Financial Aid Basics with Cindy Cockhern: Types, Sources, and Applications

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Explore the fundamentals of financial aid with expert Cindy Cockhern, including types such as scholarships, loans, and work-study, sources like federal grants and loans, and the application process involving FAFSA, NYS TAP, and more for the 2024-2025 academic year.

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Financial Aid Basics Cindy Cockhern Financial Aid Counselor

Agenda Types & Sources of Financial Aid Applications What To Do First What To Expect in December Frequently Asked Questions Resources

Types of Financial Aid Scholarships/Grants Loans Work-Study/ Self-Help GIFT AID: Does not need to be repaid REPAYMENT Required: Federal Loans are subsidized or unsubsidized. EARNED via paycheck Student works, earns money to use toward non-billed expenses (typically). Can be need and/or merit based Repayment begins 6 months after the student drops below 6 credits. Federal Pell Grant, NYS TAP, Merit, Institutional scholarships/grants, outside scholarships. Contact school(s) about availability of funds. Additional sources- Federal PLUS Loan, Private Loans

Applications: FAFSA NYS TAP Excelsior Free Application for Federal Student Aid For New York State scholarships/grants. New York State Scholarship Federal student aid, grants and loans FAFSA applicants should be prompted to complete, if NYS residence is indicated. Must complete FAFSA & TAP applications first. 2024-25: Use 2022 For SUNY and some private NYS Colleges Tax Information. Available: 12/2023 Available: 06/01/2024 Available: 12/2023 Closes: 08/31/2024

FAFSA Simplification 2024-2025 FTI Consent Student Aid Index (SAI) FAFSA Contributor All contributors must consent to disclosure and use of their Federal Tax Information Anyone who is required to provide infomraiton on the FAFSA form. Student Aid Index (SAI) will replace the Expected Family Contribution (EFC) beginning in 2024-2025 (from the IRS) or the student will not be eligible for Federal Student Aid

What To Do First Determine Who is a Contributor Create Federal Student Aid ID 1. The student for Each Contributor 2. One parent is a contributor when: Go to www.studentaid.gov/fsa-id Legal / Biological / Adoptive Parent is Single / Separated / Divorced / Widowed Make Sure that you use: the correct Social Secuirty Number, Date of Birth, and unique email address for each contributor 3. Both Parents (Step-Parent) are contributors when: Legal / Adoptive Parents are Married / Re-Married or Unmarried Biological Parents live together

What To Expect in December - Student Completing the FAFSA 1. Student will login using their FSA ID 2. Student will provide FTI Consent & complete their section of the FAFSA 3. Student will identify and Invite their Contributors (follow prompts) You will need the contributor s name, social security number, date of birth, and email address 1. Students will need the following tax information: 4. Amount of College Grants, scholarships, or AmeriCorp Benefits Reported as Income to the IRS (optional) These usually apply to those renewing their FAFSA form, not first-time applicants Foreign Income Exclusion Student will need current: 1. 2. 5. Total of Cash, Savings and Checking Accounts Current Net Worth of Businsses and Investment Farms Current Net worth of Investments, Including Real Estate 1. 2. 3. NOTE: NYS sends your TAP award information to the first school on your FAFSA

What To Expect in December Parent(s) Completing the FAFSA 1. Parent(s) will recive an email invitation in real time to complete their section of the FAFSA Login using your FSA ID 1. Parent(s) will provide FTI Consent & complete their section of the FAFSA 2. 3. Parent(s) will need the following tax information: The number of people claimed as exemptions on their federal return in 2022 Amount of College Grants, scholarships, or AmeriCorp Benefits Reported as Income to the IRS on their taxes Foreign Income Exclusion 1. 2. 3. Parent will also need : 4. Annual child Support Recived during 2023 Total of Cash, Savings and Checking Accounts Current Net Worth of Businsses and Investment Farms Current Net worth of Investments, Including Real Estate 1. 2. 3. 4.

Excelsior Scholarship For 24-25, 2022 Household Federal AGI must be $125,000 or less to qualify. Student must work and/or live in NYS for same amount of time award is received. Helps cover tuition costs up to $5,500, after Federal Pell Grant, NYS Tuition Assistance Program (TAP), other tuition- based scholarships. If a student takes a break in enrollment (you can take summer off), student will lose eligibility for the scholarship. Students must maintain 30 credits/year requirement. ADA and EOP program accommodations available. Pre-college credits can be used to fill-in credit gaps.

Frequently Asked Questions I know my student will not qualify for federal and state grants, is it worth applying? School X offered my child $5,000/year. They want to go to School A, will they match the scholarship? What if my circumstances have changed? Or My income in 2022 was higher than now, what should I do? If I provide my information, am I financially responsible for my childs education expenese?

Resources Federal Student Aid Website: https://studentaid.gov/ Student Aid Estimator: https://studentaid.gov/aid-estimator FAFSA Application: https://studentaid.gov/h/apply-for-aid/fafsa NYS TAP, Excelsior & DREAM Act Applications: https://www.hesc.ny.gov CSS Profile: https://cssprofile.collegeboard.org/