1. Student Financial Aid
What High School Students & Parents Should Know

2. What is Financial Aid?
Financial aid helps pay the cost of attending college
Some financial aid programs are need-based
Some financial aid programs are based on other criteria – not need
Financial aid is awarded from several sources and can be based on financial need or other criteria, such as academic excellence or athletic ability.
Non-need-based financial aid is also sometimes referred to as merit-based aid.

3. Sources of Financial Aid
Federal government
New York State
Colleges – Institutional aid
Other sources
Businesses
Foundations
Clubs/Organizations
The Federal government, New York State, colleges and other organizations all offer financial aid. I will discuss the types of aid each entity offers in a few minutes.

4. Types of Financial Aid Awards
Scholarships – free money
Grants – free money
Work Study
Loans
First, it’s important that you understand the different types of financial aid available.
Scholarships and grants provide “free money” – which means you do not have to pay any of the money back. Many scholarships and grants are awarded through the financial aid application process and may be based on your financial situation or on your academic, athletic or other achievements or a combination of all these factors.
The Work-Study program provides on and off campus jobs and the student is paid based on the hours he/she works.
Federal loans are available for students and parents to help with the cost of college. Loans should always be the last resort as they must be repaid, with interest.
Remember, when you are applying for financial aid -- always go for the “free money” first!
The Federal Student Aid or FAFSA is your first step in applying for all federal and state financial aid. We will talk about the FAFSA in a few minutes.

5. Need-based Financial Aid
Need-based Aid
Your family’s ability to pay for educational costs is evaluated
Determined from information collected on need-based aid applications
FAFSA, CSS Profile
The federal government has developed a calculation to determine your financial need, which is your ability to pay for college based on your family finances and situation.
Information about a family’s “ability to pay” is gathered from need-based financial aid applications such as the FAFSA or CSS Profile. We will discuss these applications more in a moment.
First, let’s take a moment to look at how a family’s need is determined.

6. Cost of Attendance (COA)
Definition of Need
Cost of Attendance (COA)
– Expected Family Contribution (EFC)
= Financial Need
This is the formula a school will use to calculate financial need. Cost of attendance minus expected family contribution equals financial need.
Let’s go over each component of the calculation.

7. Cost of Attendance (COA)
Tuition and fees
Room and board
Books and supplies
Transportation
Miscellaneous expenses
COA – EFC = Financial Need
The cost of attendance or COA (as it is commonly called) is determined by the college.
These components are always included in the college’s cost of attendance.
There are additional components that may be added, such as study abroad expenses, that may be included based on a student’s actual situation. They are not automatically included in a COA.

8. Expected Family Contribution (EFC)
Calculated using a federal formula
Includes contributions from parents and student
Stays the same regardless of college selected
COA – EFC = Financial Need
Your EFC is a special number that college financial aid staff will use to determine how much financial aid you can receive if you attend their school. It is not the amount of money your family will have to pay for college. The EFC is calculated according to a formula within the FAFSA application and is based on federal law.
The EFC is calculated using the Federal government’s formula with the data provided on the FAFSA for both the parent and the student.
It is important to note that a family’s federal EFC always remains the same regardless of the college the student attends.

9. Examples of Need Determination
College A B C
COA
$ 15,000
$30,000
$60,000
- EFC
10,000
= Financial Need
$ 5,000
$ 20,000
$50,000
Once the COA and EFT are calculated, the financial need is then determined.
As we said earlier, each college determines its own Cost of Attendance (COA).
The Expected Family Contribution (EFC) which is based on the federal formula, remains the same for each college.
Subtracting the EFC from the COA determines your financial need for each college.
In the above example, the student’s financial need is the greatest for College C and that institution may provide the most need-based aid.

10. Aid Programs & The Application Process
Now, let’s talk about the application process for federal and New York state student aid.

