Operation Inform

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The State University of New York
Operation Inform
Financing a SUNY Education
www.suny.edu/student
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• Presenters Name
• Presenters Title
• Name of Their School

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Topics

• How to advise families to apply for financial aid
• General eligibility
• Special Circumstances
• Determination of need
• Sources and types of financial aid
• How much does SUNY cost?
• Helping families review award letters
• Managing Debt
• SUNY Financial Aid Day
• Questions

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Advice Families to

• Collect Documents
• Request a federal PIN
• Fill out the pre-application worksheet
• Complete FAFSA online at www.fafsa.ed.gov
• Print the confirmation page
• Use the link to apply for TAP
• Keep records

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Advise Families to

• Get a PIN number NOW! Each Student AND One
  Parent!
• Information processed within 72 hours
• Replaces need for having to mail in signatures

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Advice Families to Apply on-line using FAFSA
on-the-web File the FAFSA as soon as possible
after January 1st of each school year.
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Advise Families to

• Apply for TAP !
• From the FAFSA confirmation page, link to the
  Tap On the Web application
• page
• Establish your TAP PIN You may choose to use
  the same number as your
• federal PIN

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Advise Families to
a College Education at SUNY

• FILE EARLY!
• Check will file taxes
• Estimate financial information
• Questions? - 1-800-4FEDAID (433-3243) or
  www.fafsa.ed.gov

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Advise Families That

• A student is independent only if they are
• At least 24 years old on December 31st of the
  award
• year covered by the FAFSA
• A graduate or professional student
• Married
• Have legal dependent other than spouse
• An orphan or ward of the court
• A veteran of the U.S. Armed Forces
• Determined to be independent by the financial
• aid administrator (Professional Judgement)

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Advise Families to
OPERATION INFORM Financing a College Education
at SUNY
Avoid Common FAFSA Filing Errors

• Missing Signatures
• Reporting Income of parent no longer in
  household
• Tax paid same figures as AGI
• Reporting taxes withheld instead of taxes
  paid
• Missing income and asset information
• Missing W-2 tax deferred pensions and savings
  plans on worksheet B
• Zeroes for Worksheet A,B,C information
• Non custodial parent listed as family income
  listed as family
• income (e.g. grandparent)
• Wrong SSN

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Beware of www.fafsa.com
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General Eligibility Requirements for Student
Financial Aid

• Matriculated
• U.S. citizen or eligible non-citizen
• Selective service
• Social Security number
• Drug-related conviction
• Students can be full or part-time

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Special Circumstances

• Divorce, separation, death
• Job loss
• High medical expenses
• Elementary and secondary tuition costs
• Independence

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Special Circumstances

• Professional Judgment
• Documented
• Case-by-case basis
• Examples

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How Need is Determined?

• EFC is determined by
• Parents income and assets
• Students income and assets
• Size of family
• Number of children in college
• Annual Cost minus EFC Need

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Sources and Types of Aid

• Gift Aid
• Scholarships
• Grants
• Self help aid
• - Employment opportunities
• - Loans

• Federal
• New York State
• SUNY
• Private
• Families
• Lenders

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Sources and Types of AidMajor Grant Programs

• PELL Grant
• Must have EFC between 0-3,850
• Maximum award is 4,050 for year
• Minimum award is 400

• NYS TAP Grant
• Based on NYS net taxable income
• Maximum award is 4,350 for dependent student and
  3,025 for independent student

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Stafford Loans Federal Family Education Loans
and Direct Loans

• Subsidized
• Low-interest
• Based on need
• Federal government pays interest while student is
  in school
• 2625 per year

• Unsubsidized
• Low-interest
• Not based on need
• Student is responsible for interest while in
  school
• Cost of education minus aid
• Current interest rate is 4.70

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Sources and Types of AidParent Loans for
Undergraduate Students

• For parents of dependent students
• Borrow up to entire cost of college less
  financial aid awarded
• No adverse credit
• Current interest rate is 6.10

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Sources and Types of AidPrivate Loans

• A private loan in the students name, not based
  on financial need.
• Loan is based on students credit. Most will
  need a co-borrower.
• The student can borrow up to the cost of
  attendance minus all other aid.
• The interest rate and terms of the loan vary from
  lender to lender.
• Must be coordinated through the Financial Aid
  office.

