Financial Aid and Student Records Binghamton University Dennis Chavez Director Financial Aid and Student Records Binghamton University

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 info Questions?

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

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 ages 18-25. Must not have any drug-related convictions.

An Overview Parent and student information is required. The federal government believes it is BOTH the parents’ and student’s responsibility to pay for college. An Overview Parent 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.

A student is only considered “Independent” by the federal government if: Born before 1/1/89 (for the 14-15 aid year) Married (as of the day the FAFSA is completed) Working on a masters or doctorate program Serving on active duty military (other than training) Veteran of the U.S. Armed Forces Have children/dependents – must provide >50% support Orphan, ward of court or in foster care - since age 13 Emancipated minor, as determined by a court In legal guardianship, as determined by a court Unaccompanied youth – homeless

How do I apply?

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

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

Most Common FAFSA Errors: Forgetting to submit BOTH pins (electronic signatures) Incorrect SSN 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!) Divorced/remarried parental information Income earned by parents/stepparents U.S. income taxes paid Untaxed income reporting Household size Number of household members in college Real estate and investment net worth

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.

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

IRS Data Retrieval Available early February 2014 Participation is voluntary 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

Don’t wait - No better time than right now

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).

CSS PROFILE APPLICATION http://student. collegeboard

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.

Cost of Attendance (COA) Financial Aid 101 Cost of Attendance (COA) (direct and indirect cost) – Expected Family Contribution = Financial Need Talk about differences between direct and indirect cost Now 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

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.

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.

Special Circumstances Change in employment status and/or income High medical expenses not covered by insurance Change in parent marital status Unusual dependent care expenses Student cannot obtain parent information Communicate with schools financial aid office. Will need to provide documentation from third party in addition to your own explanation of circumstances

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!

Comparing “apples to apples” 42% of all undergraduate students took out a Stafford loan in 2007-08. The average Stafford loan was $5, 231, according to the College Board: Trends in College Pricing 2008 Undergraduate 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 2003-04). 24

Helpful Info PIN website: www.pin.ed.gov FAFSA website: www.fafsa.ed.gov Student Financial Assistance: http://www.studentaid.ed.gov/ College Board: https://bigfuture.collegeboard.org/pay-for-college/paying-your-share/focus-on-net-price-not-sticker-price TAP website: http://www.hesc.ny.gov/ Dennis Chavez dchavez@binghamton.edu http://www2.binghamton.edu/financial-aid/