Financial Aid Application Process Mark Zaffalon Financial Aid Counselor SUNY Fredonia Mark.Zaffalon@fredonia.edu 716.673.3253

How to Apply for Aid Apply for admission (Fall of Senior Year) and collect information Request an FSA ID: https://fsaid.ed.gov Complete FAFSA online: www.fafsa.ed.gov in January 2016 (estimate the income information) Complete TAP application online

Step 1: Collect Information Student’s and parent’s SSN and DOB Parent’s marital status Tax returns for student and parents W-2’s for student and parents Records of untaxed income for student and parents bank, stock, real estate, and business records for student and parents Student’s driver’s license number Student’s alien registration number (for non U.S citizens)

Step 2: Request an FSA ID https://fsaid.ed.gov Sign FAFSA electronically Student and one parent each have their own ID Will be used by the student and parents throughout aid process, including subsequent school years Only the owner should create a FSA ID

Step 3: File Your FAFSA Be sure to go to www.fafsa.gov File the FAFSA as soon as possible after January 1st of each school year. The on-line FAFSA allows students to list up to 10 colleges. The paper FAFSA allows only 4 colleges to be listed. FAFSA used to determine TAP and institutional aid Processing Time: Web: 1 week Paper: 4 weeks Must file each year as soon as possible after Jan. 1st Features available on the Web that are not available with the paper FAFSA: i.e.,pre-application worksheet, student eligibility, federal school code search, Estimated EFC automatically calculated upon completion, etc.

Sections on the FAFSA Part One: Student Demographics Name, social security number, birth date Provide an email address Indicate gender Males have the opportunity to enroll in Selective Service For more information go to: www.ss.gov Part Two: School Selection Enter FAFSA codes – up to 10 colleges

Sections on the FAFSA Part Three: Parent Demographics Name, social security numbers, birth dates Marital status If your parent does not have an SSN, enter 0’s or 9’s Part Four: Financial Information If you have not filed your 2015 federal tax return, select “will file” Use 2015 Estimated Income first, then follow up with IRS Data Retrieval process embedded within FAFSA

IRS Data Retrieval Process All FAFSA on the Web applicants and the parents of dependent applicants, who indicate that they have filed their federal tax returns prior to completing their FAFSA, will be directed to use the FAFSA-IRS Data-Retrieval process to complete their FAFSA more easily and accurately.

IRS Data Retrieval

IRS Data Retrieval

IRS Data Share Process • Enter your filing status and address information exactly as it appears on your tax return and press "submit.“ • Information needs to match your 1040 precisely! For example, if on the address line of your 1040 you used “St.,” but you typed the word “Street” into this website, the IRS DRT will not find your return locate your return.  

IRS Data Retrieval

Sign and Submit the FAFSA Sign electronically using FSA ID and print confirmation page our return.  

FAFSA Confirmation Page Step 4: Apply for TAP from the FAFSA confirmation page

Apply for TAP If you miss the TAP link from the FAFSA, go to www.tapweb.org 24-48 hours after completing the FAFSA. Please be aware that the first school code listed on the FAFSA is automatically populated on the TAP application.

How is Financial Aid Determined? Expected Family Contribution (EFC) is determined by: Parents’ income and assets Student’s income and assets Size of family Age of parents Number of children in college

using Prior-Prior Year Tax Income Data on the FAFSA New for the 2017-18 award year using Prior-Prior Year Tax Income Data on the FAFSA With the switch to PPY, students and families will be able to: File the FAFSA earlier. As you know, the FAFSA is made available January 1 of each calendar year, yet it is uncommon for a family or individual to be prepared to file an income tax return in the month of January. Under the new PPY system, the 2017-18 FAFSA will be available in October 2016, rather than January 1, 2017, and students can use the PPY’s completed income tax return. More easily submit a FAFSA. The IRS Data Retrieval Tool (DRT), which allows automatic population of a student’s FAFSA with tax return data and decreases the need for additional documentation, can be used by millions more students and families under PPY, since tax data from two-years prior would be readily available upon application. Receive earlier notification of financial aid packages. If students apply for aid earlier, colleges can in turn provide financial aid notifications to students earlier, ensuring that students and families have more time to prepare for college costs. Notifying students earlier of their financial aid packages will also leave more time for one-on-one counseling with students and families.  * Next year’s (2016-17) aid applicants will be using the same prior year federal income (2015) for two consecutive years *

Sources of Financial Assistance

Federal Direct Stafford Loans Subsidized Stafford Loan 4.29% /Origination Fee is 1.068% Based on need Federal government pays interest while student is in school $3,500 for freshmen Unsubsidized Stafford Loan Not based on need Student is responsible for interest while in school $5,500 for freshmen

Tuition Assistance Program (TAP) Funding levels are determined each year by the NYS budget process Maximum Grant - $5,000 SUNY Tuition Credit for students who receive a TAP award Federal Pell Grant Pell Eligibility is restricted to FAFSA calculated Expected Family Contributions (EFC’s) that are $5,198 or below Current maximum grant is $5,775 in 2015-16

Early FAFSA application is critical at most schools Federal Work Study Program Need based Will not impact Student income portion of EFC calculation Most likely will not appear on college bill since students will receive a check! Early FAFSA application is critical at most schools

Financial Aid Award Letter

SMART TRACK Award Letter

Alternative Financing Options Parent Loans for Undergraduate Students (PLUS) For parents of dependent students Borrow up to entire cost of college less financial aid Parent must pass credit check Fixed Interest Rate 6.84% Payment Plans May vary…typically, families spread the direct costs over the semester or year. Alternative Loans Student loan with a co-signer Fixed or variable interest rate, based on credit score and bank rate

FASTWEB.COM Fastweb recently matched you to these new scholarships! Apply today, so you don't miss out! That was easy–you didn't even have to search! Check out your new scholarships: Gen and Kelly Tanabe Scholarship (Amount: $1000) Log in to see the rest of your personalized scholarship matches: What do I do now? You're never going to win scholarships if you don't apply. Simply choose one of the scholarships on your matches list, read through the detailed info and click on the scholarship provider's website to find out how to apply. Why was I matched to these scholarships? We matched you to these scholarships because of the info you have in your profile. If these scholarships aren't what you had in mind, you have the power to make them better. Update your profile by filling out as much as possible and keep your info current. That way, we'll find better, more personalized scholarship matches for you.

Appeals Based on Unusual Circumstances Loss of Income in 2016 vs. 2015 Medical/Dental expenses NOT PAID by insurance Death, separation, divorce...... 1-Time Fluctuation in Income Elementary/Secondary Private School Tuition Expenses Follow the procedures of the Financial Aid Office where student is attending.

Comparison Tools Net Price Calculators • Provides early estimate of the financial aid for which you might qualify • Net Price = Sticker Price – Gift Aid (grants, scholarships and awards) HESC Award Comparison Tool • http://www.hesc.ny.gov • Compares net price at up to 3 institutions of your choice

SUNY Statewide Financial Aid Day January 16, 2016 & February 20, 2016 Ask questions about the financial aid application, types of aid and the award process Some campuses will offer web access to complete FAFSA online Register at www.suny.edu/student in early December

Should I pay someone to help me find or apply for student financial aid? FREE help is available Make sure you are not paying for free information Know what you are getting for your money Need more information: 1-800-4FEDAID

Questions?