College Financial Aid

FSA ID, FAFSA, TAP, CSS Profile, Excelsior Scholarship, Asking for more money

FSA ID

Are you ready to apply for financial aid? Your first step is to create an FSA ID. Follow the steps below offered by the US Department of Education.

The FSA ID ― a username and password ― has replaced the Federal Student Aid PIN and must be used to log in to certain U.S. Department of Education websites. Your FSA ID confirms your identity when you access your financial aid information and electronically sign Federal Student Aid documents. If you do not already have an FSA ID, you can create one when logging in to fafsa.gov, the National Student Loan Data System (NSLDS®) at www.nslds.ed.gov, StudentLoans.gov, and StudentAid.gov.

1. When logging in to one of the websites listed above, click the link to create an FSA ID.
2. Create a username and password, and enter your e-mail address.
3. Enter your name, date of birth, Social Security number, contact information, and challenge questions and answers.
4. If you have a Federal Student Aid PIN, you will be able to enter it and link it to your FSA ID. You can still create an FSA ID if you have forgotten or do not have a PIN.
5. Review your information, and read and accept the terms and conditions.
6. Confirm your e-mail address using the secure code, which will be sent to the e-mail address you entered when you created your FSA ID. Once you verify your e-mail address, you can use it instead of your username to log in to the websites.

You can use your FSA ID to sign a FAFSA right away. Once the Social Security Administration verifies your information in one to three days, or if you have linked your PIN to your FSA ID, you will be able to use your FSA ID to access the websites listed above. For help, visit StudentAid.gov/fsaid.

Source: US Department of Education: How to Create an FSA ID

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FAFSA

FastWeb offers advice to help avoid common mistakes on the FAFSA. Keep the following in mind when completing your application. 

• Identify Yourself Use your legal name as it appears on your Social Security card. Nicknames or aliases will cause a processing delay.
• Read the questions carefully. The words “you” and “your” on the FAFSA always refer to the student, not the parents.
• To be considered a veteran, you must have served on active duty and been discharged under other than dishonorable conditions. If your service was only for training purposes (e.g. National Guard or Reserves, or ROTC), you are not considered a veteran for your federal financial aid application.
• Remember to count yourself, the student, as one of the people in your household who will be a college student during the award year.
• Your Parents and the FAFSA If your parents are divorced or separated, the parent with whom you lived the most during the past 12 months is the parent responsible for filling out the FAFSA. This is not necessarily the parent who has legal custody. If the parent responsible for completing the FAFSA has remarried, the new spouse must report their income and assets on the FAFSA. Prenuptial agreements have no bearing on this requirement.
• Your Dependents A legal dependent is a person for whom you provide and will continue to provide more than half of their support. Support includes money, gifts, loans, housing, food, clothing, automobile, medical and dental care, and payment of college costs. If you have a child who is supported by your parents or someone else, you should answer “no” to the question that asks about legal dependents other than a spouse.If you have an unborn child who will be born before or during the award year (July 1 through June 30) and will be your legal dependent, that child should be counted as a member of the household.
• Types of aid– In the question that asks about your interest in different types of aid (e.g. work-study and student loans), answer “yes” to each question. Answering “yes” does not obligate you to accept a loan or work-study position, nor does it guarantee you’ll be offered either. Answering “no” to these questions will not get you more grant aid.
  • Even if you qualify for the simplified needs test, you should still complete the asset information section of the FAFSA. Some states and schools use this information for computing their own financial aid awards. By submitting the FAFSA, you give permission to release your information to the state aid agency. You cannot apply for financial aid without releasing this information.

What Counts as Income? The Earned Income Credit is considered “untaxed income” on the FAFSA. Other types of untaxed income include retirement plan contributions made during the year and military food and housing allowances. Taxable earnings from work-study jobs as well as any grant or scholarship monies that were reported on your income tax return are counted. • Prepaid tuition plans should be reported as assets on the FAFSA.

