1. What You Need to Know About Financial Aid
Dan Robinson
Pace University
Campus Director - Pleasantville

2. Topics We Will Discuss 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
New York State Aid
CSS Profile

3. What is Financial Aid?
Financial aid consists of funds provided to students and families to help pay for postsecondary educational expenses

4. Estimation of expected costs
What is Cost of Attendance (COA)?
Estimation of expected costs
Direct Costs
Indirect Costs
Transportation
Tuition and fees
Miscellaneous
personal expenses
Room and board
Books and supplies

5. (for dependent students)
What is Expected Family Contribution (EFC)?
Measurement of student’s and family’s ability to pay postsecondary educational expenses
Student contribution
Parent contribution
(for dependent students)

6. What is Financial Need? – Expected family contribution (EFC)
Cost of attendance (COA)
– Expected family contribution (EFC)
= Financial need

7. Samples Of Financial Need
College CC
College S
College P
COA
$ 20,000.00
$ 45,000.00
$ 70,000.00
- EFC
$ 5,000.00
= Need
$ 15,000.00
$ 40,000.00
$ 65,000.00

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

9. Work-Study Employment
Types of Financial Aid
Scholarships
Grants
Work-Study Employment
Loans
Self-Help Aid
Gift Aid

10. Work-Study Employment
Scholarships
Scholarships
Grants
Work-Study Employment
Loans
Self-Help Aid
Gift Aid

11. Work-Study Employment
Grants
Scholarships
Grants
Work-Study Employment
Loans
Self-Help Aid
Gift Aid

12. Work-Study Employment
Scholarships
Grants
Work-Study Employment
Loans
Self-Help Aid
Gift Aid

13. Work-Study Employment
Loans
Scholarships
Grants
Work-Study Employment
Loans
Self-Help Aid
Gift Aid

14. Sources of Financial Aid
Federal Government
Employers
States
Private Sources
College and Universities

15. Federal Government Largest source of financial aid
Aid awarded primarily on the basis of financial need
Must apply each year using the FAFSA
Eligibility requirements must be met

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

17. 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

18. Colleges and Universities
Award aid on the basis of both merit and need
Aid may be gift aid or self-help aid
Use information from the FAFSA and/or institutional applications
Deadlines and application requirements vary by institution

19. Private Sources
Foundations, businesses, churches, civic, and charitable organizations
Deadlines and applications procedures vary
Begin researching private sources early

20. Employers
Companies may have scholarships available to the children of employees
Companies may have educational benefits for their employees

21. Why is October 1 an important date?
Financial aid is funds that are provided to students to help pay for the cost of attending college.
Financial aid is awarded from several sources and can be based on financial need or other criteria, such as academic excellence or athletic ability.
Non-need-based financial aid is also sometimes referred to as merit-based aid.

22. First day to file the 2019-20 FAFSA!!!!!
October 1
First day to file the FAFSA!!!!!

23. Free Application for Federal Student Aid - FAFSA
Collects demographic and financial information
Information used to calculate the expected family contribution (EFC)
Colleges use EFC to award financial aid
Available in English and Spanish

24. 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 academic year, the FAFSA may be filed beginning October 1, 2018
2017 Federal Tax Information will be used
Most colleges set FAFSA filing deadlines

25. Free Application for Federal Student Aid (FAFSA®)
FAFSA on the Web (FOTW)
myStudentAid mobile app
Paper or PDF FAFSA
FAFSA on the Phone (FOTP)
FAA Access to CPS Online

26. Benefits of Using FOTW or myStudentAid
Built-in edits to prevent costly errors
Skip-logic allows student and/or parent to skip unnecessary questions
Option to use Internal Revenue Service (IRS) Data Retrieval Tool to import tax data

27. Benefits of Using FOTW or myStudentAid
More timely submission of original application and any necessary corrections
More detailed instructions and “help” for common questions
Ability to check application status online
Simplified application process in the future

28. FAFSA on the Web (FOTW)

29. FAFSA on the Web (FOTW)

30. myStudentAid Mobile App
Mobile ability to begin, complete, save, and submit the FAFSA

31. myStudentAid Mobile App
Information protected the same as FOTW
Prompts applicant to create a save key, allowing completion at later time

