FINANCIAL AID…WHAT
YOU NEED TO KNOW
Sean Sherwood
Student Services Coordinator
BINGHAMTON UNIVERSITY
AGENDA

What is Financial Aid?

Who is Eligible?

How to Apply?

When to Apply?

How is Financial Aid Calculated?

Other Financing Options

Final Advice

Questions
What is Financial Aid
Grants-free $, need based
 Scholarships-free $, various criteria
 Institutional–free $, various criteria
 Resources – outside scholarships/tuition waivers, etc.
 Loans-Yes  these are considered forms of financial aid.
$ that MUST be paid back
 Federal Direct Subsidized Loan
 Federal Direct Unsubsidized Loan
 Federal Direct PLUS (Parent) Loan
 Private Student Alternative Loan
 Employment
 Federal Work Study (FWS), need based

WHO IS ELIGIBLE

MUST be admitted (matriculated) into a degreeseeking program

MUST be a U.S. citizen or eligible non-citizen

MUST be registered with Selective Service (Male,
ages 18—25)

MUST not have any drug-related convictions
WHOSE INFO IS NEEDED on FAFSA

Parent AND student information is required

Parents who are divorced or separated - custodial parent
(parent the student lived with more during past 12 mos.)

For joint custody orders - the parent who provides the
MOST support (over 50%)

Parents who are remarried – both parent and stepparent

Unmarried parents living together – both parents

Same-sex couples/marriages – both parents
The Federal government believes it is BOTH the student’s and parent’s responsibility to pay
for college
HOW DO I FILE
FIRST STEPS

Website: fsaid.ed.gov

Create FSA ID and password (can use immediately
for new application)

Used by students and parents throughout the aid
process
FREE APPLICATION FOR STUDENT AID
(FAFSA)

WEBSITE: https://fafsa.ed.gov/

FAFSA will be available on January 1st for the 2016-2017 aid
year (MUST apply each academic year to be eligible for aid)

Most colleges set FAFSA filing deadlines

FAFSA Worksheet
 Prepare
information prior to going online
 Worksheet
questions follow order of online
FAFSA process
READY…SET…FILE!

Tax return, W-2s or pay stubs, bank statements, etc.

Use CORRECT social security numbers and birth dates
(both parent & student)

Check school websites for FAFSA filing dates/deadlines &
general financial aid information
RELAX  The FAFSA is deigned to help you
complete the application accurately. If
needed, you can save and finish later.
NEED HELP

Help and Hints located on the right side of any FAFSA
entry page

Click Need Help @ the bottom of any FAFSA entry page

Chat with live support staff by clicking Help icon and then
select Contact Us

Contact Financial Aid office at the college you plan to
attend

Talent Search located in the State Office building

SUNY Broome Financial Aid Day in February
COMMON FAFSA ERRORS

NOT completing the FAFSA

Household size

Income tax reported

Incorrect SSN or DOB for student and/or parent

Incorrect spelling of names (MUST match your SS card)

Legal guardianship (NOT parent)

Not reporting parent information

Untaxed income (child support, workers’ compensation,
disability, etc.)

Not supplying both electronic signatures (student and
parent)
IRS DATA RETRIEVAL

Available early February 2016 for 2016-17 processing if
you have already filed your Federal tax return

Automatically links your FAFSA with your completed IRS
tax return information on file with the IRS

May not be available if filing early due to school
deadlines, have not filed federal tax return or it has not
been processed.

May reduce documents requested by Financial Aid office
NYS TUITION ASSISTANCE PROGRAM
(TAP)

NYS resident applying to a NYS school - don forget
to apply for TAP

Link is provided on the FAFSA confirmation page

Or can apply through HESC website @
https://www.hesc.ny.gov/

MUST create a HESC Username and PIN
FAFSA4CASTER
Curious about your Financial Aid picture? Check this out!!!
SECONDARY APPLICATIONS
*College Specific Forms*
Contact EACH Financial Aid office directly to find out the
following:
 CSS
Profile needed for non-federal aid
 Recommended
filing deadlines for best offer
 Any
additional financial aid forms required in addition to
FAFSA
 Specific
scholarship applications
CSS PROFILE…aka FAFSA on STEROIDS

Primarily used by private institutions for Institutional funding

Can file as early as October 1st, 2015 for the 2016-17 aid year

Check with your college to see if they require the PROFILE

Filed online @ https://student.collegeboard.org/profile

Application fee/per report
SUNY Smart Track Award Letter
WHAT HAPPENS NEXT?

FAFSA information sent to school within 3-5 days

School reviews data (system/manual)
 Financial
 May
aid award offer provided
request documentation to verify data
 Most
 Offer
communications are sent to student
may be revised later based on new
information
WHAT IS COST OF ATTENDANCE (COA)
 Direct
Costs
 Indirect
Costs
EXPECTED FAMILY CONTRIBUTION (EFC)
 Stays
the same regardless of college
 Calculated
using data from the FAFSA and
federal methodology
 Used
to award federal and institutional aid
(in most cases)
WHAT IS FINANCIAL NEED
TIMELINE

Submit FAFSA, available beginning January 1st

Review acknowledgement from FAFSA – Student
Aid Report (SAR); check for possible corrective
action needed

Colleges begin to award aid typically March-April

National Reply Date is May 1st (deposit required to
accept admission)
SPECIAL CIRCUMSTANCES
& APPEALS
 Significant
change in income
 Change
in family circumstances
 Process
varies
 Documentation
 What
is key
would be an ineligible appeal?
OTHER FINANCING OPTIONS

College Savings accounts (i.e., 529 plan)

401[K] plans

Long Term Investments (stocks/bonds)

Home Equity/Lines of Credit

Credit Cards

Current Income or Savings

College Payment Plans
COMPARING APPLES TO APPLES

What is the NET COST (bottom line)?
FINAL ADVICE





Know each school’s recommended FAFSA filing
deadline
Understand when you will hear from each college
Start your scholarship search now
You can estimate your income to meet school
deadline; correct FAFSA after you file taxes
Avoid websites, consultants, planners or services
charging money to apply for financial aid, even
scholarships
RESOURCES

College Board: https://www.collegeboard.org/

CSS Profile: https://student.collegeboard.org/cssfinancial-aid-profile

FAFSA: https://fafsa.ed.gov/

Federal Student Aid: https://studentaid.ed.gov/sa/

FSA ID Website:
https://studentaid.ed.gov/sa/fafsa/filling-out/fsaid

NYS Higher Education Services (HESC):
https://www.hesc.ny.gov/

Student/Parent Loan Information:
https://studentloans.gov/myDirectLoan/index.action
QUESTIONS
CONTACT INFO
Sean Sherwood
Binghamton University
PO Box 6000
Binghamton, NY 13902
607-777-4889
ssherwod@binghamton.edu