Before You Submit Your FAFSA

• Whether filing online or off, sign the form (you’ll use your PIN online) and get all the other required signatures.
  • If you don’t sign the form, you will receive an SAR, but you will not receive aid.
• Do not include anything with the form when you mail it; any enclosures will be destroyed.
• Do not write comments or notes in the margins of the form. If there are unusual family financial circumstances, you should contact the school’s financial aid administrator to ask for a professional judgment review.
• Make a copy of the form before mailing it. You can print out your online FAFSA before you submit the application.
• Submit the form on time. If you don’t understand a question or are having trouble filling out the form, call the Federal Student Aid Information Center at 1-800-4-FED-AID (1-800-433-3243).

Source: The FastWeb Team: ​Quick Tips for Filing Your FAFSA

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TAP

Immediately after submitting the FAFSA, you’ll have the option to begin the Tuition Assistance Program (TAP) application from the FAFSA confirmation page. Only colleges/universities in the state of New York are eligible for TAP.  Follow the tips and rules that are offered straight from the Higher Education Service Corporation website. 

Here are the general rules for filling out the TAP Application:

• Review the preprinted information carefully. Be sure that every single item is correct — because errors or omissions will potentially delay your award. (Note: The information preprinted in the OUR RECORDS SHOW column is based on your 2018-19 Free Application for Federal Student Aid (FAFSA) and, if applicable, on TAP data from past years.)
• If the preprinted information is correct, do NOT make changes. If it is incorrect, use blue or black ink in THE ANSWER SHOULD BE column to correct the error.
• Enter data where you see “Enter Correct Data.”
• Sign the back of the form, under Section G.
• Keep a copy of your application and these instructions for future reference.
• Mail the completed application to HESC in the envelope provided. If the envelope has been misplaced, return the form to: HESC, PO Box 15135, Albany, NY 12212-5135.
• If you need to change information after sending in your application, visit hesc.ny.gov. For additional information, call HESC at (888) 697-4372, or contact the Financial Aid Officer at your school.

Key Tips

• When filling in dates, include zeroes where necessary, and use all four digits for years (for example, June 2018 = 062018).
• All references to parents include natural parents, stepparents, and adoptive parents only — NOT guardians, grandparents, or other relatives you may live with.
• Remember, 2018-19 TAP Awards are based on 2016 income. Most award delays arise from errors in reporting income.
• Your Financial Aid Officer can print a new TAP Application or Change Form from the Internet and help you make corrections.
• Need help in filling out the TAP Application? Contact your Coach, Academics Manager, high school guidance counselor or college Financial Aid Officer.

Source: Higher Education Services Corporation: ​How to Fill Out the TAP Application 2018-19

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CSS Profile

The Ultimate Guide to Completing the CSS Profile

The CSS Financial Aid Profile is used by more than 200 colleges/universities to look at student aid through a different lens. Going Marry offers helpful tips to keep in mind when completing the application. 

