Moving to NY what are kids will be eleigble for?

[infinityprep1234]

My husband company is being bought by another company. He has been told that he is probably being moved from MA to NY at end of August of this year. Our oldest start college in 2019. I have some questions.

Will our eldest daughter count as NY resident as parent will be paying taxes starting this August and full of 2018 or resident of the state where she currently attends prep school?

If so what will happen to our kind of family who are in 100 K income after 401-k deferment or 118 K without deferment. Any idea how much we will be paying for in state university if they receive admission ?

Will this kind of discount will be applicable for Columbia or Cornell provided they are admitted? Can you combine need based aid and this kind of aid?

Any kids want to attend Computer science, will they be eligible for STEM scholarship even if they attend High School school in a different state but parents will be in NY state starting this fall.

This is so confusing as our whole school and college planning is changing before our eyes. Thanks

[sybbie719]

@@infinityprep1234

Will this kind of discount will be applicable for Columbia or Cornell provided they are admitted? Can you combine need based aid and this kind of aid?

This incentive is only for NYS/NYC Public Colleges (CUNY/SUNY).

@Inside Higher Ed

In what proponents are calling a historic move, New York Governor Andrew Cuomo and state legislative leaders announced a deal Saturday that will make** tuition free at the City University of New York and State University of New York Systems – for both community colleges and four-year colleges and universities – for families with annual incomes up to $125,000. The plan will be phased in over three years, starting this fall with new enrollees from families with incomes up to $100,000.**

https://www.insidehighered.com/news/2017/04/08/new-york-state-reaches-deal-provide-free-tuition-suny-and-cuny-students

NYS Science, Technology, Engineering and Mathematics (STEM) Incentive Program
As a partner of the State University of New York, undergraduate students who are New York State residents enrolled in STEM fields in one of Cornell University’s two participating New York State contract colleges (College of Agriculture & Life Sciences and College of Human Ecology) are eligible to participate in the NYS STEM Incentive Program.

Applicants must complete and submit the New York State Science, Technology, Engineering and Mathematics Incentive Program Web Supplement by August 15. Eligible students must have been admitted and submitted an enrollment deposit to begin study at a participating school in Fall 2015.

To be eligible for the NYS STEM tuition scholarship, you must enroll beginning with the fall term following your high school graduation.

How much is the award?

Recipients shall receive an annual award for full-time study equal to the annual tuition charged to NYS resident students attending an undergraduate program at the State University of New York (for 2016-17: $6,470), or actual tuition charged, whichever is less. The STEM award will be reduced by the amount of any other tuition-only assistance awards received.

I am eligible for need-based financial aid at Cornell. How will the NYS STEM Incentive Program scholarship affect my financial aid package from Cornell?

As an outside merit scholarship, the NYS STEM tuition scholarship will reduce the self-help component (loans and work-study) of your financial aid package, but will not reduce the family contribution. If all the self-help support in your award is cancelled, in some cases, the Cornell grant aid may need to be reduced or cancelled as well.

Federal and State Grants & Scholarships | Financial Aid

Any kids want to attend Computer science, will they be eligible for STEM scholarship even if they attend High School school in a different state but parents will be in NY state starting this fall.

No, an eligibility requirement for the STEM scholarship is that you must graduate from a NYS high school

@HESC

Eligibility

An applicant must:

be a NYS resident and have resided in NYS for 12 continuous months prior to the beginning of the fall college term;

be a U.S. citizen or eligible non-citizen;

be a high school senior/recent high school graduate who will be enrolled full time at a SUNY or CUNY college, including community colleges and the statutory colleges at Cornell University and Alfred University, beginning in the fall term following his or her high school graduation;

be ranked in the top 10 percent of his/her high school graduating class at a NYS high school;

be matriculated in an approved undergraduate program leading to a degree in Science, Technology, Engineering or Mathematics at a SUNY or CUNY college;

earn a cumulative grade point average (GPA) of 2.5 or higher each term after the first semester;
execute a Service Contract agreeing to reside and work in the field of Science, Technology, Engineering or Mathematics in NYS for five years. View the terms and conditions of the service contract.

https://www.hesc.ny.gov/pay-for-college/financial-aid/types-of-financial-aid/nys-grants-scholarships-awards/nys-science-technology-engineering-and-mathematics-stem-incentive-program.html

Remember even if student attends one of the statutory colleges at Cornell for STEM, it will be capped at the cost of SUNY tuition (currently $6470).

If so what will happen to our kind of family who are in 100 K income after 401-k deferment or 118 K without deferment. Any idea how much we will be paying for in state university if they receive admission ?

When you file the FAFSA or CSS profile, the 18k paid to your 401k will be added back in. under the current cap of 100k, you will not be eligible.

the first year income caps at 100k

We do not know what the income cap is for year 2 (will probably find out in October when it is time to file for school year 2018-2019

For year 3 and beyond, the income cap is 125k

[infinityprep1234]

@sybbie719 thanks

So far I got:

1. So she would be a NY state residence if we move to NY state.
2. Our family income is 118 K for all practical purposes.
3. Let us see what happens to those college as being Korean is very hard to get admission as my kid who needs need based aid will be competing against other Korean kids who may be full pay
4. STEM scholarship, that she is not eligible for

What about TAP?

[sybbie719]

with an income of 118k, she would not be eligible for TAP (income caps out at 80k) Range is from $200 (80k income) to $5165 (0 income - 0EFC)

Direct cost (tuition fees room and board) for 4 year SUNY school is ~20k

[mom2collegekids]

TAP is for modest income families…up to about $80k

It appears that graduating from a NY high school may also be a req’t if not in the military…but not sure

[mom2collegekids]

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Let us see what happens to those college as being Korean is very hard to get admission as my kid who needs need based aid will be competing against other Korean kids who may be full pay

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If you think that being Asian will hurt admissions for the better schools that give need based aid, then you probably should include some schools that will give MERIT for her stats.

do you also have savings/investments that aren’t in a 401k-like retirement fund?

How much CAN you pay each year for college?

[PurpleTitan]

Right, how much can/will you be willing to pay, total? How many kids?

If you can pay $100K total, 2 years at a NYS CC/public at low/no cost and transfer to a Cornell contract college that has articulation agreements with various NYS CC’s/publics is a potential option if they can keep their GPA near 4.0 the first 2 years. And even if they don’t get in to Cornell, that would save on the cost at a SUNY/CUNY.