1. Financial Aid Application Process
Mark Zaffalon
Financial Aid Counselor
SUNY Fredonia

2. How to Apply for Aid
Apply for admission (Fall of Senior Year) and collect information
Request an FSA ID:
Complete FAFSA online: in January 2016 (estimate the income information)
Complete TAP application online

3. Step 1: Collect Information
Student’s and parent’s SSN and DOB
Parent’s marital status
Tax returns for student and parents
W-2’s for student and parents
Records of untaxed income for student and parents bank,
stock, real estate, and business records for student and
parents
Student’s driver’s license number
Student’s alien registration number (for non U.S citizens)

4. Step 2: Request an FSA ID https://fsaid.ed.gov
Sign FAFSA electronically
Student and one parent each have their own ID
Will be used by the student and parents throughout aid process, including subsequent school years
Only the owner should create a FSA ID

5. Step 3: File Your FAFSA Be sure to go to www.fafsa.gov
File the FAFSA as soon as possible after January 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.

6. Sections on the FAFSA Part One: Student Demographics
Name, social security number, birth date
Provide an address
Indicate gender
Males have the opportunity to enroll in
Selective Service
For more information go to:
Part Two: School Selection
Enter FAFSA codes – up to 10 colleges

7. Sections on the FAFSA Part Three: Parent Demographics
Name, social security numbers, birth dates
Marital status
If your parent does not have an SSN, enter 0’s or 9’s
Part Four: Financial Information
If you have not filed your 2015 federal tax return, select “will file”
Use 2015 Estimated Income first, then follow up with IRS Data Retrieval process embedded within FAFSA

8. 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.

9. IRS Data Retrieval

10. IRS Data Retrieval

11. IRS Data Share Process
• Enter your filing status and address information exactly as it appears on your tax return and press "submit.“
• Information needs to match your 1040 precisely! For example, if on the address line of your 1040 you used “St.,” but you typed the word “Street” into this website, the IRS DRT will not find your return locate your return.  

12. IRS Data Retrieval

13. Sign and Submit the FAFSA
Sign electronically using FSA ID and print confirmation page
our return.  

14. FAFSA Confirmation Page
Step 4: Apply for TAP from the FAFSA confirmation page

15. Apply for TAP
If you miss the TAP link from the FAFSA, go to hours after completing the FAFSA.
Please be aware that the first school code listed on the FAFSA is automatically populated on the TAP application.

16. How is Financial Aid Determined?
Expected Family Contribution (EFC) is determined by:
Parents’ income and assets
Student’s income and assets
Size of family
Age of parents
Number of children in college

17. using Prior-Prior Year Tax Income Data on the FAFSA
New for the 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. As you know, the FAFSA is made available January 1 of each calendar year, yet it is uncommon for a family or individual to be prepared to file an income tax return in the month of January. Under the new PPY system, the FAFSA will be available in October 2016, rather than January 1, 2017, and students can use the PPY’s completed income tax return.
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. 
* Next year’s ( ) aid applicants will be using the same prior year federal income (2015) for two consecutive years *

18. Sources of Financial Assistance

19. Federal Direct Stafford Loans
Subsidized Stafford Loan
4.29% /Origination Fee is 1.068%
Based on need
Federal government pays interest while student is in school
$3,500 for freshmen
Unsubsidized Stafford Loan
Not based on need
Student is responsible for interest while in school
$5,500 for freshmen

20. Tuition Assistance Program (TAP)
Funding levels are determined each year by the NYS budget process
Maximum Grant - $5,000
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 $5,198 or below
Current maximum grant is $5,775 in

21. Early FAFSA application is critical at most schools
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

22. Financial Aid Award Letter

23. SMART TRACK Award Letter

24. 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 6.84%
Payment Plans
May vary…typically, families spread the direct costs over the semester or year.
Alternative Loans
Student loan with a co-signer
Fixed or variable interest rate, based on credit score and bank rate

25. FASTWEB.COM
Fastweb recently matched you to these new scholarships! Apply today, so you don't miss out!
That was easy–you didn't even have to search!
Check out your new scholarships:
Gen and Kelly Tanabe Scholarship (Amount: $1000) Log in to see the rest of your personalized scholarship matches: What do I do now? You're never going to win scholarships if you don't apply. Simply choose one of the scholarships on your matches list, read through the detailed info and click on the scholarship provider's website to find out how to apply. Why was I matched to these scholarships? We matched you to these scholarships because of the info you have in your profile. If these scholarships aren't what you had in mind, you have the power to make them better. Update your profile by filling out as much as possible and keep your info current. That way, we'll find better, more personalized scholarship matches for you.

26. Appeals Based on Unusual Circumstances
Loss of Income in 2016 vs. 2015
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.

27. Comparison Tools
Net Price Calculators • Provides early estimate of the financial aid for which you might qualify • Net Price = Sticker Price – Gift Aid (grants, scholarships and awards) HESC Award Comparison Tool • • Compares net price at up to 3 institutions of your choice

28. SUNY Statewide Financial Aid Day
January 16, 2016
&
February 20, 2016
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 in early December

29. 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
information:
FEDAID

30. Questions?