kerry lubold assoc dir of fin aid suny plattsburgh 10 steps to paying for college
TRANSCRIPT
Kerry LuboldAssoc Dir of Fin AidSUNY Plattsburgh
www.plattsburgh.edu
10 STEPS to PAYING
for COLLEGE
1. RESEARCH your options
What type of education do I want/need (certificate, 2 year, 4 year, master’s, doctorate)
How much does higher education 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
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?
Explore your colleges costs on their website and use their net price calculator
2. DISCUSS money
Indirect Costs (varies student to student)- Books/Supplies $1,100- Transportation $ 620- Personal/Living $1,580
$3,300
Higher cost does NOT necessarily mean more costly…
Direct Costs Clinton CC Plattsburgh St. Rose Utica
Tuition 4,060 6,170 28,036 33,216
Fees 652 1,627 980 520
Room 4,700 6,800 5,800 6,970
Board 3,790 4,172 5,732 5,448
Estimated Total of Direct Costs $13,202 $18,769 $40,548 $46,154
Get your electronic ID at www.pin.ed.govboth the student and one parent will need PIN’s
Apply after January 1st at www.fafsa.gov
find 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 info- requests are often made via email or on your college’s web account- verification, data conflicts and other review processes may occur
3. APPLY for federal aidPell Grants TEACH Grants Student LoansSEOG Grants Work-Study Parent Loans
common data needed to apply for financial aid
Social Security numbersEligible non-citizen status (ie. permanent resident card)Parent and/or student income tax information
2014 Federal 1040/A/EZ, 2014 W-2 form(s) Can use prior year taxes as estimate
Records of untaxed income Such as child support received, interest income
Information on cash; savings, checking account balances Investment values such as stocks, bonds, real estate
Excludes designated retirement accts, primary residence and life insurance
NOT REPORTED => PRIMARY HOME, DESIGNATED RETIREMENT ACCTS & LIFE INSURANCE POLICIES
Apply for the NYS TAP Grant via:
Link from the FAFSA submission page
Or go direct to www.tapweb.org
Visit www.hesc.ny.gov => Grants, Scholarships, Awards
Learn about other state aid programs
Use the TAP Award Estimator
Visit www.StartHereGetThere.org and www.GoCollegeNY.org Student aid and college planning tools and resources
4. APPLY for NYS aidMust be attending
a NYS college
www.yourcollegewebsite.edu
• How to apply for aid• Dates and deadlines• Scholarship opportunities• College costs• Web portal
CSS PROFILEprofileonline.collegeboard.com
15-16 PROFILE Student Guide Participating Colleges & Programs
Guidance Dept
College Websites
Online Resourcescollegeboard.com zinch.com
fastweb.com scholarships.com
Community & Gov’t SponsorsKey Club, Boy/Girl Scouts of America, Model UN, 4-H, Football Boosters, National Honor Society, Union Affiliations, Moose Lodge, Kiwanis, American Legion, Church or Synagogue, etc.
Employers (Student & Parents)tuition reimbursement, interest free loans, scholarships, etc.
5. APPLY for free aid
- - Lists the aid you may qualify for should you decide to attend that college/university- - Provides instruction for action required to accept, decline, or finalize the awards
6. REVIEW your award letters
College A
College B
College C
COA $ 11,000
$30,000 $60,000
- EFC 5,000
5,000
5,000
= Financial Need
$ 6,000 $ 25,000
$55,000
How Financial Aid Is Determined
Cost of Attendance – Expected Family Contribution = Max Need-Based Aid
Financial need can be met with various resources such as:
- free money (grants & scholarships)- subsidized student loans (no interest while
attending)- self-help (work-study)
Communications from your colleges may occur in paper but more likely will be electronic
Email notifications
Online/web access via student portal
Possible parent and/or guest accounts available
MOST often the communication is sent to the student, not the parent
7. RESPOND timely
• Payment Plans (college specific)
• Personal Resources (savings, investments, borrowings)
• Education Loans (federal or alternative)
- Federal Student Loans (Subsidized and Unsubsidized)
- Federal Parent PLUS Loans
- Alternative Student Loans thru private banks/lenders
College Costs- Financial Aid= What You Owe
8. CONSIDER payment options
Federal Student Loans at a Glance
Subsidized: no interest while in schoolUnsubsidized: interest charged thru entire life of loan
Base Amt Add’lSub / Unsub Unsub
1st year undergrad $3,500 + $2,0002nd year undergrad $4,500 + $2,0003rd year undergrad $5,500 + $2,0004th year undergrad $5,500 + $2,000
Current Rates: 4.66% Interest and 1.073% Fees
Federal PLUS (Parent) Loans at a Glance
Interest: charged thru entire life of loan Credit: borrower must NOT have an adverse
credit history
Max Amt: COA- Aid= Max PLUS Loan
Rates: 7.21% Interest and 4.292% Fees
Get more info at www.studentaid.ed.gov
Changes in Family Income (i.e. retirement, unemployment)
Change in Marital Status (i.e. widowed, divorced, separated)
Involuntary Dissolution of Family Unit (i.e. parental abandonment or separation from parent due to neglect, abuse)
Other Challenges- Academic- Adjustment- Social - Psychological- Environmental- Time Management
9. COMMUNICATE concerns