11. How to Apply for Federal Aid
The newest FAFSA application is made available October 1st of senior year
Filing online at is highly recommended!
Worksheet includes built-in edits
Skip-logic for faster filing
Check status, make corrections online
Be sure to check your colleges’ FAFSA filing deadlines
The FAFSA form is available at fafsa.gov.
It is important to make sure you file on time and are aware of any additional application materials required by the college. Keep track of deadline dates for all colleges where you plan to apply and make sure you have completed the FAFSA before the earliest deadline date.
The online application features built in skip logic to guide you through the process.
Once you submit the application you can check your status online and make corrections if necessary.

12. FAFSA.gov
ALL students should complete the FAFSA. Again, FAFSA stands for the FREE Application for Federal Student Aid.
The FAFSA can be accessed by going online to Don’t make the mistake of going to a site such as FAFSA.com where they charge you to file your application.
Students who are applying to college for the academic year should complete the FAFSA as soon as possible after January 1. Make sure to use the application not the FAFSA application.

13. FAFSA: Federal Student Aid Programs
Pell Grant
Supplemental Educational Opportunity Grant
Work-Study
Perkins Loan
Direct Stafford Loan
Subsidized or Unsubsidized
Direct PLUS Loan
Here are the federal financial aid programs.
You may be eligible for some or all of these types of aid, based on the information from your financial aid application- the FAFSA.
Now let’s discuss each program in a bit more detail.

14. FAFSA: Creating an FSA ID
Go to FSAID.ed.gov to establish FSA IDs for both the student and a parent
A new process for the FAFSA this year is that both the student and one of their parents needs to apply for a Federal Student Aid ID online at FSAID.ed.gov. The FSA ID is a username and password that is meant to replace the use of personal information and a PIN number to log into and sign the FAFSA. If you have filed a FAFSA before and have a PIN number, this new process will require you to establish an FSA ID to replace your current PIN.
If a parent does not have a valid social security number, they will not be able to apply for an FSAID to sign the FAFSA. Instead, the parent will need to print the FAFSA signature page at the end of the FAFSA and sign and mail the document to Federal Student Aid processing at the address listed on the signature page

15. FAFSA: Income Information Needed
Student, Parent Income Tax Information
2015 Federal 1040/AEZ, 2015 W-2
Records of untaxed income
Such as child support received, interest income
Information on cash, savings and checking account balances
Investments, including stocks, bonds, real estate
Excludes retirement accounts, value of primary residence
The FAFSA asks for personal and financial information about the student, and parents if the student is determined to be dependent. Depending on your circumstances (for instance, when you filed taxes or what tax form you used), you might need the following information shown on this slide as you fill out the FAFSA.

16. FAFSA: Student Section
Student Information & Eligibility
Basic info: address, , name of high school, citizenship and Selective Service 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
Many students and parents feel intimidated by the FAFSA. However, when you break down the form by section, you will see the application really isn’t complicated.
The first half of the online FAFSA is completed by the student and contains three sections:
Basic demographic information
Student eligibility- whether a student is a US citizen or an eligible non-citizen which is required for federal student aid eligibility
College Information- students can enter up to 10 colleges on the FAFSA. The colleges listed will receive the results of the FAFSA.
If a student wishes to have their information sent to more than 10 colleges, they would need to process the information for the 10 colleges and then submit a correction on the FAFSA website, which again is fafsa.gov, remove colleges already processed and replace with new colleges.
The student will answer a series of questions to determine whether the student is dependent or independent for federal aid. If the student is deemed a dependent, parental information must be supplied to complete the application.

17. FAFSA: Parent, Income, Signature Section
Parent Information & Income
Marital status, name, date of birth, SSN, state of residence
Household size, Number in college
Income from 2015 tax return, untaxed income, asset information
Student Income
Signature Section
Sign using the student and parent’s FSA ID
The second half of the FAFSA requires basic Parental information, Parent and Student Income information, and signatures.
The parent information section requires the student’s parents to complete basic information such as marital status, names, dates of birth, and Social Security Numbers.
FAFSA will also request information about the parents’ household size and number of dependents in college. These numbers play a critical role in determining the student’s Expected Family Contribution (EFC).
The income section will ask for earnings from work, information from your 2014 federal tax returns and untaxed income information. If you have not filed taxes yet, you may estimate and submit actual information at a later date. The student also needs to provide income information, if they have any.
Lastly, both the student and parent will e-sign the application using their Federal Student Aid PINs.

