Presentation on theme: "Financial Aid and Student Records Binghamton University"— Presentation transcript:
1 Financial Aid and Student Records Binghamton University Dennis ChavezDirectorFinancial Aid and Student RecordsBinghamton University
2 Agenda An Overview What is Financial Aid? Who is eligible? How do I apply?When do I apply?How is my eligibility calculated?Tips and other helpful infoQuestions?
3 What is financial aid? An Overview Grants – free money, usually based on “need”Loans – money that must be paid backEmployment – earn a paycheck to help with non-billed college expensesScholarships – free money, various criteria
4 An Overview Who is eligible? General Eligibility requirements: Must be admitted (matriculated) into a degree-seeking program.Must be a U.S. Citizen or eligible non-citizen.Must be registered with Selective Service, if male agesMust not have any drug-related convictions.
5 An Overview Parent and student information is required. The federal government believes it isBOTH the parents’ and student’s responsibilityto pay for college.An OverviewParent and student information is required.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.
6 A student is only considered “Independent” by the federal government if:Born before 1/1/89 (for the aid year)Married (as of the day the FAFSA is completed)Working on a masters or doctorate programServing on active duty military (other than training)Veteran of the U.S. Armed ForcesHave children/dependents – must provide >50% supportOrphan, ward of court or in foster care - since age 13Emancipated minor, as determined by a courtIn legal guardianship, as determined by a courtUnaccompanied youth – homeless
8 Your first step: Website: www.pin.ed.gov Sign FAFSA electronically. Not required, but speeds processing.May be used by students and parents throughout aid process, including subsequent school years.8
9 FAFSA on the Web Website: www.fafsa.gov 2014–15 FAFSA on the Web available on January 1, 2014FAFSA on the Web Worksheet:Used as “pre-application” worksheetQuestions follow order of FAFSA on the Web9
10 Most Common FAFSA Errors: Forgetting to submit BOTH pins (electronic signatures)Incorrect SSN for student or parentIncorrect date of birth for student or parentIncorrect spelling of names (must match your Social Security card or Alien Registration card!)Divorced/remarried parental informationIncome earned by parents/stepparentsU.S. income taxes paidUntaxed income reportingHousehold sizeNumber of household members in collegeReal estate and investment net worth
11 Stress look and feel may be different than what it shows here but clearly is in their best interest to apply here.TAP will be forwarded to first school listed, therefore may need to notify HESC once school is selected.
12 Remember: apply for NYS TAP if you are a NYS resident going to a NYS school!Link provided on the FAFSA confirmation pageTAP PIN can be the same as your federal PIN
13 IRS Data Retrieval Available early February 2014 Participation is voluntaryReduces documents you may have to submit to school laterUnfortunately, not very useful when first filing because of early school and income tax filing deadlines
15 Secondary Applications – College-specific Forms 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).
17 How is my eligibility calculated? FAFSA information sent to all schools listed approximately 3 to 5 days after submitted.School reviews data:May request documentation to verify information on FAFSA.Financial aid award offer calculated once file is complete.
18 Cost of Attendance (COA) Financial Aid 101Cost of Attendance (COA)(direct and indirect cost)– Expected Family Contribution= Financial NeedTalk about differences between direct and indirect costNow is good time to start comparing cost, paying specific attention to options for room and board, off-campus cost and places where you can save.Don’t let initial sticker price scare you; you’ll have plenty of time to review “NET COST”. Cost calculators now require for all schools
19 Suggested Timeline Submit FAFSA, available beginning January 1st. Review acknowledgement from FAFSA, and look for possible corrective action needed.Know school FAFSA filing dates/deadline.Colleges begin to award aid typically March-April.National Reply Date is May 1st (Deposit required to accept admission).Exception is early action.
20 Get ready to file!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).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.
21 Special Circumstances Change in employment status and/or incomeHigh medical expenses not covered by insuranceChange in parent marital statusUnusual dependent care expensesStudent cannot obtain parent informationCommunicate with schools financial aid office. Will need to provide documentation from third party in addition to your own explanation of circumstances
22 My advice to you : Review school specific process and timeline. 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.FAFSA can be filed before taxes are completed; you can estimate.Contact Financial Aid office if special circumstances exist.AVOID websites, consultants, planners or services that charge money to apply for financial aid, even scholarships…IT’S FREE!
24 Comparing “apples to apples” 42% of all undergraduate students took out a Stafford loan inThe average Stafford loan was $5, 231, according to the College Board: Trends in College Pricing 2008Undergraduate students at a 4-year public institution borrow approximately $4,900 per year, according to National Center for Student Educational Statistics, Trends in Undergraduate Borrowing II ( Data as of ).24