No, any award that is stated to apply to tuition will reduce the excelsior amount. They include TAP, Pell, institutional awards and others they list on the HESC site.
For example, at UB a high stat student may be awarded 2 separate merit awards. One is Provost for $2500 and the other is Pride of NY for $2500. Without searching, I can’t remember which is which, but one is for tuition only and will effect excelsior and the other can be applied to other expenses and will not be deducted from the excelsior amount. I believe they are doing this purposefully because of the excelsior, since from my research, they didn’t used to split their merit like they currently do.
The AOTC qualification income is $80k for singles, with phase out to $90k, and $160/$180 for married filing jointly. There is no adjustment for HOH (single limit applies). It is based on AGI without the ‘add backs’ that FAFSA would have.
Ok, so you’ve been told that one of the SUNY merit awards can be used for “other expenses,” and will NOT reduce Excelsior. Please get that in writing from that SUNY and another other SUNY that offers merit.
The last think you need in the fall is to find out that your daughter’s scholarship went to tuition and Excelsior was reduced and you have no proof that the school said otherwise. Get it in writing from a RELIABLE source from each school where they include their name and job title.
Well, that would be something for the OP, not me We decided that enhanced/STEM was a gamble we didn’t choose to take for our daughter because it’s not unfathomable that she would choose to leave NY within 4/5 years and then have to repay the money with interest. Her choice in college means she is thinking of spreading her wings further than if she had chosen UB (just our own life circumstances)
But it was the kind of thing my husband asked when he called and talked to an HESC rep as well.
That particular award was at UB, but it wouldn’t be surprising that the same applies to other SUNYs. If the scholarship or award is listed as being for tuition, it effects excelsior. Likewise, if you win $1,000 for books and expenses through a local business, it won’t effect excelsior. A scholarship specifically listed as being for tuition would.
Yes, you can lose the Excelsior in years 2 &3. The merit awards can disappear too. If costs are a serious factor, ST Bonaventure should be out of the picture. Total cost for a SUNY is around $25K with Buffalo the most expensive of the bunch, and it’s in that ballpark too. St Bonnie is double that cost if the merit disappears. If things are tight, one should prepare for the worst scenario, and it’s looking at $25K in cost vs $50K
On the other hand, this might be a risk, you as a family, are willing to take. A sit down with your daughter is in order, explaining very clearly what the costs are, and will be with two kids in college. I have seen many many students have to return home to commute to a local college to finish up their degrees when finances so dictated… Loss of merit and financial aid, loss of family income, parental job all feature in such a move. It’s sobering to discuss these things when you are in the throes of joy and anticipation which is what a lot of the college acceptance season brings. it’s a time to look forward to this next milestone and mundane things like finances just ruin the celebrations.
UB will cost about $22700 with the $2500 merit award. With the Excelsior, the cost is brought down about to what the net cost would be at St Bonaventure as long as the Excelsior remains in the picture—2 Years, the OP feels. The other SUNYs would cost somewhat less
Talk to the fin aid officers at each school and ask outright what happens when you edge out of the Excelsior due to income increases, and you have a second child in college. That would make you EFC per child much less, something that might be recognized by some schools like UB and addressed with additional financial aid. The question is whether it would be in grants, not loans and work study, because it appears those will already be tapped to make things work financially as it is.
I would take Jim’s information with a grain of salt, especially for HESC, you must file the FAFSA and apply for TAP (which is also through HESC). I am going to try to reach out to my HESC person tomorrow.
@cptofthehouse THIS that you wrote ~ UB will cost about $22700 with the $2500 merit award. With the Excelsior, the cost is brought down about to what the net cost would be at St Bonaventure as long as the Excelsior remains in the picture—2 Years, the OP feels. The other SUNYs would cost somewhat less
This is why she wants to attend St Bona, and why we are STILL considering it. It UB will be the same price, why not go to St Bona?
She is adamant that Bona is her only “home”, She is saying she does not want to go to any other school, does not like any other school.
My son was offered an athletic scholarship at StBon. He visited the school and liked it a lot. Said, “I could go here and be happy”. Also liked the SUNY that accepted him—no money there. He picked a school all wrong for him due to totally off reasons in the end, but we went with it. It was a financial reach for us but we wanted him to have his choice.
In your case, it all hinges on your DD whether she can keep that large merit award that makes her first choice affordable. The $16k left to pay would not be orneroud after summer and school jobs, tightening of the proverbial belt and parental contributions. If she loses the award, let her know that she’d likrly have to come home and commute to school which is how things ended up for one of mine. Up to her. Which is what it’s all about. Just make sure all the facts and rules are clear
It’s not like she is starting out with a huge financial reach school. She did earn that scholarship
$17K gap for ST B. Kid will have to work and make about $7K, parents have to come up with about $7k and then borrow via PLUS or if turned down for that extended Direct loans. It’s doable if the merit money holds. Tight but doable. Will likely get ACOA credit in taxes which will help. That’s what the kid wants and if she understands what it’s going to take, she’ll likely have more momentum in effort to make it work. Having a “horse fighting the line” is not a good situation to have.
The OP is likely to lose the Excelsior in years 2 and 3 AND have an additional child in college. And the student can lose SUNY scholarships too (mine did!) These things do happen.
A lucky thing about being a New Yorker is that the SUNY system is extensive enough that there are state schools local to just about anywhere in the state. Your kid screws up, she can come home, get a job, go back to school at affordable tuition costs, commuting. One of mine did that too! Had a shot at his first choice school, finished at local SUNY.
@cptofthehouse Thank you so much for your analysis and advice, much appreciated! Did your son go to St Bona? I do have a couple questions, not sure what ACOA credit in taxes is? Tried to google, didn’t find.
She absolutely HAS to maintain the scholarship or she is done. That is a given and she knows it.
However we will not be able to contribute $7K, will likely be taking full loan. If we can swing more OOP we would repay.
Also not sure what this word was supposed to be, looks like autocorrected ~~ The $16k left to pay would not be orneroud ??
Thank you again for all your insight!
It seems DD is taking a position that somehow in her immature mind she is magically thinking parents truly can afford helping her get to her choice if they really want to. Ha.
Well, does not like any other school. OK. Maybe she needs to consider a gap year. Or attend local community college. There are ‘choices’. That truly may have her see she wants to go away and therefore she will ‘see’ another school that will work out.
However if she doesn’t have the maturity to put full effort where she goes, why are the parents making any of the financial sacrifices at all?
Also, IMHO, do not have her dredging her college woes to her peers - it is just drawing out the drama. Many families can do much less than what your family is able to do financially towards her college costs. So many students want to have (in their eyes) a more status school. They are not paying the bills for your DD.
We decided that enhanced/STEM was a gamble we didn’t choose to take for our daughter because it’s not unfathomable that she would choose to leave NY within 4/5 years and then have to repay the money with interest. Her choice in college means she is thinking of spreading her wings further than if she had chosen UB (just our own life circumstances)