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Agenda
• What is financial aid?
• Who is eligible?
• How do I apply?
• When do I apply?
• How is my eligibility calculated?
• Tips and other helpful information
• Questions?
What is Financial Aid?
• Grants | free money, usually based on “need”
• Loans | money that must be paid back
• Employment | earn a paycheck to help with
non-billed college expenses
• Scholarships | free money, various criteria
Who is Eligible for Federal Aid?
General Eligibility requirements:
• 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, if male ages 18-
25.
• Must not have any drug-related felony convictions.
The federal government believes it is
BOTH the parent and student
responsibility to pay for college.
• Parent and student information is required.
• For divorce or separation situations, the parent whom the
student lives with must complete the FAFSA.
• For joint custody situations, the parent who provides the
most support completes the FAFSA.
• For remarried situations, the parent whom the student lives
with and the step-parent must complete the FAFSA.
A student is only considered
“Independent” by if:
• Born before 1/1/1997 (for the 20-21 aid year)
• Married (as of the day the FAFSA is completed)
• Working on a masters or doctorate program
• Serving on active duty military (other than training)
• Veteran of the U.S. Armed Forces
• Have children/dependents – must provide >50% support
• Orphan, ward of court or in foster care - since age 13
• Emancipated minor, as determined by a court
• In legal guardianship, as determined by a court
• Unaccompanied youth/homeless
Your First Step:
• WWW.FAFSA.GOV
• 2020-21 FAFSA available
October 1, 2019.
• Free to complete
• Report 2018 income
information.
There’s an app for that!
• myStudentAid
• Available for all operating systems
• Complete all aspects of the FAFSA on your phone or tablet!
What Do You Need for the
FAFSA?
• An FSA ID and password (for student and parent): Create one at
www.fsaid.ed.gov.
• Your Social Security Number (for student and parent[s]).
• Your Driver’s License Number (student, if student has one).
• 2018 Tax Records – Tax Return 1040 & All Schedules and W-2s (for
parent[s] and student, if filed).
• Records of 2018 Untaxed Income (child support received/paid, interest
income, etc.).
• Records of current assets (savings/checking/investments/real estate).
• List of schools you are interested in attending (you can add up to 10 at a
time).
Most Common FAFSA Errors:
• Forgetting to submit BOTH E-signatures (student AND parent).
• Incorrect Social Security Number for student or parent.
• Incorrect date of birth for student or parent.
• Incorrect spelling of names (must match your Social Security card or Alien
Registration card!).
• Divorced/remarried parental information.
• Income earned by parents/stepparents.
• U.S. income taxes paid.
• Untaxed income reporting.
• Household size.
• Number of household members in college.
• Real estate and investment net worth.
IRS Data Retrieval Tool
• Participation is voluntary.
• Links verified 2018 tax
information for parent and/or
student to the FAFSA.
• Reduces documents you may
have to submit to school later.
REMEMBER: Apply for NYS TAP Grant if you are a NY
resident attending a NY school
• Link provided on the FAFSA confirmation page.
The NYS STEM Incentive Program
• Full SUNY Tuition Scholarship
• Eligibility:• be ranked in the top 10 percent of his/her high school graduating
class at a NYS high school;
• be matriculated in an approved undergraduate program leading to a
degree in Science, Technology, Engineering or Mathematics at a
SUNY or CUNY college;
• earn a cumulative grade point average (GPA) of 2.5 or higher each
term;
• execute a Service Contract agreeing to reside and work in the field of
Science, Technology, Engineering or Mathematics in NYS for five
years.
• Application opens in Spring 2020. Deadline
mid-August 2020
NY State Excelsior Scholarship
• 2020-21 application date: To Be Announced, check HESC.NY.GOV
– Sign up for e-Mail notifications on hesc.ny.gov
• Income eligibility: Parent and student combined 2018 Federal Adjusted
Gross Income is less than $125,000.
• Pursuing an undergraduate degree at a SUNY or CUNY college.
• be enrolled in at least 12 credits per term and complete at least 30
credits each year.
• execute a Contract agreeing to reside in NYS for the length of time the
award was received, and, if employed during such time, be employed in
NYS.
Secondary Applications:
College-specific Forms
Contact the school to find out if:
• Specific scholarship application is required.
• Separate financial aid form is required, in
addition to FAFSA (i.e., CSS Profile).
CSS Profile Application
• https://cssprofile.collegeboard.org
• $25 for 1st school, $16 for
each additional school.
• Some schools require to
determine non-Federal aid
eligibility.
How is Eligibility Calculated?
• FAFSA information sent to all schools listed
approximately 3 to 5 days after submitted.
• School reviews data:
– May request documentation to verify
information on FAFSA.
– Financial aid award offer calculated once file is
complete.
Suggested Timeline
• Submit FAFSA, available beginning October 1st.
• Review acknowledgement from FAFSA, and look for
possible corrective action needed.
• Know school FAFSA filing dates/deadline.
• Colleges begin to award aid typically January-April.
• National Reply Date is May 1st.
*(Deposit required to accept admission).
Get Ready to File!
• Gather your 2018 tax documents (for parent and student) –
tax returns, W-2s, bank statements.
• Make sure you have CORRECT social security numbers and birth dates (for both parents and student).
• RELAX! The web application is specially designed to help you complete the FAFSA accurately. If needed, you can “save” and finish later - if you need clarification or just need to take a break.
• Check school websites for FAFSA filing dates/deadlines as well as general financial aid information.
Special Circumstances
• Change in employment status and/or income in
2019 or 2020.
• High medical expenses not covered by insurance.
• Change in parent marital status.
• Unusual dependent care expenses.
• Student cannot obtain parent information.
• Appeal with specific school
Sean’s Advice:
• Review school-specific process and timeline.
• Gather materials you need.
• Start Scholarship search - good place to start is your High School.
• Contact Financial Aid office if special circumstances exist.
• AVOID websites, consultants, planners or services that charge money to apply for financial aid, even scholarships…its free!
Helpful Information
• FAFSA: www.fafsa.ed.gov
• Student Financial Aid information:
www.studentaid.ed.gov
• College Board: www.collegeboard.org
• TAP/Excelsior/NY State Aid Website:
www.hesc.ny.gov
• Sean Sherwood
– www.binghamton.edu/financial-aid