1. What You Need to Know About Financial Aid

2. Topics We Will Discuss Tonight
What is financial aid?
Cost of attendance (COA)
Expected family contribution (EFC)
Financial need
Categories, types, and sources of financial aid
Free Application for Federal Student Aid (FAFSA®)
Special circumstances

3. What is Financial Aid?
Financial aid helps pay the cost of attending college
Financial aid may awarded based on
Financial need (need-based)
Other criteria, such as academic or athletic ability or a special talent (merit-based)

4. Formula for Need Based Financial Aid
Cost of Attendance
– Expected Family Contribution (EFC)
= Financial Need

5. What is Cost of Attendance (COA)?
The COA is determined by each college and varies widely, but it always includes the following components:
Tuition and fees
Room and board
Books and supplies
Transportation
Miscellaneous expenses

6. What is Expected Family Contribution (EFC)?
Amount family can reasonably be expected to contribute
Stays the same regardless of college
Determined based on FAFSA results

7. Need Varies Based on Cost

8. Categories of Financial Aid
Need-based aid
Non-need-based aid

9. Examples of Need Determination
College A B C
COA
$ 15,000
$30,000
$60,000
- EFC
5,000
= Financial Need
$ 10,000
$ 25,000
$55,000
This sample chart demonstrates a student’s eligibility for need-based financial aid based across three different priced colleges with an Expected Family Contribution of five thousand dollars.
As mentioned earlier, the EFC calculated from the student’s FAFSA stays the same across all the different colleges.
In the example you see that the student qualifies for need-based aid at all three colleges. However, at colleges priced the same as College C the student will have the greatest need.
Now that we know how need is determined, let’s take a look at some of the financial aid programs that a student may receive to help cover their college costs.

10. Types of Financial Aid Scholarships Grants Free Money Loans Employment
Self-Help Aid

11. Sources of Financial Aid
Federal government
States
Colleges and universities
Private sources
Civic organizations and churches
Employers

12. Federal Government Largest source of financial aid
Aid awarded primarily on the basis of financial need
Must apply each year using the FAFSA

13. Federal Student Aid Programs
Federal Pell Grant
Iraq and Afghanistan Service Grant (IASG)
Teacher Education Assistance for College and Higher Education (TEACH) Grant
Federal Supplemental Educational Opportunity Grant (FSEOG)
Federal Work-Study (FWS)
Federal Direct Student Loans (Direct Loans)
Subsidized
Unsubsidized
Federal PLUS Loans

14. Federal Student Aid Eligibility Criteria
Students must also
Have a high school diploma or recognized equivalent, such as a GED/TASC
Be enrolled, or accepted for enrollment, in an eligible degree or certificate program
Maintain satisfactory academic progress requirements
The student must have a high school diploma or an approved equivalent, such as a GED or TASC, which is what we use in New York State;
The student must also be enrolled or accepted for enrollment as a matriculated student working toward a degree or certificate in an eligible program, and be making academic progress while attending school.
Now let’s talk about the financial aid programs provided by New York State.

15. States Residency requirements usually apply
Award aid on the basis of both merit and need
Use information from the FAFSA and/or state aid applications
Deadlines vary by state
Check PDF FAFSA or FAFSA on the Web website

16. NYS Student Aid Eligibility Criteria
Students must:
Be New York State residents
If dependent, parents must also be NYS residents
Attend and matriculate at an eligible college in New York State
Meet other eligibility criteria for specific programs
More info at hesc.ny.gov
To qualify for any New York State grant or scholarship program, students and parents must be residents of New York State for at least 12 months prior to starting college. In addition, the student must attend an eligible school located in New York State. New York State aid is not offered to students attending colleges outside of New York State.
For some programs, students must meet other criteria, such as income limits.
More details about state aid programs are available at hesc.ny.gov.

17. NYS Tuition Assistance Program (TAP)
Separate application at
Undergraduates
Need-based, up to $5,165/year
Full-time and part-time study in NYS
Based on NYS Income Tax information
Need to maintain good grades
The Tuition Assistance Program (TAP) is New York State’s need-based grant program. TAP is awarded to help cover tuition costs only and may be available for either full or part-time students attending a college in New York State.
Currently, the maximum TAP award is up to $5,165 per year. Qualifying for TAP and the exact amount awarded will depend on student and parent New York State net taxable income.

18. NYS Excelsior Scholarship
Provides full in-state tuition coverage for students attending SUNY/CUNY after Pell, TAP, & other grants, scholarships and waivers for tuition
applicants must have a 2016 federal adjusted gross income (AGI) < $110,000 for student and parent
AGI increases to $125,000 for applicants
Must complete FAFSA & TAP application first & then the Excelsior application at hesc.ny.gov
Must be full-time and earn 30 or more credits each year
The Excelsior Scholarship provides for full in-state tuition coverage for students attending SUNY or CUNY. The scholarship is deducted by any Pell, TAP, or other grant or scholarship aid that covers tuition.
applicants must have a household federal adjusted gross income (AGI) at or under $110,000 to qualify based on the 2016 income tax returns. The AGI cap will increase to $125,000 for applicants based on the 2017 income tax returns.
You can apply for Excelsior after filing the FAFSA and TAP applications on hesc.ny.gov. The application period for the school year will be announced some time during this year.

19. Colleges and Universities
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
May be free money or self-help aid
Deadlines & Application requirements vary by institution (check with your college ASAP)
Colleges also provide their own financial aid programs, known as institutional aid. Each college sets their own eligibility criteria for both need-based and non-need based financial aid programs.
Many colleges use the FAFSA application to determine eligibility for need-based institutional aid programs. Some colleges require another financial aid application, such as The College Board’s CSS Profile, to be considered for need-based institutional aid. We will discuss the CSS Profile application a bit later.
Merit-based institutional grants and scholarships may be based on academic, athletic, and other talents. Make sure the college is aware of any special skill or talent you have so you are considered for any of these special awards.
Be sure to keep track of all the different deadlines and applications required at the schools to which you are applying. Funds may be limited, so be sure to complete required applications as early as possible.
A college’s financial aid website can provide you with information on the availability of institutional aid programs, required applications, and deadlines.

