When to apply:

Anytime after October 1st of the student’s senior year
Starting College Fall 2024

• Use 2022 federal tax return

• Must apply every year

• NEW FAFSA App

How to Apply for Aid

1. Request FSA ID
What is the FSA ID?

• Used by students and parents throughout aid process

• Used to sign FAFSA electronically

• Visit fafsa.gov to create

• Comprised of a username and password

• Only the owner should create a FSA ID.

• The security of your FSA ID is important.

2. Collect Information

• Student and parents’ SSN and DOB

• Parents’ marital status

• Tax returns for student and parents

• W-2s for student and parents

• Records of untaxed income for student and parents

• Bank accounts, stock, real estate and business records for student and parents

• Student’s driver’s license number

• Student’s alien registration number (non-U.S. citizens)

3. Complete FAFSA online:

https://studentaid.gov/h/apply-for-aid/fafsa

4. New Mobile FAFSA App

https://play.google.com/store/apps/details?id=com.fsa.mystudentaid&hl=en_US

5. Complete the CSS Profile (if required by college)

https://cssprofile.collegeboard.org/

6. Complete TAP online

First-time Applicants Create User ID & PIN
https://www.tap.hesc.ny.gov/totw/

7. Complete Excelsior Scholarship

https://www.hesc.ny.gov/pay-for-college/financial-aid/types-of-financial-aid/nys-grants-scholarships-awards/the-excelsior-scholarship.html

8. Watch for your Student Aid Report

9. Communicate with the financial aid office

Sections of the FAFSA

Section Three: Dependency Status

• Generally dependent if under age 24

Independent if:

• Married

• A graduate student

• Serving in the U.S. military or a veteran

• Supporting children or other dependents

• Has a court-appointed legal guardian

• Has been determined homeless or at risk of being homeless

Section Four: Parent Demographics

Name, social security numbers, birth dates, Marital status
If your parent does not have an SSN, enter 0’s or 9’s

Section Five: Financial Information

Use 2022 Tax returns
Use IRS Data Retrieval Tool

Sources and Types of Financial Aid:

Major Grant Programs

PELL Grant

• Must have EFC between $0 - $5,576

• 2023-24 maximum annual award $6,895

NYS TAP Grant

• Based on NYS net taxable income

• Maximum annual award $5,665

Federal Work Study

• Based on financial need

• On- or off-campus employment

• Usually 5 hours per week

William D. Ford Direct Loans

Subsidized *

• 4.529% interest rate

• Capped at 8.25%

• 1.059% Origination Fee

• Based on need

• Federal government pays interest while student is in school

• $3,500 for freshmen

Unsubsidized

• 4.529% interest rate

• Capped at 8.25%

• 1.059% Origination Fee

• Not based on need

• Student is responsible for interest while in school

• Loan cannot exceed cost of education minus financial aid

• Maximum Direct Loans for freshmen: $5,500Navigating the Financial Aid Process

Parent Loans for Undergraduate Students (PLUS)

• For parents of dependent students

• Borrow up to entire cost of college less financial aid

• No adverse credit (parent must pass credit check)

• Interest rate 7.079% for 2019-20 (capped at 10.5%)

• 4.236% Origination Fee

• Payment Plans May vary…typically, families spread the direct costs over the semester or year

STEM Incentive Program

• Tuition scholarship at SUNY or CUNY

Eligibility

• Need to graduate in the top 10% of high school class

• Need to study in STEM field

• Need to maintain a 2.5 average

• Five-year service contract to work in NY State in a STEM field

• More information: www.hesc.ny.gov or Scholarship Unit at 1-888-697-4372

Excelsior Scholarship

• Award covers tuition only

How it works:

• Award equals $5,500, minus any amounts received for TAP, Pell, or other scholarships

• Remainder of tuition will be covered through a tuition credit paid through SUNY or CUNY

Eligibility Requirements

• Be a resident of New York State

• Enroll in a SUNY or CUNY two- or four-year degree program

• Take 30 credits per calendar year (including winter and summer terms)

• Maintain good academic standing

• Plan to live in New York following graduation for the length of time you participate in the scholarship program

Household adjusted gross income does not exceed these limits:

• 2020/21: $125,000 (based on 2018 federal tax return)

As of today, we have not received notification of any changes to the income limits*

Application Process

• Students must complete the FAFSA and TAP applications

• The application includes an agreement regarding postgraduation residency in NYS

How Much Does SUNY Cost?

• Baccalaureate Degree Program 2023-2024

• NY State Resident Living On-Campus

• Source: SUNY Office of Student Financial Aid, System Administration

• Tuition and fees: $8,812 ($7,070 & $ 1,742)

• Room and board: $15,710

• Books and supplies: $1,270

• Transportation: $1,020 (on-campus), $1,720 (commuter)

• Personal expenses: $1,660 (on-campus), $1,740 (commuter)

• Total Budget: $28,490 (on-campus)