Dennis ChavezDirectorDirector

Financial Aid and Student RecordsFinancial Aid and Student Records

Binghamton UniversityBinghamton University

Financial Aid 101Financial Aid 101

An OverviewAn Overview

What is Financial Aid?What is Financial Aid? Who is eligible?Who is eligible? How do I apply?How do I apply? When do I apply?When do I apply? How is my eligibility calculated?How is my eligibility calculated? Tips and other helpful infoTips and other helpful info Questions?Questions?

AgendaAgenda

An OverviewAn Overview

Grants – free money, usually based on Grants – free money, usually based on “need”“need”

Loans – money that must be paid backLoans – money that must be paid back Employment – earn a paycheck to help with Employment – earn a paycheck to help with

non-billed college expenses non-billed college expenses Scholarships – free money, various criteriaScholarships – free money, various criteria

What is financial aid?What is financial aid?

An OverviewAn Overview

General Eligibility requirements:General Eligibility requirements: Must be admitted (matriculated) into a Must be admitted (matriculated) into a

degree-seeking program.degree-seeking program. Must be a U.S. Citizen or eligible non-citizen.Must be a U.S. Citizen or eligible non-citizen. Must be registered with Selective Service, if Must be registered with Selective Service, if

male ages 18-25.male ages 18-25. Must not have any drug-related convictions.Must not have any drug-related convictions.

Who is eligible?Who is eligible?

An OverviewAn Overview

Parent and sParent and student information is required.tudent information is required. For divorce or separation situations, the parent For divorce or separation situations, the parent

with whom the student lives with must complete with whom the student lives with must complete the FAFSA. the FAFSA.

For joint custody situations, the parent who For joint custody situations, the parent who provides the provides the mostmost support completes the FAFSA. support completes the FAFSA.

The federal government believes it is The federal government believes it is BOTH the parents’ and student’s responsibility BOTH the parents’ and student’s responsibility

to pay for college.to pay for college.

A student is only considered “Independent” by the federal government if:

Born before 1/1/89 (for the 14-15 aid year)Born before 1/1/89 (for the 14-15 aid year) Married (as of the day the FAFSA is completed)Married (as of the day the FAFSA is completed) Working on a masters or doctorate programWorking on a masters or doctorate program Serving on active duty military (other than training)Serving on active duty military (other than training) Veteran of the U.S. Armed ForcesVeteran of the U.S. Armed Forces Have children/dependents – must provide >50% support Have children/dependents – must provide >50% support Orphan, ward of court or in foster care - since age 13Orphan, ward of court or in foster care - since age 13 Emancipated minor, as determined by a court Emancipated minor, as determined by a court In legal guardianship, as determined by a courtIn legal guardianship, as determined by a court Unaccompanied youth – homeless Unaccompanied youth – homeless

How do I apply? How do I apply?

Website: Website: www.pin.ed.gov

Sign FAFSA Sign FAFSA electronically.electronically.

Not required, but speeds Not required, but speeds processing.processing.

May be used by May be used by students and parents students and parents throughout aid process, throughout aid process, including subsequent including subsequent school years.school years.

Your first step:Your first step:

FAFSA on the WebFAFSA on the Web

Website: www.fafsa.govWebsite: www.fafsa.gov 2014–15 FAFSA on the Web available on 2014–15 FAFSA on the Web available on

January 1, 2014January 1, 2014 FAFSA on the Web Worksheet:FAFSA on the Web Worksheet:

– Used as “pre-application” worksheetUsed as “pre-application” worksheet– Questions follow order of FAFSA on the WebQuestions follow order of FAFSA on the Web

Forgetting to submit BOTH pins (electronic signatures)Forgetting to submit BOTH pins (electronic signatures) Incorrect SSN for student or parentIncorrect SSN for student or parent Incorrect date of birth for student or parentIncorrect date of birth for student or parent Incorrect spelling of names (must match your Social Incorrect spelling of names (must match your Social

Security card or Alien Registration card!)Security card or Alien Registration card!) Divorced/remarried parental informationDivorced/remarried parental information Income earned by parents/stepparentsIncome earned by parents/stepparents U.S. income taxes paid U.S. income taxes paid Untaxed income reportingUntaxed income reporting Household sizeHousehold size Number of household members in collegeNumber of household members in college Real estate and investment net worthReal estate and investment net worth

Most Common FAFSA Errors:Most Common FAFSA Errors:

Remember: apply for NYS TAP if you are a NYS resident going to a NYS school!

