This document provides information about financing education beyond high school. It discusses the different types of financial aid including scholarships, grants, loans, employment opportunities, and tax benefits. It provides tuition costs for various universities and explains the cost of attendance factoring in expenses beyond tuition like books, transportation, housing, and food. It outlines the application process for federal and state financial aid and recommends additional scholarship search resources.
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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