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NYS Financial Aid Programs and Services hesc

NYS Financial Aid Programs and Services www.hesc.org. www.hesc.org. NYS Resident?. Students, Families & Counselors. New York State Tuition Assistance Program. TAP. To get TAP, the student must: Be a US Citizen or eligible non-citizen Be a legal resident of New York State

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NYS Financial Aid Programs and Services hesc

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  1. NYS Financial Aid Programs and Services www.hesc.org

  2. www.hesc.org

  3. NYS Resident?

  4. Students, Families & Counselors

  5. New York State Tuition Assistance Program TAP

  6. To get TAP, the student must: • Be a US Citizen or eligible non-citizen • Be a legal resident of New York State • Study full time – at least 12 credits per semester at an approved postsecondary institution in NYS • Be a high school graduate, have a GED or pass a federally-approved Ability to Benefit exam

  7. …and: • Be matriculated in an approved program of study and be in good academic standing • Have at least a cumulative “C” average after receipt of two annual payments of TAP • Be charged at least $200 tuition per year • Not be in default of a student loan guaranteed by HESC and not be in default of any repayment of state awards • Meet income eligibility limitations

  8. How much TAP can a student get? • Dependent Undergraduate Students • Award Range: $500 - $5,000 • Independent Undergraduate Students • Award Range: $500 - $3,025 • Graduate Students • Award Range: $75 - $550

  9. How much TAP the student gets depends on: • Type of academic institution and tuition charge • NYS net taxable income – up to $80,000 combined family income for dependent undergraduate students or students who are married or have tax dependents - up to $10,000 for single financially independent undergraduates with no dependents

  10. How to Apply for TAP

  11. Start with FAFSA

  12. Yes; there’s still a Paper FAFSA

  13. New FAFSA Dependency Question for 2009-10 Impact to FAFSA • Adds to Independent Student Definition • Foster Care (ages 13 and older) • Emancipated Minor • Legal Guardianship • Homeless Unaccompanied Youths • Youths at Risk of Homelessness • Effective for the 2009-2010 Award Year • Question about deceased parents/ward of the court updated to include foster care • Adds question for emancipated minors • Adds question for individuals under legal guardianship • Adds questions for homeless unaccompanied youths and youths at risk for homelessness

  14. After completing the FAFSA, look for -

  15. Student Aid Report (SAR) Regardless of whether the student uses FAFSA on the Web or submits a paper FAFSA, a SAR will be sent to the student An electronic SAR will be sent if student provides an email address A paper SAR will be mailed if no student e-mail address is provided An electronic copy of the data will be sent to each college or university listed by the student in Section 5

  16. What Happens Next? You and the colleges you listed receive Student Aid Report (SAR) from federal processor ê Review SAR for important information and accuracy of data ê Colleges match admission records with financial aid applications and determine aid eligibility ê Colleges prepare notices of financial aid eligibility to admitted students who have completed all required financial aid forms

  17. It’s January 1; Do you know where youris? HescPIN

  18. If your students choose not to use the TAP link on the FAFSA Confirmation Page, they have to wait 3 business days before using TAP on the Web (TOTW) Tell them to go to www.tapweb.org

  19. When the FAFSA processor sends data and a valid EFC is released to HESC, HESC will: • e-mail student with link to TOTW site or mail a postcard to students with no e-mail address • after 7 days send another e-mail or postcard • after additional 7 days send paper TAP application – cover letter again encourages TOTW and includes link

  20. What Happens Next ? Online Changes

  21. Not Full-time? Part-Time TAP & Aid for Part-Time Study (APTS)

  22. Part-Time TAP • Partial TAP payment for students taking 6 to 11 credits • must have earned 12 credits or more in each of two consecutive semesters; • and maintain a minimum “C” average • Standard TAP application process

  23. Aid For Part-Time Study(APTS) • Up to $2,000 per year for part-time undergraduate study at participating institutions in New York State • APTS award is based on New York State net taxable income • Campus-based application, & award process • HESC distributes APTS funds to participating colleges in New York State • Colleges award APTS based on funds availability and student need.

  24. More New York State Grants, Scholarships, and Awards

  25. Other Grants, Scholarships, and Awards from New York State • New York State World Trade Center Memorial Scholarships • Military Service Recognition Scholarship • Memorial Scholarship • New York State Volunteer Recruitment Service Scholarship • Scholarship for Academic Excellence • Regents Professional Opportunity Scholarship • Persian Gulf Veterans Tuition Awards • NYS Regents Health Care Opportunity Scholarships • Vietnam Veterans Tuition Awards • Robert C. Byrd Honors Scholarship • NYS Math and Science Teaching Incentive Scholarships • Flight 587 Memorial Scholarship Go to www.hesc.org

  26. Calculators to estimate financial aid eligibility available at www.hesc.org

  27. Financial Aid Package • College sends Award Letter to eligible students: • amount of financial aid • types of financial aid awarded • Expected family contribution (EFC) • loan options

  28. What do you want to see in the Award Letter?

  29. Free Money • Grants • Scholarships • Awards Need-based or Merit-based from the Federal government; NYS; colleges

  30. Work-study or Work (but study first)

  31. Education Loans be a smart borrower

  32. Need-basedSubsidized Student Loans • Federal Stafford Loans • fixed interest rate • government pays interest • grace period • deferments • forbearance • other benefits

  33. Stafford Loans (Subsidized and Unsubsidized) • Subsidized Stafford: Must demonstrate “need” • Unsubsidized Stafford: need is not considered • Annual loan limits (combined subsidized and unsubsidized): • $5,500 for 1st year undergraduates • $6,500 for 2nd year undergraduates • $7,500 for each remaining undergraduate year • $8,500 for each year of graduate/professional study

  34. Unsubsidized Student Loans • Federal Stafford Loans • fixed interest rate • you pay interest • deferments • forbearance • other benefits

  35. Additional eligibility for Unsubsidized Stafford loans • for independent undergraduates, graduate students, and dependent students whose parents are unable to borrow under the PLUS Program: • $6,000 per year for first and second years of undergraduate study • $7,000 per year for remaining years of undergraduate study • $12,000 per year for graduate and professional students

  36. PLUS – federal Parent Loans • up to cost of education, minus other financial aid received • if no credit, student can apply for additional Unsub. Stafford

  37. Alternative Financing • Tax credits + deductions • Home equity / 2nd mortgage • Private education loans

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