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