Link provided on the FAFSA confirmation page TAP PIN can be the same as your federal PIN

IRS Data RetrievalIRS Data Retrieval Available early February 2014 Available early February 2014

Participation is voluntary Participation is voluntary

Reduces documents you may have to Reduces documents you may have to submit to school latersubmit to school later

Unfortunately, not very useful when first Unfortunately, not very useful when first filing filing because of early school and income because of early school and income tax filing deadlines tax filing deadlines

Don’t wait - No better time than right now Don’t wait - No better time than right now

Contact the school to find out Contact the school to find out ifif: :

–Specific scholarship application is required.Specific scholarship application is required.

–Separate financial aid form is required, in addition Separate financial aid form is required, in addition to FAFSA (i.e., Profile).to FAFSA (i.e., Profile).

Secondary Applications – Secondary Applications – College-specific FormsCollege-specific Forms

CSS PROFILE APPLICATIONCSS PROFILE APPLICATIONhttp://student.collegeboard.org/css-financial-aid-profilehttp://student.collegeboard.org/css-financial-aid-profile

FAFSA information sent to all schools listed FAFSA information sent to all schools listed approximately 3 to 5 days after submitted.approximately 3 to 5 days after submitted.

School reviews data:School reviews data:– May request documentation to verify information May request documentation to verify information

on FAFSA. on FAFSA. – Financial aid award offer calculated once file is Financial aid award offer calculated once file is

complete.complete.

How is my eligibility How is my eligibility calculated?calculated?

Cost of Attendance (COA) Cost of Attendance (COA)

(direct and indirect cost)(direct and indirect cost)

–– Expected Family ContributionExpected Family Contribution

= = Financial NeedFinancial Need

Financial Aid 101Financial Aid 101

Submit FAFSA, available beginning January 1Submit FAFSA, available beginning January 1stst..

Review acknowledgement from FAFSA, and look for Review acknowledgement from FAFSA, and look for possible corrective action needed.possible corrective action needed.

Know school FAFSA filing dates/deadline.Know school FAFSA filing dates/deadline.

Colleges begin to award aid typically March-April. Colleges begin to award aid typically March-April.

National Reply Date is National Reply Date is May 1stMay 1st (Deposit required to (Deposit required to accept admission).accept admission).

Suggested TimelineSuggested Timeline

Get ready to file!Get ready to file! Gather your tax return, w-2s or pay stubs, bank statements.Gather your tax return, w-2s or pay stubs, bank statements.

Make sure you have CORRECT social security numbers Make sure you have CORRECT social security numbers and birth dates (for both parents and student).and birth dates (for both parents and student).

RELAX! The web application is specially designed to RELAX! The web application is specially designed to help you complete the FAFSA accurately. If needed, you help you complete the FAFSA accurately. If needed, you can “save” and finish later - if you need clarification or can “save” and finish later - if you need clarification or just need to take a break. just need to take a break.

Check school websites for FAFSA filing dates/deadlines Check school websites for FAFSA filing dates/deadlines as well as general financial aid information.as well as general financial aid information.

Change in employment status and/or income Change in employment status and/or income

High medical expenses not covered by insuranceHigh medical expenses not covered by insurance

Change in parent marital statusChange in parent marital status

Unusual dependent care expensesUnusual dependent care expenses

Student cannot obtain parent informationStudent cannot obtain parent information

Special CircumstancesSpecial Circumstances

Review school specific process and timeline.Review school specific process and timeline.

Gather materials you need( i.e. paystubs, w-2s, tax returns, bank Gather materials you need( i.e. paystubs, w-2s, tax returns, bank and/or investment statements).and/or investment statements).

Start Scholarship search - good place to start is your High School.Start Scholarship search - good place to start is your High School.

FAFSA can be filed before taxes are completed; you can estimate.FAFSA can be filed before taxes are completed; you can estimate.

Contact Financial Aid office if special circumstances exist.Contact Financial Aid office if special circumstances exist.

AVOID websites, consultants, planners or services that charge AVOID websites, consultants, planners or services that charge money to apply for financial aid, even scholarships…money to apply for financial aid, even scholarships…

IT’S FREE!IT’S FREE!

My advice to you :My advice to you :

Comparing “apples to apples”

Helpful InfoHelpful InfoPIN website: www.pin.ed.gov

FAFSA website: www.fafsa.ed.gov

Student Financial Assistance: http://www.studentaid.ed.gov/

College Board: https://bigfuture.collegeboard.org/pay-for-college/paying-your-share/focus-on-net-price-not-sticker-price

TAP website: http://www.hesc.ny.gov/

Dennis Chavez

dchavez@binghamton.edu

http://www2.binghamton.edu/financial-aid/