18. FAFSA: The IRS Data Retrieval Tool
Connects to IRS for tax data of completed tax returns
Electronic filers – about 2 weeks after submittal
Use for original FAFSA and corrections
It is highly recommended that FAFSA applicants use the IRS Data Retrieval Tool. It is available as part of the parent and student tax information sections on the FAFSA and automatically downloads and inputs fields from the federal tax return onto FAFSA.
You must file your federal income tax returns prior to using the Retrieval Tool.
For a variety of reasons, not everyone may be able to use it.
First, the tool becomes available in early February. Anyone filing the FAFSA in January or the first week of February will not be able to use it. However, once the tool is available, early filers or anyone who is selected for verification can update their information using the tool through the FAFSA correction process.
You cannot use the retrieval tool if:
You have an amended return
Are married filing separately
File a foreign tax return
Use a tax ID number instead of a SSN

19. FAFSA Questions: Eligibility
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
FAFSA must be filed to borrow federal student loans
Consult with colleges, FAFSA may be needed for merit-based aid
Now let’s go over some of the most common questions about the FAFSA.
Since FAFSA is used to determine financial need, some students and parents say “If we don’t think we qualify for need-based financial aid, do we still file the FAFSA?”
The answer is “Yes!”
We always encourage students and families to apply for financial aid. We find many families mistakenly believe they do not qualify for assistance but actually do after filing the application. Some colleges require the FAFSA for merit based aid.

20. FAFSA Questions: Dependence
Can a student apply for financial aid without reporting their parent’s information?
In most cases, students under 24 will be required to report parent information
For special circumstances, consult with the financial aid office
Do students need to provide their parents’ information? Yes.
Students are required to provide their parent or parents’ information if they do not meet the FAFSA criteria for independence.
FAFSA asks a series of questions about the student to determine if the student meets the criteria of an independent student. Based on the answers to these questions, the application will ask for parent information or guide you through the application as an independent student.
If you have a special circumstance that is not reflected on the FAFSA form you should reach out to the college financial aid office for assistance.

21. FAFSA 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
Do stepparents report their income?
Yes
From the parent information section, we usually get two common questions from students and parents:
If a student’s parents are no longer married to each other, whose info is provided?
If the parents are no longer married, the student’s custodial parent must complete the application. The custodial parent is the parent who the student resided with the most during the previous year.
What if the parents are living together but unmarried?
FAFSA requires that both parents disclose their information, including income, if they are unmarried but reside together. There is a status labeled “both parents unmarried but living together” that should be used. In cases where separate tax returns are being filed, both parents tax information will need to be added together on the form.
If a custodial parent is remarried, is a stepparent’s information and income included?
If the student’s parent has remarried, both the parent and stepparent must complete the FAFSA.

22. How to Apply for New York State Aid
Once you successfully complete the FAFSA, you will see the confirmation page.
If you indicated you are a resident of New York State and listed at least one college located in New York State on your FAFSA application, the link highlighted in this screen shot will be present on the confirmation page. Using the link will bring you to the HESC TAP application web portal. Make sure pop-up blockers are set to allow pop-ups on the FAFSA website!
First time TAP applicants will need to establish a HESC User ID and PIN number as part of the application process.

23. Anytime TAP-on-the-Web Application
Using the link will bring you to the HESC TAP application web portal. Make sure pop-up blockers are set to allow pop-ups on the FAFSA website!
First time TAP applicants will need to establish a HESC User ID and PIN number as part of the application process.

