Office of Student Financial Services
Tom Panettiere and Julian Osorio
TOPICS
1.
2.
3.
4.
5.

How much does college cost?
How is financial need determined?
How and when to apply for financial a...
How Much Does College Cost?
4 Year PRIVATE On-Campus Student

Tuition and fees:
Room and board:
Books and supplies:
Transp...
Lowering the Bar

Sources: College Board: Trends in College Pricing 2012,
Student Financial Services Office, Purchase Coll...
How Much Does College Cost?
4-Year Public In-State Student Living On-Campus

Tuition and fees:
Room and board:
Books and s...
Career Earnings Potential
SOME HIGH
SCHOOL

WEEKLY
EARNINGS

MASTERS
HIGH
SCHOOL

BACHELORS

SOME
HIGH
SCHOOL

$451

HIGH
...
What Determines Financial Need?
COST OF ATTENDENCE
Tuition & Fees
Room & Board
Books & Supplies
Transportation
Personal Ex...
What Determines Financial Need?

Expected
Family
Contribution

Parents
income
and assets

Size of
family

Students
income
...
What Determines Financial Need?

COA

EFC

NEED
Get an Early Start: The FAFSA4caster
www.FAFSA4caster.ed.gov
“What If” Tool (not an application)
Sneak peak
30 questions a...
FAFSA and TAXES

FAFSA

www.fafsa.ed.gov
Types of Financial Aid

Gift Aid

Self Help

Grants

Sources

Employment
Opportunities

Scholarships

Loans

Federal
New Y...
Types of Financial Aid
Major Grant Programs
• PELL Grant
• NYS TAP Grant (NY Residents)
• Supplemental Economic Opportunit...
$cholarships: Do Your Research
College of interest

Free Internet scholarship searches
Local library resources
Local busin...
Scholarship Websites
The College Board www.collegeboard.com
FastWeb.com www.fastweb.com
Federal Money www.fedmoney.org
Fin...
Important Financial Considerations
Actual costs to attend (published costs - your financial aid)
Availability of academic/...
Borrow Less
www.cashcourse.org

Cut costs by curbing expenses

Exercise credit card restraint
Manage money wisely
Make a b...
Student Financial Services
financialservices@purchase.edu
914-251-7000 x2

www.purchase.edu/financialaid
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Financing a College Education

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Explore the actual cost and value of a college education
as well as get an introduction on how to finance. This
session includes an overview of the financial aid process,
scholarships and grants.

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Financing a College Education

  1. 1. Office of Student Financial Services Tom Panettiere and Julian Osorio
  2. 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. 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. 4. Lowering the Bar Sources: College Board: Trends in College Pricing 2012, Student Financial Services Office, Purchase College
  5. 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. 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. 7. What Determines Financial Need? COST OF ATTENDENCE Tuition & Fees Room & Board Books & Supplies Transportation Personal Expenses
  8. 8. What Determines Financial Need? Expected Family Contribution Parents income and assets Size of family Students income and assets Age of parents
  9. 9. What Determines Financial Need? COA EFC NEED
  10. 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
  11. 11. FAFSA and TAXES FAFSA www.fafsa.ed.gov
  12. 12. Types of Financial Aid Gift Aid Self Help Grants Sources Employment Opportunities Scholarships Loans Federal New York State Private / Lenders Institutional (college)
  13. 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. 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. 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. 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. 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. 18. Student Financial Services financialservices@purchase.edu 914-251-7000 x2 www.purchase.edu/financialaid
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