Financing a College Education
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The document outlines essential information regarding college costs, financial need determination, and application processes for financial aid. It provides detailed cost comparisons for 4-year private and public institutions, types of financial aid available, and key considerations for students managing their finances. Additionally, it offers resources for scholarship searches and financial literacy tools for effective budgeting and borrowing.
Financing a College Education
- 1. Office of Student Financial Services Tom Panettiere and Julian Osorio
- 2. TOPICS 1. 2. 3. 4. 5. How much does college cost? How is financial need determined? How and when to apply for financial aid Sources and types of financial aid Borrowing and how to finance your education
- 3. How Much Does College Cost? 4 Year PRIVATE On-Campus Student Tuition and fees: Room and board: Books and supplies: Transportation: Personal expenses: Total: Source: College Board: Trends in College Pricing 2012 $29,056 $10,462 $ 1,244 $ 957 $ 1,570 $43,289
- 4. Lowering the Bar Sources: College Board: Trends in College Pricing 2012, Student Financial Services Office, Purchase College
- 5. How Much Does College Cost? 4-Year Public In-State Student Living On-Campus Tuition and fees: Room and board: Books and supplies: Transportation: Personal expenses: Total: Source: Purchase College, Student Financial Services $ 7,573 $11,806 $ 1,200 $ 1,110 $ 2,092 $23,781
- 6. Career Earnings Potential SOME HIGH SCHOOL WEEKLY EARNINGS MASTERS HIGH SCHOOL BACHELORS SOME HIGH SCHOOL $451 HIGH SCHOOL UNEMPLOYMENT RATE ASSOCIATES ASSOCIATES BACHELORS & MASTERS $638 $739 $1053 $1346 14.5% Source: U.S. Bureau of Labor Statistics, May 2012, Table A-4. Employment Status of the civilian population 25 years and over by educational attainment. 9.6% 7.2% 4.1%
- 7. What Determines Financial Need? COST OF ATTENDENCE Tuition & Fees Room & Board Books & Supplies Transportation Personal Expenses
- 8. What Determines Financial Need? Expected Family Contribution Parents income and assets Size of family Students income and assets Age of parents
- 9. What Determines Financial Need? COA EFC NEED
- 10. Get an Early Start: The FAFSA4caster www.FAFSA4caster.ed.gov “What If” Tool (not an application) Sneak peak 30 questions as opposed to 100+ of FAFSA Estimate parental assets based on income tax returns Pell Eligible info
- 12. Types of Financial Aid Gift Aid Self Help Grants Sources Employment Opportunities Scholarships Loans Federal New York State Private / Lenders Institutional (college)
- 13. Types of Financial Aid Major Grant Programs • PELL Grant • NYS TAP Grant (NY Residents) • Supplemental Economic Opportunity • State University Supplemental Grant (SEOG) Tuition Assistance (SUSTA) • SUNY Tuition Credit Federal Loans • Stafford Loan Subsidized Unsubsidized • Perkins Loan • Parent Loans for Undergraduate Students (PLUS)
- 14. $cholarships: Do Your Research College of interest Free Internet scholarship searches Local library resources Local businesses and civic organizations, professional associations related to student's field of interest Parent’s employer/union
- 15. Scholarship Websites The College Board www.collegeboard.com FastWeb.com www.fastweb.com Federal Money www.fedmoney.org FinAid.org www.finaid.org Scholarships.com www.scholarships.com
- 16. Important Financial Considerations Actual costs to attend (published costs - your financial aid) Availability of academic/merit scholarships The “value” of education for the price Loans that must be repaid Potential for tuition increased while enrolled Availability of need-based aid
- 17. Borrow Less www.cashcourse.org Cut costs by curbing expenses Exercise credit card restraint Manage money wisely Make a budget and stick to it
- 18. Student Financial Services [email protected] 914-251-7000 x2 www.purchase.edu/financialaid