Financial Aid 101Sean Sherwood

Financial Aid Counselor

Binghamton University

Agenda

• What is financial aid?

• Who is eligible?

• How do I apply?

• When do I apply?

• How is my eligibility calculated?

• Tips and other helpful information

• Questions?

What is Financial Aid?

• Grants | free money, usually based on “need”

• Loans | money that must be paid back

• Employment | earn a paycheck to help with

non-billed college expenses

• Scholarships | free money, various criteria

Who is Eligible for Federal Aid?

General Eligibility requirements:

• Must be admitted (matriculated) into a degree-seeking

program.

• Must be a U.S. Citizen or eligible non-citizen.

• Must be registered with Selective Service, if male ages 18-

25.

• Must not have any drug-related felony convictions.

The federal government believes it is

BOTH the parent and student

responsibility to pay for college.

• Parent and student information is required.

• For divorce or separation situations, the parent whom the

student lives with must complete the FAFSA.

• For joint custody situations, the parent who provides the

most support completes the FAFSA.

• For remarried situations, the parent whom the student lives

with and the step-parent must complete the FAFSA.

A student is only considered

“Independent” by if:

• Born before 1/1/1997 (for the 20-21 aid year)

• Married (as of the day the FAFSA is completed)

• Working on a masters or doctorate program

• Serving on active duty military (other than training)

• Veteran of the U.S. Armed Forces

• Have children/dependents – must provide >50% support

• Orphan, ward of court or in foster care - since age 13

• Emancipated minor, as determined by a court

• In legal guardianship, as determined by a court

• Unaccompanied youth/homeless

HOW DO I

APPLY?

Your First Step:

• WWW.FAFSA.GOV

• 2020-21 FAFSA available

October 1, 2019.

• Free to complete

• Report 2018 income

information.

There’s an app for that!

• myStudentAid

• Available for all operating systems

• Complete all aspects of the FAFSA on your phone or tablet!

What Do You Need for the

FAFSA?

• An FSA ID and password (for student and parent): Create one at

www.fsaid.ed.gov.

• Your Social Security Number (for student and parent[s]).

• Your Driver’s License Number (student, if student has one).

• 2018 Tax Records – Tax Return 1040 & All Schedules and W-2s (for

parent[s] and student, if filed).

• Records of 2018 Untaxed Income (child support received/paid, interest

income, etc.).

• Records of current assets (savings/checking/investments/real estate).

• List of schools you are interested in attending (you can add up to 10 at a

time).

Most Common FAFSA Errors:

• Forgetting to submit BOTH E-signatures (student AND parent).

• Incorrect Social Security Number for student or parent.

• Incorrect date of birth for student or parent.

• Incorrect spelling of names (must match your Social Security card or Alien

Registration card!).

• Divorced/remarried parental information.

• Income earned by parents/stepparents.

• U.S. income taxes paid.

• Untaxed income reporting.

• Household size.

• Number of household members in college.

• Real estate and investment net worth.

IRS Data Retrieval Tool

• Participation is voluntary.

• Links verified 2018 tax

information for parent and/or

student to the FAFSA.

• Reduces documents you may

have to submit to school later.

REMEMBER: Apply for NYS TAP Grant if you are a NY

resident attending a NY school

• Link provided on the FAFSA confirmation page.

NYS TAP Grant Application

HESC.NY.GOV

The NYS STEM Incentive Program

• Full SUNY Tuition Scholarship

• Eligibility:• be ranked in the top 10 percent of his/her high school graduating

class at a NYS high school;

• be matriculated in an approved undergraduate program leading to a

degree in Science, Technology, Engineering or Mathematics at a

SUNY or CUNY college;

• earn a cumulative grade point average (GPA) of 2.5 or higher each

term;

• execute a Service Contract agreeing to reside and work in the field of

Science, Technology, Engineering or Mathematics in NYS for five

years.

• Application opens in Spring 2020. Deadline

mid-August 2020

NY State Excelsior Scholarship

• 2020-21 application date: To Be Announced, check HESC.NY.GOV

– Sign up for e-Mail notifications on hesc.ny.gov

• Income eligibility: Parent and student combined 2018 Federal Adjusted

Gross Income is less than $125,000.

• Pursuing an undergraduate degree at a SUNY or CUNY college.

• be enrolled in at least 12 credits per term and complete at least 30

credits each year.

• execute a Contract agreeing to reside in NYS for the length of time the

award was received, and, if employed during such time, be employed in

NYS.

Secondary Applications:

College-specific Forms

Contact the school to find out if:

• Specific scholarship application is required.

• Separate financial aid form is required, in

addition to FAFSA (i.e., CSS Profile).

CSS Profile Application

• https://cssprofile.collegeboard.org

• $25 for 1st school, $16 for

each additional school.

• Some schools require to

determine non-Federal aid

eligibility.

How is Eligibility Calculated?

• FAFSA information sent to all schools listed

approximately 3 to 5 days after submitted.

• School reviews data:

– May request documentation to verify

information on FAFSA.

– Financial aid award offer calculated once file is

complete.

Suggested Timeline

• Submit FAFSA, available beginning October 1st.

• Review acknowledgement from FAFSA, and look for

possible corrective action needed.

• Know school FAFSA filing dates/deadline.

• Colleges begin to award aid typically January-April.

• National Reply Date is May 1st.

*(Deposit required to accept admission).

Get Ready to File!

• Gather your 2018 tax documents (for parent and student) –

tax returns, W-2s, bank statements.

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

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

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

Special Circumstances

• Change in employment status and/or income in

2019 or 2020.

• High medical expenses not covered by insurance.

• Change in parent marital status.

• Unusual dependent care expenses.

• Student cannot obtain parent information.

• Appeal with specific school

Sean’s Advice:

• Review school-specific process and timeline.

• Gather materials you need.

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

• Contact Financial Aid office if special circumstances exist.

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

Comparing

“Apples to

Apples”

Helpful Information

• FAFSA: www.fafsa.ed.gov

• Student Financial Aid information:

www.studentaid.ed.gov

• College Board: www.collegeboard.org

• TAP/Excelsior/NY State Aid Website:

www.hesc.ny.gov

• Sean Sherwood

– finaid@binghamton.edu

– www.binghamton.edu/financial-aid

Questions?