Planning and Paying for College

Kerry LuboldAssistant Director of Financial AidSUNY Plattsburghwww.plattsburgh.edu

Planning and Paying for College1Next Step College. Are You Ready?How much does it costWhat academic programs are offeredWhat social/campus activities existIs the campus accessible, is it safeWhere is it located/how far from homeWill I receive a quality educationWill it help me achieve my career goalsWill it support my college transition needs2What type of higher education is right for you?What are your career goals?What is your earnings expectation?What employment opportunities exists now? later? Nycareerzone.orgnymentor.comprincetonreview.comComplete Admissions ApplicationSubmit all requested info/materials in a timely mannerKnow how to receive college communicationsKeep the people important to you in the loopHave you shown a spotlight on the attributes/characteristics that make you great?Happy Admissions Application=

Ways to Pay

Get more info www.studentaid.ed.gov and www.hesc.orgGrants (i.e. Pell, TAP, SEOG, EOP) - free, eligibility criteria, usually a need component

Scholarships (i.e. Presidential, Freshman Merit, Kiwanis)- free, eligibility criteria, usually an academic component

Loans (i.e. FELP, Direct, PLUS, Perkins, Alternative)- debt, interest, borrowing limits, repayment options

Employment Opportunities (i.e. work-study) - funding contingent on work or service

Third Party Resources- VESID, Employer, Union, Community Group

Self-Help and Out-of-Pocket - personal resources and cost-saving measures 5Federal GrantsPell Grant

Financially needy applicants with EFC below 5274$555 - $5550 annually

What is an EFC? Estimated Family Contribution

What does it do besides determine if I qualify for Pell? Your Colleges Cost of Attendance (COA) Budget$29,000- Your EFC (Estimated Family Contribution)-11,000= Your Financial Need$18,000

Financial need can be met* with aid like grants, scholarships, no in-school interest loans and work-study. *There is no guarantee your financial need will be met.

EXAMPLETEACH Grant Learn more at studentaid.ed.govFor students who intend to teach in a high-need field in a public or private elementary or secondary school serving students from low-income families.

Up to $2000 per semester for those who meet the education and academic criteria

Service Obligation must be fulfilled, otherwise any grants received convert to an unsubsidized student loan

Some Eligible Schools in 2010-2011:

Crown PointAusable ValleyBloomingdale ElementaryElizabethtown-LewisBeekmantownChateaugayKeeneNortheastern ClintonFranklin AcademyMinervaNorthern AdirondackSalmon RiverMoriahPeru Middle SchoolSt. Regis FallsSchroon LakeSaranac Elementary SchoolTupper LakeTiconderogaStafford Middle SchoolWestportWillsboroPossible eligible subject matters:Bilingual EducationESOLCareer & Tech. Ed (except Ag & Bus/Mrkting)Languages Other Than EnglishChemistry (grades 7-12)Library & School Media SpecialistEarth Science (grades 5-9 or 7-12)Special Education (grades 5-9 and 7-12)Physics (grades 7-12)Special Education-Bilingual

New York State AidTAP Grant Annual application (online or paper)NYS Net Taxable Income < $80,000$500 - $5000 for NYS college tuition

www.hesc.orgScholarships for Academic ExcellenceNYS Regents Awards for Children of Deceased and Disabled VeteransNYS Educational Opportunity Program (EOP, HEOP, SEEK)Military Service Recognition ScholarshipsNYS Math & Science Teaching Incentive ScholarshipNYS Memorial Scholarships (children of deceased firefighters, police, EMS)NYS Aid to Native AmericansVeterans Tuition Awards

Where to look for free money

School Counselor

Public Library

College Websites

Online Resourcessuch as fastweb.com, collegeboard.com Community & Govt SponsorsMoose Lodge, 4-H, Youth Hockey League, VESID, etc.Employers (Student & Parents)tuition reimbursement, short term loans, scholarships, etc.

9Self-Help what you can do to afford collegeGrades count -- Challenge yourself to perform your very best in high school.

Save, Save, Save -- Earnings you tuck away for college will help keep your debt down.

Want vs. Need -- Evaluate how the choices you make can increase or decrease the cost of college.

4 year goal -- Maintain fulltime status, consider miniterm coursework and communicate with your academic advisor to graduate on time.