32. myStudentAid Mobile App
FAFSA completion tracked
Successful completion of each section indicated

33. myStudentAid Mobile App
Confirmation of submission
Estimated EFC calculation

34. IRS Data Retrieval Tool
Allows for certain tax return information to be transferred from the IRS database
Participation is voluntary – but HIGHLY recommended - and student chooses whether or not to transfer data to FOTW
IRS will authenticate taxpayer’s identity
If tax record is found, IRS transfers information to populate the FAFSA
Reduces documents requested by financial aid office

35. IRS Data Retrieval Tool
Certain tax filers cannot use the
IRS Data Retrieval Tool
Did not indicate on FAFSA a tax return was completed
Marriage date is January 2017, or later
First three digits of the SSN are 666
Filed a non-U.S. tax return
Married and filed as head of household, or filed separate returns
Neither married parent entered a valid SSN
Non-married parent or both married parents entered all zeroes for the SSN

36. FSA ID
Used for FAFSA completion and allows access to certain U.S. Department of Education websites
May be used by students and parents throughout financial aid process, including subsequent school years
Only the owner should create a FSA ID
Apply at .htm

37. General Student Information
Social Security Number
Citizenship status
Marital status
Drug conviction of possession or sale
Selective Service registration
Highest education level completed by father/mother

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

39. Information About Parents of Dependent Students
Tax, income, and other financial information
Dislocated worker status
Receipt of means-tested federal benefits in the previous two years
Assets
Untaxed income

40. Information About Student (and Spouse)
Tax, income, and other financial information
Dislocated worker status
Receipt of means-tested federal benefits in the previous two years
Assets
Untaxed income

41. Information about Parent

42. Additional Information
College information
Can list up to 10 schools at a time on FAFSA
Housing plans
If unsure, choose ‘on campus’
Many schools award additional aid for on-campus students
FAFSA preparer information
NEVER pay anyone to file your FAFSA – it is a free application

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

44. 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

45. FAFSA Processing Results
CPS
College
Student

46. Email Notification of SAR Processing
If valid address is provided on FAFSA
Provides access to electronic SAR at

47. SAR or SAR Acknowledgement
SAR sent if paper FAFSA filed without providing an address
SAR Acknowledgement sent if FOTW filed without providing an address

48. Institutional Student Information Record (ISIR)
CPS sends results to colleges listed on the FAFSA
College reviews ISIR and may request additional documentation

49. 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; or
Submitting documentation to college’s financial aid office

50. Special Circumstances
Conditions exist that cannot be documented with the FAFSA
Send written explanation and documentation to your college’s financial aid office
College will review and request additional information if necessary
Decisions are final and cannot be appealed to U.S. Department of Education

51. Special Circumstances
Secondary school tuition
Unusual uncovered medical/dental expenses
Parent or spouse death
Extraordinary dependent care
Loss of employment
Divorce
Student cannot obtain parental information

52. NYS Student Aid Programs
Tuition Assistance Program (TAP)
Scholarships for Academic Excellence
STEM Incentive Program
Math & Science Teaching Incentive Program
Veterans Tuition Award
Excelsior Scholarship
Enhanced Tuition Award (ETA)
New York State administers a number of grant, scholarship and award programs. These are few – and the complete list can be found on the hesc.ny.gov website.
Some programs, like the NYS Math and Science Teaching Incentive Program, have a service component which students would be required to complete after completing college.

53. NYS Student Aid Eligibility Requirements
Students must:
Be New York State residents for at least 1 year
If dependent, parents must also be NYS residents
Attend and be matriculated at an eligible college in New York State
Meet other eligibility criteria for specific programs
To be eligible for NYS grant and scholarship programs, students and parents must be NYS residents for at least the last 12 months, and the student must attend an eligible NYS school.
For some programs, students must meet other criteria, such as income limits.
More details about the state programs are available on hesc.ny.gov.

