information
requests are often made via email or on your college’s web account
FAFSA Highlights
 Take care to be accurate
 My parent(s) on the FAFSA = the parent unit whose
roof you live under the majority of the year
(may include a step-parent, may not be the parent who claims you for taxes)
 Do not report the value of: the home you live in,
designated retirement accounts or life insurance
 Talk with your school counselor or a financial aid office
if you have a special family situation
FAFSA Highlights Cont...
 Check with your college(s) for a recommended application deadline
 Read all questions carefully, particularly Parts 3 & 5
 Use your copy of your filed Federal Tax Return as your guide through
the IRS data retrieval
Part 1
Part 2
Part 3
Part 4
Part 5
Part 6
Part 7
The FAFSA
Student Demographics
School Selection
Dependency Status
Parent Demographics
Financial Information
Sign & Submit
Confirmation (with link to
continue to state aid application)
To Do List... # 4 Apply for NYS
Aid
 Optional feature links you from the FAFSA submission
confirmation page to your TAP application
 Or go direct to www.tapweb.org
 Visit www.hesc.ny.gov => Grants, Scholarships, Awards to
learn about all state aid resources and utilize the TAP Award
Estimator
 Visit www.StartHereGetThere.org and www.GoCollegeNY.org
for more student aid and college planning tools.
To Do List... # 5 Look for “Free
Money”
 Guidance Dept
 Public Library
 College Websites
 Online Resources
such as fastweb.com, collegeboard.com
 Community & Gov’t Sponsors
Key Club, Boy/Girl Scouts of America, Model UN, 4-H, Football Boosters,
National Honor Society, Union Affiliation, Moose Lodge, Kiwanis, American
Legion, Church or Synagogue, etc.
 Employers (Student & Parents)
tuition reimbursement, short term loans, scholarships, etc.
To Do List... # 6 Consider Your Financial
Health
 Grades count --
Challenge yourself to perform your very best
in high school.
 Save, Save, Save --
Earnings you tuck away for college will help
keep your debt down.
 Want vs. Need --
Evaluate how the choices you make can
increase or decrease the cost of college.
 4 year goal --
Maintain fulltime status, consider miniterm coursework and communicate with
your academic advisor to graduate on time.
Budget
Exercise
Students Annual Spending
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Cell & other electronics
Laptop
Clothing
Food/meals
Coffee, energy drinks, snacks
Movies, bowling, skiing, etc.
Gym membership, outdoor equip.
Class materials
Class/Project attire
Group membership
Frat or Sorority Dues
Socializing
Networking
Trips
TOTAL SPENDING (1 YR) =
 Common Spending Allowance =

You
$300 - $600
$400 - $800
$250 - $750
$200 - $600
$400 - $700
$150 - $750
$180 - $600
$250 - $500
$100 - $300
$100 - $250
$150 - $800
$500 - $1500
$100 - $300
$300 - $1500
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$3380 - $9950
$1500 - $2500
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Question: How will you pay for your spending habits?
Recommendation: Live like a college student now... not later.
To Do List... # 7 Review Your Award
Packages
- Will list the financial aid you may qualify for should you decide to attend that college/university
- Will provide instructions for you to follow if any action is required to accept, decline, or finalize the awards
To Do List... # 8 Consider Payment
Options
•Payment Plans (college specific)
College Costs
Financial Aid
= What You Owe
•Personal Resources (savings, investments)
•Personal Loans (home equity, line of credit)
•Education Loans (federal or alternative)
Federal Student Loans
 Interest Rate Fixed at 6.8%
 Subsidized (no in-school interest) and Unsubsidized available
 Repayment after graduation
Federal Parent (PLUS) Loans
 Interest Rate Fixed at 7.9%
 Repayment begins 60 days following full disbursement, OR request
deferment during in-school period
 Standard 10 year repayment period (no prepayment penalty)
Alternative (Private) Student Loans

Primary borrower is usually the student
Credit and income review weighs heavily on the co-signer
Interest rate can be Prime or LIBOR
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Fixed and variable interest programs available
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To Do List... # 9 Special
Circumstances?
Examples only. Talk with your college about your circumstance.

 Loss of income - retirement, unemployment, job change, etc.
 Loss of Benefits – social security, unemployment compensation,
child support, disability pension, etc.
 Change in Marital Status – widowed, divorced or separated since
filing the FAFSA.
 Extraordinary Expense – unreimbursed out-of-pocket medical,
catastrophic event, etc.
To Do List... # 10 Be Successful
!
Most financial aid has a minimum
academic progress expectation
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SAP = Satisfactory Academic Progress
2.0 gpa or better (higher for many aid programs)
67% completion rate (fulltime for state aid)
Warning/Probationary semester may be available
May lose aid awards if student falls below standards
Federal, state and institutional standards differ
Your success begins with YOU !
 Have goals
 Be confident
 Seek assistance
 Plan ahead
 Communicate
 Explore opportunities