Federal Student Loans

• What is Financial Aid?
• How do I apply?
• Forms to Submit
• What Information do I need?
• What Financial Aid Programs am I applying for?
• The Financial Aid Process at a Glance
• Website Resources
• Student Information Phone Numbers
• Other Resources
• Planning Calendar

What is Financial Aid?

Financial Aid is any grant, scholarship, loan, or paid employment offered to help a student meet college expenses. Financial aid is usually provided by various sources such as federal and state agencies, colleges, high schools, foundations, and corporations. The amount of financial aid a student receives is determined by federal, state and institutional guidelines. Grants are funds that are not repaid; loans must be repaid. Interest rates and repayment terms vary by program. Employment is aid based on an hourly rate for work performed.

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How do I Apply for Financial Aid?

To determine eligibility for Financial Aid, you must apply each year. The application process may vary somewhat from college to college, so you are encouraged to contact each campus for applications and deadline information.

We strongly recommend that all applicants for admission begin the Financial Aid process before a final decision concerning their enrollment is made. We strongly encourage 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 Financial Aid for the 2001-2002 academic year, you will be using 2000 tax returns.

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Forms

The following list describes forms you should submit each year:

Free Application for Federal Student Aid (FAFSA). This application produces a Student Aid Report (SAR). The SAR indicates your eligibility for grants, loans, Work-Study, and private loans. It may also be used to determine your eligibility for institutional scholarships. Check with colleges on your list to get a complete listing of the various forms to complete. For website versions, visit FAFSA.

New York state residents who submit a FAFSA for attendance at a college in New York state will be sent an Express Tuition Assistance Program (TAP) Application (ETA) from the New York State Higher Education Services Corporation (HESC). It will include pre-printed information taken from your FAFSA. Complete the form, sign it, and return it to HESC. You will then be sent a TAP Award Certificate. You may use this to make changes or submit to your school for credit towards your tuition.

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 your eligibility for institutional scholarships. Check with those colleges on your list to get the correct form to complete.

Income 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. Any untaxed income (social services, social security, contributions to voluntary retirement plans, etc.) must also be reported (see FAFSA instructions for specific details). 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.

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What information will I need to fill out Financial Aid Forms?

To complete the application process, you will need the following documents:

• Student's Social Security card and driver's license
• W2 forms and other records of income earned
• Your (& spouse's, if married) Federal and NYS Tax (for TAP) Returns for 1998
• Your Parent's Federal and NYS Tax (for TAP) returns for 1998 if applicable
• Records of other untaxed income such as social security benefits, welfare benefits, veteran's benefits, military or clergy allowances, etc.
• Current bank statements and records of stocks, bonds, and other investments
• Business or farm records, if applicable
• Alien registration card (if you are not a U.S. citizen)

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What Financial Aid Programs am I applying for on theFAFSA?

• Federal Pell Grants
• Federal Supplemental Educational Opportunity Grant (FSEOG)
• Federal Work Study (FWS
• Federal Subsidized and Unsubsidized Stafford Loans
• Federal Direct Subsidized and Unsubsidized Stafford Loans
• Federal Perkins Loans
• NYS TAP (Tuition Assistance Program) with the Express TAP Application (ETA)
• Other New York State Grants & Scholarships

For information on Federal programs, see The Student Guide, which is a comprehensive reference to all of the Federal Student Financial Aid Programs. The Student Guide is available in college financial aid offices, high school guidance offices, upon request from the Federal Student Aid Information Center at 800.4.FED.Aid (800.433.3143), or as a download from the Department of Education Website.

For more information on the NYS programs, see the HESC publication Paying for College or visit the HESC.

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The Financial Aid Process at a Glance

You complete all required Financial Aid application materials and are sent an Award Letter. The Award Letter is usually accompanied by a "package" of information.

Some colleges require you to sign and return the Award Letter within a couple of weeks; others do not. If required, 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 variousawards. Be certain to meet the various deadlines for each college.

You complete Federal Stafford or Direct 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. 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 to your college acount for the various sources of Financial Aid you have accepted. 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 account.

Once your 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.

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What Website resources are available to get more information?