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Sources and Types of Aid All families are
generally eligible to participate in the
following programs

• Stafford Student Loans
• Parent Loans Parents may borrow up to the cost
  of education minus all other financial aid
  received.
• Time Payment Plan Families may spread the
  semester direct costs over five months.
• Free Scholarship Search on the Internet
  www.fastweb.com

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Sources and Types of Aid

• Private Scholarship Search
• Free Internet scholarship searches
• Local library resources
• Local businesses and civic organizations
• Parents places of employment
• Internet search engines

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Sources of Aid and Types

• Tax Benefits
• DEDUCTIONS Up to 3,000 for higher education
  expenses.
• TAX CREDITS 1,000 to 1,500 per year
• Subject to various income limits, Etc (Advise
  families to seek professional tax advise)

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How Much Does SUNY Cost?

• Cost of Attendance
• Tuition and fees
• Room and board
• Books and supplies
• Equipment specific to curriculums
• Transportation
• Miscellaneous personal expenses
• Loan fees
• Expenses related to a disability

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How Much Does SUNY Cost?

• In-State Tuition for Certain Non-NYS Residents
• Eligibility Requirements
• Attend for at least 2 years and graduate from
  an approved NYS high school, or receive a NYS
  GED and
• Enroll at SUNY within 5 years of graduation or
  GED
• Students without lawful immigration status
  must file a notarized affidavit

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How Much Does SUNY Cost?
2005-06 COMMUNITY COLLEGES
2005-06 STATE OPERATED CAMPUSES
Baccalaureate Degree
Associate Degree Associate
Degree
Programs Programs Programs
ON-CAMPUS COMMUTER ON-CAMPUS
COMMUTER COMMUTERS TUITION
4,350 4,350
4,350 4,350 2,957 STUDENT FEES
950 950 940 940
300 ROOM BOARD 8,180 2,870
7,530 2,240 2,360 BOOKS SUPPLIES
1,060 1,060 1,000
1,000 940 PERSONAL 1,130
1,530 1,120 1,160 930
TRANSPORTATION 640
1,250 620 1,180 1,060
TOTAL 16,490 12,010
15,560 10,870 8,547
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How Much Does SUNY Cost ?
The Bill Typical First Semester Direct Charges
A New York State resident baccalaureate degree
student living on campus--- Tuition 2,175 F
ees 475 Room Board 4,090 Total
Direct Charges 6,740
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2005-2006 Financial Aid Eligibility Letter
Helping Families Review Award Letters
How Student Eligibility was Calculated




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2005-2006 Financial Aid Eligibility Letter
(Continued)
Helping Families Review Award Letters

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Helping Families Review Award LettersComparing
Financial Aid Award Packages

• SUNY COA 16,500
• SUNY SFA Package - 7,000
• Net cost to family 9,550
• Non-SUNY COA 35,000
• Non-SUNY SFA Package - 20,000
• Net cost to family 15,000
• Advice families to focus on Net Cost vs. SFA
  Package
• Advice families to focus on Type of Aid Total
  Amount

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Helping families Review Award letters

• Questions parents and students should ask
• What is the source of aid?
• What is the out of pocket expense?
• Will the scholarship be renewed?
• Is there a GPA requirement?
• What happens if the requirement is not met?

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Debt Management

• Advise students
• To create their own budget www.edwise.org
• Track expenses
• Spending should be less than income
• Financial aid is for educational expenses
• Differentiate wants and needs
• Dont borrow more than needed
• Beware of credit card debt

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SUNY Statewide Financial Aid DayFebruary 4,2007

• Free service for students and parents
• To ask questions about the financial aid
  application, types of aid available and the award
  process
• Some campuses will offer web access to complete
  FAFSA online
• Information available at www.suny.edu starting
  early December

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?
Questions