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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!