Financial Aid at SUNY Op Inform 2017 Laying

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Financial Aid at SUNY Op. Inform 2017 Laying the Groundwork for Student Success: Financial

Financial Aid at SUNY Op. Inform 2017 Laying the Groundwork for Student Success: Financial Aid at SUNY Op. Inform 2017

Financial Aid at SUNY Topics § Excelsior Scholarship § Change to FAFSA Process §

Financial Aid at SUNY Topics § Excelsior Scholarship § Change to FAFSA Process § The Basics ü The Makings of a Financial Aid Package ü How Financial Need is Determined § Best Practices § Reviewing Award Letters § Resources ü SUNY Smart Track ü Resources for Undocumented Students ü SUNY Financial Aid Days Op. Inform 2017

Financial Aid at SUNY Op. Inform 2017

Financial Aid at SUNY Op. Inform 2017

Financial Aid at SUNY Excelsior Scholarship § § § Op. Inform 2017 Administered by

Financial Aid at SUNY Excelsior Scholarship § § § Op. Inform 2017 Administered by HESC Awards are limited to length of program (2 -year, 4 -year, approved 5 -year) Last dollar ü Combined awards (Pell, TAP, Tuition credit, other tuition specific or full COA aid) equal $5, 500 ü SUNY/CUNY covers the remaining tuition

Financial Aid at SUNY Excelsior Scholarship § Excelsior Scholarship recipients are charged the 2016

Financial Aid at SUNY Excelsior Scholarship § Excelsior Scholarship recipients are charged the 2016 -17 tuition rate for length of attendance, provided they remain Excelsioreligible § Tuition rate for recipients resets after four years § Non-recipients are charged current tuition rate Op. Inform 2017

Financial Aid at SUNY Excelsior Scholarship General Award Eligibility Requirements § NYS Resident §

Financial Aid at SUNY Excelsior Scholarship General Award Eligibility Requirements § NYS Resident § U. S. Citizen or eligible noncitizen § High school diploma, recognized equivalent or ATB § Matriculated full-time in an approved program of study Additional Excelsior Requirements § Attend a public institution § Meet income requirements § Successfully complete (earn) 30 credits each year Op. Inform 2017

Financial Aid at SUNY Excelsior Scholarship New Students § Enroll in 12 credits applicable

Financial Aid at SUNY Excelsior Scholarship New Students § Enroll in 12 credits applicable to program(s) in first term § Earn 30 credits each year of enrollment Transfer students § Earned 30 credits each year of enrollment § Credits must be accepted by the new campus § Credits must be applicable to the program of study Op. Inform 2017

Financial Aid at SUNY Excelsior Scholarship Matriculated students must be enrolled in consecutive terms

Financial Aid at SUNY Excelsior Scholarship Matriculated students must be enrolled in consecutive terms to maintain eligibility: § 365 days to complete and earn 30 credits § Interruptions of study for hardship cases, pre-approved leave of absence § Summer and winter terms can be used to meet credit requirement (no Excelsior funds for these terms) Op. Inform 2017

Financial Aid at SUNY Excelsior Scholarship § § Non-credit courses don’t count toward credit

Financial Aid at SUNY Excelsior Scholarship § § Non-credit courses don’t count toward credit requirement EOP student requirement - total 24 credits per year ADA student - no credit requirement (same as TAP) AP/IB courses can be used to meet credit requirement Op. Inform 2017

Financial Aid at SUNY Excelsior Scholarship § § § Op. Inform 2017 Excelsior Application

Financial Aid at SUNY Excelsior Scholarship § § § Op. Inform 2017 Excelsior Application ü Released on June 7, 2017 ü Deadline for submission: July 21, 2017 ü Deadline for submission for 2018: ? HESC will process information through general requirements and verify income with NYS Tax and Finance HESC obtains signed service agreement from student

Financial Aid at SUNY Excelsior Scholarship § Reside in NYS post graduation/attendance equal to

Financial Aid at SUNY Excelsior Scholarship § Reside in NYS post graduation/attendance equal to the number of annual awards received § Can meet residency requirement ü While in military, regardless of station, as long as they maintain NYS residency ü While completing undergraduate or graduate studies (including medical residency) in- state § Can defer residency requirement ü While completing undergraduate or graduate studies (including medical residency) out-of-state ü For hardship or other HESC approved circumstance § Cannot work outside of NYS during residency period Op. Inform 2017

Financial Aid at SUNY Excelsior Scholarship § § Reverts to an interest-free 10 -year

Financial Aid at SUNY Excelsior Scholarship § § Reverts to an interest-free 10 -year loan if postgraduation/attendance requirement is not met HESC has responsibility to track students Op. Inform 2017