24. NYS Student Aid Programs: TAP
Tuition Assistance Program (TAP)
Undergraduate students only
Up to $5,165/year
Full-time and part-time study in NYS
Need-based grant
Calculated on NYS Income Tax information
The Tuition Assistance Program (TAP) is a need based grant program that can be used for tuition only.
Currently the maximum award is up to $5,165 per year and you can be a full time or part time undergraduate.
You must be attending a NYS eligible college to receive a TAP award. It is not available for out of state study.
The award is calculated using your NYS taxable income, unlike the FAFSA which uses federal tax information.

25. Other NYS Student Aid Programs
Scholarships for Academic Excellence
Achievement & Investment in Merit Scholarship (AIMS)
STEM Incentive Program
Math & Science Teaching Incentive Program
Masters-in-Education Teacher Incentive Scholarship
Veterans Tuition Award
New York State administers several grant, scholarship and award programs. These are few of the programs, and the complete list can be found on the HESC.ny.gov website.
While most of these are grants or scholarships, some of the programs, like the NYS Math and Science Teaching Incentive Program, have a service component.

26. NYS Student Aid Programs: STEM
NYS STEM Incentive Program
Awards full in-state tuition scholarship at SUNY/CUNY colleges or universities
Graduating seniors ranked in top 10% of class
For undergraduate programs leading to a degree in Science, Technology, Engineering or Mathematics
Must execute service agreement
Apply online at hesc.ny.gov after graduation
The NYS STEM Incentive Program is another one of our more recent programs.
The program awards full in-state tuition scholarship at SUNY/CUNY colleges or universities for applicants that are
Graduating seniors that are ranked in top 10% of their high school class
Studying in undergraduate programs leading to a degree in Science, Technology, Engineering or Mathematics
The incentive requires the student to work and reside in NYS for five years after completing their education and they must execute service agreement to that affect. Anyone who is interested in this program may apply online at hesc.ny.gov after graduation.

27. Apply for Other NYS Programs at hesc.ny.gov
If you are interested in applying to other New York State student financial aid programs in addition to TAP, then you can go to the HESC website at HESC.ny.gov. Under the “Pay” tab you will see a link to Other NYS Grants, Scholarships & Awards.

28. How to Apply for Institutional Aid
Depends on application process at the college
Some colleges use information on the admissions application to determine eligibility for merit-based awards
The FAFSA may be used by the college to determine eligibility for need-based institutional aid
May require more applications than the FAFSA
Is the CSS Profile or another institutional financial aid form required?
When researching your colleges you want to make sure you fully understand how their institutional aid works. Offering institutional aid is completely at the discretion of the college and the amount of funding they provide and eligibility criteria will vary.
Here are some important questions you should be asking your college:
What is the criteria for receiving institutional aid?
If you are a student who will have a lot of need, will the college meet that full need with institutional aid?
Is institutional aid at the college awarded based on need-based criteria, merit, or both?
For many colleges, the FAFSA will provide a basis for need based institutional aid. Colleges have a limited amount of institutional grant and scholarship money, so be sure to complete the FAFSA early.
However, some colleges require an additional financial aid application to be considered for this type of aid. The CSS Profile application is one the most common institutional aid applications. You will want to keep track of all the different deadlines and applications required at the schools to which you are applying. You do not want to miss any opportunity to receive FREE institutional money.

29. The CSS Profile
Private application used by some colleges for awarding institutional aid
Collects more income, asset, expense info than FAFSA
Non-custodial parent income, retirement account balances, home values, etc.
Application is not free, fee waivers are available
Apply starting October 1st of senior year online at collegeboard.org
The CSS Profile is a private institutional aid application that some colleges require. The CSS Profile collects more detailed income and asset information than the Free Application for Federal Student Aid (FAFSA). Some colleges may require students who have divorced or separated parents to have their non-custodial parent complete a special section of the Profile to disclose their income and assets.
The CSS Profile is available in early October and participating colleges in many cases use this as the first step in determining financial aid.
Colleges will tell you if the CSS Profile application is required.
It is important to note that the CSS Profile is not free. There is a $25 fee for the first school and a $16 fee for each additional school.
A limited number of fee waivers are available for each high school. Fee waivers are granted automatically through the CSS Profile application process but can also be obtained through the college requiring the application.
If you need assistance with any of the questions on the CSS Profile, check with the college who is requiring the form for advice on how to proceed.

