To have your eligibility determined for Financial Aid, you must apply each
year. The application process may vary somewhat from college to college, so
you are encouraged to contact them to find out if there are additional Financial
Aid applications needed to complete their process.
We strongly recommend that all applicants for admission begin the Financial
Aid process before a final decision concerning their enrollment is made. We
strongly recommend that the parents of all Financial Aid applicants complete
their federal tax returns early enough to meet college deadlines. It is important
to note that the tax returns are from the year immediately prior to the start
of the academic year. For example, if you are applying for aid for the 2008-2009
academic year you will need to supply 2007 income information. However, since
many families will not have a tax return completed by the time it is necessary
to file the Free Application for Federal Student Aid (FAFSA), students/parents
may want to use their 2006 federal tax return as a guide when answering 2007
income questions. The following list describes what should be received in a
Financial Aid Office on an annual basis to complete the applicant’s Financial
Aid file.
- Free Application for Federal Student Aid (Click
here for FAFSA application on-line). This application produces a Student Aid Report (SAR). The SAR
determines students’ eligibility for Federal loans, Work-Study, and private loans.
It may also be used to determine students’ eligibility for institutional
scholarships. Check with those colleges on your list to get a complete
listing of the various forms to complete.
- New York State residents who submit a FAFSA for attendance at a college in New York State will complete your online TAP application by linking to it directly from your FAFSA Confirmation Page, or by going to the quick link button, Apply for TAP, on the HESC Web site. It will include pre-filled information taken from your FAFSA. Complete the application and submit it to HESC. If you use a paper FAFSA, you can still do your TAP application online. About three (3) weeks after mailing your paper FAFSA, HESC will send you a postcard or e-mail prompting you to get a HescPIN and complete your TAP application online. Follow the online instructions. You will be sent an email confirmation directing you to HescWeb to check the status of your award.
- Institutional Financial Aid Application. Not all colleges
have one, but many require them. Check with those colleges on your list to
get a complete
listing of the various Financial Aid materials to complete.
- Parent and Student Supplemental Financial Aid Application. There
are a number of supplemental applications that further assess family’s
ability to pay for college and determine students’ eligibility for
institutional scholarships. Check with those colleges on your list to get
the correct
form to complete.
- Income Tax Information. Signed photocopies of the parents’ and students’ W-2
forms, 1099 forms and the federal income tax return with all pages and
schedules may be required. Some colleges only require this information if
the applicant
is selected for Verification. Check with those colleges on your list to
ensure that you provide them with correct information. Again, it is important
to remember
that the tax returns are from the year immediately prior to the start of
the academic year. For example, if you are applying for aid for the 2008-2009
academic
year you will need to supply 2007 income information. However, since many
families will not have a tax return completed by the time it is necessary
to file the
Free Application for Federal Student Aid (FAFSA), students/parents may
want to use their 2006 federal tax return as a guide when answering 2007
income
questions.
- Verification Process and the Verification Worksheet. Some schools require
that all applicants and their parent(s) verify their sources of income,
taxes paid, as well as number in the household and number in college. The
Verification
Worksheet helps the Financial Aid Office collect data about your household
size and number in college as well as your and your family’s tax
filing status. Check with those colleges on your list to ensure that you
provide them
with correct information.
New York State residents must file a separate Tuition Assistance Program
(TAP) application, which will be sent to them from the NYS Higher
Education Services Corporation (HESC) after the student completes the FAFSA.
The TAP application
is then returned to HESC in Albany, New York.
- The Financial Aid Process At a Glance
- Complete all required Financial Aid application materials and are
sent an Award Letter. The Award Letter is usually accompanied by a "package" of
information.
- Accept or decline the aid offered. Your signed Award Letter tells the Financial
Aid Office that you want the funds offered and that you understand the
terms and conditions of the various awards. Many colleges require you
to sign and
return the Award Letter within a couple of weeks. Be certain to meet
the various deadlines for each college from which you are seeking Financial
Aid.
- Complete loan applications and/or Promissory Notes for institutional
loans. If you have been offered a Stafford Loan as part of your Financial
Aid package,
you will need to complete either a Promissory Note for the loan or
a loan application. Be certain to meet the various deadlines for each
college
from which you are
seeking Financial Aid. If you have been offered an institutional loan
such as a Perkins Loan, you will need to complete a Promissory Note
for the loan.
- Funds are credited for the various sources of Financial Aid
you have accepted. After the process, funding will be credited to your tuition
account. However,
each college has unique methodologies, so we won’t describe them
here. Contact each college to ensure that you understand the process through
which
funds will be credited to your tuition account.
- Excess funds are received by student. Once your tuition account is
paid in full, you should receive excess Financial Aid within 14
days of the
credit
balance. Remember, if you owe the college any outstanding money
(such as for tuition), your account will have to be settled before you
receive any Financial
Aid. Each college has a unique manner in which they handle excess
funds to which you may be entitled. Contact each college to ensure
that you
understand
the process.
Free Application for Federal Student Aid
(FAFSA)
– provides the Family's personal
and financial information required to perform needs analysis is collected
on FAFSA. This information is used to determine need through the needs
analysis
formula.
Paper versions of FAFSA
The FAFSA is the form used to apply for Federal Pell
Grants, Federal Stafford Loans, Federal Direct Loans, and the three "Campus Based" programs
known as are Federal Supplemental Educational Opportunity Grants, Federal Perkins
Loan, and Federal Work Study Programs.
- "Regular" FAFSA (for new applicants)
- "Renewal" FAFSA (for returning students)
- Electronic versions of FAFSA
- FAFSA Express is a software package that you download from the Department
of Education FAFSA Website that allows you to apply for federal student aid
funds directly to the Department's Processing Center. This software can be
loaded and used on any computer that has a modem.
- FAFSA on the Web works much the same way as the FAFSA Express except that
you complete the application right on the website. There is no software
to download
or install and it can be accessed by both PC and Macintosh systems. FAFSA
on the Web requires the use of the particular versions of internet software;
more detailed information is available at www.fafsa.ed.gov.
- Electronic Data Exchange is a service offered by
individual colleges. Student's supply the FAFSA information on the FAFSA
form directly to that financial
aid office.
To get confirmation of FAFSA Express Application, call 1-800-801-0576.
