Explore the actual cost and value of a college education as well as get an introduction on how to finance. This session includes an overview of the financial aid process, scholarships and grants.

1. Office of Student Financial Services
Tom Panettiere and Julian Osorio

2. TOPICS
1.
2.
3.
4.
5.
How much does college cost?
How is financial need determined?
How and when to apply for financial aid
Sources and types of financial aid
Borrowing and how to finance your
education

3. How Much Does College Cost?
4 Year PRIVATE On-Campus Student
Tuition and fees:
Room and board:
Books and supplies:
Transportation:
Personal expenses:
Total:
Source: College Board: Trends in College Pricing 2012
$29,056
$10,462
$ 1,244
$ 957
$ 1,570
$43,289

4. Lowering the Bar
Sources: College Board: Trends in College Pricing 2012,
Student Financial Services Office, Purchase College

5. How Much Does College Cost?
4-Year Public In-State Student Living On-Campus
Tuition and fees:
Room and board:
Books and supplies:
Transportation:
Personal expenses:
Total:
Source: Purchase College, Student Financial Services
$ 7,573
$11,806
$ 1,200
$ 1,110
$ 2,092
$23,781

6. Career Earnings Potential
SOME HIGH
SCHOOL
WEEKLY
EARNINGS
MASTERS
HIGH
SCHOOL
BACHELORS
SOME
HIGH
SCHOOL
$451
HIGH
SCHOOL
UNEMPLOYMENT
RATE
ASSOCIATES
ASSOCIATES
BACHELORS
& MASTERS
$638
$739
$1053
$1346
14.5%
Source: U.S. Bureau of Labor Statistics, May 2012, Table A-4. Employment Status of the civilian
population 25 years and over by educational attainment.
9.6%
7.2%
4.1%

7. What Determines Financial Need?
COST OF ATTENDENCE
Tuition & Fees
Room & Board
Books & Supplies
Transportation
Personal Expenses

8. What Determines Financial Need?
Expected
Family
Contribution
Parents
income
and assets
Size of
family
Students
income
and assets
Age of
parents

9. What Determines Financial Need?
COA
EFC
NEED

10. Get an Early Start: The FAFSA4caster
www.FAFSA4caster.ed.gov
“What If” Tool (not an application)
Sneak peak
30 questions as opposed to 100+ of FAFSA
Estimate parental assets based on income tax returns
Pell Eligible info

11. FAFSA and TAXES
FAFSA
www.fafsa.ed.gov

12. Types of Financial Aid
Gift Aid
Self Help
Grants
Sources
Employment
Opportunities
Scholarships
Loans
Federal
New York State
Private / Lenders
Institutional
(college)

13. Types of Financial Aid
Major Grant Programs
• PELL Grant
• NYS TAP Grant (NY Residents)
• Supplemental Economic Opportunity • State University Supplemental
Grant (SEOG)
Tuition Assistance (SUSTA)
• SUNY Tuition Credit
Federal Loans
• Stafford Loan
Subsidized
Unsubsidized
• Perkins Loan
• Parent Loans for Undergraduate Students (PLUS)

14. $cholarships: Do Your Research
College of interest
Free Internet scholarship searches
Local library resources
Local businesses and civic organizations, professional
associations related to student's field of interest
Parent’s employer/union

15. Scholarship Websites
The College Board www.collegeboard.com
FastWeb.com www.fastweb.com
Federal Money www.fedmoney.org
FinAid.org www.finaid.org
Scholarships.com www.scholarships.com

16. Important Financial Considerations
Actual costs to attend (published costs - your financial aid)
Availability of academic/merit scholarships
The “value” of education for the price
Loans that must be repaid
Potential for tuition increased while enrolled
Availability of need-based aid

17. Borrow Less
www.cashcourse.org
Cut costs by curbing expenses
Exercise credit card restraint
Manage money wisely
Make a budget and stick to it

18. Student Financial Services
financialservices@purchase.edu
914-251-7000 x2
www.purchase.edu/financialaid