The Financial Aid Process

HESC.ny.gov

Start with FAFSA.GOV

How to Apply for Federal Aid Go to to get Student & Parent PINs for FAFSA

Common FAFSA Questions If we don’t think we qualify for financial aid, do we still file the FAFSA?  Yes!  Don’t assume you don’t qualify  Many colleges require FAFSA to confirm merit awards

Common FAFSA Questions Does the student provide parents’ financial information?  Yes, unless “Independent”  Independent: Yes to at least one Q below  24 or older  Have a bachelor’s degree  Active duty or Vet  Married  Support children  Emancipated, Orphan, Ward of Court  Unaccompanied and homeless youth

Common FAFSA Questions If a student’s parents are no longer married to each other, whose info is provided?  Custodial parent  If unsure: the parent who provided most of student’s financial support during the last 12 months

Common FAFSA Questions If a custodial parent is remarried, does student include stepparent’s income?  Yes, information about both parent and step- parent is required

Common FAFSA Questions If a student’s parents live together but are not married, whose info is provided?  Follow the same criteria as divorced parents

Frequent FAFSA Errors Social Security Number Divorced/remarried parent information Parents/ stepparents earned income Untaxed income U.S. income taxes paid Household size Number in postsecondary education Real estate and investment net worth

IRS Retrieval Tool  Connects to IRS for tax data from completed returns  Electronic filers – about 2 weeks after submitted  Use for original FAFSA and corrections

IRS Retrieval Tool Tax data transferred to the FAFSA May avoid having to submit copies of their tax transcript

CAUTION! Avoid FAFSA scams!  Submitting the FAFSA and NYS TAP application is FREE  Many high school guidance offices, college financial aid offices, and non- profit organizations provide FREE help with completing the FAFSA

Apply for New York State Aid

NYS Student Aid Major Programs  Tuition Assistance Program (TAP)  Aid for Part-Time Study  NYS Scholarships for Academic Excellence  NYS Math & Science Teaching Incentive Program  Veterans Tuition Award

Common TAP Questions How do I apply for TAP if I missed the direct link from the FAFSA form  After 3-4 days, apply through HESC.ny.gov

Common TAP Questions What are the residency requirements for TAP?  Legal resident of New York State What should the student send to HESC when questioned?  New York State Residency Questionnaire  Student can appeal residency if denied  Student must provide documentation Leases, utility bills, tax documents

Common TAP Questions If a student does not reside with his/her parents and they are not helping pay for college, does parental information need to be included?  Dependent vs. Independent For students 22 to 35, depends on responses to financial independence questions Applicants under 22 are considered dependent unless they meet both the financial independence questions and special conditions

Common TAP Questions What are special conditions and what proof needs to be sent to HESC?  Ward of the court  Public assistance under own budget  Involuntary dissolution of family  Honorably discharged veteran  Parents are deceased, certified as having a total and permanent disability, or declared incompetent

HESC.ny.gov

Financial Aid Calculators

TAP Award Estimator

Institutional Aid Depends on funding at each college College determines eligibility criteria for need-based and non-need-based programs Academic, athletic, and other talent- based scholarships and grants May require additional applications

CSS Profile

CSS Profile The PROFILE is a form used by certain colleges - in addition to the FAFSA - to award the schools own grants, loans or scholarships -(Institutional Funds) Collects more detailed information – e.g. home ownership Check with the college to see if they require the PROFILE

After applications are filed… Each school listed on the FAFSA will receive an electronic record  Student will receive notification that their Student Aid Report (SAR) is available Schools use this information to develop an award letter sent to each student  Schools may request additional information

Next Steps: Award Letter College award letters contain:  Federal aid eligibility May include federal student loan options  State aid eligibility  Institutional aid eligibility

Award Letter Evaluation  Reviewing award letters involves:  Reviewing the cost of attendance of the college and the EFC of the applicant

Award Letter Evaluation  Reviewing award letters involves:  Distinguishing the aid programs offered in the package; gift vs. self-help aid  Projecting annual and long-term indebtedness

Award Letter Evaluation  Reviewing award letters involves:  Obtaining the Net cost; subtracting gift aid from cost of attendance  Comparing to identify best choice (lowest net cost, total indebtedness, etc.)

Federal Verification Requirements  IRS Tax Transcript for Federal Tax Return data AGI, Taxes Paid, Untaxed Income, Education Credits  Verification worksheet and/or written statement for other data Number in household/college, child support paid/received, SNAP, other untaxed income Declaration that taxes were not filed or required to be filed

Federal Verification Requirements Identity/Statement of Educational Purpose Appear in-person with government-issued ID Sign the Statement of Educational Purpose High School Completion Status High school diploma GED Home school diploma

Federal Verification: New Requirement For :  Other Untaxed Income Question 45: Student’s Other Untaxed Income Question 94: Parent’s Other Untaxed Income  Financial aid administrator determination that income does not appear to provide sufficient financial support for household Student/Parent must explain how the family was financially supported during 2013.

Common Question What if the student misses a college deadline?  Notify the college  Monitor the process  Respond immediate to additional information requests

HESC Award Comparison Tool

Common Question Can students appeal or ask for reconsideration of their aid package?  Depends on college; some may not accept appeals  Follow their institutional policy/procedure  May require the student/parent to submit documentation for verification  No guarantees of aid increase

StartHereGetThere.org

NY’s 529 College Savings Plan

Net Price Calculators Precollege planning tool available on college and university websites Helps provide estimates of cost of attendance and total grant aid to reveal the expected “net cost” May also provide estimates of total aid package, average indebtedness Calculators and estimates will vary from college to college

FAFSA4caster

Benefits of the FAFSA4caster Estimates Expected Family Contribution (EFC) Estimates eligibility for federal student aid, including grants Helps students, parents with pre-college planning FAFSA4caster is free

GoCollegeNY.org

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