• NYSFAAA
• New York State Higher Education Services Corporation
• Mapping Your Future
• U.S. Department of Education
• FAFSA
• National Association of Financial Aid Administrators Association
• The Financial Aid Homepage
• Project EASI (Easy Access for Students and Institutions)
• The Bureau of Indian Affairs

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Student Information Phone Numbers

Federal Student Aid Information Center for questions about the FAFSA Application

800.4FED.AID or 800.433.3243
(800) 730-8913 for TDD access

Federal Student Aid Processor

for questions about the status of applications or to request duplicate Student Aid Reports
319.337.5665

To obtain Confirmation that your FAFSA Express Application has been received
800.801.0576

NYS Higher Education Services Corp.

Tuition Assistance Program (TAP)
518.474.5642

Loan Inquiry Number

800.642.6234

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Other Helpful Resources:

Bureau of Indian Affairs

BIA)
202.208.3711

College Scholarship Service

For questions about the PROFILE Application
609.771.7725

Educational Opportunity Program (EOP/HEOP)

518.474.5313

Immigration & Naturalization (INS)

Contact your school(s) of choice
415.705.4205

Internal Revenue Service

Check your phone book for a local office
800.829.1040

Selective Service

847.688.6888

Social SecurityAdministration

800.772.1213

National Community Service Program (AmeriCorps)

800.94A.CORPS or 800.942.2677

Veterans Administration

800.635.6534 or 888.VETSNYS VESID
518.474.2714 State Office
Or check your phone book for a local office

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Planning Calendar

Please note: This is a recommended timeframe to complete the process and receive the information you may need for making final decisions. You can begin this process at any time prior to the academic year but please be aware ofany consequences related to institutional deadlines and timeframes.

September

• Meet with Admissions Representatives who are visiting your school. Attend College Fairs.
• Make a list of test names, registration deadlines, test dates and fees, college application deadlines, financial aid applications and deadlines. Remember, you must take tests like the SAT and ACT at least six weeks before scores may be submitted to colleges.
• Begin asking teachers, school counselors, and employers for letters of recommendation for your admissions and/or scholarship applications.

October

• Work on application essays. Seek help from teachers and school counselors.
• Visit your top school choices. Interview some students, faculty and staff, if possible. Attend special programs such as senior visitation tours, college fairs, and financial aid nights.
• Find out which financial aid applications your college choices require and when the forms are due.

November

• Obtain financial aid applications from your Guidance Office or college choice. Read carefully to determine what information is required and when the applications are due.
• Make note if your College requires specific forms.
• Prepare your college applications.
• Check with the colleges to find out when materials must bepostmarked.

December

• Look for the FAFSA at your high school counseling office and/or local library. Begin working on it.
• DO NOT SUBMIT BEFORE JANUARY 1.
• Begin collecting family tax information (W2s, bank statements, etc.) from the current year.

January

• Submit your completed FAFSA to the processor as soon after January 1 as possible. You may file online at http://WWW.FAFSA.GOV
• KEEP COPIES OF ALL FORMS YOU SUBMIT IN ONE FILE.
• Get your income tax returns prepared early. Schools may request them to prove eligibility for financial aid.

February

• Respond to the Express TAP Application sent to you byHESC.
• Check to see if your mid-year transcripts have been sent to the schools to which you have applied.
• Research taking Advanced Placement (AP) or College-Level Examination Program (CLEP).
• Rank your finalized list of colleges.

March

• Look for your Student Aid Report. Look it over carefully for errors or updates. If corrections need to be made, contact the Financial Aid Office(s) to determine how to make them.
• Respond to any TAP information or change requests.
• Financial Aid Award Notifications begin to be mailed tostudents.
• Receipt of an Award Notification varies by institution. Contact each school to make certain that your application is complete. Find out what else you need to do to establish and maintain your eligibility for financial aid.
• Respond in a timely manner to any requests for information. If you do not receive your Student Aid Report within four weeks of submitting your FAFSA, contact the Federal Student Aid Information Center at 319.337.5665.

April

• Watch the mail for college acceptance letters. Compare the financial aid awards you receive.
• Make your final decision and send in the deposit by the deadline.
• Check with your college of choice about the details of returning financial aid award letters.
• Notify the other schools that you will not be attending. Watch for important deadlines at your college of choice (housing, financial aid, etc.)

May

• Advanced Placement examinations are given in high schools nationwide.
• Finalize your summer school or summer job plans.
• Notify the Financial Aid Office of any scholarships you may have been awarded. This information is important for finalizing your award package.

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