Paying for College
Applying for Financial Aid
Options
Goddard Riverside Community Center
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Agenda
Overview of College Cost and Financial Aid
Financial Aid Applications and Process
Financial Aid Award Letters at a Glance
Questions & Answers
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Overview of College Cost and
Financial Aid
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Total Cost of Attendance
Direct Costs
• Tuition
• Mandatory Fees
• Health Service Fees
• Room & Board
Indirect Costs
• Travel
• Books
• Supplies
• Personal Expenses
Direct Costs + Indirect Costs =
Cost of Attendance (COA)
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CUNY Baruch
Total Cost of Attendance for 2011-2012
Living with a Parent
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•
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•
Tuition
Fees
Books & Supplies
Transportation
Housing
Food (Lunch)
Personal Expenses
$5,130
$ 370
$1,779
$ 986
$1,655
$1,105
$1,733
Total COA $12,758
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SUNY Binghamton
Total Cost of Attendance for 2011-2012
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Tuition
Mandatory Fees
Room & Board* (average)
Books/Supplies
Personal
Travel
$ 5,270
$ 1,330
$10,820
$ 1,260
$ 1,430
$ 1,010
Total COA $21,120
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Syracuse University
Total Cost of Attendance for 2011-2012
Tuition
Fees
Room and Board
Books and Supplies
Personal Expenses
Travel Costs
$36,300
$1,672
$13,254
$1,322
$941
$606
Total COA $53,790
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How Financial Aid Works
• Colleges determine their cost of attendance
• You provide financial information
• Federal gov’t and colleges determine what they think
you can pay
• Colleges determine how much financial aid you need
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How Financial Aid Works
Expected Family Contribution (EFC)
How much the US Dept. of Education
calculates your family can afford to contribute
toward the student’s education for ONE
academic year.
An EFC of $1,000 means the family is expected to
contribute $1,000 towards the student’s education.
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How Financial Aid Works
NEED
Colleges determine how much financial aid a
student NEEDS by subtracting the family’s
Expected Family Contribution from the Cost of
Attendance.
COA-EFC = Need
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How Financial Aid Works
If Joe the Student has an EFC of $1,000 what is
his financial need at each college?
CUNY Baruch
SUNY Binghamton
COA =
12,758
COA =
21,120
EFC =
1,000
EFC =
1,000
Need =
11,758 Need = 20,120
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Syracuse University
COA = 53,790
EFC =
1,000
Need = 52,790
How Financial Aid Works
Need is filled by Financial Aid, which
consists of:
$ Grants /Scholarships
$ Loans
$ Federal Work-Study
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How Financial Aid Works:
Where Does the Money Come From?
Sources of Aid
Types of Aid
Federal Government
Grants/scholarships
Loans
Work Study
New York State Government
TAP Grant
Scholarships (special eligibilities)
Loans
(if NYS resident at a college in NYS)
Institution (college itself)
Grants
Loans (less often)
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Financial Applications and
Process
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How to Apply for Financial Aid:
Completing the Forms
 FAFSA - always required
 TAP - NYS colleges require
CSS Profile - required by some colleges,
never SUNY or CUNY
Individual College Forms - varies by college
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Priority Deadlines
• Date set by each college for financial aid
preference consideration
• Dates vary by school from November to
February – check each school
• February 1st or Feb 15th are usual final
deadlines
Deadline means -- get forms in!
