Financial Aid is provided by federal and state governments, college and private organizations to help you pay for college costs - tuition/fees, room and board, books, supplies, transportation ad other education expenses.

Types of Aid

How to Qualify for Financial Aid

How to Apply for Financial Aid

About the NYS Tuition Assistance Program (TAP)

After you Apply ... What's Next

Financial Aid Reminders

Types of Financial Aid

Grants and Scholarships - You get grants and scholarships based on financial need, academic ability or a special talent.  You don't pay them back.

TAP  - New York State's Tuition Assistance Program (TAP) is the state's largest grant.  You must study for a degree full time at an approved college in New York State, and meet state and federal eligibility.  Undergraduate awards range from $500 to $5,000.  More about TAP ...

Work Study - You work part time in a job designated by the college.  What you earn helps pay education expenses.

Before you apply for a loan, be sure to get all the free money you can in the form of grants and scholarships.  Use the free scholarship search at http://www.hesc.org/

Loans - Loans must be paid back with interest.  Students and parents can borrow from the federal government, participating lenders, and through other programs offered by the college.
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How to Qualify for Financial Aid

You will have to meet eligibility standards for each aid program.  The standards are listed on the applications and at http://www.hesc.org/

For federal aid, you must have a high school diploma or GED, and you must be a U.S. citizen or eligible non-citizen with a valid Social Security number.

To get New York State aid, you must also be a resident of New York attending school in the state.

Federal and New York State aid is for study in degree-granting or other academic programs that have been approved by the U.S. Department of Education and the state Education Department.
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How to Apply for Financial Aid

The FAFSA (Free Application for Federal Student Aid) is the key that unlocks the door to all kinds of financial aid programs.

The FAFSA must be completed by the student and his or her parents every year to apply for nearly all types of federal, state, or college-sponsored financial aid - including grants, some scholarships, loans, and work programs.

Some colleges also have their own application or use the profile form.  Ask the college financial aid office.

The best way to complete your FAFSA is online at http://www.fafsa.ed.gov/ At this site you can register to your Personal Identification Number (PIN), learn about the application process and complete the FAFSA.

Paper FAFSAs are available from the high school guidance office.

Make sure you use the FREE federal form.  With this form, you don't have to pay a fee to get financial aid.

To Complete Your Financial Aid application, you will need:

• W-2 forms or end of year pay stubs
• Record of last year's untaxed income - such as child support and untaxed income from agencies such as Social Services, Social Security and Veteran's Administration
• Federal and state income tax forms for you, your parents, or spouse, if married
• Bank account balances; lists of stocks, bonds and other assets; and both the estimated value and mortgage balance of other real estate (not including your home).

You can apply anytime after January 1 of the year you are asking for aid.  You must apply for financial aid every year.

Be sure to supply an e-mail address on your FAFSA.  It will speed up your aid process.  Keep copies of everything you file and be sure to met all deadline.
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TAP

The New York State Tuition Assistance Program (TAP) helps eligible New York residents attending in-state postsecondary institutions pay for tuition.  Depending on the academic year in which the student began study, an annual TAP award can be as high as $5,000.  Because TAP is a grant, it does not have to be paid back.

Who is Eligible?
To be eligible for TAP, a student must,

• Be a United States citizen or eligible non-citizen.
• Be a legal resident of New York State.
• Study full time (at least 12 credits per semester) at an approved postsecondary institution in New York State.
• Have graduated from high school, or have a GED, or have passed a federally approved exam, demonstrating the student can benefit from the education offered.
• Be matriculated in an approved program of study and be in good academic standing.
• Have at least a cumulative "C" average after receipt of two annual programs.
• Be charged at least $200 tuition per year.
• Not be in default on a student loan guaranteed by HESC and not be in default on any repayment of state awards.
• Meet income eligibility limitations.

What are the Award Amounts?

You can estimate your TAP award at http://www.hesc.org/ .  Here are the basic categories:

Dependent Undergraduate Students
Award Range:  $500 - $5,000

Independent Undergraduate Students
Award Range:  $500 - 3,025

Graduate Students
Award Range:  $75 - $550

Undergraduate students enrolled in four-year programs may receive up to four years of assistance for full-time study, and up to five years of assistance in an approved specialized program.  Awards cannot exceed the maximum amounts shown or 100 percent of tuition, whichever is less.  Eligible students can receive a maximum of eight years of combined undergraduate/graduate assistance.

What Determines the Amount of the Award?

• Type of postsecondary institution and the tuition charged.
• NYS net taxable income - up to $80,000 (combined family) for dependent undergraduate students with no dependents.
• Other family members enrolled in college.
• Academic year in which first payment of TAP of any state reward is received.

How Do I Apply?

• Start anytime by applying for a Federal Student Aid Personal Identification Number (PIN) at http://www.pin.ed.gov/  Your parents will also need to apply for a PIN if you plan to complete the FAFSA online.  You PIN will arrive in about one week.
• Complete and submit the FAFSA online at http://www.fafsa.ed.gov/ or use the paper FAFSA to apply.  If you are a New York State resident applying to a college in New York State, you should apply for TAP online using the link on the FAFSA Submission Confirmation page.
• If you submit a paper FAFSA, you will be able to apply for TAP online or HESC will send you a pre-printed application. The application deadline is May 1 of the academic year for which the aid is sought.
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What's Next?  

Once your FAFSA is processed, you will receive a Student Aid Report (SAR) by mail or e-mail.

The SAR shows your federal aid eligibility and expected family contribution (EFC).  If corrections are needed, follow the instructions carefully.  Keep a copy for your records.

Next you will get a TAP/state scholarship award notice either by mail or e-mail.

If more data is needed to process your award, you will get a request for information from HESC.  Be sure to answer it by the deadline.

The colleges you list on the FAFSA will receive your application data and send you an award letter detailing all the aid you're eligible to receive.

Follow the instructions on how to accept or decline the offer of aid and supply additional documents requested.

To apply for a federal Stafford Loan, you must have submitted the FAFSA, and then complete a loan application called the master promissory note.

You can complete an electronic master promissory note at http://www.hesc.org/  Parents can apply for federal PLUS loans also at http://www.hesc.org/
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Important Financial Aid Reminders

Meet Deadlines.  Check with each school and file in time to meet the earliest deadline.  You can file your financial aid applications using estimated income (if your tax forms have not been completed).  The most accurate estimated income figures can be taken from end-of-the-year pay stubs or W-2 forms.

Apply for Financial Aid Every Year.  Financial aid programs change.  Changes in your situation can affect your eligibility.

Don't Pay For Financial Aid Information That You Can Get For Free.  See your counselor or college advisor or visit http://www.hesc.org/

Attend Financial Aid Workshops.  Usually sponsored by the school counseling office, financial aid workshops can provide valuable help in filling out the forms and learning about aid programs.  Forms workshops are held during January and February as part of New York State's College Financial Aid Awareness Network.  Talk to your high school counselor or local college financial aid administrator for dates and locations.

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