by: Going Marry 

1. Take Out Your Calendar: Before you even start, get an idea of the submission deadlines for the schools you’re applying to. Hint: most deadlines are between January 1st and March 31st.
2. Gather Your Documents: To make completing the CSS Profile easier, get your documents together before you start filling it out. You’ll need the following documents for yourself and, if you’re a dependent, for your parents as well:
   • Last year’s tax returns
   • W-2s and income records from both this year and last year
   • Records of untaxed income for this year and last year
   • Bank statements
   • Mortgage info
   • Records of savings, stocks, bonds, and trusts
   • Info on small businesses and other assets
3. Create a College Board Account/Register: Before you start the form, you’ll need to create an account. If you took the SAT, you likely already have one. Either way, head over here to sign in or sign up. Then, follow these steps:
   •  First, you’ll need to provide basic information like your name, email, date of birth, and permanent address. The section also asks for your social security number, but it’s optional. Next, you’ll be asked about your year in school and which school you’re attending.
     • Keep in mind that even if you’ve taken AP courses for college credit or a few classes at a community college, you can still select that you’ve never attended college before. As a general rule, only students who have been enrolled at least half-time in a college program are considered to have attended college in the past.
   • After providing that information, the registration phase will take you through some questions to determine your dependency status. The “Student Expected Resources” section asks questions about the financial help that you expect to receive from family and your own income. Your answers to these questions will determine whether you see questions for dependent or independent students while filling out the form.
   • The next step of registration is the “College and Program Search” which is where you choose the schools you want the form sent to. Unlike the FAFSA, you should take some time to carefully think about which schools will receive your CSS Profile since there’s a cost involved.
     • Send it to each school that you’re applying to, but make sure that the school actually requires the form. If you can’t find it in the search then it probably doesn’t. You’ll also be asked housing information for each school, so be sure to check and see if there’s an on-campus housing policy for freshmen.
   •  Lastly, you’ll need to provide information about your parents’ marital status, finances, home, employment, etc. Again, all of the questions in this step will determine the questions you’ll see on the form.
     • After you’ve completed the registration step, you’ll have access to the pre-application worksheet, which will show you the questions you’ll see on the form. If it helps, print the sheet out and feel free to make notes on it.
4. Parent Data (if dependent): If you qualify as a dependent, you’ll need to fill out the Parent Data section, which is the first part of the official form. Keep in mind that you can save and continue at any time as well as jump between sections. If you need help, there are question buttons throughout the form with more information. If you need extra help, contact the College Board.
   • First, you’ll need to fill in the data for your first parent. The form will ask for basic information, including employment data and retirement plan information. After that, you’ll provide the exact same information for your second parent if applicable.
   • When asked about the number of people in your household, always include yourself. When asked about the number of people in your house who will be attending college, don’t include your parents even if they are.
   • This section also covers any public assistance plans that your family is involved with.
   • Note: Many people get confused about the question asking if your parent is a “dislocated worker”. The purple question mark provides more in-depth information about what exactly defines someone as a dislocated worker.
5. Parent Income & Benefits (if dependent): Next, you’ll move on to parent income and benefits, the longest section of the CSS Profile. Having a copy of your recent federal income tax return will speed up the process. Each question gives you the exact line number where you can find the information on your return. If you don’t have it on hand, you can enter estimates rather than the exact dollar amount.
   • The first part of this section is about the previous year’s income and the second is about the year before that so that financial aid advisors can see if your family is going through major financial changes from year to year. The third section goes on to asks about your expected income for the following year. If there are any big changes coming up or currently happening in your life that will have a significant impact on your ability to pay for school, you can mention them later on in the “Special Circumstances” section.
6. Parent Asset Section (if dependent): The next section is the Parent Asset section. You’ll find questions about assets in your parents’ names and also in your siblings’ names, such as college savings plans. You’ll see questions about investments, current home value, and how much money your parents owe on their home as well.