20. Private Sources, Civic Organizations & Employers
Foundations, businesses, charitable organizations
Deadlines and application procedures vary widely
Begin researching private aid sources early
Research what is available in the community
To what organizations and churches do the student and family belong?
Companies may have scholarship available to employees or children of employees.
Application process usually occurs during spring of the senior year.
Small scholarships add up!

21. Free Application for Federal Student Aid (FAFSA®)
A standard form that collects demographic and financial information about the student and family
May be filed electronically or using paper form
Available in English and Spanish

22. FAFSA
Information used to calculate the expected family contribution (EFC)
Amount of money a student and his or her family may reasonably be expected to contribute towards the cost of the student’s education for an academic year
Colleges use EFC to award financial aid

23. FAFSA
May be filed at any time during an academic year, but no earlier than October 1st prior to the academic year for which the student requests aid
For the 2018–19 academic year, the FAFSA may be filed beginning October 1, 2017
Most colleges set FAFSA filing deadlines

24. FAFSA on the Web (FOTW)

25. FSA ID Sign FAFSA electronically
Not required, but speeds up processing
May be used by students and parents throughout aid process, including subsequent school year
Only the owner should create a FSA ID

26. General Student Information
Social Security Number
Citizenship status
Marital status
Drug convictions
Selective Service registration
Level of parents’ school completion

27. Student Dependency Status
FAFSA asks questions to determine dependency status for federal student aid (not IRS) purposes:
If all “No” responses, student is dependent
If “Yes” to any question, student is independent

28. Information About Parents & Student
Tax, income, and other financial information
Dislocated worker status
Receipt of means-tested federal benefits
Assets
Untaxed income

29. IRS Data Retrieval Tool
May be available October 2017 for 2018–19 processing cycle
Participation is voluntary (but using it may reduce documents requested by the financial aid office
Some may be unable to use the IRS DRT – in which case you must have your Federal Tax Forms in front of you

30. Signatures Required Format for submitting signatures Student
One parent (dependent students)
Format for submitting signatures
Electronic using FSA ID
Signature page
Paper FAFSA

31. Frequent FAFSA Errors Social Security Numbers
Divorced/widowed/remarried parental information
Income earned by parents/stepparents
Untaxed income
U.S. income taxes paid
Household size
Number of household members in college
Real estate and investment net worth

32. FAFSA Processing Results
CPS notifies student of FAFSA processing results by:
notification containing a direct link to student’s online SAR, if student’s was provided on paper or electronic FAFSA
Student with FSA ID may view SAR online at

33. Making Corrections
If necessary, corrections to FAFSA data may be made by:
Using FAFSA on the Web ( if student has a FSA ID;
Updating paper SAR (SAR Information Acknowledgement cannot be used to make corrections); or
Submitting documentation to college’s financial aid office

34. FAFSA Processing Results
Institutional Student Information Record (ISIR) sent to colleges listed on FAFSA approximately 10 to 14 days after FAFSA is submitted
College reviews ISIR
May request additional documentation

35. Complete your TAP Application
Complete your TAP application by clicking the state application link on the FAFSA confirmation page. If you miss it, the student will receive an to file for TAP within 3-4 days.
Once you successfully complete the FAFSA, you will see the confirmation page.
If you indicated you are a resident of New York State and listed at least one college located in New York State on the FAFSA application, the link highlighted in this screen shot will be present on the confirmation page. Using the link will bring you to the HESC TAP application web portal. Make sure pop-up blockers are set to allow pop-ups on the FAFSA website!
First time TAP applicants will need to establish a HESC User ID and PIN number as part of the application process.

36. Complete the CSS Profile, if needed
The CSS Profile is an additional application used by some private colleges to award institutional aid
Check the financial aid page of the college website to see if the CSS Profile is required.
Collects more detailed income and asset data
Collects information about non-custodial parent
Application fee, waivers may be available
Apply starting October 1st of senior year online at collegeboard.org
The college board’s CSS Profile, is an additional aid application that some colleges require before they award any institutional aid. It collects more detailed information than the FAFSA. Each college will tell you if the CSS Profile is required.
It is important to note that the CSS Profile is not free. There is a $25 fee for the first school and a $16 fee for each additional school. Fee waivers may be available for some low-income applicants so be sure to check with your school’s guidance counselor or college advisor to see if you qualify.
If you need assistance with any of the questions on the CSS Profile, check with those colleges that are requesting the information for advice on how to proceed. Colleges may choose to waive some of the required Profile items based on individual exceptions or special circumstances.
The CSS Profile is available online at Collegeboard.org starting October 1 of your senior year.

37. Special Circumstances
Cannot be documented using FAFSA
Send written explanation and documentation to financial aid office at each college
College will review and request additional information if necessary
Decisions are final and cannot be appealed to U.S. Department of Education

38. Special Circumstances
Change in income
Change in employment status
Unusual medical expenses not covered by insurance
Change in parent marital status
Unusual dependent care expenses
Student cannot obtain parental information

39. Steps to Apply for Financial Aid in Review
Step 1 – Get your FSA ID
Step 2 – Complete your FAFSA at fafsa.gov
Step 3 – Complete your TAP application
Step 4 – Complete the CSS profile, if needed
Step 5 – Complete the Excelsior Application
Step 6 – Respond to college requests!!!