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					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
 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
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
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
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
Common FAFSA Questions
 What if we miss a college deadline?
   Notify the college
   Monitor the process
   Respond immediate to additional information
    requests
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
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
IRS Retrieval Tool
 Tax data
  transferred to the
  FAFSA
 May avoid having
  to submit copies
  of their tax return
  transcript
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
Apply for New York State Aid
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
HESC.ny.gov
TAP Award Estimator
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
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
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
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
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
CSS Profile
 http://profileonline.collegeboard.com
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
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
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
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
Verification: New Requirements


 For 2013-14
   High School Completion Status
        High school diploma
        GED
        Home school diploma
Verification: New Requirements

 For 2013-14
   Identity/Statement of Educational Purpose
         Appear in-person with government-issued ID
         Sign the Statement of Educational Purpose
Next Steps: Award Letter

 College award letters contain:
   Federal aid eligibility
          May include federal student loan options
    State aid eligibility
    Institutional aid eligibility
HESC Award Comparison Tool
StartHereGetThere.org
StartHereGetThere.org
StartHereGetThere.org
Financial Aid Calculators
FAFSA4caster
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
Benefits of the FAFSA4caster
 Estimates Expected Family Contribution
  (EFC)
 Calculates eligibility for federal aid,
  including grants
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
NY’s 529 College Savings Plan
GoCollegeNY.org
GoCollegeNY.org
College Planning & Other Resources

  High School Calendar
  College Fair Schedule
  How to Choose a College
  Helpful Links
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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posted:11/3/2012
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