Financial Aid Presentation

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Financial Aid Presentation

• For New Students
• 2009-2010

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• The cost of your education..
• Tuition - 4,970
• Fees - 1,404
• Room - 6,890
• Board - 3,980
• 4 years of tuition, fees, room and board
  17,244 x 4 68,976
• Plus books (400 x 8 semesters3,200), personal
  and transportation
• (Commuter Bill - 6,374)

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• Apply for financial aid
• File a FAFSA (Free Application for Federal
  Student Aid)
• File electronically
• Be sure to apply on time MARCH 1st
• (late applications may not receive enough aid
  to pay
• the college bill)

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• Information needed to complete the FAFSA
• Parents taxable and untaxed income
• Students taxable and untaxed income
• Family assets
• Household size
• Number in college

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• Monitor your MyOswego account
• Updated awards
• Missing information
• Payments owed
• Refunds

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• FAFSA is processed and the EFC (expected family
  contribution) is determined. This is the amount
  the Federal Government expects that you and your
  family should be able to afford to pay toward
  your college expenses.
• The EFC is used to determine your eligibility for
  financial aid.

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• Sample budget/aid
• Applying by March 1 Applying after March 1
• 18,971 budget 18,971
• 0 EFC 0
• 5,350 Pell 5,350
• 4, 995 TAP 4,995
• 1,000 EOP Housing 1,000
• 800 EOP Books 800
• 150 EOP Stipend 150
• 500 SEOG
• 1,200 FWS
• 1,400 Perkins Loan
• 3,500 Subsidized Stafford 3,500
• 0 Unsubsidized Stafford 2,000
• 76 Unmet need 1,176

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• Gift Aid - maximum awarded
• Pell - 5,350
• TAP - 4,995 (must meet academic standards)
• ACG1 - 750 (must meet academic standards)
• ACG2- 1,300 (must have 3.0 gpa after first 2
  semesters)
• FSEOG - 500
• Smart Grant - 4,000 (must maintain 3.0 gpa)
• Teach Grant -4,000 (must maintain 3.25 gpa)
• Private Scholarships

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Campus Job Opportunites

• Federal Work Study
• Auxiliary Services
• Other Campus Employment
• Go to www.OSWEGO.edu/financial select Employment

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• Loan
• Perkins Loan
• Subsidized Stafford
• Unsubsidized Stafford
• PLUS (Parent Loan for Undergraduate Students)
• Alternative Loans
• Direct to Consumer Loans

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• Perkins Loan - 1,400
• 5 interest, 9 month grace period
• Subsidized Stafford - 3,500 fr 4,500 soph
  5,500 jr 5,500 sr
• 5.6 interest, 6 month grace period
• Unsubsidized Stafford - 2,000 each year
• 6.8 interest, 6 month grace period
• PLUS loan parents are borrowing
• 8.5 interest, can be deferred
• Alternative Loans student can be borrower,
  needs a co-signer
• variable interest rate that changes quarterly,
  no cap on interest,
• 6 month grace period
• Direct to Consumer Loans - not certified by
  school

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• Monthly payment
• for
• 27,000 Stafford Loan
• 310/month for 10 years

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• To support repayment of a 27,000 debt, how much
  should you earn?
• 46,700/year

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• Be conservative of the amounts you are borrowing!
  
• Evaluate your needs and wants!
• What you can do to cut down borrowing
• RA, good grades to maintain scholarships,
• part-time work, complete your degree in
• 4 years, pursue as much grant money as possible

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Dropping Courses/Withdrawing

• Dropping Classes
• Dropping a class could mean your financial aid
  changes or you could owe money always check
  with Financial Aid
• Withdrawing
• Withdrawing from school is when you cancel all of
  your classes always check with Financial Aid to
  find out the financial aspect of your decision or
  if you have other choices

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Overseas Opportunities

• Many overseas programs are offered, from a
  quarter course, to 6 weeks in the summer or a
  full semester.
• Make an appointment with Financial Aid to see if
  you can afford the program bring with you the
  cost sheet, acceptance letter

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• The Credit Card Debt Picture
• Among college students, 76 have credit cards
  and 43 have four cards or more.
• The average credit card balance among college
  students is 2,169.

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• Credit card repayment
• You charge 2,500 on your credit card at 19.9
  interest.
• Scenario 1 You pay 50 per month
• Scenario 2 You pay 100 per month
• How long will it take to pay off?
• 50/month 9 yrs 1 mo 100/month 2 yrs 9 mo

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• Importance of Good Credit
• Banks, credit card companies, landlords and
  potential employees check credit scores. You can
  request a free copy of your credit score at
  www.annualcreditreports.com
• Credit scores can range from 300 (worst) to 850
  (best).

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• Example of a loan based on your credit score
• 25,000 car loan borrowed and repaid over 5 years
• 7 interest 495 per month total repayment
  29,700
• 12 interest 556 per month total repayment
  33,360

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• Remember the choices you make now will
  determine your life tomorrow.
• Make today count!