Financial Aid

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Powerpoint presentation presented by Ms. Lolita Wood-Hill of the Yeshiva College Office of Pre-Health Advisement, Mr. William Hill of the Lehman College Office of Financial Aid, and Ms. Josie Edwards & Ms. Marianela Cabral of the Yeshiva University Office of Student Finance, at the Second Annual College EDge Seminar and Fair Day, March 23, 2012.

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Financial Aid

  1. 1. Awesome! Financing Education Beyond High School Lolita A. Wood-Hill, Director Prehealth Advising, Yeshiva University woodhill@yu.edu
  2. 2. What is Financial Aid?Financial aid funds provide students and families withthe money needed to help pay for postsecondaryeducational expenses:ScholarshipsGrantsLoansEmployment OpportunitiesTax Benefits
  3. 3. Tuition & Fees Cost of Attendance Columbia University $43,815 $50,383 per yr Princeton U $36,640 $43,208 per yr New York University $40,132 $46,700 per yr Pace University $33,702 $40,270 per yr Rutgers U $24,337 $30,905 per yr Monroe College $11,856 $18,424 per yr CUNY Senior Colleges $4,978 $11,546 per yr CUNY CC $3,528 $10,096 per yr
  4. 4. • Books and supplies• Transportation• Personal• Housing• FoodTotal (per yr)Tuition + fees + Other Expenses = Cost of Attendance Living at home COA= Away from home COA=
  5. 5. • Free money • Free money • Financial aid in the awarded awarded as a result • Borrowed money form of employment • Stafford Loans = according to need of merit or • $5,500 to $7500/year• Federal Pell Grant potential excellence • Work-Study 6.8% interest rate• Maximum award for 2011-12 = $5,550 • Armed Services • NYS Scholarship for Scholarships • Subsidized• NY State TAP Grant Academic Excellence • Teach for America • Unsubsidized • Maximum Award for • AmeriCorps. 2011-12 = $4,925• Federal SEOG GrantGrants Scholarships FWS Loans !! !! !!!! !!!!
  6. 6. LOANS Money students and parents borrow to help pay educational expenses Repayment usually begins after education is finished Only borrow what is really needed Investment in the future
  7. 7.  Annual loan limits (combined subsidized & unsubsidized):  $5,500($3,500 can be subsidized) for 1st year undergraduates  $6,500 ($4,500 can be subsidized) for 2nd year undergraduates  $7,500 ($5,500 can be subsidized) for each remaining undergraduate year 2012-13 interest rates: - Subsidized Loan = 6.8% (for loans in repayment) - Unsubsidized Loan = 6.8%
  8. 8. How Much Will Borrowing Cost You? Principal: $25,000 Interest Rate: 6.8% Loan Term: 10 years Number of Payments: 120 Monthly Payment: $287.70 Total Principal Paid: $25,000.00 Total Interest Paid: $9,524.10 Total Paid: $34,524.10
  9. 9. What Credit Cards Cost You! Principal: $1000 Interest Rate: 18% Loan Term: 10 years Number of Payments: 120 Monthly Payment: $18.02 Total Principal Paid: $1,000.00 Total Interest Paid: $1,162.22 Total Paid: $2,162.22 http://www.myamortizationchart.com/
  10. 10. File the FAFSA (Free Application forFederal Student Aid) application atwww.fafsa.ed.gov. After completing the FAFSA, file the TAP (Tuition Assistance Program) application at: https://www.tapweb.org/totw. Respond to request(s) for additional FAFSA or TAP information and/or documentation.
  11. 11.  FastWeb scholarship search Http://www.fastweb.com/fastweb/register/start?ref=finaid-26f- Mexican American Legal Defense and Educational Fund http://www.maldef.org Latino College Dollars: http://www.latinocollegedollars.org/DIRECTORY.pdf Ayuda Financiera del Estudiante en Español http://www.finaid.org/otheraid/spanish.phtml
  12. 12. Self Help! Learn how to Live on a budget Distinguish between wants and needs Resist impulse buying Open a savings account Avoid credit cards and other consumer debt

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