1. The Financial Aid Process High School Counselor Workshop Fall 2012 Higher Education Services Corporation

2. HESC.ny.gov

3. Start with the FAFSA Application: fafsa.gov

4. How to Apply for Federal Aid Go to www.pin.ed.gov to get Student & Parent PINs for FAFSA

5. 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

6. Common FAFSA Questions Does the student provide parents’ financial information?  Yes, unless “Independent”  “Independent:” Yes to at least one Q below  24 or older  Active duty or Vet  Married  Support children  Emancipated  Unaccompanied and homeless youth

7. 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

8. 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

9. Common FAFSA Questions What if we miss a college deadline?  Notify the college  Monitor the process  Respond immediate to additional information requests

10. 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

11. 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

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

13. CAUTION! Avoid paying a fee to file the FAFSA!  Submitting the FAFSA and NYS TAP application is FREE  Contact the high school guidance office or the college’s financial aid office if you need help in completing the FAFSA

14. Apply for New York State Aid

15. 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

16. HESC.ny.gov

17. TAP Award Estimator

18. 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  Request an Express TAP Application (ETA) paper application

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

20. 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

21. Common TAP Questions What are these 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

22. 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 an additional application

23. CSS Profile http://profileonline.collegeboard.com

24. CSS Profile Check with the colleges you plan to apply to whether they require the PROFILE Application fee covers one school; additional schools – additional fees Limited amount of fee waivers

25. 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

26. After applications are filed… Each school listed on the FAFSA and CSS Profile will receive an electronic record  FAFSA - Institutional Student Information Record (ISIR) contains processed student information and processing results Schools use this information to develop an award package to be included in an award letter sent to each student

27. 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, food stamps, other untaxed income Declaration that taxes were not filed or required to be filed

28. Verification: New Requirements For 2013-14  High School Completion Status High school diploma GED Home school diploma

29. Verification: New Requirements For 2013-14  Identity/Statement of Educational Purpose Appear in-person with government-issued ID Sign the Statement of Educational Purpose

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

31. HESC Award Comparison Tool

32. StartHereGetThere.org

35. Financial Aid Calculators

36. FAFSA4caster

37. Benefits of the FAFSA4caster Uses applicant data to estimate eligibility for aid so the student has information when making decisions about college Provides students with more specific financial aid information earlier in the process FAFSA4caster is free

38. Benefits of the FAFSA4caster Estimates Expected Family Contribution (EFC) Calculates eligibility for federal aid, including grants

39. Net price Calculators All colleges and universities must have a “net price calculator” on their websites Gives students and their families an idea of how much they themselves might have to pay Questions may vary from school to school depending on available aid – i.e. school based academic scholarship

40. NY’s 529 College Savings Plan

41. GoCollegeNY.org

43. College Planning & Other Resources High School Calendar College Fair Schedule How to Choose a College Helpful Links

44. HESC Services and Support Contact HESC Today  Financial Literacy Training  Financial Aid Nights  Invite HESC to Your College Fair Contact: Joe Gorman 518-486-6281 or Joe_Gorman@hesc.ny.gov Questions? Thank you