Financial Aid Presentation

FSA ID

• https://fsaid.ed.gov

• Sign FAFSA electronically

• Only the owner should create a FSA ID

• Cannot use the same e-mail address for the student & parent – Need different e-mail addresses

FSA ID

If parent already has a PIN, PIN can be linked at the FSA ID site

Enter PIN, thenclick “Verify”

OR Click “Forgot My PIN”

4

• The on-line FAFSA allows students to list up to 10 colleges.

• The paper FAFSA allows only 4 colleges to be listed.

• File the FAFSA as soon as possible after January 1st of each school year.

Be sure to go to www.fafsa.gov

IRS Data Retrieval Process

• All FAFSA on the Web applicants and the parents of dependent applicants, who indicate that they have filed their federal tax returns prior to completing their FAFSA, will be directed to use the FAFSA-IRS Data-Retrieval process to complete their FAFSA more easily and accurately.

IRS Data Retrieval

IRS Data Retrieval

IRS Data Retrieval

FAFSA Confirmation Page

Apply for TAP from the FAFSA confirmation page

10

Apply for TAP

If you miss the TAP link from the FAFSA, go to www.tapweb.org 24-48 hours after completing the FAFSA.

• Please be aware that the first school code listed on the FAFSA is automatically populated on the TAP application.

11

With the switch to PPY, students and families will be able to:File the FAFSA earlier. As you know, the FAFSA is made available January 1 of each calendar year, yet it is uncommon for a family or individual to be prepared to file an income tax return in the month of January. Under the new PPY system, the 2017-18 FAFSA will be available in October 2016, rather than January 1, 2017, and students can use the PPY’s completed income tax return.

• More easily submit a FAFSA. The IRS Data Retrieval Tool (DRT), which allows automatic population of a student’s FAFSA with tax return data and decreases the need for additional documentation, can be used by millions more students and families under PPY, since tax data from two-years prior would be readily available upon application.

• Receive earlier notification of financial aid packages. If students apply for aid earlier, colleges can in turn provide financial aid notifications to students earlier, ensuring that students and families have more time to prepare for college costs. Notifying students earlier of their financial aid packages will also leave more time for one-on-one counseling with students and families. * Next year’s (2016-17) aid applicants will be using the same

prior year federal income (2015) for two consecutive years *

New for the 2017-18 award year using Prior-Prior Year Tax Income Data on the FAFSA

Financial Aid Award Letter

SMART TRACK Award Letter

Sources of Financial Assistance

15

Tuition Assistance Program (TAP)• Funding

levels are determined each year by the NYS budget process

• Maximum Grant - $5,165

• SUNY Tuition Credit for students who receive a TAP award

Federal Pell Grant • Pell Eligibility is

restricted to FAFSA calculated Expected Family Contributions (EFC’s) that are $5,198 or below

• Current maximum grant is $5,775 in 2015-16

Federal Work Study Program• Need based• Will not impact Student income portion of EFC

calculation• Most likely will not appear on college bill since students

will receive a check!• Early FAFSA application is critical at most schools

16

Federal Direct Stafford Loans• Subsidized Stafford Loan 4.29% /Origination Fee is 1.068% Based on need Federal government pays interest while student is in

school $3,500 for freshmen

• Unsubsidized Stafford Loan 4.29% /Origination Fee is 1.068% Not based on need Student is responsible for interest while in school Loan cannot exceed cost of education minus financial

aid $5,500 for freshmen 17

Alternative Financing Options

Parent Loans for Undergraduate Students (PLUS)• For parents of dependent students• Borrow up to entire cost of college less financial aid• Parent must pass credit check• Fixed Interest Rate 6.84%Payment Plans• May vary…typically, families spread the direct costs

over the semester or year.Alternative Loans• Student loan with a co-signer• Interest rate based on credit score and bank rate

(Most lenders now offer both a fixed rate and a variable rate product)

18

Appeals Based on Unusual Circumstances

• Loss of Income in 2016 vs. 2015• Medical/Dental expenses NOT PAID by insurance• Death, separation, divorce......• 1-Time Fluctuation in Income• Elementary/Secondary Private School Tuition Expenses• Follow the procedures of the Financial Aid Office where

student is attending.

19

SUNY Statewide Financial Aid Day

January 16, 2016&

February 20, 2016

Ask questions about the financial aid application, types of aid

and the award process Some campuses will offer web access to complete

FAFSA online Register at www.suny.edu/student in early December

20

Questions?