The Real Cost of College, 2022

Assuming the following circumstances:
    A North Fork public high school graduate considering attending a  4-year public college
in the SUNY System (one of the 24  colleges); a New York resident,  will live on campus.

                            Annual Cost of Attendance at SUNY 4-Year College, 2022

Tuition and Fees$7,500
Room and Board (estimate)$15,000
Books & Supplies/Transportation$2,500 — $4000
  
Total (“Cost of Attendance”)$25,000 — $27,500
  
Average Financial Aid$9200
Average Net Price$16,000
Average 4-Year Cost to Family$64,000

                    Likelihood of graduating from a SUNY with BA in 4 years – 59%


                              Annual Cost of Attendance at Suffolk County Community College, 2022                                       

Tuition and Fees$6,000
Room and BoardCommute
Books & Supplies/Trans.$2,500
  
Total (“Cost of Attendance”) p /y$8,500
  
Average Financial Aid$9200
Average Net Price$5,400
2-Year Cost to Family$10,800

               Likelihood of graduating with Associate Degree in 2 years – 28%


Financial Aid Possibilities
89% of students attending a SUNY receive some financial aid – of whom 43%
eligible for Pell grant
   Binghamton/Cortland/Geneseo – 75%  receive f/aid — of whom 25% eligible
for Pell grant
   Buffalo State/Canton/Morrisville — > 90% receive financial aid — of whom
65% eligible for Pell grants]
  Stony Brook — 76% of students receiving financial aid [37% eligible for Pell grant]
       means students coming from somewhat higher income families than the average


Size of SUNY average financial aid package — $8,000 to $11,000 – average $9,200
   $8000 range – Geneseo/Cortland
   >$10,000 – Albany/Stony Brook

Net Price (i.e., total charge to student’s family) per SUNY College — $16,000
   Varies from $14,000 (Buffalo State/Canton) to $19,000 (Binghamton)
Net Price is the cost to parents after financial aid is applied to Cost of Attendance (COA)
COA – F/Aid Package = Net Price to Family

How does amount of the F/Aid package get determined?
1.  The resources available to the particular SUNY college – some have more
f/aid $ available if fewer seeking f/aid and if their student needs are less substantial
     a. Those colleges with the most available f/aid have substantial numbers of students
             less in need of any or much financial assistance (“full-ticket/price payers”),
             as opposed to those with nearly all of their students requiring lots of f/aid.
    b. Those SUNYs with endowments designated for financial aid and non-need based
scholarships
              [Stony Brook — $74,000,000 for need-based financial aid; $13,000,000 for non-
need based scholarships]
  

2. The resources available to the family — financial circumstances of the student as determined by FAFSA [“Free Application for federal Student Aid”]
             [The norm used here — Applicant is a dependent of an income-generating family,
with two kids and not much savings.]; Equity in primary home not counted as
an asset; neither is first $20,000 in savings/investments
      
How much income?  Little/Some/Quite a Bit/Lots
       Little — < $60,000
       Some — $60,000 – $120,000
       Quite a Bit — > $120,000 – $200,000
       Lots — > $200,000

How many kids? The more kids the more financial aid
How much savings? The more savings the less financial aid

FAFSA – Calculated from previous year’s tax returns 
     Adjusted income of parents
     Reported savings (if < $20,000, not counted)
     Number of additional family dependents of college or pre-college age
     Adjusted income of would-be college-goer
     Savings of student
     Colleges to which you are considering applying to (for their COA)

           FAFSA Calculation Example #1 for SUNY College  – Family with Little Income

  For College  
Parents’ Income$60,0006%$3600 
Parents’ savings$3,0006%0 
Student’s income$100020%$200 
Student’s savings$100020%$0 
     
Expected Family Contribution  $3,800 
Cost of Attendance  $25,000 
GAP  $21,200 
Financial Aid 75%  Need Met$15,900 
Family Add’l Outlay Required  $5300 
Total Family Outlay per year  $9100 
% of COA by family  34% 

                          FAFSA Calculation Example #2  — Family With Some Income



 EFC %  
Parents’ Income$90,0006%$5400 
Parents’ savings$10,0006%0 
Student’s income$100020%$200 
Student’s savings$100050%$500 
     
Expected Family Contribution  $6,100 
Cost of Attendance  $25,000 
GAP  $18,900 
Financial Aid 75% of Need Met*$14,175 
Family Add’l Outlay  $4,725 
Total Family Outlay per year  $10,875 
% of COA by family  44% 

* 69% for Stony Brook; 62%  for Oneonta

                                FAFSA Calculation Example #3  — Quite a Bit of Income

  EFC%  
Parents’ Income$150,0006%$9000 
Parents’ savings$15,0006%$900 
Student’s income$100020%$200 
Student’s savings$100020%$200 
     
Expected Family Contribution  $10,300 
Cost of Attendance  $25,000 
GAP  $13,700 
Financial Aid 75% of Need Met$10,275 
Family Add’l Outlay  $3,425 
Total Family Outlay per year  $13,725 
% of COA by family  55% 

                      FAFSA Calculation Example #4  — Family with Lots of Income

  EFC%  
Parents’ Income$200,0006%$12,000 
Parents’ savings$20,0006%$1200 
Student’s income$100020%$200 
Student’s savings$100020%$200 
     
Expected Family Contribution  $13,600 
Cost of Attendance  $25,000 
GAP  $11,400 
Financial Aid 75% of Need Met$8,550 
Family Add’l Outlay  $2,850 
Total Family Outlay per year  $16,450 
% of COA by family  66% 

Financial Aid Packages: Average for SUNY — $9200
   Three Components:
      Grant — $6000 [not repayable]
      W/Study — $2000 ( 100 hours a year at $10.00 an hour, as worked) [not repayable]
       Federal Loan — $1200 (either subsidized or unsubsidized federal loan)
 [repayable over time]
      Possiblity of some non-need-based scholarship $$ (from college’s endowment) [not
repayable]

Grant funds (need-based) and w/study funds from federal, state and  county sources (taxes)
Loans, as well, from public sources, but must be repaid by student or family

Summary: 
1. 4-Year SUNY colleges are on average cheaper to attend than most private colleges;
2. But they are not nearly so much cheaper as one would conclude from 5-fold differences
         in tuition ($7500  vs. $40,000 +);
3. Attending a SUNY is not necessarily cheaper than attending a well-endowed private
college prepared to meet more or all of the  financial need of a family (i.e., everything
above the EFC, (even if EFC is 0) than a SUNY college;
4. But those well-endowed private colleges, despite typically having the highest posted
tuition cost (upwards of $60,000), that may be cheaper than a SUNY, are also likely
to be more selective in their admissions than are most SUNY colleges

Take Away: Better grades, more rigorous courses, higher SATs, stronger teacher recommendations, impressive extra-curriculars, strong application essay and
demonstrated interest may be more bankable than family’s available financial resources