Financial Aid for Bursars NYSOBBA June 12 2019

Financial Aid for Bursars NYSOBBA June 12, 2019 Student Financial Services MARIST

Marist College • Founded in 1929 • Located in New York’s historic Hudson Valley • Branch located in Florence, Italy Albany Marist NYC Marist Student Financial Services • Enrollment 2018 -2019 • 5, 699 Traditional Undergraduate • 958 Graduate and Adult MARIST

Agenda • • • Components of Financial Aid Case Studies Financial Aid Award Letter/Billing Student Loan Repayment/Forbearance Current Financial Aid Topics/Update MARIST Student Financial Services 3

What is Financial Aid? Financial aid is funding used to assist students and families to pay for postsecondary educational expenses. MARIST Student Financial Services 4

Types of Financial Aid Gift Aid: • Scholarships (merit/academic) • Grants (need based) Self Help • Federal College Work Study • Loans (need based and non-need based) Aid: MARIST Student Financial Services 5

Percentage of High School Graduates Who Completed a FAFSA 70, 0% 60, 6% 60, 0% 60, 9% 50, 0% 40, 0% 30, 0% 57. 2 20, 0% 56. 3% 10, 0% 15 -16 16 -17 Student Financial Services 17 -18 18 -19 MARIST

What is Financial Need? Cost of Attendance - Expected Family Contribution = Financial Need MARIST Student Financial Services 7

What is Cost of Attendance (COA)? May include: • • • Billable costs • Non-billable costs Tuition and Fees Room and Board Books Travel Miscellaneous Expenses • Varies widely from college to college MARIST Student Financial Services 8

What is the Expected Family Contribution (EFC)? • Calculated using data from the federal application form (FAFSA) and a federal formula. It is used to determine student aid eligibility. • Amount family can reasonably be expected to contribute • Stays the same regardless of college Student Financial Services MARIST

5 Factors Considered in Calculating Your EFC: 1. 2. 3. 4. 5. Income Assets Household size Number of students in college Age of older parent Examples of Assets: • Educational IRA Accounts • 529 Savings Plan* • Prepaid Tuition Plan • Trusts • Inheritance • Stocks • Cash • Mutual Funds * These accounts are reported as parental investments on the FAFSA, including all accounts owned by the student and the parents for any member of the household. Student Financial Services MARIST

Case Studies Student Financial Services MARIST

Student Financial Services MARIST

Federal Loan Repayment and Forgiveness • Standard Repayment • Extended Repayment • Graduated Repayment • Income Based Repayment • Income Contingent Repayment • Pay As You Earn Repayment Student Financial Services MARIST

Federal Loan Repayment Plan Payment Type Payment Period Standard Fixed 10 years Extended Fixed or Graduated Up to 25 years Graduated Lower at first, then increase every 2 years 10 years Student Financial Services MARIST

Federal Loan Repayment Plan Repayment Type Payment Period Income Based 10% or 15% of discretionary income, recalculated annually Outstanding balance forgiven after 20 or 25 years Income Contingent The lesser of 20% of discretionary income or the amount paid under fixed 12 year plan Outstanding balance forgiven after 25 years Pay As You Earn REPAYE 10% of discretionary income based on AGI and family size Outstanding balance forgiven after 20 years Student Financial Services MARIST

Federal Loan Forgiveness Public Service Loan Forgiveness: • Must be employed in certain public service jobs • Must make 120 qualifying monthly payments Teacher Loan Forgiveness: • Must teach full-time in a low-income elementary or secondary school, or educational service agency • Up to $17, 500 of Federal Direct Loan (subsidized or unsubsidized) may be forgiven Student Financial Services MARIST

Higher Education Act • 1965 - First enacted to govern the administration of federal student aid programs • 2008 - Last reauthorization of the Act • With college costs & student debt increasing, many changes to student aid programs have been proposed Student Financial Services MARIST

Proposed Financial Aid Updates • Enhance Counseling for Federal Aid Recipients • Annual counseling for Federal Loan borrowers • Annual Pell Grant counseling • Promote Greater Transparency • Standardize financial aid award letters • Enhance consumer tools providing key college data to students (College Navigator) • Require data on transfers & part-time students • Provide links for each college listed on FAFSA Student Financial Services MARIST

Student Financial Services MARIST

Questions? Joe Weglarz Executive Director, Student Financial Services Joe. Weglarz@marist. edu (845) 575 -3230 Marist College Student Financial Services MARIST