financial aid: what you need to know
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Financial Aid: What You Need to Know. New York State Higher Education Services Corporation. What is Financial Aid?. Financial aid helps pay the cost of attending college. Some financial aid is based on need. Some financial aid is awarded based on other criteria, such as grades. - PowerPoint PPT PresentationTRANSCRIPT
Financial Aid: What You Need to Know
New York StateHigher Education Services
Corporation
What is Financial Aid?
Financial aid helps pay the cost of attending college.
Some financial aid is based on need.
Some financial aid is awarded based on other criteria, such as grades.
Sources of Financial Aid
Federal government New York State Colleges – Institutional
Aid Private sources
Types of Financial Aid
Scholarships – free money Grants – free money Work Study Loans
Explore FAFSA.GOV
Free Application for Federal Student Aid
FAFSA Evaluates a family’s ability to pay
for their educational costs Determines an Expected Family
Contribution (EFC) Allows family to receive Federal
Student Aid (FSA) programs
Expected Family Contribution
EFC Calculated based on Federal
Formula Amount the family can
reasonably be expected to contribute
Includes parents’ and student’s contributions combined
Stays the same regardless of the college selected
Sample EFC for Family #1
Family lives in New York Married Parents, Both Age 52 Household Size of 4 with 1 child
going to college 2012 Adjusted Gross Income =
$120,000 Assets = $20,000 Student Income/Assets = 0
EFC = $20,830
Sample EFC for Family #2 Family lives in New York Single Parent, Age 48 Household Size of 3 with 1 child
going to college 2012 Adjusted Gross Income =
$60,000 Assets = $2,000 Student Income/Assets = 0
EFC = $4,926
Sample EFC for Family #3 Family lives in New York Married Parents, Age 45 Household Size of 5 with 2 children
going to college 2012 Adjusted Gross Income =
$30,000 Assets = $500 Student Income/Assets = 0
EFC = $0
FAFSA4caster: FAFSA.gov
Determining Financial Need
Cost of Attendance (COA)– Expected Family Contribution (EFC)
= Financial Need
Cost of Attendance (COA) Study abroad
costs Dependent care
expenses Expenses related
to a disability
Tuition and fees Room and board Books and supplies Transportation Miscellaneous
personal expenses Loan fees
Sample COA ComparisonCollege Baruch
College (CUNY)*
BinghamtonUniversity(SUNY)+
New YorkUniversity(Private)°
Tuition/Fees $ 5,910 $ 7,613 $ 43,704
Room/Board $ 1,685(Commuter)
$ 12,336(On-Campus)
$ 16,133(On/Off-Campus)
Books $ 1,248 $1,000 $1,070
Transportation
$ 986 $250 n/a
Personal $ 2,885 $750 $1,000
Total $ 12,714 $ 21,949 $61,907Note: All figures based on 2012-13 academic year information*Source: http://www.baruch.cuny.edu/financialaid/student_budgets.htm+Source: http://www2.binghamton.edu/financial-aid/pdf/educational-costs-ugrads.pdf°Source: http://www.nyu.edu/content/dam/nyu/financialAid/documents/tuitiongeneral.pdf
Financial Need for Family #1
College BaruchCollege (CUNY)
Binghamton
University(SUNY)
New YorkUniversit
y(Private)
COA $ 12,714 $ 21,949 $ 61,907
EFC $ 20,830 $ 20,830 $ 20,830
Financial Need $ 0 $ 1,119 $ 41,077
Financial Need for Family #2
College BaruchCollege (CUNY)
Binghamton
University(SUNY)
New YorkUniversit
y(Private)
COA $ 12,714 $ 21,949 $ 61,907
EFC $ 4,926 $ 4,926 $ 4,926
Financial Need $ 7,788 $ 17,023 $56,981
Financial Need for Family #3
College BaruchCollege (CUNY)
Binghamton
University(SUNY)
New YorkUniversit
y(Private)
COA $ 12,714 $ 21,949 $ 61,907
EFC $ 0 $ 0 $ 0
Financial Need $ 12,714 $ 21,949 $ 61,907
Net Price Calculators
Questions to Consider…
If we are a high-need family, will the college meet our full need?
Can our financial need affect a college admission decision?
What are the financial aid philosophies of our prospective colleges?
What if we have special circumstances?
Financial Aid Programs
Federal Student Aid Programs
Pell Grant Federal Supplemental Educational
Opportunity Grant (FSEOG) Federal Work-Study Federal Loans
Federal Perkins Loan Federal Direct Stafford Loans Federal PLUS Loan
Studentaid.ed.gov
Federal Aid: Keep in mind…
Student must be a U.S. citizen or eligible non-citizen
Male students must register with the Selective Service System (sss.gov)
Must be within a certain EFC range to be considered for Pell Grant, FSEOG
Demonstrate need for other programs such as Work-study, Subsidized loans
NYS Financial Aid Programs Major Financial Aid Programs
Tuition Assistance Program (TAP) Aid for Part-Time Study NYS Scholarships for Academic
Excellence NYS Math & Science Teaching
Incentive Program Veterans Tuition Award
HESC.ny.gov
NYS Aid: Keep in mind…
Student must meet citizenship, selective service requirements of FAFSA
Student and parents, if dependent, must be legal residents of New York State
Can only be awarded at eligible NYS higher education institutions
There are specific program requirements for the various NYS scholarships
Colleges: Institutional Aid
Depends on funding at each college College determines eligibility criteria
for need-based and non-need-based programs Academic, athletic, and other talent-
based scholarships and grants May require an additional application Keep track of deadlines!
Visit College Websites
Source: http://www.studentaffairs.columbia.edu/finaid/
Explore the CSS Profile
http://profileonline.collegeboard.com
Private ScholarshipsBillions of dollars in private funds available
Charitable foundations, businesses, religious institutions, wealthy donors, and minority organizations
All have their own individual applications and requirements
Websites to Start Searching
Fastweb.com
Scholarship Myths
Searching and applying for scholarships is only the student’s responsibility. You have to have financial need to get a scholarship. Students have to have excellent grades, SAT/ACT scores to get a scholarship. Scholarship searching is done during senior year of high school. “It’s only $500, so why bother?”
CAUTION!
Avoid paying a fee to file the FAFSA or a scholarship application! Avoid financial aid “consultants” and
for-profit websites Submitting the FAFSA and NYS TAP
application is FREE FREE help is available if you need
assistance in completing the applications
Free FAFSA Help @ StartHereGetThere.org
Thank You!