Navigating the
Financial Aid
Process
2015 SUNY College Fairs
TOPICS
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How much does college cost?
Net Price Calculator
How and when to apply for financial aid
How is financial need determined?
Sources and types of financial aid
SUNY Smart Track
Reviewing Award Letters
SUNY Financial Aid Days
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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
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How Much Does College Cost?
Four-Year PRIVATE On-Campus Student
Tuition and fees:
$33,056
Room and board:
12,619
Books and supplies:
1,244
Transportation:
1,002
Personal expenses:
1,607
Total Budget:
$49,528
Source: College Board: Trends in College Pricing 2014 Middle States Averages.
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How Much Does SUNY Cost?
Baccalaureate Degree Program 2015-2016
NY State Resident Living On-Campus
Tuition and fees:
Room and board:
Books and supplies:
Transportation:
Personal expenses:
Total Budget:
$7,980 ($6,470 & $1,510)
12,150
1,340
1,050
1,500
$24,020
Source: SUNY Office of Student Financial Aid, System Administration
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How Much Does SUNY Cost?
Associate Degree Program 2015-2016
NY State Resident Living On-Campus
Tuition and fees:
Room and board:
Books and supplies:
Transportation:
Personal expenses:
Total Budget:
$4,820 ($4,210 & $610)
10,180
1,320
1,280
1,160
$18,760
Source: SUNY Office of Student Financial Aid, System Administration
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NetPrice Calculator
 The calculator estimates the net price that a family
will pay after receiving any scholarships or
need-based grants.
 Find SUNY’s calculator at: www.suny.edu/howmuch
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How to Apply for Aid
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Collect information
Complete FAFSA online: www.fafsa.ed.gov
Complete TAP online
Watch for Student Aid Report (SAR)
Keep records & communicate with the
financial aid office
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1. Collect Information
 Student and parents’ SSN and DOB
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Parents’ marital status
Tax returns for student and parents
W-2s for student and parents
Records of untaxed income for student and parents,
bank accounts, stock, real estate and business records for
student and parents
 Student’s driver’s license number
 Student’s alien registration number (non-U.S. citizens)
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2. Complete FAFSA at www.fafsa.ed.gov
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Beware of
www.fafsa.com!
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Seven Steps for Filing the FAFSA
Step One: Student Demographics
 Name, social security number, birth date
 Provide an email address
 Indicate gender
 Males have the opportunity to enroll in
Selective Service
 For more information go to: www.sss.gov
Step Two: School Selection
 Enter FAFSA codes – up to 10 colleges
 Indicate housing status
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Seven Steps for Filing the FAFSA
Step Three: Dependency Status
 Generally Dependent if under age 24
 Independent if:
 Married
 A graduate student
 Serving in the U.S. military or a veteran
 Supporting children or other dependents
 Has a court appointed legal guardian
 Has been determined homeless or at risk of
being homeless
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Seven Steps for Filing the FAFSA
Step Four: Parent Demographics
 Name, social security numbers, birth dates
 Marital status
If your parent does not have an SSN, enter 0’s or 9’s
Step Five: Financial Information
 Use 2015 tax returns
 If you have not filed, select “will file”
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Student Financial Information
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Seven Steps for Filing the FAFSA
Step Six: Sign and Submit
 Sign electronically
 Print signature page
 Process now without signature
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Submit FAFSA
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Seven Steps for Filing the FAFSA
Step Seven: Confirmation
York
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3. Complete TAP Online
 From the FAFSA
confirmation
page, link to the
TAP-on-the-Web.
 Establish your
TAP PIN.
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4. Watch for SAR
 SAR will be available in 3-5 days
 EFC is printed on upper right corner
 Make sure all information is correct
 Corrections-on-the-Web at www.fafsa.ed.gov
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5. Keep Records & Communicate With your
Financial Aid Office
 You may be selected for verification
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How and When to Apply?
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How and When to Apply
FILE EARLY!
Right after January 1, 2016
 Check “will file taxes”
 Estimate financial information accurately
 Questions? - 1-800-4FEDAID
(1-800-433-3243) or www.fafsa.ed.gov
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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
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Sources and Types of Financial Aid
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Sources and Types of Financial Aid:
Scholarships
 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
 Parents’ employers/unions
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Sources and Types of Financial Aid:
Major Grant Programs
PELL Grant
 Must have EFC between $0 - $5198
 Maximum annual award $5,775
NYS TAP Grant
 Based on NYS net taxable income
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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
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Sources and Types of Financial Aid:
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
 Interest accumulates while
while in school
 Loan cannot exceed cost of
education minus financial aid
Maximum Direct Loans for freshmen: $5,500
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Sources and Types of Financial Aid:
Parent Loans for Undergraduate Students (PLUS)
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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.
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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
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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
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NY-AIMS
 $500 Scholarship
 Eligibility
Need to achieve at least 2 of the following:
 Graduate with a GPA of 3.3 or above;
 Graduate “with honors” on a NYS Regents
diploma or receive a score of 3 or higher on 2 or
more Advanced Placement (or AP) examinations;
 Graduate within the top 15% of the class
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SUNY Smart Track
 SUNY standard award letter
 System-wide financial literary
 www.suny.edu/smarttrack
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SUNY Smart Track
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Award Letters
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Smart Track Award Letter
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Smart Track Award Letter
Grants/Gift Aid Section
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Smart Track Award Letter
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Smart Track Award Letter
Options To Pay Net Cost Sections
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College Overview Section:
 Graduation rate
 Loan default rate
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College Overview Section:
 Median borrowing
 Repaying loan information
 School contact information
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Reviewing Award Letters:
Comparing Financial Aid Award Packages
SUNY COA
SUNY SFA Package
Net cost to family
$24,020
- 6,110*
$17,910
Non-SUNY COA
Non-SUNY SFA Package
Net cost to family
$49,528
- 18,870*
$30,658
Focus on Net Cost vs. SFA Package
Focus on Type of Aid & Total Amount
* Student loans are not included
Source: College Board: Trends in College Pricing 2014
2015 SUNY College Fairs
Reviewing Award Letters:
Questions You Should Ask
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What is the source of aid?
What is the out-of-pocket expense?
Will the scholarship be renewed?
Is there a GPA requirement for scholarship renewal?
What happens if the GPA requirement for scholarship
renewal is not met?
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SUNY Financial Aid Days 2016
 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
 Register at www.suny.edu/studentevents in early
December
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Questions?
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