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                 Financing Education Beyond
                         High School




                                  Lolita A. Wood-Hill, Director
           Prehealth Advising, Yeshiva University woodhill@yu.edu
What is Financial Aid?

Financial aid funds provide students and families with
the money needed to help pay for postsecondary
educational expenses:

Scholarships
Grants
Loans
Employment Opportunities
Tax 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
•   Food
Total (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 Grant

Grants                  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 for
Federal Student Aid) application at
www.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
Financial aid

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Financial aid

  • 1. Awesome! Financing Education Beyond High School Lolita A. Wood-Hill, Director Prehealth Advising, Yeshiva University woodhill@yu.edu
  • 2. What is Financial Aid? Financial aid funds provide students and families with the money needed to help pay for postsecondary educational expenses: Scholarships Grants Loans Employment Opportunities Tax Benefits
  • 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. Books and supplies • Transportation • Personal • Housing • Food Total (per yr) Tuition + fees + Other Expenses = Cost of Attendance Living at home COA= Away from home COA=
  • 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 Grant Grants Scholarships FWS Loans !! !! !!!! !!!!
  • 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.  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. 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. 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. File the FAFSA (Free Application for Federal Student Aid) application at www.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.  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. 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