Before January 1st Submit all required college admissions materials, complete all necessary tests (SAT and/or ACT), and are on track for high school graduation.

Discuss college costs as a family and review your colleges Net Price Calculator

Apply for your Federal PIN at www.pin.ed.govThe student and ONE parent must have PINs

Try out the FAFSA 4 Casterwww.fafsa4caster.ed.gov

After January 1stto doComplete your 12-13 FAFSA online at www.fafsa.gov, paying attention to your colleges recommended deadline

Complete your NYS TAP application online (via link from FAFSA confirmation or at www.tapweb.org)

Complete your colleges supplemental applications and respond to all requests for information/documentation

File your federal and state income tax returns as soon as possible

FAFSA.GOV You will need to know SSNs, income, assets and other household info Parent on the FAFSA --- the household the student resides in for 51% of the year or more (not necessarily the parent who claims the student on taxes) Income can be estimated --- use W-2s, EOY pay stubs or last years tax return Do not report --- value of your home, value of your retirement accounts List all the colleges to whom you have applied for admissions Submit your completed FAFSA by your colleges recommended deadline

The highlightsLook for free money from all available resources

Discuss what you can afford & cost-saving measures

Submit all applications & required documentation timely

Ask for help along the way, thats what we are here forDirect CostsClinton CCPlattsburghPaul SmithsSt. LawrenceTuition3,6005,27019,97040,905Fees4901,5103,890240Room4,2006,1005,0005,715Board3,4503,6504,3904,900Estimated Total of Direct Costs$11,740$16,530$33,250$51,760Indirect Costs (varies student to student)Books/Supplies$1,000Transportation$ 600Personal/Living$1,150$2,750Higher cost does NOT necessarily mean more costlySounds like a lot of work. Why should I do it?Financial Aid Award LetterWill list the financial aid you may qualify for should you decide to attend that college/university

Will provide instructions for you to follow if any action is required to accept, decline, or finalize the awards

Paying for college when financial aid is not enoughPayment Plans (college specific)

Personal Resources (savings, investments)

Personal Loans (home equity, line of credit)

Education Loans (federal or alternative)

Federal Student LoansFixed Interest Rate6.8 %Federal Direct Subsidized and Unsubsidized Student LoansSubsidized =no interest charged while in school, only during repaymentUnsubsidized = interest will be charged through the entire life of the loan

Max Eligibility Freshman$5,500Junior$7,500Sophomore$6,500Senior$7,500

Repayment- beginning 6 months following graduation or cessation of at least halftime enrollment- 10 years or longer repayment schedules (no prepayment penalties)- deferment, cancellation and consolidation options available- visit www.studentaid.ed.gov for repayment plan options and calculators

Federal Parent (PLUS) LoansInterest Rate Fixed at 7.9%Repayment begins 60 days following full disbursement, OR request deferment during in-school periodStandard 10 year repayment period (no prepayment penalty)Alternative (Private) Student LoansPrimary borrower is usually the studentCredit and income review weighs heavily on the co-signerInterest rate can be Prime or LIBORFixed and variable interest programs available

Sample Repayment 10 YearsBorrowedInterest RateMonthly RepaymentTotal Repaid

FederalStudent$23,000 6.8% F~ $265~ $31,762Loan

FederalParent (PLUS)$23,0007.9% F~ $278~ $33,340Loan

Alternative Student$23,0007.5 12.9% V*~ $307~ $36,780Loan* A few lenders offer fixed rate alternative loans, with and without fees. Visit lender websites for info.

Special CircumstancesExamples only. Its your colleges professionaljudgment to consider circumstances and howLoss of income - retirement, unemployment, job change, etc.

Loss of Benefits social security, unemployment compensation, child support, disability pension, etc.

Change in Marital Status widowed, divorced or separated since filing the FAFSA.

Extraordinary Expense unreimbursed out-of-pocket medical, catastrophic event, etc.Academic Achievement MattersMost financial aid has a minimum academic progress expectation

SAP = Satisfactory Academic Progress2.0 gpa or better (higher for many aid programs)67% completion rate (fulltime for state aid)Warning/Probationary semester may be availableMay lose aid awards if student falls below standardsFederal, state and institutional standards differ

Your success begins with YOU !Have goalsBe confidentSeek assistancePlan aheadCommunicateExplore opportunities