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Dennis ChavezDirector Financial Aid and Student Records Financial Aid and Student Records Binghamton University Financial Aid 101.

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Presentation on theme: "Dennis ChavezDirector Financial Aid and Student Records Financial Aid and Student Records Binghamton University Financial Aid 101."— Presentation transcript:

1 Dennis ChavezDirector Financial Aid and Student Records Financial Aid and Student Records Binghamton University Financial Aid 101

2 An Overview What is Financial Aid? What is Financial Aid? Who is eligible? Who is eligible? How do I apply? How do I apply? When do I apply? When do I apply? How is my eligibility calculated? How is my eligibility calculated? Tips and other helpful info Tips and other helpful info Questions? Questions? Agenda

3 An Overview Grants – free money, usually based on “need” Grants – free money, usually based on “need” Loans – money that must be paid back Loans – money that must be paid back Employment – earn a paycheck to help with non-billed college expenses Employment – earn a paycheck to help with non-billed college expenses Scholarships – free money, various criteria Scholarships – free money, various criteria What is financial aid?

4 An Overview General Eligibility requirements: Must be admitted (matriculated) into a degree-seeking program. Must be admitted (matriculated) into a degree-seeking program. Must be a U.S. Citizen or eligible non-citizen. Must be a U.S. Citizen or eligible non-citizen. Must be registered with Selective Service, if male ages Must be registered with Selective Service, if male ages Must not have any drug-related convictions. Must not have any drug-related convictions. Who is eligible?

5 An Overview Parent and s tudent information is required. Parent and s tudent information is required. For divorce or separation situations, the parent with whom the student lives with must complete the FAFSA. For divorce or separation situations, the parent with whom the student lives with must complete the FAFSA. For joint custody situations, the parent who provides the most support completes the FAFSA. For joint custody situations, the parent who provides the most support completes the FAFSA. The federal government believes it is BOTH the parents’ and student’s responsibility to pay for college.

6 A student is only considered “Independent” by the federal government if: Born before 1/1/89 (for the aid year) Born before 1/1/89 (for the aid year) Married (as of the day the FAFSA is completed) Married (as of the day the FAFSA is completed) Working on a masters or doctorate program Working on a masters or doctorate program Serving on active duty military (other than training) Serving on active duty military (other than training) Veteran of the U.S. Armed Forces Veteran of the U.S. Armed Forces Have children/dependents – must provide >50% support Have children/dependents – must provide >50% support Orphan, ward of court or in foster care - since age 13 Orphan, ward of court or in foster care - since age 13 Emancipated minor, as determined by a court Emancipated minor, as determined by a court In legal guardianship, as determined by a court In legal guardianship, as determined by a court Unaccompanied youth – homeless Unaccompanied youth – homeless

7 How do I apply?

8 Website: Website: Sign FAFSA electronically. Sign FAFSA electronically. Not required, but speeds processing. Not required, but speeds processing. May be used by students and parents throughout aid process, including subsequent school years. May be used by students and parents throughout aid process, including subsequent school years. Your first step:

9 FAFSA on the Web Website: Website: 2014–15 FAFSA on the Web available on January 1, –15 FAFSA on the Web available on January 1, 2014 FAFSA on the Web Worksheet: FAFSA on the Web Worksheet: –Used as “pre-application” worksheet –Questions follow order of FAFSA on the Web

10 Forgetting to submit BOTH pins (electronic signatures) Forgetting to submit BOTH pins (electronic signatures) Incorrect SSN for student or parent Incorrect SSN for student or parent Incorrect date of birth 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!) Incorrect spelling of names (must match your Social Security card or Alien Registration card!) Divorced/remarried parental information Divorced/remarried parental information Income earned by parents/stepparents Income earned by parents/stepparents U.S. income taxes paid U.S. income taxes paid Untaxed income reporting Untaxed income reporting Household size Household size Number of household members in college Number of household members in college Real estate and investment net worth Real estate and investment net worth Most Common FAFSA Errors:

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12 Remember: apply for NYS TAP if you are a NYS resident going to a NYS school! Link provided on the FAFSA confirmation page TAP PIN can be the same as your federal PIN

13 IRS Data Retrieval Available early February 2014 Available early February 2014 Participation is voluntary Participation is voluntary Reduces documents you may have to submit to school later Reduces documents you may have to submit to school later Unfortunately, not very useful when first filing because of early school and income tax filing deadlines Unfortunately, not very useful when first filing because of early school and income tax filing deadlines

14 Don’t wait - No better time than right now

15 Contact the school to find out if: Contact the school to find out if: – Specific scholarship application is required. – Separate financial aid form is required, in addition to FAFSA (i.e., Profile). Secondary Applications – College-specific Forms

16 CSS PROFILE APPLICATION

17 FAFSA information sent to all schools listed approximately 3 to 5 days after submitted. FAFSA information sent to all schools listed approximately 3 to 5 days after submitted. School reviews data: School reviews data: –May request documentation to verify information on FAFSA. –Financial aid award offer calculated once file is complete. How is my eligibility calculated?

18 Cost of Attendance (COA) (direct and indirect cost) – Expected Family Contribution – Expected Family Contribution = Financial Need = Financial Need Financial Aid 101

19 Submit FAFSA, available beginning January 1 st. Submit FAFSA, available beginning January 1 st. Review acknowledgement from FAFSA, and look for possible corrective action needed. Review acknowledgement from FAFSA, and look for possible corrective action needed. Know school FAFSA filing dates/deadline. Know school FAFSA filing dates/deadline. Colleges begin to award aid typically March-April. Colleges begin to award aid typically March-April. National Reply Date is May 1st (Deposit required to accept admission). National Reply Date is May 1st (Deposit required to accept admission). Suggested Timeline Suggested Timeline

20 Get ready to file! Gather your tax return, w-2s or pay stubs, bank statements. Gather your tax return, w-2s or pay stubs, bank statements. Make sure you have CORRECT social security numbers and birth dates (for both parents and student). 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. 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. Check school websites for FAFSA filing dates/deadlines as well as general financial aid information.

21 Change in employment status and/or income Change in employment status and/or income High medical expenses not covered by insurance High medical expenses not covered by insurance Change in parent marital status Change in parent marital status Unusual dependent care expenses Unusual dependent care expenses Student cannot obtain parent information Student cannot obtain parent information Special Circumstances

22 Review school specific process and timeline. Review school specific process and timeline. Gather materials you need( i.e. paystubs, w-2s, tax returns, bank and/or investment statements). Gather materials you need( i.e. paystubs, w-2s, tax returns, bank and/or investment statements). Start Scholarship search - good place to start is your High School. Start Scholarship search - good place to start is your High School. FAFSA can be filed before taxes are completed; you can estimate. FAFSA can be filed before taxes are completed; you can estimate. Contact Financial Aid office if special circumstances exist. Contact Financial Aid office if special circumstances exist. AVOID websites, consultants, planners or services that charge money to apply for financial aid, even scholarships… AVOID websites, consultants, planners or services that charge money to apply for financial aid, even scholarships… IT’S FREE! My advice to you :

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24 Comparing “apples to apples”

25 Helpful Info PIN website:www.pin.ed.gov FAFSA website: Student Financial Assistance: College Board: https://bigfuture.collegeboard.org/pay-for- college/paying-your-share/focus-on-net-price-not-sticker- pricehttps://bigfuture.collegeboard.org/pay-for- college/paying-your-share/focus-on-net-price-not-sticker- price TAP website: Dennis Chavez


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