Financial Aid at SUNY Change to FAFSA Process Op. Inform 2017

Financial Aid at SUNY Change to FAFSA Process Op. Inform 2017

Financial Aid at SUNY Change to FAFSA Process § 2018 -19 IRS Data Retrieval

Financial Aid at SUNY Change to FAFSA Process § 2018 -19 IRS Data Retrieval Tool for FAFSA will be available in October § Students will not be able to view information transferred using the IRS Data Retrieval Tool Op. Inform 2017

Financial Aid at SUNY What Makes up a Financial Aid Package? Op. Inform 2017

Financial Aid at SUNY What Makes up a Financial Aid Package? Op. Inform 2017

Financial Aid at SUNY What Makes Up a Financial Aid Package? Op. Inform 2017

Financial Aid at SUNY What Makes Up a Financial Aid Package? Op. Inform 2017

Financial Aid at SUNY What Makes up a Financial Aid Package? Grant Programs §

Financial Aid at SUNY What Makes up a Financial Aid Package? Grant Programs § PELL Grant ü Must have an EFC between $0 -$5, 300 ü Max. Award $5, 920 § NYS TAP Grant ü Based on NYS net taxable income ü Max. Award $5, 165 Op. Inform 2017

Financial Aid at SUNY What Makes up a Financial Aid Package? Scholarship Programs §

Financial Aid at SUNY What Makes up a Financial Aid Package? Scholarship Programs § Private scholarship search § At your college of interest § Free internet scholarship searches ü www. fastweb. com ü www. studentaid. gov § Local library resources § Local businesses and civic organizations (including professional associations) related to student's field of interest § Student’s employer § Parents’ employers/unions Op. Inform 2017

Financial Aid at SUNY What Makes up a Financial Aid Package? Federal Work Study

Financial Aid at SUNY What Makes up a Financial Aid Package? Federal Work Study § Based on financial need § Traditionally on-campus employment § Usually 12 to 15 hours per week Op. Inform 2017

Financial Aid at SUNY What Makes up a Financial Aid Package? William D. Ford

Financial Aid at SUNY What Makes up a Financial Aid Package? William D. Ford Direct Loans § Unsubsidized § Subsidized 4. 45% Capped at 8. 25% Based on need Federal government pays interest while student is in school ü $3, 500 for freshmen ü ü ü 4. 45% ü Capped at 8. 25% ü Not based on need Maximum Direct Loans for freshmen: $5, 500 Op. Inform 2017

Financial Aid at SUNY What Makes up a Financial Aid Package? Parent Loans for

Financial Aid at SUNY What Makes up a Financial Aid Package? 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) Interest rate 7% Capped at 10. 5% Time Payment Plans § May vary…typically, families spread the direct costs over the semester or year. Op. Inform 2017

Financial Aid at SUNY Other Aid Op. Inform 2017

Financial Aid at SUNY Other Aid Op. Inform 2017

Financial Aid at SUNY Other Aid SUNY State-Operated Campuses 2017 -2018 TEACH Grant §

Financial Aid at SUNY Other Aid SUNY State-Operated Campuses 2017 -2018 TEACH Grant § Up to $4, 000 per year § For students who intend to teach: ü A high-need field ü Students of low-income § Four-year service contract § More information: www. studentaid. ed. gov Op. Inform 2017

Financial Aid at SUNY Other Aid STEM Incentive Program § Tuition scholarship at SUNY

Financial Aid at SUNY Other Aid STEM Incentive Program § Tuition scholarship at SUNY or CUNY § Eligibility ü Need to graduate in top 10% of high school class ü Need to study in STEM Field ü Need to maintain a 2. 5 average § Five-year service contract to work in NY state in a STEM field § More information: www. hesc. ny. gov or Scholarship Unit at 1 -888 -697 -4372 Op. Inform 2017

Financial Aid at SUNY Other Aid NYS “Get on your Feet” Loan Forgiveness Program

Financial Aid at SUNY Other Aid NYS “Get on your Feet” Loan Forgiveness Program Offers up to 24 months of federal student loan debt relief equal to student’s monthly student loan repayment amount as established under the Income-Based Repayment plan, the Pay As You Earn plan, or the Revised Pay As You Earn plan. Op. Inform 2017

Financial Aid at SUNY Other Aid NYS “Get on your Feet” Loan Forgiveness Program

Financial Aid at SUNY Other Aid NYS “Get on your Feet” Loan Forgiveness Program Eligibility § Reside in NYS for 12 continuous months § Be a U. S. citizen or eligible noncitizen § Graduated or received a NYS HS equivalency diploma § Earned an undergraduate degree from a college or university located in NYS in or after 2014 -15 § Have a AGI of less than $50, 000 § Enrolled in the federal IBR plan or Pay as You Earn plan § If employed, primary work location in NYS Op. Inform 2017

