Financial Aid -> https://fafsa.ed.gov/
Financial aid is one of the most complex facets of college admissions. Qualification for need-based aid is determined through a variety of measures, and many schools offer some form of merit scholarship. These scholarships can vary in amount, and can make private college tuition more competitive with public college alternatives.
Types of Financial Aid
Your financial aid package will depend on your “financial need”, on your academic records, and on additional qualities. Three kinds of financial aid are available:
What is the FAFSA?
- The FAFSA is the Free Application for Federal Student Aid. The federal government uses it to determine your eligibility for federal aid, which includes grants, scholarships, work-study and loans. The FAFSA becomes available on October 1 of each year.
What is an FSA ID?
- The FSA (Federal Student Aid) ID gives you access to Federal Student Aid’s online systems and can serve as your legal signature. Allowing you to you to: (1) electronically sign your FAFSA, (2) check the status of your electronic FAFSA, and (3) make any changes necessary to your personal information online
What is the Expected Family Contribution (EFC)?
- The Expected Family Contribution (EFC) is a figure that projects what a family can pay for higher education in the upcoming year. Your family’s EFC is determined by the federal government through the information supplied in your FAFSA.
- A family with an “EFC” of $10,000 will be judged with no need at a CUNY school with costs less than $10,000, while they may qualify for $15-30,000 at the most expensive of the country’s private colleges and universities.
What is a SAR?
- A Student Aid Report (SAR) is a report that is generated after you complete your FAFSA. It contains all the information you wrote or entered on the FAFSA, and it is your official record or proof that the federal processor received your FAFSA. You should receive a SAR 1 – 2 weeks after filing.
- Note your Data Release Number (DRN), a four-digit number located on the bottom left-hand corner of your SAR. You will need it to apply for aid to any school you did not originally list on your FAFSA.
- Check if your SAR had been selected for verification. If there is an asterisk (*) after your EFC, it means your SAR has been selected for verification.
Read: Understanding Your Finances article to understand your finances before heading off to college.
Types of Financial Aid
Your financial aid package will depend on your “financial need”, on your academic records, and on additional qualities. Three kinds of financial aid are available:
- Grants: Financial awards which do not have to be paid back.
- College Loans: Financial awards made with a formal agreement for repayment with interest
- Work-study: A federally funded program that provides part-time employment to students to earn money for educational expenses.
What is the FAFSA?
- The FAFSA is the Free Application for Federal Student Aid. The federal government uses it to determine your eligibility for federal aid, which includes grants, scholarships, work-study and loans. The FAFSA becomes available on October 1 of each year.
What is an FSA ID?
- The FSA (Federal Student Aid) ID gives you access to Federal Student Aid’s online systems and can serve as your legal signature. Allowing you to you to: (1) electronically sign your FAFSA, (2) check the status of your electronic FAFSA, and (3) make any changes necessary to your personal information online
What is the Expected Family Contribution (EFC)?
- The Expected Family Contribution (EFC) is a figure that projects what a family can pay for higher education in the upcoming year. Your family’s EFC is determined by the federal government through the information supplied in your FAFSA.
- A family with an “EFC” of $10,000 will be judged with no need at a CUNY school with costs less than $10,000, while they may qualify for $15-30,000 at the most expensive of the country’s private colleges and universities.
What is a SAR?
- A Student Aid Report (SAR) is a report that is generated after you complete your FAFSA. It contains all the information you wrote or entered on the FAFSA, and it is your official record or proof that the federal processor received your FAFSA. You should receive a SAR 1 – 2 weeks after filing.
- Note your Data Release Number (DRN), a four-digit number located on the bottom left-hand corner of your SAR. You will need it to apply for aid to any school you did not originally list on your FAFSA.
- Check if your SAR had been selected for verification. If there is an asterisk (*) after your EFC, it means your SAR has been selected for verification.
Read: Understanding Your Finances article to understand your finances before heading off to college.
TAP: Tuition Assistance Program
TAP is a New York State tuition assistance program (whereas FAFSA is federal)
- complete TAP after you have completed your FAFSA information
- TAP will pull information from your FAFSA and allocate one New York State School. It does not matter which school appears during filing
- Once you have selected which school you will be attending, as long as it is a New York school, log back into TAP and designate which school that would be.
- TAP is a grant, it does NOT have to be paid back
New York State Excelsior Scholarship
The Excelsior Scholarship, in combination with other student financial aid programs, allows students to attend a SUNY or CUNY college tuition-free. The program covers tuition for eligible SUNY and CUNY students. For the 2022-23 academic year, families who earned $125,000 or less in the tax year 2020 are eligible to apply.
More information: https://www.hesc.ny.gov/pay-for-college/financial-aid/types-of-financial-aid/nys-grants-scholarships-awards/the-excelsior-scholarship.html
More information: https://www.hesc.ny.gov/pay-for-college/financial-aid/types-of-financial-aid/nys-grants-scholarships-awards/the-excelsior-scholarship.html
