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The Financial Aid Process

The Financial Aid Process. High School Counselor Workshop Fall 2012 Higher Education Services Corporation. HESC.ny.gov. Start with the FAFSA . Application: fafsa.gov. How to Apply for Federal Aid. Go to www.pin.ed.gov to get Student & Parent PINs for FAFSA. Common FAFSA Questions.

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The Financial Aid Process

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  1. The Financial Aid Process High School Counselor Workshop Fall 2012 Higher Education Services Corporation

  2. HESC.ny.gov

  3. Start with the FAFSA • Application: fafsa.gov

  4. How to Apply for Federal Aid • Go to www.pin.ed.gov to get Student & Parent PINs for FAFSA

  5. Common FAFSA Questions • If we don’t think we qualify for financial aid, do we still file the FAFSA? • Yes! • Don’t assume you don’t qualify • Many colleges require FAFSA to confirm merit awards

  6. Common FAFSA Questions • Does the student provide parents’ financial information? • Yes, unless “Independent” • “Independent:” Yes to at least one Q below • 24 or older • Active duty or Vet • Married • Support children • Emancipated • Unaccompanied and homeless youth

  7. Common FAFSA Questions • If a student’s parents are no longer married to each other, whose info is provided? • Custodial parent • If unsure: the parent who provided most of student’s financial support during the last 12 months

  8. Common FAFSA Questions • If a custodial parent is remarried, does student include stepparent’s income? • Yes, information about both parent and step-parent is required

  9. Common FAFSA Questions • What if we miss a college deadline? • Notify the college • Monitor the process • Respond immediate to additional information requests

  10. Frequent FAFSA Errors • Social Security Number • Divorced/remarried parent information • Parents/ stepparents earned income • Untaxed income • U.S. income taxes paid • Household size • Number in postsecondary education • Real estate and investment net worth

  11. IRS Retrieval Tool • Connects to IRS for tax data from completed returns • Electronic filers – about 2 weeks after submitted • Use for original FAFSA and corrections

  12. Tax data transferred to the FAFSA May avoid having to submit copies of their tax return transcript IRS Retrieval Tool

  13. CAUTION! Avoid paying a fee to file the FAFSA! Submitting the FAFSA and NYS TAP application is FREE Contact the high school guidance office or the college’s financial aid office if you need help in completing the FAFSA

  14. Apply for New York State Aid

  15. NYS Student Aid Major Programs Tuition Assistance Program (TAP) Aid for Part-Time Study NYS Scholarships for Academic Excellence NYS Math & Science Teaching Incentive Program Veterans Tuition Award

  16. HESC.ny.gov

  17. TAP Award Estimator

  18. Common TAP Questions • How do I apply for TAP if I missed the direct link from the FAFSA form? • After 3-4 days, apply through HESC.ny.gov • Request an Express TAP Application (ETA) paper application

  19. Common TAP Questions • What are the requirements for NYS Residency? • Legal resident of New York State • What should the student send to HESC when questioned? • Student can appeal residency if denied • New York State Residency Questionnaire • Student must provide documentation • Leases, utility bills, tax documents

  20. Common TAP Questions • If a student does not reside with his/her parents and they are not helping pay for college, does parental information need to be included? • Dependent vs. Independent • For students 22 to 35, depends on responses to financial independence questions • Applicants under 22 are considered dependent unless they meet both the financial independence questions and special conditions

  21. Common TAP Questions • What are these special conditions and what proof needs to be sent to HESC? • Ward of the court • Public assistance under own budget • Involuntary dissolution of family • Honorably discharged veteran • Parents are deceased, certified as having a total and permanent disability, or declared incompetent

  22. Institutional Aid • Depends on funding at each college • College determines eligibility criteria for need-based and non-need-based programs • Academic, athletic, and other talent-based scholarships and grants • May require an additional application

  23. CSS Profile • http://profileonline.collegeboard.com

  24. CSS Profile • Check with the colleges you plan to apply to whether they require the PROFILE • Application fee covers one school; additional schools – additional fees • Limited amount of fee waivers

  25. CSS Profile The PROFILE is a form used by certain colleges - in addition to the FAFSA - to award the schools own grants, loans or scholarships -(Institutional Funds) Collects more detailed information – e.g. home ownership

  26. After applications are filed… • Each school listed on the FAFSA and CSS Profile will receive an electronic record • FAFSA - Institutional Student Information Record (ISIR) contains processed student information and processing results • Schools use this information to develop an award package to be included in an award letter sent to each student

  27. Verification Requirements • IRS Tax Transcript for Federal Tax Return data • AGI, Taxes Paid, Untaxed Income, Education Credits • Verification worksheet and/or written statement for other data • Number in household/college, child support paid/received, food stamps, other untaxed income • Declaration that taxes were not filed or required to be filed

  28. Verification: New Requirements • For 2013-14 • High School Completion Status • High school diploma • GED • Home school diploma

  29. Verification: New Requirements • For 2013-14 • Identity/Statement of Educational Purpose • Appear in-person with government-issued ID • Sign the Statement of Educational Purpose

  30. Next Steps: Award Letter College award letters contain: Federal aid eligibility May include federal student loan options State aid eligibility Institutional aid eligibility

  31. HESC Award Comparison Tool

  32. StartHereGetThere.org

  33. StartHereGetThere.org

  34. StartHereGetThere.org

  35. Financial Aid Calculators

  36. FAFSA4caster

  37. Benefits of the FAFSA4caster • Uses applicant data to estimate eligibility for aid so the student has information when making decisions about college • Provides students with more specific financial aid information earlier in the process • FAFSA4caster is free

  38. Benefits of the FAFSA4caster • Estimates Expected Family Contribution (EFC) • Calculates eligibility for federal aid, including grants

  39. Net price Calculators • All colleges and universities must have a “net price calculator” on their websites • Gives students and their families an idea of how much they themselves might have to pay • Questions may vary from school to school depending on available aid – i.e. school based academic scholarship

  40. NY’s 529 College Savings Plan

  41. GoCollegeNY.org

  42. GoCollegeNY.org

  43. College Planning & Other Resources • High School Calendar • College Fair Schedule • How to Choose a College • Helpful Links

  44. HESC Services and Support • Contact HESC Today • Financial Literacy Training • Financial Aid Nights • Invite HESC to Your College Fair • Contact: Joe Gorman • 518-486-6281 or Joe_Gorman@hesc.ny.gov • Questions? • Thank you

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