   • Note: home equity has been a huge topic of debate and confusion on the CSS Profile. Some schools don’t consider home equity at all, or don’t weigh it very heavily, while others consider it to be a major factor.
   • Most schools will cap home equity value at double the family income. So, as an example, if family income is $80,000 and the home equity value is $500,000, the school will only value the home equity at $160,000 when calculating Expected Family Contribution. Then, most schools will count 5% of the home equity value towards what the family is expected to pay for school. In this case, 5% of $160,000 is $8,000. Therefore, $8,000 is added to your EFC.
   • However, a select number of schools use the full value of your home equity. In this case, 5% of $500,000 is $25,000, which would greatly affect your eligibility for student aid. 
   • Additionally, since student assets are generally valued higher than parent assets on the CSS Profile, it might be helpful to switch assets from a student’s name to a parent’s name before filling out the form.
7. Parents’ Expenses (if dependent): This section is used to determine if parents have any unusual or extra expenses that haven’t been covered in previous sections, including child support, educational loans, out-of-pocket medical and dental expenses, and educational expenses for other children.
   • Other examples of extra expenses are elementary or high school tuition for the previous or upcoming year and monthly home mortgage or rental payments.
8. Student Data Section: Now that the parent section is done, it’s time to move on to the student section. This part will begin by asking you about the high school, college, or university that you’re currently attending as well as your year in school.
   • You’ll also be asked some financial questions, including the scholarships and grants that you’ve been awarded and how much your parents have paid for your education so far (if applicable). There are also a number of questions related to dependency status, such as whether you’re in danger of homelessness, have ever been a part of the foster care system, or have ever participated in the Upward Bound program.
   • The Income & Benefits area contains questions about your tax return from the previous year and the financial help you expect to receive for the following school year. Other questions range from veteran benefits to income to expected parent contribution. With the last point, feel free to use a conservative (but realistic) estimate if you’re not sure of the exact amount.
9. Student Assets: Similar to the Parent Asset section, this section asks about assets that are in the student’s name. Remember that, unlike the FAFSA, student assets are generally valued higher with the CSS Profile.
   • In this section, you should list the amount of cash in your bank accounts, retirement accounts, and investment funds. Don’t be alarmed if most of your answers are “0” in this section since students usually don’t have many, if any, assets in their name.
10. Family Member Listing – Parent’s Household: This section goes over the additional people living in your household besides you and your parents, such as siblings. You’ll be asked to list educational and other expenses for these people that your parents are responsible for paying.
11. Explanation & Special Circumstances: This is your chance to explain anything you’d like in further detail. You have up to 2,000 characters to describe special financial circumstances or anything that you feel will negatively affect your financial aid eligibility when it shouldn’t. Some examples of special circumstances include dramatic shifts in income and debt recovery.
12. Supplemental Questions: Schools can choose to ask additional questions specific to their institution at the end of the CSS Profile. Depending on which schools you’re applying to, you might not see this section at all. The specific questions asked depend on the school.
13. Pay the Fee or Get it for Free: Students are automatically considered for fee waivers when filling out the CSS Profile. Waivers generally include the $25 application fee plus the cost of sending the form to up to 8 schools. Students normally qualify if they’re an incoming freshman and annual family income is $40,000 or less. Some schools also provide fee waivers for students by giving them a code to enter at the end of the application.
    • If you don’t qualify for a waiver, you’ll need to pay the $25 fee before submitting the application. The first school is included in the fee, but each additional school is $16.
14. Double Check & Submit: Make sure to double check your form before you submit it since you won’t be able to make any changes online afterward. If you do make a mistake and need to correct it, you’ll have to print out the application summary form, make corrections, and then fax, email, or mail it to your school’s financial aid office.
    • After you submit it, you can get an idea of your aid package by using this EFC calculator. Keep in mind that your actual award might be different.
15. Submit It Every Year: Just like the FAFSA, the CSS Profile needs to be completed and submitted every year, so keep an eye out for deadlines!​

