OPTIONS College Access Professional Development Institute – Goddard Riverside Community Center...

OPTIONS College Access Professional Development Institute – Goddard Riverside Community Center

Applying For Financial AidNew Settlement Apartments

College Access Center


Total Cost of Attendance

• Direct Costs (Billed Costs)– Tuition– Mandatory Fees– Health Service Fees– Room– Board

• Indirect Costs (Unbilled Costs)– Travel– Books– Supplies– Personal Expenses


CUNY – HunterTotal Cost of Attendance

• Tuition $4,600• Fees $ 200• Books & Supplies $1,146• Transportation $ 918 • Housing $1,740• Food (lunch) $1,020 • Personal Expenses $1744

Total $ 11,368


SUNY BinghamtonTotal Cost of Attendance

• Tuition $4,970• Mandatory Fees $1, 845• Books/Supplies $1,000• Personal/Travel $1,000• Room & Board (average) $11,245

Total $20, 060


Syracuse UniversityTOTAL COST OF ATTENDANCE for 2010-11

2009-2010 Billable Costs

Tuition $34,970

Room/Board $12,850

Fees $1,332

2009-10 Billable Costs: $49,152

Other Expenses (average costs)

Books and supplies $1,308

Travel $600

Personal Expenses $900

Total: $2,808

Total billed and unbilled costs $51,960


“Sticker Price” vs. Individual Student Cost

• What a student actually pays per year depends on how much financial aid he/she is awarded;

• Most financial aid is awarded based on the student’s “need; ”

• The “Need” is determined by student’s Expected Family Contribution (EFC)


What is the Expected Family Contribution (EFC)?

Federal calculation of how much a family is able to contribute

towards the student’s education in particular academic year

www.FAFSA4caster.gov


Expected Family Contribution (EFC)Examples

• An EFC of $1,000 means that the family is expected to contribute $1,000 toward the student’s education for that academic year.

• To be eligible for a Pell Grant the EFC Range is $0 -$4,041

• www.fafsa4caster.ed.gov


Calculating “Need”

Cost of Attendance- Expected Family Contribution

Documented Need


How “Need” works

• Joe the Student has an EFC of $900• What is his financial need at each college he

applied to?CUNY Brooklyn SUNY Oneonta St . John’s University

COA = 10,000 COA = 17,000 COA = 37,000

EFC = 900 EFC = 900 EFC = 900

Need = 9,100 Need = 16,100 Need = 36,100


Defining Financial Aid

• Financial aid consists of: – Grants/Scholarships– Loans– Federal Work-Study

• Other Resources to help pay for college– Alternative loans (private)– Budget plans– Outside scholarships– Tax benefits


What does “100% financial need met” mean?

College A College B College c College D

90% grants 75% grants 25% grants 5% grants

9.5% loans 25% loans 75% loans 85% loans

.5 % WS 10% WS

Four hypothetical answers for one student


How will the college meetmy NEED?

• Will identify fin aid (grants, loans, work-study) from many sources on your behalf.

• May or may not cover all your need• May cover your need with a lot in loans• Best case scenario: your need is covered

with mostly scholarship/grants


What happens after colleges determine “need”

Colleges attempt to meet need through variety of financial aid resources:– Federal grants– State grants – Institutional grants– Federal loans– Federal work-study– other


Sources of Aid

Federal Grants

26%

State Grants6%

Institutional Aid17%

Scholarships4%

Loans42%

Federal Tax Credits

4%

Work Study1%


Sources of Aid• Maximum Pell Grant - $5550

• Maximum TAP Grant (State) - $4925

• Institutional Aid - ????

• Scholarships - ????

• Loans - ?????


How is specific aid determined for you?

1. Fin aid office at each college starts with COA2. Subtract s EFC to find NEED3. Fin Aid office attempts to “meet your need” by

plugging in all government and institutional sources you are eligible for.

4. Sources likely include mix of GRANTS, LOANS, WORK-STUDY.

5. You find own private scholarships and alert college.6. Net price calculator


COA – (financial aid + EFC) = Gap

What happens if a college does not meet a student’s need?

This is called a “gap”


Defining student financial responsibility

It’s important for students to understand their complete responsibility, not just loans or gap.

EFC + loans + WS + gap = student responsibility


Where does aid 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)

Institution (college itself) GrantsLoans (less often)


How do I apply for Financial Aid?

1. FAFSA: Free Application for Federal Student Aid www.fafsa.ed.gov(Most important form, base of all aid decisions)

2. TAP Application: NYS Tuition Assistance Grant(for NYS residents attending college in NYS)website:www.Hesc.org(Continued)


Fin Aid Applicationscontinued

3. PROFILE: form administered by College Board, used by colleges to award institutional aid

Website: www.profileonline.collegeboard.com

4. Other forms: some colleges may have other shorter forms to complete

5. Verification: providing copies of financial forms directly to colleges


Helping students evaluate packages

• Complete analysis of each college• Compare relative burdens of each• Project total loan amount• Project monthly loan payments


TAP & CSS PROFILEApplications


HESC Loan Calculator

http://www.hesc.com/content.nsf/SFC/5/Financial_Aid_Calculators


Timeline

• FAFSA and TAP: in JANUARY (ideally)• BEFORE Priority deadline at each

college• PROFILE: fall semester or January• Use estimates if 2008 taxes not done

in January


Other pointers about Financial Aid

• You reapply for aid each year• Government aid based only custodial

household• College aid based on both parents• Some students will have to verify information

with documents (1040, etc.)• Some aid dependent on academic

performance


Families working togetherSome thoughts from counselors

• Recognize college process is stressful for everyone

• Focus on good-fit for the student• Help each other stay organized• Parents must be involved with financial aid

process, but it helps to involve students


College Access Center

• 1563 Walton Avenue, Bronx, NY 10452• 718-294-3870• [email protected]

OPTIONS College Access Professional Development Institute – Goddard Riverside Community Center...

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