Financial Aid Presentation Financial Aid Office State University of New York at Fredonia 716.673.3253

FSA ID https://fsaid.ed.gov Sign FAFSA electronically Only the owner should create a FSA ID Cannot use the same e- mail address for the student & parent – Need different e-mail addresses

FSA ID If parent already has a PIN, PIN can be linked at the FSA ID site Enter PIN, then click “Verify” OR Click “Forgot My PIN”

Be sure to go to www.fafsa.gov File the FAFSA as soon as possible after October 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.

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 info: 1-800-4FEDAID

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 Retrieval

FAFSA Confirmation Page 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.

using Prior-Prior Year Tax Income Data on the FAFSA For the 2019-20 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. Under the new PPY system, the 2019-20 FAFSA will be available in October 2018, rather than January 1, 2019, and students can use the PPY’s completed income tax return (2017). 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. 

Financial Aid Award Letter

SMART TRACK Award Letter

Sources of Financial Assistance

Tuition Assistance Program (TAP) Funding levels are determined each year by the NYS budget process Maximum Grant - $5,165 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 5,486 or below Current maximum grant is $6,095 in 2018-19

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

Federal Direct Stafford Loans Maximum loan amount between the two types for First-Year is $5,500 2 Types Subsidized Stafford Loan 5.045% /Origination Fee is 1.066% Based on need Federal government pays interest while student is in school Can get up to $3,500 out of the $5,500 max in this type Unsubsidized Stafford Loan Not based on need Student is responsible for interest while in school Loan cannot exceed cost of education minus financial aid

NY-AIMS Award of $500 Eligibility NY State high school graduate Achieved academic excellence Top 15% 3.3 GPA or above Honor Regents diploma or a score of 3 or higher on two advanced placement exams Based on unmet need Applications and more information available in May More information: www.hesc.ny.gov or Scholarship Unit at 1-888-697-4372

STEM Incentive Program Tuition scholarship at SUNY or CUNY Eligibility Need to graduate in top 10% of high school class Need to study in STEM Field Need to maintain a 2.5 average Five-year service contract to work in NY state in a STEM field More information: www.hesc.ny.gov or Scholarship Unit at 1-888-697-4372

The Excelsior Scholarship Effective Fall 2019, eligibility based on 2017 Federal AGI being less than $125K Award is calculated against 2019-20 annual SUNY/CUNY tuition rate (for SUNY that amount was $6,870 in 1819) How it works: Maximum Award equals $5,500, minus any amounts received for TAP, Pell or other scholarships Remainder of tuition will be covered through a tuition credit paid through SUNY or CUNY Excelsior Scholarship is a “last $ in” scholarship so it is reduced by: -federal & state grants (TAP. Pell, SEOG, etc.) -institutional scholarships -private scholarships Must file FAFSA, TAP, and Excelsior Application “Last Dollar Scholarship” More information: https://home.fredonia.edu/finaid/excelsior-scholarship-program

The Excelsior Scholarship: Eligibility Requirements Be a resident of New York State Household federal adjusted gross income does not exceed these limits : 2017/18: $100,000 (based on 2015 tax return) 2018/19: $110,000 (based on 2016 tax return) 2019/20: $125,000 (based on 2017 tax return) Enroll in a SUNY or CUNY two- or four-year degree program Take 30 credits per calendar year (including winter and summer terms) Maintain good academic standing Excelsior Scholarship is a “last $ in” scholarship so it is reduced by: -federal & state grants (TAP. Pell, SEOG, etc.) -institutional scholarships -private scholarships Plan to live and work in New York following graduation for the length of time you participate in the scholarship program

Enhanced Tuition Award: Eligibility Requirements - provides tuition awards to students who are New York State residents attending a private college located in New York State. Recipients will receive $6,000 through a combination of their TAP award, ETA award and a match from their private college. An applicant must: be a U.S. citizen or eligible non-citizen resident of have either graduated from high school in the United States, earned a high school equivalency diploma, or passed a federally approved “Ability to Benefit” test, as defined by the Commissioner of the State Education Department; have a combined federal adjusted gross income of $100,000 or less, as reported on their family’s 2015 tax return; be pursuing an undergraduate degree at a participating private college or university located in New York State; be enrolled in at least 12 credits per term and complete at least 30 credits each year (successively), applicable toward his or her degree program; if attended college prior to the 2017-18 academic year, have earned at least 30 credits each year (successively), applicable toward his or her degree program prior to applying for an Enhanced Tuition Award; be in a non-default status on any student loan(s) made under any NYS or federal education loan program or on the repayment of any NYS award; execute a Contract agreeing to reside in NYS for the length of time the award was received, and, if employed during such time, be employed in NYS.

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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 7.595% / Origination Fee 4.264% Payment Plans May vary…typically, families spread the direct costs over the semester or year. Private Loans Student loan with a co-signer Interest rate based on credit score and bank rate (Most lenders now offer both a fixed rate and a variable rate product)

Appeals Based on Unusual Circumstances Loss of Income (2017 reported vs 2019) 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.

SUNY Statewide Financial Aid Day October 13, 2018 & November 17, 2018 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 now

Questions?