How much does college cost?

1
(No Transcript)
2
TOPIC

• How much does college cost?
• Whats new in financial aid
• How is financial need determined?
• Sources and types of financial aid
• Reviewing award letters

3
Net-Price Calculator

• By October 2011, all colleges must post net-price
  calculators on their Web sites
• The aim of these calculators is to pinpoint the
  net price that a family will pay after receiving
  any scholarships or need-based grants

4
How Much Does College Cost?

• Cost of Attendance (COA) Includes
• direct costs
• Indirect cost
• Colleges combine direct costs and indirect costs
  to make the cost of attendance (student budget).

5
How Much Does College Cost?

• Cost of Attendance (COA) Includes
• Tuition and fees
• Room and board
• Books and supplies
• Transportation
• Miscellaneous personal expenses

6
How Much Does College Cost?
4 Year PRIVATE On-Campus Student ex. Tuition and
fees 29,010 Room and board
10,944 Books and supplies
1,172 Transportation 737 Personal
expenses 1,353 Total Budget 43,216
Source College Board Trends in College Pricing
2010 Middle States Averages.
7
How Much Does SUNY Cost Baccalaureate Degree
Program 2011-12?
NY State Resident Living On-Campus Tuition and
fees 6,600 Room and board
10,820 Books and supplies
1,260 Transportation 1,010 Personal
expenses 1,430 Total Budget 21,120
Source SUNY Office of Student Financial Aid,
System Administration
8
How Much Does SUNY Cost Associate Degree Program
Cost at 2011-12?

• In District Commuting at Community College
• Tuition and fees 4,190
• Room and board 3,400
• Books and supplies 1,270
• Transportation 1,670
• Personal expenses 1,180
• Total Budget 11,710

Source SUNY Office of Student Financial Aid,
System Administration
9
How Much Does SUNY Cost?
The Bill Typical First Semester Direct Charges
New York State resident baccalaureate degree
student living on campus for 2011-12 Tuition
2,635 (5,270) Fees 665 Room
Board 5,410 Total Direct Charges 8,710
10
How is Financial Need Determined?

• Estimated Family Contribution (EFC) is determined
  from
• Parents income and assets
• Primary home value excluded
• Students income and assets
• Size of family
• Age of parents
• Number of children in college
• COA minus EFC Need

11
FAFSA Information

• Student Dependency Status
• Parent Information
• Independent Student Information
• Colleges Receive Information
• NEW
• 2011-12 IRS Date Retrieval for FAFSA

12
(No Transcript)
13
(No Transcript)
14
(No Transcript)
15
Federal Updates

• Data Element Revisions
• Students will be asked to provide the name of
  their high school
• Students will be asked about their preference for
  participating in a work-study program
• Enrollment status question deleted
• TEACH Grant question deleted

16
Federal Updates to Major Aid Programs

• No More ACG or Smart Grant
• All Student loans are William D. Ford Direct
  Student Loans ( No more Stafford)
• Parents must file FAFSA to be eligible for PLUS
• American Opportunity Credits - new tax credit
  worth up to 2,500

17
Federal Updates to Major Aid Programs

• PELL Grant
• Maximum annual award 5,550 (always pending
  legislation and appropriation)

18
Major Aid Programs William D. Ford Direct Loans

• Unsubsidized
• 6.8 fixed interest
• Not based on need
• Student is responsible for interest while in
  school
• Max loan cost of education minus financial aid
• 5,500 for Freshman

• Subsidized
• 3.4 (2011-2012)
• 6.8 (2012-2013)
• Based on need
• Federal government pays interest while student is
  in school
• 3,500 for Freshman

19
Major Aid Programs Perkins Loan

• Need-based
• Low interest rate (5)
• Student pays no interest while in school
• Max 5,500 per year
• May be forgiven

20
Major Aid Programs 2011-12 TEACH Grant

• Up to 4,000 per year
• For students who intend to teach
• - a high-need field
• - that serves students of low-income
• Four year service contract
• More information www.studentaid.ed.gov

21
Major Aid Programs 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 7.9

22
Tools For FamiliesFAFSA4caster

• Instead of waiting, you can use the FAFSA4caster
  NOW to receive an early estimate of your
  eligibility for federal student aid.

23
FAFSA4caster

• Provides general information about federal
• student aid
• Estimates federal student aid eligibility
• Your estimate will be shown in the College Cost
• worksheet
• You can also provide estimated amounts of other
• student aid and savings

24
Major Aid Programs TAP

• Tuition Assistance Program
• Maximum award 5000
• Student must be NY state resident attending
  college in NY state
• Most students receive up to 8 semesters of TAP
• Must maintain academic progress

25
Tools For Scholarships

• Private scholarship search
• At your college of interest
• Free Internet scholarship searches
• www.fastweb.com
• www.students.gov
• Local library resources
• Local businesses and civic organizations
  (including professional associations) related to
• student's field of interest
• Parents employer/union

26
Reviewing Award Letters
Comparing Financial Aid Award Packages
SUNY COA 21,120 SUNY SFA Package -
6,100 Net cost to family
15,020 Non-SUNY COA 43,216 Non-SUNY SFA
Package - 16,000 Net cost to family 27,216 Foc
us on Net Cost vs. SFA Package Focus on Type of
Aid Total Amount Student loans are not
included
Source College Board Trends in College Pricing
2010
27
Reviewing Award Letters

• Questions you 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?

28
Discussion?