Click here to find out which schools require the CSS Profile. 

Source: Going Merry: ​The Ultimate Guide to Completing the CSS Profile

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Excelsior Scholarship

FAQ About the Excelsior Scholarship, as told by the Higher Education Services Corporations (HESC).

What is the Excelsior Scholarship?

The Excelsior Scholarship is for students who do not qualify for enough aid based on their household income. The Scholarship is for tuition (not room and board) for SUNY or CUNY schools. A recipient of an Excelsior Scholarship may receive up to $5,500.

If I am interested in the scholarship, what are my next steps?

1. File your FAFSA at fafsa.gov.
2.  Continue to the NYS TAP application and complete.
3. Apply for the Excelsior Scholarship at www.hesc.ny.gov.

How do other forms of scholarships and financial aid affect the Excelsior Scholarship?
If you receive a federal or NYS grant or scholarship, including a federal Pell Grant, a NYS Tuition Assistance Program (TAP) grant, scholarships for tuition or scholarships not designated for other costs, you must use those first. After those forms of aid are applied, the Excelsior Scholarship will cover the remaining cost of tuition.

What about other expenses such as room & board, books, etc.?
The Excelsior Scholarship covers tuition only. You would be responsible for college fees and other costs such as room and board.

​What about credits earned in high school? 
Credits earned in high school may count toward the annual 30 credit hour requirement if they are accepted toward your program of study. What if I don’t earn 30 credit hours toward my degree? Eligibility will be reviewed every semester. If you do not earn 30 credit hours each year you will lose the Excelsior Scholarship and may not be able to reinstate it. 

Do I need a certain grade point average to get or keep the award? 
You need to meet campus academic requirements for passing and earning credit toward your degree to maintain your Excelsior Scholarship.

What if I decide to move out of New York State after I graduate? 
After graduation, you must live and be employed (if working) in New York State for the number of years you received the scholarship. If you do not meet the residency requirement, it becomes an interest-free loan which you will then be required to pay back.

Is this a scholarship or a loan? 
This is a scholarship. However, the scholarship converts to a loan when a student does not fulfill the residency requirement. The scholarship does not revert to a loan if the student becomes ineligible and loses the scholarship while continuing his or her undergraduate work prior to graduation. If the scholarship reverts to a loan, that loan will not incur interest.

If I complete my associate degree, can I receive this award to get my bachelor’s degree?  Yes, provided the college that you attend accepts at least 60 credits toward your four-year degree, and you meet all other requirements for the Excelsior Scholarship. You must also be continuously enrolled from the associate degree program to the bachelor’s degree program, unless you have an approved interruption in enrollment.

Source: Higher Education Services Corporation: 2018-19 Excelsior Scholarship ​Frequently Asked Questions

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Asking for more money

How to Appeal for More Financial Aid for College​

by: Mark Kantrowitz

If you didn’t get enough financial aid, you can always ask for more. The worst that can happen is the college financial aid administrator says “no.” But, to increase the chances of a successful appeal, it is important to understand how the appeals process works.
College financial aid is not like negotiating with a car dealership, where bluff and bluster will get you a bigger, better deal. Appealing for more financial aid depends on presenting the college financial aid office with adequate documentation of special circumstances that affect the family’s ability to pay for college.
[See also How to Get More Financial Aid for College, which provides tips on how to increase eligibility for need-based financial aid. Also, read about how to find scholarships and how to increase your odds of winning a scholarship.]

What is a Special Circumstance?

Special circumstances include any financial circumstances that have changed in the last two years or anything that differentiates the student from typical students.

The top ten most common special circumstances include:

1. Job loss or decrease in income
2. Divorce or separation of a dependent student’s parents
3. Death of a dependent student’s parent
4. Special needs or disabled children
5. Unreimbursed medical and dental expenses
6. Catastrophic loss, such as damage or loss from a natural disaster
7. Textbook costs beyond the standard allowance in the cost of attendance
8. Change in the student’s marital status
9. Dependency override
10. End of child support, Social Security benefits for a child or alimony payments

When Can You Appeal for More Financial Aid?

• You can appeal for more financial aid at any time.
• You can appeal before you apply for financial aid. You can appeal after you apply for financial aid. You can appeal in the middle of the academic year. You can appeal during the first year in college or after the first year in college.
• It is best to appeal for more financial aid as soon as a special circumstance has occurred. For example, if a parent has lost their job, appeal for more financial aid as soon as you’ve received the layoff notice or termination letter.
• Note that an appeal lasts for only one year. If the special circumstances still apply, you must appeal again in subsequent years.

