Paying for College the Basics of Financial Aid

[Pages:54]Basics of Financial Aid

Mark Hill Director of Financial Aid SUNY College of Environmental

Science and Forestry

September - December, 2021 Slide 1

Agenda

? Financial Aid ? Cost of Attendance (COA) ? Expected Family Contribution (EFC) ? Financial Need ? Sources of Financial Aid ? Applying for Financial Aid ? Special Circumstances

September - December, 2021 Slide 2

Financial Aid

? Grants & Scholarships

? "Gift Aid" ? Merit or Need-Based

? Loans & Employment Opportunities

? "Self-Help Aid" ? Need or Non-Need Based

September - December, 2021 Slide 3

Cost of Attendance (COA)

"The Budget" ? Determined by the college or university ? Direct costs ? Indirect costs ? Vary widely from college to college

September - December, 2021 Slide 4

Cost of Attendance (COA)

? Tuition and Fees ? Room and Board ? Books and Supplies ? Transportation ? Personal Expenses

? computer, travel abroad, child care, etc.

September - December, 2021 Slide 5

Cost of Attendance Comparison

Tuition & Fees Room & Board Books & Supplies Transportation Personal

Total

Private1

$37,650 $13,120 $1,240 $1,060 $1,810

$54,880

Public In-State1

$10,560 $11,620 $1,240 $1,230 $2,170

$26,820

Community College2 $3,770 $9,080 $1,460 $1,840 $2,400

$18,550

1 ? The College Board, Trends in College Pricing 2020 ? On Campus 2 ? The College Board, Trends in College Pricing 2020 ? Commuter

September - December, 2021 Slide 6

Financial Aid Philosophy

In addition to the various types of aid available, the student and parent(s)

are expected to contribute to paying for the overall Cost of Attendance.

September - December, 2021 Slide 7

Expected Family Contribution

"The EFC"

? Amount family can reasonably be expected to contribute toward college costs

? Calculated by a federal formula using family income, asset, and household size information

September - December, 2021 Slide 8

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