Financial Aid at SUNY Other Aid NYS “Get on your Feet” Loan Forgiveness Program

Financial Aid at SUNY Other Aid NYS “Get on your Feet” Loan Forgiveness Program Eligibility § Current on all federal or NYS student loans § Current on the repayment of any NYS award § Be in compliance with the terms of any service condition imposed by a NYS award § Earned no higher than a bachelor’s degree at the time of application § Apply within 2 years of receiving an undergraduate degree Op. Inform 2017

Financial Aid at SUNY How is Financial Need Determined? Op. Inform 2017

Financial Aid at SUNY How is Financial Need Determined? Op. Inform 2017

Financial Aid at SUNY How is Financial Need Determined? Estimated Family Contribution (EFC) is

Financial Aid at SUNY How is Financial Need Determined? Estimated Family Contribution (EFC) is determined by: § § § Parents’ income and assets - primary home value excluded Student’s income and assets Size of family Age of parents Number of children in college Cost of Attendance minus EFC = Need Op. Inform 2017

Financial Aid at SUNY Best Practices Op. Inform 2017

Financial Aid at SUNY Best Practices Op. Inform 2017

Financial Aid at SUNY Best Practices Discussing Financial Aid at Family Meetings Op. Inform

Financial Aid at SUNY Best Practices Discussing Financial Aid at Family Meetings Op. Inform 2017

Financial Aid at SUNY Best Practices Reviewing Award Letters Op. Inform 2017

Financial Aid at SUNY Best Practices Reviewing Award Letters Op. Inform 2017

Financial Aid at SUNY Smart Track Award Letters Op. Inform 2017

Financial Aid at SUNY Smart Track Award Letters Op. Inform 2017

Financial Aid at SUNY Breaking Down a SUNY Smart Track Award Letter Op. Inform

Financial Aid at SUNY Breaking Down a SUNY Smart Track Award Letter Op. Inform 2017

Financial Aid at SUNY Breaking Down a SUNY Smart Track Award Letter Op. Inform

Financial Aid at SUNY Breaking Down a SUNY Smart Track Award Letter Op. Inform 2017

Financial Aid at SUNY Breaking Down a SUNY Smart Track Award Letter Op. Inform

Financial Aid at SUNY Breaking Down a SUNY Smart Track Award Letter Op. Inform 2017

Financial Aid at SUNY Breaking Down a SUNY Smart Track Award Letter Op. Inform

Financial Aid at SUNY Breaking Down a SUNY Smart Track Award Letter Op. Inform 2017

Financial Aid at SUNY Breaking Down a SUNY Smart Track Award Letter College Overview

Financial Aid at SUNY Breaking Down a SUNY Smart Track Award Letter College Overview Section: § Graduation rate § Loan repayment rate Op. Inform 2017

Financial Aid at SUNY Breaking Down a SUNY Smart Track Award Letter College Overview

Financial Aid at SUNY Breaking Down a SUNY Smart Track Award Letter College Overview Section: § Median borrowing § Repaying loan information § School contact information Op. Inform 2017

Financial Aid at SUNY Resources Op. Inform 2017

Financial Aid at SUNY Resources Op. Inform 2017

Financial Aid at SUNY Smart Track www. suny. edu/smarttrack Op. Inform 2017

Financial Aid at SUNY Smart Track www. suny. edu/smarttrack Op. Inform 2017

Financial Aid at SUNY Smart Track Specifically designed for high school students Take courses

Financial Aid at SUNY Smart Track Specifically designed for high school students Take courses on financial literacy Guides students on creating a plan of action for each grade Allows students to explore careers Provides information on financial aid and the Excelsior Scholarship § True cost calculator § Free § § § Op. Inform 2017

Financial Aid at SUNY Smart Track Op. Inform 2017

Financial Aid at SUNY Smart Track Op. Inform 2017

Financial Aid at SUNY Smart Track Op. Inform 2017

Financial Aid at SUNY Smart Track Op. Inform 2017

Financial Aid at SUNY Smart Track Educator Toolkits at suny. edu/counselor Op. Inform 2017

Financial Aid at SUNY Smart Track Educator Toolkits at suny. edu/counselor Op. Inform 2017

Financial Aid at SUNY Resources for Undocumented Students suny. edu/attend/ get-started/ undocumented Op. Inform

Financial Aid at SUNY Resources for Undocumented Students suny. edu/attend/ get-started/ undocumented Op. Inform 2017

Financial Aid at SUNY Op. Inform 2017

Financial Aid at SUNY Op. Inform 2017

Financial Aid at SUNY QUESTIONS? Op. Inform 2017

Financial Aid at SUNY QUESTIONS? Op. Inform 2017