Awesome! Financing Education Beyond High School Lolita A. Wood-Hill, Director Prehealth Advising, Yeshiva University email@example.com
What is Financial Aid?Financial aid funds provide students and families withthe money needed to help pay for postsecondaryeducational expenses:ScholarshipsGrantsLoansEmployment OpportunitiesTax Benefits
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
• Books and supplies• Transportation• Personal• Housing• FoodTotal (per yr)Tuition + fees + Other Expenses = Cost of Attendance Living at home COA= Away from home COA=
• 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 !! !! !!!! !!!!
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
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%
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
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/
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.
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
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