30. CSS Profile @ collegeboard.org

31. Research College Financial Aid Websites
A great way to find out more details about a particular college’s institutional aid programs, application requirements, and deadlines, is to carefully research financial aid on their website.
Here are some examples of financial aid web pages that show important information including application requirements and deadlines along with links to find out more about their cost of attendance and institutional aid programs.
You want to make sure you read any information they provide carefully, so you do not miss out on any aid opportunities!

32. Use Net Price Calculators
When researching a college’s financial aid website, it may be helpful to utilize their Net Price Calculator.
Net price calculators allow you to enter your information, such as your household size and income, to generate an estimate of a specific college’s cost of attendance, average aid package (based on what families with similar demographics have received), out-of-pocket costs, average indebtedness, and average net price – which is the result of subtracting cost of attendance from grant aid.
Net price calculators vary in format from school to school. The results are estimates and averages to be used as a planning tool only, as schools cannot be held liable to meet the figures presented within the calculation.

33. Other Sources: Outside Aid
Private scholarship programs are widely available
sponsored by charity, business, religious, civic and minority organizations
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!
While you are gathering information about your colleges and applying for federal, state, and institutional aid, you want to be sure to spend some time researching aid available from other sources or “outside aid.” There are thousands of private-sponsored programs and millions of dollars available each year that come from a variety of sources, such as businesses, religious institutions, employers, unions, and civic organizations.
You should begin your scholarship search now. Most of these programs have their own application process, deadlines, and requirements, so the earlier you start the easier it will be to apply for as many as possible.

34. Scholarship Searching
Online scholarship search websites
Fastweb.com
Collegeboard.org
Scholarships.com
Check your local library, employer or union
Avoid scholarship scams
Unnecessary fees, ID theft
Here are some places to begin your scholarship search.
When searching for private scholarships, be careful of scams in which companies guarantee that they can get scholarships on behalf of students or award them "scholarships" in exchange for a fee. Make sure the organization is legitimate before providing information over the internet.

35. Next Steps
Now that we’ve reviewed the federal and New York State student aid application process, let’s talk about some next steps.

36. Special Circumstances
Colleges do address changes to income that can affect financial aid applications
Unemployment, divorce/separation, other loss of income
Follow college’s policy for review
Many have a designated form, process
When addressing special circumstances:
Provide written explaination with supporting documentation

37. After Applications are Filed…
Schools student listed on FAFSA receive an electronic record
Schools begin financial aid packaging process
Student may be required to provide additional documentation at this time
When processing is finished, an award letter is sent to student
Once you have successfully filed your FAFSA, the colleges and universities you listed on the application will receive an electronic transmission of the application results.
When the college has the electronic application record they will package the applicant for financial aid and create an award letter for the student. During the awarding process, colleges may need additional information so make sure you watch your for any requests.

38. Financial Aid Award Letter
College award letter contains
Amount of federal aid for which students are eligible, including loan options
Amount of state aid for which students are eligible
Institutional aid
When all requirements are satisfied with a college, you will receive an Award Letter indicating your aid eligibility.
Award Letters are produced by the institution based on their own standards and as a result they may vary in their length, detail, and clarity of what they are offering the student. They may be issued to the student on paper or the student may be asked to go online through a school portal to retrieve it.
Students may be required to accept or decline the awards they are being offered.

39. Aid Appeals & Reconsideration
Follow college’s policy
Some colleges do not consider appeals
When appealing:
Use personal appeal letters
Make wise comparisons between colleges and their aid offers
Be realistic!

40. NYS Higher Education Services Corporation
Thank You!
NYS Higher Education Services Corporation
99 Washington Avenue
Albany, NY 12255
1-888-NYSHESC ( )