Money Matters

Presented By

The Financial Aid Office

Our Goals this morning are to:

Help you understand the value of an Oswego education.

Raise your awareness of financial opportunities and potential pitfalls.

Help you begin to develop a plan to finance your college expenses

Our Agenda

1. Introduction

2. Oswego is a great value

3. Financial Aid programs

4. Personal Finances

5. Questions??

Oswego Financial Aid Office

• Your source of all information you may need to prepare for college

• Web site – www.oswego.edu/financial

• Free assistance to complete forms and advise you during the financial aid process.

Oswego Value

• Oswego Guarantee– Room and Board will not change for

the 4 years you attend Oswego

• Academic Scholarship Program– Over ??? In Scholarships to ????

Students

• Excellent Academic Quality• Emphasis on excellence in services• State supported

How do college costs compare?

X

Y

Z

Cost of Expected Family NeedAttendance Contribution (Variable) (Variable) (Constant)

1

2

3

EFC EFC

What is Financial Aid?

• Financial Aid is money to assist students in paying for college

• Types of Financial Aid include:– Scholarships– Grants– Loans– Employment

Obtaining Financial Aid

Complete the FAFSA.– The FAFSA is used to determine your eligibility for:

• Federal Grants• Federal Student Loans• Jobs on campus• New York State Tuition Assistance (TAP)

• Apply for other scholarships– Go to www.OSWEGO.edu/financial and select Scholarships

• Going into education?– Consider Applying for a TEACH Grant- Go to www.OSWEGO.edu/financial and select TEACH

• Carefully follow all instructions you receive on your Award Letter and other correspondence

Sources of Scholarships

• College “need based”• College “non-need based” programs

– Academic, athletic, other talent-related

• Private business• Civic organization• Community/high school/Dollars for

Scholars• Church

Other Government Resources and scholarships

- Veteran Benefits- ROTC Scholarships and/or stipends- Bureau of Indian Affairs(BIA)

Grants- NYS Division of Vocational

Rehabilitation

Federal Stafford Loan

• Direct Loans beginning for 2010-11• Subsidized and Unsubsidized • Interest rate = 4.5%• Repayment Options

Other Borrowing Options

• Parent Loan– Terms

• Parent’s name• 7.9% interest• Deferment Option

• Home Equity Loans

• New York Helps (new loan for 2010-11)

• Retirement Accounts

• Other Alternative Loans– Last Resort– Terms

• In Student’s Name• Requires Co-signor• Variable interest• Fees

Student Employment

We recommend students work on campus

Student is an excellent way to:

- Earn money- Develop contacts and a support

system on campus- Establish references for later

employment

s

Overseas Opportunities

Is it possible to afford Study Abroad? How do I get started?

- Make an appt with an advisor in Fin. Aid. - Bring invoice, cost sheets, acceptance letter, financial aid arrangement forms

A Word About ..

• Credit Card Usage and Debt

• Student Debt

• Creating and using a personal budget

Be Prepared/Be Aware

• Respond to all

emails/correspondence

• Visit our offices, we’re here to help

you.

Caution….Don’t be scammed!

• You should not have to pay for any part of the financial aid process

• Make sure to use FAFSA.ed.gov and not FAFSA.com

• Beware of Scholarship search companies

• You don’t need to pay for help to complete the FAFSA

Special Circumstances

• Lost your job?• Parent lost their job?• Income been reduced?• Unusual medical expenses?

If any of these are affecting you, we may be able to help.

QUESTIONS ???