1. Financial Aid Application Process
Mark Zaffalon
Financial Aid Counselor
SUNY Fredonia

2. How to Apply for Aid
Apply for admission (Fall of Senior Year) and collect information
Request a federal PIN:
Complete FAFSA online: in January 2015 (estimate the income information)
Complete TAP application online

3. Step 1: Collect Information
Student’s and parent’s SSN and DOB
Parent’s marital status
Tax returns for student and parents
W-2’s for student and parents
Records of untaxed income for student and parents bank,
stock, real estate, and business records for student and
parents
Student’s driver’s license number
Student’s alien registration number (for non U.S citizens)
PINs for student and one parent

4. Step 2 : Apply for a Federal Pin
Get a PIN now!! Every student and parent needs one.
The PIN replaces the need for having to mail in a signature page.
Student & Parent can select the same PIN
Parents and Students - Get a PIN now… don’t wait until after Jan. 1st
FSA ID for Spring 2015!!! User-selected username and password will replace the Federal Student Aid PIN.

5. Step 3: File Your FAFSA Be sure to go to www.fafsa.gov
File the FAFSA as soon as possible after January 1st of each school year.
The on-line FAFSA allows students to list up to 10 colleges.
The paper FAFSA allows only 4 colleges to be listed.
FAFSA used to determine TAP and institutional aid
Processing Time:
Web: 1 week
Paper: 4 weeks
Must file each year as soon as possible after Jan. 1st
Features available on the Web that are not available with the paper FAFSA: i.e.,pre-application worksheet, student eligibility, federal school code search, Estimated EFC automatically calculated upon completion, etc.

6. Sections on the FAFSA Part One: Student Demographics
Name, social security number, birth date
Provide an address
Indicate gender
Males have the opportunity to enroll in
Selective Service
For more information go to:
Part Two: School Selection
Enter FAFSA codes – up to 10 colleges

7. Sections on the FAFSA Part Three: Parent Demographics
Name, social security numbers, birth dates
Marital status
If your parent does not have an SSN, enter 0’s or 9’s
Part Four: Financial Information
If you have not filed your 2014 federal tax return, select “will file”
Use 2014 Estimated Income first, then follow up with IRS Data Retrieval process embedded within FAFSA

8. IRS Data Retrieval Process
All FAFSA on the Web applicants and the parents of dependent applicants, who indicate that they have filed their federal tax returns prior to completing their FASFA, will be directed to use the FASFA-IRS Data-Retrieval process to complete their FAFSA more easily and accurately.

9. IRS Data Retrieval

10. IRS Data Retrieval

11. IRS Data Share Process
• Enter your filing status and address information exactly as it appears on your tax return and press "submit.“
• Information needs to match your 1040 precisely! For example, if on the address line of your 1040 you used “St.,” but you typed the word “Street” into this website, the IRS DRT will not find your return locate your return.  

12. IRS Data Retrieval

13. yImportant Steps for Filing the FAFSA
Part Five: Sign and Submit
Sign electronically using pin and print confirmation page
our return.  

14. FAFSA Confirmation Page
Step 4
Apply for TAP from the FAFSA confirmation page

15. After 2015-16 FAFSA is submitted on-line, establish your TAP PIN
After FAFSA is submitted on-line, establish your TAP PIN. You may choose to use the same number as your federal PIN. If you miss the TAP link from the FAFSA, go to hours after completing the FAFSA.
Please be aware that the first school code listed on the FAFSA is automatically populated on the TAP application.

16. How is Financial Aid Determined?
Expected Family Contribution (EFC) is determined by:
Parents’ income and assets
Student’s income and assets
Size of family
Age of parents
Number of children in college

17. Sources of Financial Assistance

18. Federal Direct Stafford Loans
Subsidized Stafford Loan
4.66% /Origination Fee is 1.073%
Based on need
Federal government pays interest while student is in school
$3,500 for freshmen
Unsubsidized Stafford Loan
Not based on need
Student is responsible for interest while in school
$5,500 for freshmen

19. Tuition Assistance Program (TAP)
Funding levels are determined each year by the NYS budget process
Maximum Grant - $5,165
SUNY Tuition Credit for students who receive a TAP award
Federal Pell Grant
Pell Eligibility is restricted to FAFSA calculated Expected Family Contributions (EFC’s) that are $5,157 or below
Current maximum grant is $5,730 in

20. Early FAFSA application is critical at most schools
Federal Perkins Loan
Awarded to eligible undergraduate students with financial need
5% interest rate with a 9 month grace period
Federal Work Study Program
Need based
Will not impact Student income portion of EFC calculation
Most likely will not appear on college bill since students will receive a check!
Early FAFSA application is critical at most schools

21. Financial Aid Award Letter

22. SMART TRACK Award Letter

23. Alternative Financing Options
Parent Loans for Undergraduate Students (PLUS)
For parents of dependent students
Borrow up to entire cost of college less financial aid
Parent must pass credit check
Fixed Interest Rate 7.21%
Payment Plans
May vary…typically, families spread the direct costs over the semester or year.
Alternative Loans
Student loan with a co-signer
Fixed or variable interest rate, based on credit score and bank rate

24. Comparison Tools
Net Price Calculators • Provides early estimate of the financial aid for which you might qualify • Net Price = Sticker Price – Gift Aid (grants, scholarships and awards) HESC Award Comparison Tool • • Compares net price at up to 3 institutions of your choice

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26. Appeals Based on Unusual Circumstances
Loss of Income in 2015 vs. 2014
Medical/Dental expenses NOT PAID by insurance
Death, separation, divorce......
1-Time Fluctuation in Income
Elementary/Secondary Private School Tuition Expenses
Follow the procedures of the Financial Aid Office where student is attending.

27. SUNY Statewide Financial Aid Day
January 24, 2015
&
February 28, 2015
Ask questions about the financial aid application, types of aid and the award process
Some campuses will offer web access to complete FAFSA online
Register at in early December

28. Should I pay someone to help me find or apply for student financial aid?
FREE help is available
Make sure you are not paying for free information
Know what you are
getting for your money
Need more
information:
FEDAID

29. Questions?