Options Center at Goddard Riverside Community Center Paying for College Applying for Financial Aid...

Options Center at Goddard Riverside Community Center

Paying for College Applying for Financial Aid

OptionsGoddard Riverside Community Center


Agenda

Overview of College Cost and Financial Aid

Financial Aid Applications and Process

Financial Aid Award Letters at a Glance

Questions & Answers


Overview of College Cost and Financial Aid


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)


CUNY BaruchTotal Cost of Attendance for 2011-2012

Living with a Parent• Tuition $5,130• Fees $ 370• Books & Supplies $1,779• Transportation $ 986• Housing $1,655• Food (Lunch) $1,105• Personal Expenses $1,733

Total COA $12,758


SUNY BinghamtonTotal Cost of Attendance for 2011-2012

• Tuition $ 5,270• Mandatory Fees $ 1,330• Room & Board* (average) $10,820• Books/Supplies $ 1,260• Personal $ 1,430• Travel $ 1,010

Total COA $21,120


Syracuse UniversityTotal Cost of Attendance for 2011-2012

Tuition $36,300

Fees $1,672

Room and Board $13,254

Books and Supplies $1,322

Personal Expenses $941

Travel Costs $606

Total COA $53,790


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



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.



NEEDColleges determine how much financial aid a student NEEDS by subtracting the family’s Expected Family Contribution from the Cost of Attendance.

COA-EFC = Need


How Financial Aid WorksIf Joe the Student has an EFC of $1,000 what is his financial need at each college?

CUNY Baruch SUNY Binghamton Syracuse University

COA = 12,758 COA = 21,120 COA = 53,790

EFC = 1,000 EFC = 1,000 EFC = 1,000

Need = 11,758 Need = 20,120 Need = 52,790



Need is filled by Financial Aid, which consists of:

$ Grants /Scholarships$ Loans$ Federal Work-Study


How Financial Aid Works: Where Does the Money Come From?

Sources of Aid Types of Aid

Federal Government Grants/scholarshipsLoansWork Study

New York State Government (if NYS resident at a college in NYS)

TAP GrantScholarships (special eligibilities)Loans

Institution (college itself) GrantsLoans (less often)


Financial Applications and Process


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


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!


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


FAFSAFree Application for Federal Student Aid

www.fafsa.ed.govNOT fafsa.com


FAFSA

• Form to be considered for all federal aid

• Baseline form for all other aid, even outside scholarships

• Online form is recommended


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


FAFSA, continuedStudent 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


FAFSA, continued School Selection

• Online version —space for 10 collegesif 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


FAFSA , continuedParents’ 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


FAFSA, continuedParent 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


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


FAFSA , continuedStudent’s Financial Information

• If not applicable, put zeros or leave blank (depending on instructions)

• OK to not file taxes if not required to file


FAFSA , continued Who’s in your household?

• Only for INDEPENDENT students


FAFSA, continuedSignatures

• 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 PINS2. Student uses PIN, Parent prints and signs3. Both Student and Parent print and sign


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


TAP Applicationwww.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


CSS PROFILEwww.profileonline.collegeboard.comMajor Distinctions from FAFSA/TAP

• 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


CSS PROFILE, continuedSome Tips

• Do not overestimate future earnings

• Do not overestimate how much you can pay toward child’s college costs next year


Financial Aid Award Lettersat a Glance


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


Getting the Best Package

• Apply to colleges with a range of prices

• Apply by colleges’ PRIORITY DEADLINE

• Complete all steps in aid application process


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.


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


Pointers About Financial Aid

Record Keeping

KEEP COPIES OF EVERYTHING!


Questions?

Options Center at Goddard Riverside Community Center Paying for College Applying for Financial Aid...

Documents

Transcript of Options Center at Goddard Riverside Community Center Paying for College Applying for Financial Aid...