OpInform 2015 Back to Basics: Foundations of Financial Aid.

OpInform 2015

Back to Basics: Foundations of Financial Aid

The Basics The Makings of a Financial Aid Package How Financial Need is Determined

Best Practices Discussing Financial Aid Reviewing Award Letters

Change to FAFSA Process SUNY SmartTrack SUNY Financial Aid Days

Topics

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What Makes up a Financial Aid Package?

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Grant Programs PELL Grant

Must have an EFC between $0-$5,199 Max. Award $5,775

NYS TAP Grant Based on NYS net taxable income Max. Award $5,165


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Scholarship Programs Private scholarship search At your college of interest Free internet scholarship searches

www.fastweb.com www.studentaid.gov

Local library resources Local businesses and civic organizations (including

professional associations) related to student's field of interest

Student’s employer Parents’ employers/unions


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Federal Work Study Based on financial need Traditionally on-campus employment Usually 12 to 15 hours per week


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William D. Ford Direct Loans

Subsidized 4.29% Capped at 8.25% Based on need Federal government pays

interest while student is in school

$3,500 for freshmen

Unsubsidized 4.29% Capped at 8.25% Not based on need

Maximum Direct Loans for freshmen: $5,500


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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 6.84% Capped at 10.5%

Time Payment Plans May vary…typically, families spread the direct costs

over the semester or year.


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Additional Resources


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SUNY State-Operated Campuses 2015-2016 TEACH Grant

Up to $3,728 per year For students who intend to teach:

A high-need field Students of low-income

Four-year service contract More information: www.studentaid.ed.gov


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STEM Incentive Program Tuition scholarship at SUNY or CUNY Eligibility

Need to graduate in top 10% of high school class Need to study in STEM Field Need to maintain a 2.5 average

Five-year service contract to work in NY state in a STEM field

More information: www.hesc.ny.gov or Scholarship Unit at 1-888-697-4372


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NY-AIMS Award of $500 Eligibility

NY State high school graduate Achieved academic excellence

‒ Top 15%‒ 3.3 GPA or above‒ Honor Regents diploma or a score of 3 or higher on two

advanced placement exams Based on unmet need

Applications and more information available in May More information: www.hesc.ny.gov or Scholarship Unit at 1-888-

697-4372

The New York State Masters-in-Education Teacher Incentive Scholarship Program

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Awarded to 500 top undergraduate students Full graduate tuition to pursue Masters in Education at a SUNY or CUNY Available for the 2016-17 academic year

Eligibility Student must be enrolled full-time in a master's degree in

education program Agree to teach in a NYS public elementary or secondary school

for 5 years following degree completion

New York State ‘Get on Your Feet’ Loan Forgiveness Program

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Eligibility Reside in NYS for 12 continuous months Be a U.S. citizen or eligible non-citizen Graduated or received a NYS HS equivalency diploma Earned an undergraduate degree from a college or university

located in NYS in or after 2014-15 Have a AGI of less than $50,000 Enrolled in the federal IBR plan or Pay as You Earn plan If employed, primary work location in NYS

New York State ‘Get on Your Feet’ Loan Forgiveness Program

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Eligibility Current on all federal or NYS student loans Current on the repayment of any NYS award Be in compliance with the terms of any service condition

imposed by a NYS award Earned no higher than a bachelor’s degree at the time of

application Apply within 2 years of receiving an undergraduate degree


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Cost of Attendance

How is Financial Aid Determined?

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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

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Best Practices

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Best PracticesDiscussing Financial Aid

at Family Meetings

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Best PracticesReviewing Award Letters

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Change to FAFSA Process


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2017-18 FAFSA will be available in October

(vs January) Students will be asked to report income from

prior-prior year (vs prior year)


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Students will no longer need to estimate income

FAFSA can be submitted earlier Financial aid packages can be prepared earlier Families will have more time to prepare for

meeting college costs

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SUNY Smart Track

SUNY Smart Track

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SUNY standard award letter System-wide financial literary Student engagement/communication Delinquency/default resolution www.suny.edu/smarttrack

SUNY Smart Track

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SUNY Smart Track Award Letters

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Breaking Down a SUNY Smart TrackAward Letter

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College Overview Section: Graduation rate Loan default rate


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College Overview Section: Median borrowing Repaying loan information School contact information

Ask questions about the financial aid application, types of aid and the award process

Some campuses will offer web access to complete the FAFSA online

Students may register at www.suny.edu/studentevents in early December

2016 SUNY Financial Aid Days

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QUESTIONS?

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OpInform 2015 Back to Basics: Foundations of Financial Aid.

Documents

foundations of financial

financial needtraditionally

scholarship unit

maymore information

information available

high school classneed

suny stateoperated campuses

new york state masters