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

2. What is financial aid? An Overview
Grants – free money that does not have to be repaid, usually based on “demonstrated financial need”
Loans – money that must be paid back
(yes, these are considered financial aid!) There are several federal student loans as well as a federal Parent loan. There are also private educational loans to consider separately.
Student Employment – student earns a paycheck as they work, used to help with non-billed college expenses
Scholarships – free money, various criteria

3. How do I apply?

4. An Overview Student and parent information is required.
The federal government believes it is ultimately
BOTH the student’s and parent’s responsibility
to pay for college.
An Overview
Student and parent information is required.
For divorce or separation situations, the parent with whom the student lives with must complete the FAFSA (plus step-parent or “Parent 2” living in same household, even if not legally married).
For joint custody situations, the parent who provides the most support completes the FAFSA (plus step-parent or “Parent 2” as outlined above).

5. A student is only considered “Independent”
for federal financial aid IF:
Student was born before 1/1/92 (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)

6. Application Processes: *College-specific Forms*
Contact each financial aid office directly to find out:
Free Application for Federal Student Aid (FAFSA) for federal aid.
Is CSS Profile also needed for non-federal aid?
Any recommended filing deadlines for best offer?
Are any other financial aid forms required in addition to FAFSA/Profile (institutional forms)?
Are any specific scholarship applications required in order to be considered for those?

7. CSS PROFILE APPLICATION http://student. collegeboard

8. Free Application For Student Aid (FAFSA)
Website:
FAFSA becomes available on January 1st of each year (must apply for each academic year you want aid)
FAFSA Worksheet:
Made available so you can prepare information prior to going online.
Worksheet questions follow order of online FAFSA process
MUST file online – cannot mail worksheet! 8

10. Your first step toward federal aid:
Website: or from the FAFSA website
One PIN for parent, and one for each student applying for aid.
Needed to sign FAFSA electronically.
Will be used by students and parents throughout academic career (to file FAFSA in subsequent years; signing loan documents; etc.)
REMEMBER THESE PINS! (keep in a safe place) 10

11. Most Common FAFSA Errors:
Incorrect SSN for student or parent
Incorrect date of birth for student or parent
Incorrect spelling of names (must match your Social Security card!)
“Legal Dependents”
“Legal Guardianship” (not parent!), “Emancipated”, or “Homeless”
Separated/divorced/remarried parental information
Income earned by parents/stepparents (any foreign income must be converted to U.S. dollars)
Income tax paid blank or same as AGI
Untaxed income reporting – follow directions carefully!
Forgetting to submit BOTH pins (student’s and one parent)

12. “IRS Data Retrieval”
Available as early as February 2015, if you already filed your federal tax return two weeks prior and it has been processed by the IRS.
Automatically links your FAFSA with your completed IRS tax return information on file with the IRS.
Unfortunately, this may not available if filing early due to early school deadlines, as you may not have filed your federal income tax or it been processed yet. (You can go back later and do as a correction….)
Participation is voluntary
Reduces documents you may have to submit to school later to verify income

13. 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.
Notice this!!!
Write this down!

14. Remember: also apply for NYS aid if you are a
NYS resident going to a NYS school!
Link provided on the FAFSA confirmation page
Or go to website:
HESC PIN can be the same as your federal PIN (you set it)

15. Only curious about fin aid. Don’t wait
Only curious about fin aid? Don’t wait! Look for this on FAFSA’s website:
Offer handout by show of hands

16. How is my financial aid offer determined?
FAFSA information sent to all schools listed approximately 3 to 5 days after successfully completed, BUT when will school begin offering aid?
EFC = “Expected Family Contribution” (remember, this was on the FAFSA confirmation page! Did you write it down?)
School reviews data:
May request documentation to verify the FAFSA.
Financial aid award offer can change at times based on new information. Stay informed!
Most contact is to STUDENT.

17. Financial Aid 101
Cost of Attendance (COA) (varies from school to school)
(“direct vs. indirect” costs -or- “billable vs. non-billable”)
– Expected Family Contribution (EFC) (stays the same from school to school)
= “Demonstrated Financial Need”
(What do these things mean, anyway?!?!?!)
Getting to the “Bottom Line” – compare apples to apples
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

18. DON’T PANIC!
These are full year amounts – you pay one semester at a time.
This is where you determine what other resources are available besides the financial aid offered (Savings? 529 Plan? Assistance through your employer? Do you need to consider a parent loan? An alternative private loan?)
Many schools offer some type of payment plan through their Bursar’s office –inquire with the individual school as to what may be available and what the terms/conditions might be.
Only YOU (the student and family) can determine the best option out of all that are offered!
Exception is early action.

19. Get ready to file!
Gather your tax return and w-2s (or pay stubs), bank statements, social security cards and/or alien registration cards. You will need asset & investment statements as well if filing a CSS Profile application.
Make sure you have CORRECT social security numbers, AR#’s, names, and birth dates (for both parents and student) and enter each of them in the CORRECT spot on the application! (the ‘student’ is not ‘the parent’!)
RELAX! The web applications are specifically designed to help you complete the applications accurately. If needed, you can “save” and finish later - if you need clarification or simply just need to take a break. 
Double-check your answers before submitting!

20. Suggested Timeline
Know each school’s recommended Financial aid application deadline and process for their best offer of aid.
Colleges begin to award aid typically March-April, some sooner dependent on their own institutional processes. Understand when you can expect to hear from each particular college – some will be later, some earlier – so don’t lose patience with those that are later, but understand how this will impact your ability to compare.
National Reply Date is May 1st (Deposit deadline required to accept admission at the school of your choice). If not sure yet and are asked to make a decision earlier in order to secure offered aid, find out if deposit can be refunded if decide not to attend that school after all.
Exception is early action.

21. Special Circumstances (Report these to your Financial Aid Office, NOT FAFSA!)
Significant decrease in income in the current year
High medical expenses not covered by insurance which you have already paid for.
Change in parent marital status due to separation, divorce, or death.
Unusual dependent care expenses
Student is not able to 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

22. Satisfactory Academic Progress (SAP)
To be eligible for FSA funds, a student must make satisfactory academic progress.
The Department considers a satisfactory academic progress policy to be reasonable if it meets both the qualitative and quantitative criteria.
Communicate with schools financial aid office. Will need to provide documentation from third party in addition to your own explanation of circumstances
Remember Dept of Education is now enforcing specific timeframes in which you most also complete your degree.

23. Helpful Info dchavez@binghamton.edu Questions?
The College Board:
CSS Profile:
Federal PIN website:
FAFSA website:
NYS Higher Education Services:
Student Financial Assistance:
Student and Parent Loan information:
Questions?
Highlight Student aid and student loans websites