Navigating the Financial Aid Process

Daniel M. Tramuta Associate Vice President for Enrollment Services

SUNY FredoniaPresident, New York State Financial Aid Administrators Association (NYSFAAA)

tramuta@fredonia.edu

TOPICS

1. How much does college cost?2. How and when to apply for financial aid 3. How is financial need determined?4. Sources and types of financial aid5. Reviewing award letters6. SUNY Financial Aid Day

How Much Does College Cost?

Cost of Attendance (COA) Includes:1. Tuition and fees2. Room and board3. Books and supplies4. Transportation5. Miscellaneous personal expenses

How Much Does College Cost?

4 Year PRIVATE On-Campus StudentTuition and fees: $27,981Room and board:

10,523Books and supplies: 1,116Transportation: 849Personal expenses: 1,427Total Budget: $41,896

Source: College Board: Trends in College Pricing 2009 Middle States Averages.

How Much Does SUNY Cost Baccalaureate Degree Program 2010-11?

NY State Resident Living On-Campus Tuition and fees: $6,230Room and board: 10,300Books and supplies: 1,200Transportation: 960Personal expenses: 1,360Total Budget: $20,050

Source: SUNY Office of Student Financial Aid, System Administration

How Much Does SUNY Cost?

The Bill: Typical First Semester Direct Charges

New York State resident baccalaureate degree student living on campus for 2010 -11:

Tuition $2,485 ($4,970)Fees 630Room & Board 5,150Total Direct Charges $8,265

How & When to Apply? Apply for Admission (Fall of Senior Year) Collect documents Request a federal PIN at www.pin.ed.gov Fill out the 2011-12 FAFSA on the Web Worksheet (Do Not

Mail this Worksheet) (Dec.) Complete FAFSA online at www.fafsa.ed.gov in January

2011 (Estimate the information) Print the confirmation page Use the corresponding state scholarship link to apply for

TAP Keep records

How to Apply for Aid

1. Collect information2. Request a federal PIN: www.pin.ed.gov3. Complete FAFSA online: www.fafsa.ed.gov4. Complete TAP online 5. Watch for Student Aid Report (SAR)6. Keep records7. Communicate with the financial aid office

1. Collect Information

Student’s and parents’ SSN and DOB 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) PINs for student and one parent

2. Request Federal PIN at www.pin.ed.gov

Get a PIN number NOW! Each student One parent!

TIP:Parents and students may select thesame PIN

3. Complete FAFSA at www.fafsa.ed.gov

Beware of www.fafsa.com

7 Steps For Filing the FAFSA1. Student Demographics

Name, social security number, birth dateProvide an email addressIndicate genderMales have the opportunity to enroll in Selective Service For more information go to: www.ss.gov

2. School SelectionEnter FAFSA codes – up to 10 collegesIndicate housing status

7 Steps For Filing the FAFSA3. Dependency Status

Generally a student is dependent if:Under 24 years oldNot MarriedNot a graduate studentNot serving in the US military

4. Parent DemographicsName, social security numbers, birth datesMarital statusIf your parent does not have an SSN, enter 0’s or 9’s

7 Steps For Filing the FAFSA

5. Financial informationUse 2010 Tax returnsIf you have not filed, select “Will file”

6. Sign & SubmitSign electronically with PINPrint signature pageProcess now without signature

7. Confirmation

4. Complete TAP Online!

From the FAFSA confirmation page, link to the TAP-on-the-Web (look for NY Residents)

Establish your TAP PIN. You may choose to use the same number as your federal PIN

Missed the link or need to revise TAP info?

Go to www.hesc.com to complete the TAP information.

Be aware that TAP will be processed for the first college on the FAFSA located in New York State (so you may need to correct the college)

5. Watch for SAR

SAR will be available in 7-10 days on-line at fafsa.gov EFC is printed on upper right corner Make sure all the information is correct Use your PIN and make changes using

Corrections on the Web at www.fafsa.ed.gov

Remember Steps 6 & 7

Keep documents in a file You may be selected for verification

Watch your mail and email Schools will contact you. Make sure to respond

in a timely manner.

