Financial Aid Presentation

For New Students

2009-2010

The cost of your education…..

Tuition - $4,970Fees - $1,404Room - $6,890Board - $3,980

4 years of tuition, fees, room and board: $17,244 x 4 = $68,976

Plus books ($400 x 8 semesters=$3,200), personal and transportation

(Commuter Bill - $6,374)

Apply for financial aid

File a FAFSA (Free Application for Federal Student Aid)

File electronically

Be sure to apply on time – MARCH 1st

(late applications may not receive enough aid to pay

the college bill)

Information needed to complete the FAFSA:

• Parents’ taxable and untaxed income

• Student’s taxable and untaxed income

• Family assets

• Household size

• Number in college

Monitor your MyOswego account

• Updated awards

• Missing information

• Payments owed

• Refunds

FAFSA is processed and the EFC (expected family contribution) is determined. This is the amount the Federal Government expects that you and your family should be able to afford to pay toward your college expenses.

The EFC is used to determine your eligibility for financial aid.

Sample budget/aidApplying by March 1 Applying after March 1$18,971 budget $18,971 0 EFC 0 5,350 Pell 5,350 4, 995 TAP 4,995 1,000 EOP Housing 1,000 800 EOP Books 800 150 EOP Stipend 150 500 SEOG 1,200 FWS 1,400 Perkins Loan 3,500 Subsidized Stafford 3,500 0 Unsubsidized Stafford 2,000 76 Unmet need 1,176

Gift Aid - maximum awarded• Pell - $5,350• TAP - $4,995 (must meet academic standards)• ACG1 - $750 (must meet academic standards)• ACG2- $1,300 (must have 3.0 gpa after first 2 semesters)• FSEOG - $500• Smart Grant - $4,000 (must maintain 3.0 gpa)• Teach Grant -$4,000 (must maintain 3.25 gpa)• Private Scholarships

Campus Job Opportunites

Federal Work Study

Auxiliary Services

Other Campus Employment

Go to www.OSWEGO.edu/financial select Employment

Loan• Perkins Loan• Subsidized Stafford• Unsubsidized Stafford• PLUS (Parent Loan for Undergraduate Students)• Alternative Loans• Direct to Consumer Loans

Perkins Loan - $1,400

5% interest, 9 month grace period

Subsidized Stafford - $3,500 fr; $4,500 soph; $5,500 jr; $5,500 sr

5.6% interest, 6 month grace period

Unsubsidized Stafford - $2,000 each year

6.8% interest, 6 month grace period

PLUS –loan parents are borrowing

8.5% interest, can be deferred

Alternative Loans – student can be borrower, needs a co-signer

variable interest rate that changes quarterly, no cap on interest,

6 month grace period

Direct to Consumer Loans - not certified by school

Monthly payment

for

$27,000 Stafford Loan

$310/month for 10 years

To support repayment of a $27,000 debt, how much should you earn?

$46,700/year

Be conservative of the amounts you are borrowing!

Evaluate your ‘needs and wants’!

What you can do to cut down borrowing:

RA, good grades to maintain scholarships,

part-time work, complete your degree in

4 years, pursue as much grant money as possible

Dropping Courses/Withdrawing

Dropping Classes

Dropping a class could mean your financial aid changes or you could owe money – always check with Financial Aid

Withdrawing

Withdrawing from school is when you cancel all of your classes – always check with Financial Aid to find out the financial aspect of your decision or if you have other choices

Overseas Opportunities

Many overseas programs are offered, from a quarter course, to 6 weeks in the summer or a full semester.

Make an appointment with Financial Aid to see if you can afford the program – bring with you the cost sheet, acceptance letter

The Credit Card Debt Picture

Among college students, 76% have credit cards and 43% have four cards or more.

The average credit card balance among college students is $2,169.

Credit card repaymentYou charge $2,500 on your credit card at 19.9%

interest.

Scenario #1 You pay $50 per monthScenario #2 You pay $100 per month

How long will it take to pay off?

$50/month – 9 yrs 1 mo; $100/month – 2 yrs 9 mo

Importance of Good CreditBanks, credit card companies, landlords and potential employees check credit scores. You can request a free copy of your credit score at: www.annualcreditreports.com

Credit scores can range from 300 (worst) to 850 (best).

Example of a loan based on your credit score:

$25,000 car loan borrowed and repaid over 5 years

7% interest: $495 per month; total repayment $29,700

12% interest: $556 per month; total repayment $33,360

Remember – the choices you make now will determine your life tomorrow.

Make today count!