nys financial aid programs and services hesc

NYS Financial Aid

Programs and Services

www.hesc.org

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

•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

…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

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

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

How to Apply

for TAP

Start with FAFSA

Yes; there’s still a Paper FAFSA

New FAFSA Dependency Question for 2009-10

• 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

Impact to FAFSAImpact to FAFSA

After completing the FAFSA, look for -

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

22

What Happens Next?

You and the colleges you listed receive Student Aid Report (SAR) from federal processor

Review SAR for important information and accuracy of data

Colleges match admission records with financial aid

applications and determine aid eligibility

Colleges prepare notices of financial aid eligibility

to admitted students who have completed all required financial aid forms

It’s January 1; Do you know where your

is?

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

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

What Happens Next ?

Online Changes

Not Full-time?

Part-Time TAP&

Aid for Part-Time Study(APTS)

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

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.

More New York State Grants, Scholarships, and

Awards

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

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

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

What do you want to see in the Award

Letter?

Free Money

• Grants

• Scholarships

• Awards

Need-based or Merit-based from the Federal government; NYS; colleges

Work-study or Work

(but study first)

Education Loans

be a smart borrower

Need-basedSubsidized Student Loans

• Federal Stafford Loans– fixed interest rate– government pays interest– grace period– deferments– forbearance– other benefits

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

Unsubsidized Student Loans

• Federal Stafford Loans– fixed interest rate– you pay interest– deferments– forbearance– other benefits

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

PLUS – federal Parent Loans

• up to cost of education, minus other financial aid received

• if no credit, student can apply for additional Unsub. Stafford

Alternative Financing

• Tax credits + deductions

• Home equity / 2nd mortgage

• Private education loans

10 Questions for Education Loan Borrowers

Tips• apply every year• meet all deadlines• keep copies of all forms• contact the college financial aid

administrator if your financial situation changes

Financial Aid helps pay for college, but…

• it may not pay the entire cost

• savings are important

• if you start early, even a small regular contribution can make a BIG difference

Financial Literacy Skills and Your

Students…Now More Than Ever!

Financial Awareness and Consumer Training for Students

(FACTS)

• Develops financial literacy for your students at your campus.

• Professional staff from HESC will provide training for you, your staff and your students.

• Money Wise 411 is designed specifically for high school students in order to develop skills and avoid credit card debt!

Training Outline:

• Importance of Completing

High School/College• Identify Needs vs. Wants• Develop a Spending Plan• Use of Debit vs. Credit • Prevent Identity Theft

School responsibilities:

• Ensure Attendance!!!

• Distribute Surveys

Anita Phillips—Director, Consulting Services (518) 474-2851

• Pamela Jerome - Manager, Consulting Services (518) 402-3524

FACTS Contacts

Questions?

www.hesc.org