54. NYS Student Aid Programs
Tuition Assistance Program (TAP)
Undergraduates
Need-based, up to $5,165/year
Full-time and part-time study in NYS
Based on NYS net taxable income (must be below $80,000)
The Tuition Assistance Program (TAP) is New York State’s need-based grant program. TAP funds may be used for tuition only and are available to full- and part-time students attending a college in NYS.
It is not available for out of state study.
Currently, the maximum TAP award is up to $5,165 per year.
The award amount is calculated using your NYS taxable income.

55. TAP Award Determination
TAP award amount determined by
Type of institution and the tuition charge
Financial status (dependent or independent)
Other family members enrolled in college
Combined family NYS taxable income
The amount of your TAP award is determined by factors such as the year you first receive TAP, the college you are attending, your dependency status, and other siblings in college.
Your combined family NYS taxable income currently cannot exceed:
$80,000 for family
$40,000 for married with no tax dependents
$10, 000 for single independents.
HESC’s Tap Award Estimator, on HESC’s website, can help you estimate what your award may be.

56. NYS Student Aid Programs
Excelsior Scholarship
Provides full-tuition only coverage at SUNY/CUNY schools only
Income needs to be less than $125,000
Can be used for Associates or Bachelors
Post award residency and employment requirements
If requirements not met, converts to interest-free loan

57. NYS Student Aid Programs
Enhanced Tuition Award (ETA)
Tuition matching award for Private Colleges and Universities
Income needs to be less than $125,000
Maximum award is $6,000 minus other NYS aid
For tuition charges only
NYS pays half, school pays half
Can be used for Associates or Bachelors
Schools have option to opt-in each year
Post award residency and employment requirements
If requirements not met, converts to interest-free loan

58. Other NYS Student Aid Programs
NYS STEM Incentive Program
Provides full SUNY tuition scholarship at SUNY/CUNY colleges
Students at a Private college/university in NYS will receive the an award equal to SUNY tuition
Must be ranked in top 10% of class
For undergraduate programs leading to a degree in Science, Technology, Engineering or Mathematics
Must execute service agreement
Apply online at hesc.ny.gov in January
The NYS STEM Incentive Program awards full in-state tuition scholarship at SUNY/CUNY colleges or universities for applicants who are:
Graduating seniors that are ranked in top 10% of their high school class
Studying in undergraduate programs leading to a degree in Science, Technology, Engineering or Mathematics
There is a service commitment in which a student must agree to work and reside in NYS for five years after completing their education and must work in an approved STEM field. Anyone who is interested in this program may apply online at hesc.ny.gov after graduation.

59. How to Apply- New York State Aid
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 your 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.

60. The TAP Application
Accessing the link from the FAFSA confirmation page will bring you here to begin your New York State TAP application.
Make sure pop-up blockers are set to allow pop-ups on the HESC website!
First time TAP applicants will be prompted to establish a HESC User ID and PIN number as part of the application process.
The TAP application will contain data carried over from your FAFSA. All you will need to do is confirm some of this information and answer a few additional questions.

61. CSS Profile
Additional application used by some colleges to award institutional aid
Check with college
Collects more detailed income and asset information and non-custodial parent info
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 aid. It collects more detailed information than the FAFSA. It is available in early October, and participating colleges often use this as the first step in determining financial aid.
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.
If you need assistance with any of the questions on the CSS Profile, check with the college 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.

62. After Applications are Filed…
Schools listed on FAFSA receive an electronic record – cannot see other schools listed on FAFSA
Schools begin financial aid packaging process
Student may be required to provide additional documentation at this time
When processing is finished, an award letter is sent to student
Once you have successfully filed your FAFSA, the colleges and universities you listed on the application will receive an electronic transmission of the results.
Then the college develops a financial aid package for the student. During this process, colleges may need additional information so make sure you watch your for any requests.
The college sends an award letter to the student detailing the financial aid package.

63. Financial Aid Award Letter
College award letter contains
Amount of federal aid for which students are eligible, including loan options
Estimate of state aid for which students are eligible
Institutional aid (Merit awards, grants, etc.)
Breakdown of costs
College award letter contains specific information about the student’s eligibility for federal aid, including loan options, state aid, and institutional aid.
They may be issued to the student on paper or the student may be asked to go online through a school portal to retrieve it.
Students may be required to accept or decline the awards they are being offered.

64. Questions???
Thank You!