Applying for Financial Aid: An Undergraduate Guide CUNY Start @ BMCC Fall, 2015

Applying for Financial Aid The financial aid application becomes available every January for the upcoming academic year. The application is now available for the Fall 2015 & Spring 2016 academic year. People get W2 forms from work by Jan. 31 February - March is the optimal FAFSA filing period The priority deadline for FAFSA is April 15, 2015 and for TAP is April 30, 2015 The FAFSA is the gateway for federal/state aid & private scholarships Apply ASAP because some programs (i.e. Federal Work Study) run out Check www.bmcc.cuny.edu/finaid/ for deadlines and the school code

Who determines how much I get & how do they figure it out? Students can request financial support from the Federal Government by completing an application. The application is called the Free Application for Federal Student Aid (FAFSA) The FAFSA collects a family’s personal and financial information The Federal Government uses the FAFSA to review a family’s income, expenses and size, and then determines the Expected Family Contribution (EFC) The EFC represents the amount that the family is able to pay for one year of college.

Types of Financial Aid Grants & Scholarships Loans Money you do not pay back Need based(based on financial need) Academic based (based on academic performance) Money you borrow and must pay back Federal loans Private loans

Completing the FAFSA in 5 Steps Make sure you (and/or your parents) file your 2014 income taxes Collect the following items: Your Social Security number Parent(s)/guardian(s) SS# and date of birth Copies of you and /or your parents income taxes Your alien registration number (if you are not a US citizen) Bank, real estate and/or business records of you and/or your parents

Completing The FAFSA-Continued Create a Federal Personal Identification Number(Pin) for you and your parents at www.pin.ed.gov File for FAFSA on the web at www.FAFSA.ed.gov Check and Confirm that your application is completed by checking your Student Aid Report The SAR contains all the information you entered in your application, the schools you selected to receive your FAFSA application, and your Estimated Family Contribution, EFC.

Tuition Assistant Program (TAP) TAP is from New York State & for New Yorkers NY residents apply through www.hesc.org Students must be full time to get TAP Students with a foreign HSD must pass the ABT/WOT with a 65, get a 32 in Math TAP covers 8 semesters throughout your entire undergraduate career (2 year & 4 year college)

Tips for filing your FAFSA Pay attention to the left side bar, it tells you whether to enter your information or your parents information.

Tips for filing your FAFSA If you don’t understand the question, look at the Help and Hints bar in the right hand task bar. If you are unsure of what type of information to enter for any particular questions. It is important that you read the help and hints information carefully.

Tips for filing your FAFSA If your parents filed for taxes already, use the IRS Data Retrieval Tool! The IRS DATA Retrieval tool is recommended for families who have filed their tax returns. Enter the pin and click on “Link To IRS” the financial portion of the application will be automatically populated by the IRS data tool. This will help you save time and confirm that all the financial information is entered correctly.

Tips for filing your FAFSA Always check that you would like Work Study Federal Work Study is a federal program that goes by first come first served. This allows students the opportunity to work during school (on campus) and use the money earned to pay for tuition, book expenses and general academic expenses. However, the amount awarded is limited.

DREAM/DACA Students Discuss options with the Financial Aid Office The Dream US Scholarship Program - http://www.bmcc.cuny.edu/dream/ Set up a payment plan with the Bursar’s Office – http://www.bmcc.cuny.edu → Offices & Services → Costs & Financial Aid → Scroll down to → Tuition & Fees → Office of the Bursar → Tuition Pay Plan

Important Websites www.fafsa.ed.gov www.pin.ed.gov www.hesc.org www.irs.gov http://studentaid.ed.gov/ http://www.bmcc.cuny.edu/finaid/ http://www.bmcc.cuny.edu/scholarships/index.jsp http://www.thedream.us/scholars/ http://www.bmcc.cuny.edu/dream/

Important Offices & Contacts BMCC Financial Aid Office Room N-365 Phone: 212-220-1430 Financial Aid Support Team (F.A.S.T.) Web Services Center RM S-143 FAFSA Hotline = 1-800-433-3243 After you’ve read through all the information we have available, direct more questions to these offices.

Overview of FAFSA Complete the FAFSA FAFSA is sent to the federal government Federal Government determines your EFC State Government determines TAP award and sends to your colleges Complete the TAP application Federal Government generates your SAR and sends to your colleges Colleges create financial aid packages according to your SAR

Financial Aid Timeline In Feb. 2015, file taxes from 2014 In Feb/March 2015, file FAFSA w/2014 Tax return Have money for 2015/2016 (Academic Calendar = Sept, 2015 – Aug., 2016)

Money Management Mishaps Low Grade Point Average (GPA) = little/no money Financial aid will not pay for you to repeat a failed class Waiting too long to apply (It takes weeks to hear back) Starting classes without financial aid or a plan to pay for classes Owing money to college (Bursar’s Hold) Discontinuing class without officially withdrawing (you will still owe money)

Questions?? CUNY Start Advisors are not Financial Aid experts Remember to have a “Growth Mindset” The application process can be confusing – exercise your “pause & think” skills to get it done Review the FAFSA How-To Guide for Students carefully Share & discuss the FAFSA How-To Guide with your parent/guardian Complete the Financial Aid Quiz Worksheet for homework. It is due next week in Seminar