How and When to Apply

FILE EARLY!Right after January 1, 2011

Check “will file taxes” Estimate financial information accurately Questions? - 1-800-4FEDAID

(1-800-433-3243) or www.fafsa.ed.gov

FAFSA4caster

Instead of waiting, you and your parents can use the FAFSA4caster NOW to receive an early estimate of your eligibility for federal student aid.

www.fafsa4caster.ed.gov

FAFSA4caster

Provides general information about federal student aid Estimates federal student aid eligibility Creates familiarity with the FA application process Helps you understand the types and amounts of federal aid

you may be eligible for Submits a request for a Federal Student Aid PIN Sends reminders to submit the official FAFSA Reduces the time required to submit the FAFSA

How is Financial Need 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

Sources and Types of Financial Aid

Federal New York State Private Lenders

Gift Aid-- Scholarships-- Grants

Self-help aid-- Employment opportunities

Loans

Sources and Types of Financial AidScholarships

Private scholarship search At your college of interest Free Internet scholarship searches

www.fastweb.com www.students.gov

Local library resources Local businesses and civic organizations (including

professional associations) related to student's field of interest

Parent’s employer/union

Sources and Types of Financial AidMajor Grant Programs

PELL GrantMust have EFC

between $0- $5,273Maximum annual

proposed award for 2011-12 is $5,710

NYS TAP GrantBased on NYS net

taxable income

TIP:Student can get up to an additional $5,550 in Year Round Pell if taking summer classes and demonstrating academic progression

Sources and Types of Financial AidFederal Work Study

Based on financial need On or off-campus employment Usually 8 to 12 hours per week

Sources and Types of Financial AidWilliam D. Ford Direct Loans

Subsidized 3.4% (2011-2012) 6.8% (2012-2013) Based on need Federal government pays

interest while student is in school

$3,500 for Freshman

Unsubsidized 6.8 % fixed interest Not based on need Student is responsible for

interest while in school Max loan: cost of education

minus financial aid $5,500 for Freshman

Source and Types of Financial AidPerkins Loan

Need based – limited campus based funding Early FAFSA application is critical Low interest rate (5%) Student pays no interest while in school Max $5,500 per year May be forgiven

Parent Loans for Undergraduate Students (PLUS) 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 7.9%Time Payment Plans May vary…typically, families spread the

direct costs over the semester or year.

Sources and Types of Financial Aid

SUNY State-Operated Campuses2011-12 TEACH Grant

Up to $4,000 per year For students who intend to teach:

- a high-need field - that serves students of low-income

Four year service contract after graduation that must be completed within eight years

More information: www.studentaid.ed.gov Participating campuses 11-12:

Binghamton, Brockport, Buffalo State, Cortland, Empire State Fredonia, Geneseo, Old Westbury, Oneonta, Oswego,

Plattsburgh, Potsdam, Stony Brook

Reviewing Award LettersComparing Financial Aid Award PackagesSUNY COA $20,050SUNY SFA Package - 5,400*Net cost to family $14,650

Non-SUNY COA $41,896Non-SUNY SFA Package - 14,400*Net cost to family $27,496

Focus on Net Cost vs. SFA PackageFocus on Type of Aid & Total Amount* Student loans are not included

Source: College Board: Trends in College Pricing 2009

Reviewing Award Letters

Questions you should ask: What is the source of aid? What is the out-of-pocket expense? Will the scholarship be renewed? Is there a GPA requirement? What happens if the requirement is not met?

SUNY Statewide Financial Aid Day 2011January 22, 2011 and February 19th, 2011 Ask questions about the financial aid

application, types of aid and the award process Some campuses will offer Web access to

complete FAFSA online Watch for information at

www.suny.edu/student in early December

Questions?