TODD MORAVEC DIRECTOR OF FINANCIAL AID SUNY PLATTSBURGH Planning and Paying for College.
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Transcript of TODD MORAVEC DIRECTOR OF FINANCIAL AID SUNY PLATTSBURGH Planning and Paying for College.
TODD MORAVEC
DIRECTOR OF FINANCIAL AIDSUNY PLATTSBURGH
WWW.PLATTSBURGH.EDU
Planning and Paying
for College
College Considerations
What type of education do I want/need (certificate, 2 year, 4 year,
master’s, doctorate)
How much does it cost
What academic programs are offered
What social/campus activities exist
Is the campus accessible, is it safe
Where is it located/how far from home
Will I receive a quality education
Will it help me achieve my career goals
Will it support my college transition needs
What type of higher education is right for you?What are your career goals?
What is your earnings expectation?What employment opportunities exists now?
later?
nymentor.comprincetonreview.com
Nycareerzone.org
CAREER CONSIDERATIONS
Financial ConsiderationsMore info at… www.studentaid.ed.gov and www.hesc.ny.gov
Grants (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
To Do List... # 1 Talk About Money
How much does college (or other higher ed.) cost?
How much can we afford? (saved ahead or during)
Is student and/or parent borrowing an option?
What other costs do we need to prepare for?
What can we do to minimize college costs?
Indirect Costs (varies student to student)- Books/Supplies $1,100- Transportation $ 600- Personal/Living $1,500
$3,200
Higher cost does NOT necessarily mean more costly…
How much does college cost?Direct Costs Clinton CC Plattsburgh St. Rose Utica
Tuition 3,820 5,570 25,722 30,890
Fees 495 1,550 900 500
Room 4,500 6,284 5,440 6,634
Board 3,750 3,900 5,430 5,300
Estimated Total of Direct Costs $12,565 $17,304 $37,492 $43,324
- Freshman- On-Campus- Dependent- EFC = 13556 (91,000 Parent AGI)
Estimated Cost for 1st Year of Attendance Estimated tuition and fees: $6,206 Estimated room and board: $10,870 Cost Paid Directly to SUNY Oswego $17,076
Estimated books and supplies: $800 Estimated personal expenses: $800 Estimated transportation: $600
Estimated total cost of attendance: $19,276 Estimated grants and scholarships: -$2,140 Estimated Net Price: $17,136 (Price of attendance - grant aid) Estimated loans: $8,146
Estimated out-of-pocket cost: $8,990 (Net price minus loans)
Complete Admissions Application
Submit 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
=
To Do List... # 2 Apply for Admission
To Do List... # 3 Apply for Federal Aid
Get your PIN at www.pin.ed.govboth the student and a parent will need PIN’s
Apply after January 1st at www.fafsa.govfind out if your colleges have a recommended application deadline
Complete your taxes as soon as possibleyou can estimate income on your fafsa, then make corrections later
Respond timely to all requests for informationrequests are often made via email or on your college’s web account
Check out
FAFSA4caster
Use your college’s website for guidance about additional applications or tasks
FAFSA Highlights
Take care to be accurateMy parent(s) on the FAFSA = the parent unit whose
roof you live under the majority of the year (may include a step-parent, may not be the parent who claims you for taxes)
Do not report the value of: the home you live in, designated retirement accounts or life insurance
Talk with your school counselor or a financial aid office if you have a special family situation
FAFSA Highlights Cont...
Check with your college(s) for a recommended application deadline
Read all questions carefully, particularly Parts 3 & 5
Use your copy of your filed Federal Tax Return as your guide through the IRS data retrieval
The FAFSAPart 1 Student DemographicsPart 2 School SelectionPart 3 Dependency StatusPart 4 Parent DemographicsPart 5 Financial InformationPart 6 Sign & SubmitPart 7 Confirmation (with link to
continue to state aid application)
Optional feature links you from the FAFSA submission confirmation page to your TAP application
Or go direct to www.tapweb.org
Visit www.hesc.ny.gov => Grants, Scholarships, Awards to learn about all state aid resources and utilize the TAP Award Estimator
Visit www.StartHereGetThere.org and www.GoCollegeNY.org for more student aid and college planning tools.
To Do List... # 4 Apply for NYS Aid
Guidance Dept
Public Library
College Websites
Online Resourcessuch as fastweb.com, collegeboard.com
Community & Gov’t SponsorsKey Club, Boy/Girl Scouts of America, Model UN, 4-H, Football Boosters,
National Honor Society, Union Affiliation, Moose Lodge, Kiwanis, American Legion, Church or Synagogue, etc.
Employers (Student & Parents)tuition reimbursement, short term loans, scholarships, etc.
To Do List... # 5 Look for “Free Money”
Grades 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 mini-term coursework and communicate with your academic advisor to graduate on time.
To Do List... # 6 Consider Your Financial Health
Students Annual Spending You
Cell & other electronics $300 - $600 ___ Laptop $400 - $800 ___ Clothing $250 - $750 ___ Food/meals $200 - $600 ___ Coffee, energy drinks, snacks $400 - $700 ___ Movies, bowling, skiing, etc. $150 - $750 ___ Gym membership, outdoor equip.$180 - $600 ___ Class materials $250 - $500 ___ Class/Project attire $100 - $300 ___ Group membership $100 - $250 ___ Frat or Sorority Dues $150 - $800 ___ Socializing $500 - $1500 ___ Networking $100 - $300 ___ Trips $300 - $1500 ___
TOTAL SPENDING (1 YR) = $3380 - $9950 ___ Common Spending Allowance = $1500 - $2500
Question: How will you pay for your spending habits?Recommendation: Live like a college student now... not later.
Budget Exercise
- Will 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
To Do List... # 7 Review Your Award Packages
COMING SOON...
SHOPPING SHEET
• Payment Plans (college specific)
• Personal Resources (savings, investments)
• Personal Loans (home equity, line of credit)
• Education Loans (federal or alternative)
College Costs- Financial Aid= What You Owe
To Do List... # 8 Consider Payment Options
Federal Parent (PLUS) Loans Interest Rate Fixed at 7.9% Repayment begins 60 days following full disbursement, OR request
deferment during in-school period Standard 10 year repayment period (no prepayment penalty)
Alternative (Private) Student Loans Primary borrower is usually the student Credit and income review weighs heavily on the co-signer Interest rate can be Prime or LIBOR Fixed and variable interest programs available
Federal Student Loans
Interest Rate Fixed at 6.8% Subsidized (no in-school interest) and Unsubsidized available Repayment after graduation
Examples only. Talk with your college about your circumstance.
Loss 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.
To Do List... # 9 Special Circumstances?
Most financial aid has a minimum academic progress expectation
SAP = Satisfactory Academic Progress 2.0 gpa or better (higher for many aid programs) 67% completion rate (fulltime for state aid) Warning/Probationary semester may be available May lose aid awards if student falls below standards Federal, state and institutional standards differ
To Do List... # 10 Be Successful !
Your success begins with YOU !
Have goalsBe confidentSeek assistancePlan aheadCommunicateExplore
opportunities