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Application Timelines
• FAFSA and TAP - in January
• CSS PROFILE - in January
• Individual Colleges - By priority deadline
Check with each college for its deadline
Note: Use estimates if 2012 taxes not filed in January
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FAFSA
Free Application for Federal Student Aid
www.fafsa.ed.gov
NOT fafsa.com
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FAFSA
• Form to be considered for all federal aid
• Baseline form for all other aid, even
outside scholarships
• Online form is recommended
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FAFSA, continued
• Obtain a FAFSA Personal Identification
Number (PIN) for
– Student
– Parent signing forms
• PIN is used as “electronic signature”
• Apply for PINs at www.fafsa.gov or
www.pin.ed.gov
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FAFSA, continued
Student Demographic Information
• You/Your means the student
• SS# must match last name
• Must be citizen , permanent resident or other
eligible status
• DO NOT FILE if undocumented
• Selective service – for young men only
• Drug Felony question – only if convicted
while receiving FA for college
• Parents education – not relevant for eligibility
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FAFSA, continued
School Selection
• Online version —space for 10 colleges
if more than 10 needed, process first 10, then
trade spaces for new ones
• Enrollment status – check full time
• Check that student is interested in work
study
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FAFSA , continued
Parents’ Demographic Information
• Parent = biological or legally adoptive or
stepparent
• Legal resident of NYS = living here more than
one year
• If parents are separated or not married, only
provide custodial parent’s info included
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FAFSA, continued
Parent Demographic Information, cont.
• Custodial means guardian who supports
student more than 50% OR who student lives
with more than 50% of time
– Custodial does NOT MEAN who claims you
• Household includes all people living under
roof supported by parent
• Number of college students in household does
not
include parents
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FAFSA, continued
Parents’ Financial Information continued
• Use 2011 taxes to estimate 2012 figures
• Only list the parent whose info is included on form
• Total current balance of cash/savings/checking
accounts should be the amount left after all monthly
bills have been paid and food bought
• 529 Plans are considered parent’s asset
• Parental asset more protected than student’s
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FAFSA , continued
Student’s Financial Information
• If not applicable, put zeros or leave blank
(depending on instructions)
• OK to not file taxes if not required to file
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FAFSA , continued
Who’s in your household?
• Only for INDEPENDENT students
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FAFSA, continued
Signatures
• Preparer = paid consultant helping you with
form
• If filing hard copy, Student and Parent sign and
send in
• If filing on-line, three choices for signing:
1. Both Student and Parent use PINS
2. Student uses PIN, Parent prints and signs
3. Both Student and Parent print and sign
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FAFSA, continued
• After FAFSA is submitted, a Student Aid
Report (SAR) will be received
• SAR summarizes all data and gives
federal EFC
• You can make changes online at any time
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TAP Application
www.HESC.com
• Must file FAFSA before starting TAP
• Shorter form, pre-filled in with some info
from FAFSA
• Only list one college at a time
• Independent status different than FAFSA
• Like FAFSA, only asks for custodial parent info
• Focuses on NYS Income Tax
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CSS PROFILE
www.profileonline.collegeboard.com
Major Distinctions from FAFSA/TAP
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Only complete for colleges requiring it
NOT Free—$25 for first college, $16 for each after
Automatic fee waiver for low-income
Includes three years of income
Includes non-custodial parent
College-specific questions
More assets questions
Space for special explanations
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CSS PROFILE, continued
Some Tips
• Do not overestimate future earnings
• Do not overestimate how much you can pay
toward child’s college costs next year
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Financial Aid Award Letters
at a Glance
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College Offers
• College sends an AWARD LETTER
• Award Letter outlines student’s package
 the costs
 the EFC
 all aid offered from government and
college sources
• Analyze the offer carefully: good deal or bad
deal
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Getting the Best Package
• Apply to colleges with a range of prices
• Apply by colleges’ PRIORITY DEADLINE
• Complete all steps in aid application
process
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Getting the Best Package, continued
Can you ask a college for better aid?
Yes, it’s worth a try. Base appeal on
additional information about your family
financial situation.
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Pointers About Financial Aid
• Must reapply for aid each year
• Gov’t aid based solely on custodial
household’s income and assets
• College aid based on both parents’ income
and assets
• Some students will have to verify information
with documents (1040, etc.)
• Some aid dependent on academic
performance
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Pointers About Financial Aid
Record Keeping
KEEP COPIES OF EVERYTHING!
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Questions?
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