How to Appeal for More Financial Aid

To appeal for more financial aid for college, follow these steps:

1. Call the college financial aid office to ask about the appeals process. Depending on the college, the appeals process might be called a professional judgment review, a special circumstances review or a financial aid appeal. The college may ask you to complete a form that addresses the most common situations. Most colleges ask the family to write a letter.
2. Identify the special circumstances that affect your ability to pay for college. The special circumstances are the reasons why you are appealing for more financial aid. You might have just one special circumstance, or you might have several, but you need to have at least one. Wanting more money is not sufficient justification for a financial aid appeal. The special circumstances provide the reasons why you need more money. Focus on needs, not wants.
3. Write an appeal letter. Keep the letter concise, limiting it to one or two pages. The letter should summarize the special circumstances and their financial impact on the family. If there is more than one special circumstance, provide a bulleted list of the special circumstances, with one special circumstance per bullet. Organize the special circumstances according to the financial impact, listing the most significant special circumstance first. Be specific, especially concerning dates and the financial impact. Emphasize when a special circumstance is due to factors beyond the family’s control. College financial aid administrators are less likely to approve changes that are due to discretionary choices, such as lifestyle expenses. Include your contact information on the letter, in case the financial aid office has follow-up questions.
4. Don’t ask for a specific amount of money. The change in financial aid package will be based on the financial impact of the special circumstances on the family, not how much money you are requesting. Requesting a specific amount of money might cause you to get less money than you really need. Some colleges will give you the calculated change in financial need or the amount you asked for, whichever is less.
5. Be polite, as there is no appeal beyond the college financial aid administrator. You cannot appeal to the college president or to the U.S. Department of Education. Congress delegated the authority to make adjustments to the data elements on the Free Application for Federal Student Aid (FAFSA) to the college financial aid administer, and only the college financial aid administrator. Close the letter by thanking the college financial aid administrator for their consideration of your appeal.
6. Gather independent third-party documentation of the special circumstances. Examples of documentation include copies of layoff notices, medical/dental bills, bank and brokerage account statements, receipts, and letters from people who are familiar with the family’s situation. Letters should ideally be written by people who are unrelated to the family, such as teachers, school counselors, social workers, doctors and police. Letters from priests, rabbis, pastors, imams and other clergy can also be helpful. The documentation must be related to the special circumstances.
7. Complete any forms required by the college financial aid office. These forms are designed to gather details about the special circumstances and other aspects of the family’s financial background. Most colleges perform a holistic review of the family’s financial circumstances as part of an appeal for more financial aid.
8. Attach copies of documentation to the appeal letter. Do not send originals, as they will not be returned. At many colleges, the documentation will be imaged and then shredded.
9. Mail the letter, documentation and forms to the college’s financial aid office. It is best to send the letter with delivery confirmation or by certified mail, return receipt requested, so you have proof that the letter was received. Send the letter to each of the colleges to which the student has applied, since each college performs its own review of the financial aid appeal.
10. Follow-up by calling each college’s financial aid office a week after mailing the appeal letters, to confirm receipt. Ask the college financial aid office if they need any more information.

What Happens If Your Appeal Is Approved?

• The process is largely formulaic and data-driven.
• If your financial aid appeal is approved, it will be implemented by making a change in the data elements on the FAFSA. For example, if a parent has lost their job, the financial aid administrator will change the income and income tax figures on the FAFSA.
• This will generate a new expected family contribution (EFC) using the FAFSA’s standard financial aid formula. The EFC will yield a new figure for demonstrated financial need, based on the difference between the cost of attendance and the new EFC. This, in turn, will yield a new financial aid package.
• The college financial aid administrator can also implement some adjustments through a change to the cost of attendance. Changing the cost of attendance is more common when the student’s EFC is already zero, since the EFC cannot be reduced below zero.

​This article is based on the book, How to Appeal for More College Financial Aid, written by Mark Kantrowitz, Publisher and VP of Research for Savingforcollege.com. The book is available on Amazon.com in paperback and Kindle formats.

Source: Saving for College: ​How to Appeal for More Financial Aid for College By Mark Kantrowitz