The Financial Aid Process

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The Financial Aid Process
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HESC.ny.gov
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Start with FAFSA.GOV
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How to Apply for Federal Aid

• Go to www.pin.ed.gov to get Student Parent PINs
  for FAFSA

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Common FAFSA Questions

• If we dont think we qualify for financial aid,
  do we still file the FAFSA?
• Yes!
• Dont assume you dont qualify
• Many colleges require FAFSA to confirm merit
  awards

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Common FAFSA Questions

• Does the student provide parents financial
  information?
• Yes, unless Independent
• Independent Yes to at least one Q below
• 24 or older
• Have a bachelors degree
• Active duty or Vet
• Married
• Support children
• Emancipated, Orphan, Ward of Court
• Unaccompanied and homeless youth

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Common FAFSA Questions

• If a students parents are no longer married to
  each other, whose info is provided?
• Custodial parent
• If unsure the parent who provided most of
  students financial support during the last 12
  months

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Common FAFSA Questions

• If a custodial parent is remarried, does student
  include stepparents income?
• Yes, information about both parent and
  step-parent is required

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Common FAFSA Questions

• If a students parents live together but are not
  married, whose info is provided?
• Follow the same criteria as divorced parents

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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

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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

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IRS Retrieval Tool

• Tax data transferred to the FAFSA
• May avoid having to submit copies of their tax
  transcript

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CAUTION!

• Avoid FAFSA scams!
• Submitting the FAFSA and NYS TAP application is
  FREE
• Many high school guidance offices, college
  financial aid offices, and non-profit
  organizations provide FREE help with completing
  the FAFSA

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Apply for New York State Aid
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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

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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

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Common TAP Questions

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

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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

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Common TAP Questions

• What are 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

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HESC.ny.gov
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Financial Aid Calculators
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TAP Award Estimator
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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 additional applications

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CSS Profile
http//profileonline.collegeboard.org
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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
• Check with the college to see if they require the
  PROFILE

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After applications are filed

• Each school listed on the FAFSA will receive an
  electronic record
• Student will receive notification that their
  Student Aid Report (SAR) is available
• Schools use this information to develop an award
  letter sent to each student
• Schools may request additional information

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Next Steps Award Letter

• College award letters contain
• Federal aid eligibility
• May include federal student loan options
• State aid eligibility
• Institutional aid eligibility

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Award Letter Evaluation

• Reviewing award letters involves
• Reviewing the cost of attendance of the college
  and the EFC of the applicant

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Award Letter Evaluation

• Reviewing award letters involves
• Distinguishing the aid programs offered in the
  package gift vs. self-help aid
• Projecting annual and long-term indebtedness

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Award Letter Evaluation

• Reviewing award letters involves
• Obtaining the Net cost subtracting gift aid from
  cost of attendance
• Comparing to identify best choice (lowest net
  cost, total indebtedness, etc.)

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Federal 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, SNAP, other untaxed income
• Declaration that taxes were not filed or required
  to be filed

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Federal Verification Requirements

• Identity/Statement of Educational Purpose
• Appear in-person with government-issued ID
• Sign the Statement of Educational Purpose
• High School Completion Status
• High school diploma
• GED
• Home school diploma

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Federal Verification New Requirement

• For 2014-15
• Other Untaxed Income
• Question 45 Students Other Untaxed Income
• Question 94 Parents Other Untaxed Income
• Financial aid administrator determination that
  income does not appear to provide sufficient
  financial support for household
• Student/Parent must explain how the family was
  financially supported during 2013.

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Common Question

• What if the student misses a college deadline?
• Notify the college
• Monitor the process
• Respond immediate to additional information
  requests

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HESC Award Comparison Tool
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Common Question

• Can students appeal or ask for reconsideration of
  their aid package?
• Depends on college some may not accept appeals
• Follow their institutional policy/procedure
• May require the student/parent to submit
  documentation for verification
• No guarantees of aid increase

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StartHereGetThere.org
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StartHereGetThere.org
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NYs 529 College Savings Plan
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Net Price Calculators

• Precollege planning tool available on college and
  university websites
• Helps provide estimates of cost of attendance and
  total grant aid to reveal the expected net cost
• May also provide estimates of total aid package,
  average indebtedness
• Calculators and estimates will vary from college
  to college

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FAFSA4caster
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Benefits of the FAFSA4caster

• Estimates Expected Family Contribution (EFC)
• Estimates eligibility for federal student aid,
  including grants
• Helps students, parents with pre-college planning
• FAFSA4caster is free

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GoCollegeNY.org
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College Planning Other Resources

• High School Calendar
• College Fair Schedule
• Parent/Mentor Content
• Helpful Links