FINANCIAL AID WHAT YOU NEED TO KNOW. Dennis Chavez BINGHAMTON UNIVERSITY

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1 FINANCIAL AID WHAT YOU NEED TO KNOW Dennis Chavez BINGHAMTON UNIVERSITY

2 AGENDA What is Financial Aid? Who is Eligible? How to Apply? When to Apply? How is Financial Aid Calculated? Other Financing Options Final Advice Questions

3 Grants-free $, need based What is Financial Aid Scholarships-free $, various criteria Loans-Yes these are considered forms of financial aid. $ that MUST be paid back Federal Subsidized Loan Federal Direct Unsubsidized Loan Federal Direct PLUS (Parent) Loan Private Student Alternative Loan Employment Federal Work Study (FWS), need based

4 WHO IS ELIGIBLE MUST be admitted (matriculated) into a degreeseeking program MUST be a U.S. citizen or eligible non-citizen MUST be registered with Selective Service (Male, ages 18 25) MUST not have any drug-related convictions

5 WHOSE INFO IS NEEDED on FAFSA Parent AND student information is required Parents who are divorced or separated - custodial parent (parent the student lived with more during past 12 mos.) For joint custody orders - the parent who provides the MOST support (over 50%) Parents who are remarried both parent and stepparent Unmarried parents living together both parents Same-sex couples/marriages both parents The Federal government believes it is BOTH the student s and parent s responsibility to pay for college

6 A student is only considered Independent for federal financial aid IF: Student was born before 1/1/93 (for the aid year). Student is married or becomes married during academic year. Student is working on a Masters or Doctorate degree program (college graduate-level degree). Student is serving in active-duty military service (must document). Student is a Veteran of the U.S. Armed Forces (must document). Student has children/dependents must provide >50% support. Student is an orphan, ward of court, or in foster care since age of 13 (must document). Student is an Emancipated minor, as determined by a court. (NYS does not do this.) Student is in legal guardianship, as determined by a court. (must document) ( legal guardian NOT a biological/adoptive parent.) Student is an Unaccompanied youth homeless (must document).

7 HOW DO I FILE

8 Website: fsaid.ed.gov FIRST STEPS Create FSA ID and password (can use immediately for new application). Used by students and parents throughout the aid process.

9 FREE APPLICATION FOR STUDENT AID (FAFSA) WEBSITE: https://fafsa.ed.gov/ FAFSA will be available on January 1 for the aid year. (MUST apply each academic year to be eligible for aid.) Most colleges set FAFSA filing deadlines. FAFSA Worksheet Prepare information prior to going online. Worksheet questions follow order of online FAFSA process.

10 READY SET FILE! Tax return, W-2s or pay stubs, bank statements, etc. Use CORRECT social security numbers and birth dates (both parent & student). Check school websites for FAFSA filing dates/deadlines & general financial aid information. RELAX The FAFSA is deigned to help you complete the application accurately. If needed, you can save and finish later.

11 NEED HELP Help and Hints located on the right side of any FAFSA entry page. Click Need Help at the bottom of any FAFSA entry page. Chat with live support staff by clicking Help icon and then select Contact Us. Contact Financial Aid office at the college you plan to attend. SUNY Broome Financial Aid Day in February. me at

12 COMMON FAFSA ERRORS NOT completing the FAFSA. Household size. Income tax reported. Incorrect SSN or DOB for student and/or parent. Incorrect spelling of names. (MUST match your SS card.) Legal guardianship (NOT parent) Not reporting parent information. Untaxed income (child support, workers compensation, disability, etc.) Not supplying both electronic signatures. (student and parent)

13 IRS DATA RETRIEVAL Available early February 2016 for processing if you have already filed your Federal tax return. Automatically links your FAFSA with your completed IRS tax return information on file with the IRS. May not be available if filing early due to school deadlines, have not filed federal tax return or it has not been processed. May reduce documents requested by Financial Aid office.

14 NYS TUITION ASSISTANCE PROGRAM (TAP) NYS resident applying to a NYS school - don forget to apply for TAP. Link is provided on the FAFSA confirmation page. Or can apply through HESC website at https://www.hesc.ny.gov/ MUST create a HESC Username and PIN. CLICK HERE

15 FAFSA4CASTER Curious about your Financial Aid picture? Check this out!

16 SECONDARY APPLICATIONS *College Specific Forms* Contact EACH Financial Aid office directly to find out the following: CSS Profile needed for non-federal aid. Recommended filing deadlines for best offer. Any additional financial aid forms required in addition to FAFSA. Specific scholarship applications.

17 CSS PROFILE aka FAFSA on STEROIDS Primarily used by private institutions for Institutional funding. Can file as early as October 1, 2015 for the aid year. Check with your college to see if they require the PROFILE. Filed online at https://student.collegeboard.org/profile Application fee/per report.

18 SUNY Smart Track Award Letter WHAT HAPPENS NEXT? FAFSA information sent to school within 3-5 days. School reviews data (system/manual) Financial aid award offer provided. May request documentation to verify data. Most communications are sent to student. Offer may be revised later based on new information.

19 WHAT IS COST OF ATTENDANCE (COA) Direct Costs Indirect Costs

20 EXPECTED FAMILY CONTRIBUTION (EFC) Most likely the same regardless of college. (Possible exeptions - use of Profile and special circumstances) Calculated using data from the FAFSA and and/or Profile using federal or institutional methodology. Used to award federal and institutional aid.

21 HOW IS FINANCIAL NEED CALCULATED?

22 TIMELINE Submit FAFSA, available beginning January 1 Review acknowledgement from FAFSA Student Aid Report (SAR); check for possible corrective action needed. Colleges begin to award aid typically March-April. National Reply Date is May 1 (deposit required to accept admission.)

23 SPECIAL CIRCUMSTANCES & APPEALS Significant change in income. Change in family circumstances. Process varies. Documentation is key. What would be an ineligible appeal?

24 OTHER FINANCING OPTIONS College Savings accounts (i.e., 529 plan) 401[K] plans Home Equity/Lines of Credit College Payment Plans

25 COMPARING APPLES TO APPLES What is the NET COST (bottom line)?

26 FINAL ADVICE Know each school s recommended FAFSA filing deadline. Understand when you will hear from each college. Start your scholarship search now. You can estimate your income to meet school deadline; correct FAFSA after you file taxes. Avoid websites, consultants, planners or services charging money to apply for financial aid, even scholarships.

27 RESOURCES College Board: https://www.collegeboard.org/ CSS Profile: https://student.collegeboard.org/cssfinancial-aid-profile FAFSA: https://fafsa.ed.gov/ Federal Student Aid: https://studentaid.ed.gov/sa/ FSA ID Website: https://studentaid.ed.gov/sa/fafsa/filling-out/fsaid NYS Higher Education Services (HESC): https://www.hesc.ny.gov/ Student/Parent Loan Information: https://studentloans.gov/mydirectloan/index.action

28 QUESTIONS

29 CONTACT INFO Patricia Donahue Binghamton University PO Box 6000 Binghamton, NY

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