FINANCIAL AID…WHAT YOU NEED TO KNOW Sean Sherwood Student Services Coordinator BINGHAMTON UNIVERSITY

AGENDA What is Financial Aid? Who is Eligible? How to Apply? When to Apply? How is Financial Aid Calculated? Other Financing Options Final Advice Questions

What is Financial Aid  Grants-free $, need based  Scholarships-free $, various criteria  Institutional–free $, various criteria  Resources – outside scholarships/tuition waivers, etc.  Loans-Yes these are considered forms of financial aid. $ that MUST be paid back  Federal Direct Subsidized Loan  Federal Direct Unsubsidized Loan  Federal Direct PLUS (Parent) Loan  Private Student Alternative Loan  Employment  Federal Work Study (FWS), need based

WHO IS ELIGIBLE  MUST be admitted (matriculated) into a degree- seeking program  MUST be a U.S. citizen or eligible non-citizen  MUST be registered with Selective Service (Male, ages 18—25)  MUST not have any drug-related convictions

WHOSE INFO IS NEEDED on FAFSA  Parent AND student information is required  Parents who are divorced or separated - custodial parent (parent the student lived with more during past 12 mos.)  For joint custody orders - the parent who provides the MOST support (over 50%)  Parents who are remarried – both parent and stepparent  Unmarried parents living together – both parents  Same-sex couples/marriages – both parents The Federal government believes it is BOTH the student’s and parent’s responsibility to pay for college

HOW DO I FILE

FIRST STEPS  Website: fsaid.ed.govfsaid.ed.gov  Create FSA ID and password (can use immediately for new application)  Used by students and parents throughout the aid process

FREE APPLICATION FOR STUDENT AID (FAFSA)  WEBSITE:  FAFSA will be available on January 1 st for the aid year (MUST apply each academic year to be eligible for aid)  Most colleges set FAFSA filing deadlines  FAFSA Worksheet  Prepare information prior to going online  Worksheet questions follow order of online FAFSA process

READY…SET…FILE!  Tax return, W-2s or pay stubs, bank statements, etc.  Use CORRECT social security numbers and birth dates (both parent & student)  Check school websites for FAFSA filing dates/deadlines & general financial aid information RELAX The FAFSA is deigned to help you complete the application accurately. If needed, you can save and finish later.

NEED HELP  Help and Hints located on the right side of any FAFSA entry page  Click Need the bottom of any FAFSA entry page  Chat with live support staff by clicking Help icon and then select Contact Us  Contact Financial Aid office at the college you plan to attend  Talent Search located in the State Office building  SUNY Broome Financial Aid Day in February

COMMON FAFSA ERRORS  NOT completing the FAFSA  Household size  Income tax reported  Incorrect SSN or DOB for student and/or parent  Incorrect spelling of names (MUST match your SS card)  Legal guardianship (NOT parent)  Not reporting parent information  Untaxed income (child support, workers’ compensation, disability, etc.)  Not supplying both electronic signatures (student and parent)

IRS DATA RETRIEVAL  Available early February 2016 for processing if you have already filed your Federal tax return  Automatically links your FAFSA with your completed IRS tax return information on file with the IRS  May not be available if filing early due to school deadlines, have not filed federal tax return or it has not been processed.  May reduce documents requested by Financial Aid office

NYS TUITION ASSISTANCE PROGRAM (TAP)  NYS resident applying to a NYS school - don forget to apply for TAP  Link is provided on the FAFSA confirmation page  Or can apply through HESC  MUST create a HESC Username and PIN

FAFSA4CASTER Curious about your Financial Aid picture? Check this out!!!

SECONDARY APPLICATIONS *College Specific Forms* Contact EACH Financial Aid office directly to find out the following:  CSS Profile needed for non-federal aid  Recommended filing deadlines for best offer  Any additional financial aid forms required in addition to FAFSA  Specific scholarship applications

CSS PROFILE…aka FAFSA on STEROIDS  Primarily used by private institutions for Institutional funding  Can file as early as October 1 st, 2015 for the aid year  Check with your college to see if they require the PROFILE  Filed  Application fee/per report

WHAT HAPPENS NEXT?  FAFSA information sent to school within 3-5 days  School reviews data (system/manual)  Financial aid award offer provided  May request documentation to verify data  Most communications are sent to student  Offer may be revised later based on new information SUNY Smart Track Award Letter

WHAT IS COST OF ATTENDANCE (COA)  Direct Costs  Indirect Costs

EXPECTED FAMILY CONTRIBUTION (EFC)  Stays the same regardless of college  Calculated using data from the FAFSA and federal methodology  Used to award federal and institutional aid (in most cases)

WHAT IS FINANCIAL NEED

TIMELINE  Submit FAFSA, available beginning January 1 st  Review acknowledgement from FAFSA – Student Aid Report (SAR); check for possible corrective action needed  Colleges begin to award aid typically March-April  National Reply Date is May 1 st (deposit required to accept admission)

SPECIAL CIRCUMSTANCES & APPEALS  Significant change in income  Change in family circumstances  Process varies  Documentation is key  What would be an ineligible appeal?

OTHER FINANCING OPTIONS  College Savings accounts (i.e., 529 plan)  401[K] plans  Long Term Investments (stocks/bonds)  Home Equity/Lines of Credit  Credit Cards  Current Income or Savings  College Payment Plans

COMPARING APPLES TO APPLES  What is the NET COST (bottom line)?

FINAL ADVICE  Know each school’s recommended FAFSA filing deadline  Understand when you will hear from each college  Start your scholarship search now  You can estimate your income to meet school deadline; correct FAFSA after you file taxes  Avoid websites, consultants, planners or services charging money to apply for financial aid, even scholarships

RESOURCES  College Board:  CSS Profile: financial-aid-profilehttps://student.collegeboard.org/css- financial-aid-profile  FAFSA:  Federal Student Aid:  FSA ID Website:  NYS Higher Education Services (HESC):  Student/Parent Loan Information:

QUESTIONS

CONTACT INFO Sean Sherwood Binghamton University PO Box 6000 Binghamton, NY