Plan Now for College Financial Aid Applications

ALBANY, NY (01/25/2011)(readMedia)-- Students and their families may be overwhelmed by the thought of paying for college in the months ahead. College-bound juniors and seniors are perusing college websites, reviewing catalogs and considering their options, but it's equally important to plan how to pay for it. For most students, financial aid is a necessity.

"While students may still be deciding which college is the best fit, the process of applying for financial aid can be made smoother by starting now," said Elsa Magee, Acting President of the New York State Higher Education Services Corporation (HESC), the state's student financial aid agency that helps people pay for college.

Steven Dwire, Financial Aid Director at the College of Saint Rose in Albany, New York has this message for students: "Don't assume you or your family won't qualify for financial aid. Every student's situation is different and he or she may have qualifying factors that someone else doesn't have," he said.

"The key to getting college aid is by filing the Free Application for Federal Student Aid, known as the FAFSA," said Dwire. "Your personal circumstances change every year, so it is important to file the FAFSA every year you attend college."

The FAFSA and the resulting Student Aid Report (SAR) help college financial aid officers determine eligibility for federal financial aid programs such as Pell Grants, Perkins Loans, Stafford Loans and federal work-study. It's also the basis for determining eligibility for other state and college-based scholarships and aid programs.

To take advantage of maximum federal funding for the academic year beginning in the fall, file the FAFSA as early as possible after January 1. FAFSA-on-the-Web is the fastest and most accurate method of applying for federal college aid; you'll find the link to the online application at www.hesc.org.

HESC offers the following time-saving advice for filing the FAFSA:

1) Assemble your data

Most of the information required on the FAFSA will be the same data included on your federal income tax forms – begin assembling the information for both now. You'll need:

• Your Social Security Number;

• Your driver's license, if you have one;

• Records of last year's untaxed income, such as child support and untaxed income from such agencies as: Social Services, Social Security and the Veterans' Administration;

• Federal and state income tax forms from the previous year for you, your parents or your 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);

• An alien registration or permanent resident card, if you are not a U.S. citizen;

• A valid email address, if you have one.

2) File taxes early

New this year is the ability to transfer IRS tax information to the FAFSA online; however, if it's not possible to get your taxes completed early, don't wait to file the FAFSA. Instead, use the most recent tax year as an estimate and update the information later.

3) Know college deadlines

Most colleges require the FAFSA early in the year to determine eligibility for scholarships and other financial aid available directly from the college.

Know the financial aid deadlines for the colleges to which you will apply. These deadlines are usually available at the college's Web site in the financial aid section.

4) TAP and other supplemental forms

The New York State Tuition Assistance Program (TAP) helps eligible New York State residents pay tuition at approved schools in New York State. Depending on the academic year in which the student begins study, an annual TAP award can be up to $5,000. TAP is a grant, so it does not have to be paid back.

After completing the FAFSA-on-the-Web, New York State residents who indicate a New York college to receive the results will be electronically linked to the TAP application from the confirmation page on the FAFSA online form.

5) The first word in FAFSA is "free"

There is no "secret" method of filling out the FAFSA to qualify for more financial aid, nor do you have to pay to file it. There are scores of financial aid consulting services offering you "exclusive" access to scholarships and financial aid – for a price. Some may charge hundreds of dollars for information that is readily available to everyone on the Web for FREE.

6) Free help is available – Start Here, Get There

Watch for FAFSA help and financial aid information during January and February as HESC and New York State celebrate Student Financial Aid Awareness Month. Look for live phone and online help and workshops near you at Start Here, Get There Website, www.startheregetthere.org.

7) It's a wrap

After completing the FAFSA, a Student Aid Report (SAR) will be generated with the amount of Expected Family Contribution (EFC). Review the SAR carefully, since colleges will receive this information electronically and base their financial aid packages on this information. If you find a mistake, go to Corrections-on-the-Web at www.fafsa.ed.gov.

Talk to a financial aid professional at the college if your situation changes after you've filed the FAFSA or you have circumstances that require special assistance.

Choosing a college is exciting; applying for financial aid isn't difficult if you stay organized and apply early.

About HESC: HESC is New York State's student financial aid agency, helping people pay for college by providing more grant and scholarship award money than any other state in the nation. At HESC's core are programs like the Tuition Assistance Program (TAP), numerous state scholarships, the New York Higher Education Loan Program (NYHELPs), federal college access grants and a highly successful College Savings program. HESC puts college within the reach of hundreds of thousands of New Yorkers each year through programs like these, and through the guidance it provides to students, families and counselors. In 2009-10, HESC helped more than 605,000 students achieve their college dreams by providing $4.4 billion in grants, scholarships and loan guarantees, including $901 million awarded through the Tuition Assistance Program (TAP) to nearly 398,000 students.

###