Preparing for College: Student Financial Aid

What Students& Parents Should Know

What is Financial Aid?

Funds provided to students to help pay the cost of attending college

Financial aid may awarded based on Financial need (need-based) Other criteria, such as academic or

athletic ability (non-need or merit-based)

Sources of Financial Aid

Federal government New York State Colleges – Institutional aid Outside sources

Businesses/Employers Foundations Clubs/Organizations

Different Types of Aid

Scholarships GrantsWork StudyLoans

Free Money

Self-help aid

How to Apply

To be considered for student aid, a student must complete all forms required by a college

Free Application for Federal Student Aid (FAFSA)

NYS Tuition Assistance Program (TAP) Application

Institutional Forms Other as required

Free Application for Federal Student Aid A standard form that collects

demographic and financial information about the student and family

Information is used to calculate Expected Family Calculation (EFC)

Colleges use the EFC to award need-based financial aid

Used by states, colleges, scholarship programs to determine aid eligibility

Filing the FAFSA

Application period starts January 1st of senior year

Check with each college for application deadlines

Available online at fafsa.gov Be careful of scam websites! Remember: Application is free!

FAFSA.gov

FAFSA4caster: FAFSA.gov

FAFSA: Student Sections

Student Information & Eligibility Basic info: address, email, name of high

school, citizenship status College Information

Up to 10 colleges may be listed; can be updated by correction

Dependency Determination Questions that will determine student’s

dependency status

FAFSA: Parent, Income, & Signature Sections

Parent Information & Income Demographic information Household size, Number in college Income from most recent tax

return, untaxed income; can be estimated

Student Income Signature Section

Expected Family Contribution (EFC)

Based on the FAFSA dataAmount family can reasonably

be expected to contribute Includes parent and student infoStays the same regardless of

collegeUsed to determine financial need

How Financial Need is Determined

Cost of Attendance (COA)

– Expected Family Contribution (EFC)

= Financial Need

Cost of Attendance (COA)

Loan fees Study abroad costs Dependent care

expenses Expenses related to

a disability

Tuition and feesRoom and boardBooks and suppliesTransportationMiscellaneous

personal expenses

COA – EFC = Financial Need

Examples of Financial Need

College College

AACollege College

BBCollege College

CC

COACOA $ $ 11,00011,000

$30,000$30,000 $60,000$60,000

- EFC- EFC 5,0005,000

5,0005,000

5,0005,000

= = FinanciaFinancial l NeedNeed

$ 6,000$ 6,000 $ $ 25,00025,000

$55,000$55,000

Common Questions: FAFSA

If we don’t think we qualify for need-based financial aid, do we still file the FAFSA? Many families mistakenly believe

they do not qualify Consult with colleges, FAFSA may

be needed for merit-based aid

Common Questions: Citizenship

What are the citizenship requirements for FAFSA? Students must be US Citizens or

eligible non-citizens (such as a US Permanent Resident Card holder), to receive federal and NYS financial aid

Consult with the financial aid office at your college if you do not meet this status

Common Questions: Dependence

Does the student need to provide parents’ financial information? In most cases, students under 24

will be required to report parental information

For special circumstances, consult with the financial aid office

Common Questions: Parents

If a student’s parents are divorced or separated, whose info is provided? Custodial Parent

What if both biological parents are living together but unmarried? Both parents file together

If a custodial parent is remarried, does student include stepparent's income? Yes

Common Questions: Assets

Do you report your home value or retirement accounts as assets? No, your primary residence and tax

deferred retirement accounts are excluded from FAFSA

What about 529 college savings plans? The value of 529 Plans, for all children,

need to be reported as parent investment

Financial Aid Programs

Federal Aid Programs

Pell Grant Supplemental Educational

Opportunity Grant (FSEOG) Work-Study Perkins Loan Direct Stafford Loan Direct PLUS Loan

Studentaid.ed.gov

NYS Student Aid Programs

Tuition Assistance Program (TAP) Need-based, up to $5,165/year For New York State residents only Full or part-time study at approved

school in New York State Based on NYS Income Tax

information

Other NYS Student Aid Programs

NYS Science, Technology, Engineering and Mathematics (STEM) Incentive Program

NYS Scholarships for Academic Excellence

NYS Math & Science Teaching Incentive Program

Veterans Tuition Award Aid for Part Time Study

For more info on NYS student aid visit hesc.ny.gov

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 an additional application

The CSS Profile

Private application used by some colleges for institutional aid

Collects more detailed income and asset information than FAFSA May have non-custodial parent portion

Application is not free, fee waivers may be available

Available online starting October 1st of senior year at Collegeboard.org

Net Price Calculators

Other Sources: Outside Aid

Private scholarship programs sponsored by charity, business, religious, civic and minority organizations are widely available

Each have their own application process, eligibility criteria, and deadlines

Inquire with each college about impact on financial aid package

Be organized and start applying early!

Scholarship Searching

Online scholarship search websites Fastweb.com Collegeboard.org Scholarships.com

Local library, parents’ employers Avoid scholarship scams

www.studentaid.ed.gov/types/scams

Tips for Receiving Private Scholarships

Start searching and applying as early as possible

Be organized, don’t miss a deadline! Apply for local, less competitive

scholarships Proofread applications, have someone

else read your application Get help from family, guidance

counselors, teachers

Useful Websites

StartHereGetThere.org

GoCollegeNY.org

CareerZone.ny.gov

BigFuture.CollegeBoard.org

Thank You!