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How much does college cost?


... $26,703 Room and board: 9,706 Books and supplies: 1054 Transportation: 807 Personal expenses: 1,194 Total Budget: $39,464 Source ... – PowerPoint PPT presentation

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Title: How much does college cost?

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  • How much does college cost?
  • How and when to apply for financial aid
  • How is financial need determined?
  • Sources and types of financial aid
  • Reviewing award letters
  • SUNY Financial Aid Day

How Much Does College Cost?
  • Cost of Attendance (COA) Includes
  • Tuition and fees
  • Room and board
  • Books and supplies
  • Transportation
  • Miscellaneous personal expenses

How Much Does College Cost?
4 Year PRIVATE On-Campus Student Tuition and
fees 26,703 Room and board 9,706 Books
and supplies 1054 Transportation
807 Personal expenses 1,194 Total Budget
Source College Board Trends in College Pricing
2008 Middle States Averages.
How Much Does Baccalaureate Degree Cost at SUNY
for 2009-10?
NY State Resident Living On-Campus Tuition and
fees 6,160 Room and board 9,260 Books
and supplies 1,110 Transportation
810 Personal expenses 1,340 Total Budget
Source SUNY Office of Student Financial Aid,
System Administration
How Much Does Associate Degree Cost at SUNY for
  • In District Commuting
  • Tuition and fees 3,290
  • Room and board 2,580
  • Books and supplies 1,160
  • Transportation 1,260
  • Personal expenses 1,000
  • Total Budget 9,610

Source SUNY Office of Student Financial Aid,
System Administration
How Much Does SUNY Cost? (2009-10)
The Bill Typical First Semester Direct Charges
A New York State resident baccalaureate degree
student living on campus--- Tuition 2,485 F
ees 595 Room Board
4,630 Total Direct Charges 7,710
How and When to Apply for Aid
  1. Collect information
  2. Request a federal PIN
  3. Complete FAFSA online
  4. Complete TAP online
  5. Watch for Student Aid Report (SAR)
  6. Keep records
  7. Contact the financial aid office

1. Collect Information
  • Students and parents SSN and DOB
  • Parents marital status
  • Tax returns for student and parents
  • W-2s for student and parents
  • Records of untaxed income for student and parents
  • stock, real estate, and business records for
    student and
  • parents
  • Students drivers license number
  • Students alien registration number (for non U.S
  • PINs for student and one parent

2. Request Federal PIN _at_
  • Get a PIN number NOW! Each Student AND One
  • Information processed within 72 hours
  • Replaces mailing signatures

3. Complete FAFSA_at_
Should I pay someone to help me find or apply
for student financial aid?
  • FREE help is available
  • Make sure you are not paying for free information
  • Know what you are getting for your money
  • Need more information
  • 1-800-4FEDAID

Beware of
4. Complete TAP Online!
  • Immediately after completing FAFSA online, from
    the FAFSA confirmation page, link to the
  • (look for NY Residents)
  • Establish your TAP PIN You may choose to use
    the same number as your federal PIN

Miss the link or need to revise TAP info?
  • Go to to complete the TAP
  • Be aware that TAP will be processed for the first
    college on the FAFSA located in New York State
    (so you may need to correct the college)

5. Watch for SAR
  • SAR will be available in 3-5 days
  • EFC is printed on upper right corner
  • Make sure all the information is correct
  • Use your PIN and make changes using
  • Corrections on the Web _at_

Remember Steps 6 7
  • Keep documents in a file
  • You may be selected for verification
  • Contact the financial aid office
  • Know the telephone number, hours and location

How and When to Apply
  • Right after January 1, 2010
  • Check will file taxes
  • Estimate financial information accurately
  • Questions? - 1-800-4FEDAID (433-3243) or

How is Financial Need Determined?
  • Estimated Family Contribution (EFC) is determined
  • 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

Sources and Types of Financial Aid
  • Federal
  • New York State
  • Private
  • Lenders
  • Gift Aid
  • - Scholarships
  • - Grants
  • Self-help aid
  • - Employment opportunities
  • - Loans

Sources and Types of Financial Aid
  • Private Scholarship Search
  • At your college of interest
  • Free Internet scholarship searches
  • Local library resources
  • Local businesses and civic organizations
    (including professional associations) related to
    student's field of interest
  • Parents or student
  • employer/union

Sources and Types of Financial Aid Major Grant
  • PELL Grant
  • Must have EFC between 0-4,617
  • Maximum annual award 5,350
  • NYS TAP Grant
  • Based on NYS net taxable income
  • Maximum annual award 4,970 at SUNY

Sources and Types of Financial Aid
  • Academic Competitiveness Grant
  • Pell recipient
  • Enrolled at least half-time first or second year
  • Rigorous high school program graduate
  • Advanced or Honors Regents designation
  • Other rigorous program criteria
  • 750 first year, 1300 second year

Sources and Types of Financial Aid
  • SMART Grant
  • National Science and Mathematics
  • Access to Retain Talent Grant
  • Pell recipient
  • For Juniors and Seniors enrolled at least
    half-time in a four year institution
  • Majoring in physical, life, or computer sciences,
    mathematics, technology, engineering or in a
    foreign language that is critical to U.S.
    national security
  • Have a minimum 3.0 G.PA.
  • 4,000 per year

Sources and Types of Financial Aid
  • Federal Work Study
  • Based on financial need
  • On or off-campus employment
  • Usually 12 to 15 hours per week

Stafford Loans Federal Family Education Loans
and Direct Loans
  • Subsidized
  • 5.6 (09-10)
  • 4.5 (10-11)
  • 3.4 (11-12)
  • 6.8 (12-13)
  • Based on need
  • Federal government pays interest while student is
    in school
  • 3,500 for Freshmen
  • Unsubsidized
  • 6.8 fixed interest
  • Not based on need
  • Student is responsible for interest while in
  • Max loan cost of education minus financial aid
  • 5,500 for Freshman

The Credit Crunch and Student Borrowing
  • Every student who qualifies for a federal student
    loan and wants one, will get one
  • You must file the FAFSA for all federal loans
  • Federal loans have lower interest rates than most
    private loans
  • Before you borrow remember you must repay loans
  • The more money you borrow, the more money and the
    longer it will take you to repay your loan
  • To estimate your monthly payments go to

Source and Types of Aid
  • Perkins Loan
  • Need based
  • Low interest rate (5)
  • Student pays no interest while in school
  • Max 5,500 per year
  • May be forgiven (specific guidelines)

Sources and Types of Financial Aid
  • 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)
  • Time Payment Plans
  • May varytypically, families may spread the
    direct costs over the semester or year.

SUNY State-Operated Campuses 2009-10 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
  • Participating campuses 09-10
  • Binghamton, Brockport, Buffalo College,
  • Fredonia, Geneseo, Old Westbury, Oneonta,
  • Plattsburgh, Potsdam, Empire State,
  • Stony Brook

Reviewing Award Letters
Comparing Financial Aid Award Packages
SUNY COA 18,680 SUNY SFA Package -
3,700 Net cost to family
14,980 Non-SUNY COA 39,464 Non-SUNY SFA
Package - 10,700 Net cost to family 28,764 Foc
us on Net Cost vs. SFA Package Focus on Type of
Aid Total Amount Student loans are not
Source College Board Trends in College Pricing
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?

SUNY Statewide Financial Aid Day 2010
  • Ask questions about the financial aid
    application, types of aid and the award process
  • Some campuses will offer Web access to complete
    FAFSA online
  • Watch for information at in
    early December

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