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