How To Pay For College

You and your family are responsible for your college costs. If you qualify. financial aid can help you pay for tuition, room, board, transportation, books, supplies, activity fees, and personal expenses. If you need help paying for college, you may be eligible to receive financial aid. Financial aid is available from the New York State government, the federal government, from colleges, and from private sources such as businesses or community organizations.
 
Grants - Financial aid that does not have to be paid back-based on your demonstrated financial need. New York’s Tuition Assistance Program (TAP) is the nation’s largest state grant program. TAP is based on student/family net taxable income.
 
Scholarships and Awards - Aid that does not have to be paid back. Awards may be based on your test scores, grades, special talents such as sports or the arts, outstanding leadership qualities, or your community service record.
 
Loans - Money you borrow that must be paid back with interest. Student loans are available at a low-interest rate. Some loans are based on financial need; other loans help cover the family’s expected contribution toward college.
 
Work-Study Jobs - On-campus or off-campus work, based on financial need, that helps you earn money to meet college costs.
 
Other Programs - Tax credits, savings programs, payment plans and other programs are available to help you pay for college.
 
Your college will determine the types of need-based aid for which you qualify and will suggest other programs if appropriate. First, you must be accepted for admission and apply for financial aid. Your college can also tell you about the programs which are not based on financial need. Visit the Financial Aid Booth at the Big Apple College Fair, and visit www.hesc.org to get more financial aid information.

How To Apply for Financial Aid

If you want to receive government or college-based financial aid, you will have to apply using the Free Application for Federal Student Aid (FAFSA), and possibly other application forms. Some colleges may have their own financial aid application. Make sure you complete all required applications. Check with your high school counselor or the financial aid office at the college you wish to attend. You can apply online by going to www.fafsa.ed.gov. FAFSA applications for next year-the year you are attending college-are available by December of the preceding year.
 
Complete your applications. Assemble the following information:

• Previous year federal and State income tax forms for you, your parents, and your spouse.
• W-2 forms, or end-of-year pay stubs (if estimating income).
• Records of untaxed income, for example: child support and untaxed income from such agencies as Social Services, Social Security, and the Veterans’ Administration.
• Bank account balances; list of stocks, bonds, and other assets; and the estimated value and mortgage balance of your other real estate (not including your home).

You can start anytime by applying for a Federal Student Aid Personal Identification Number (PIN) at www.pin.ed.gov. Your PIN will arrive in about one week. Then you can complete and submit the FAFSA online at www.fafsa.ed.gov or use the paper FAFSA to apply. You can also link to this from www.hesc.org. If you are a New York State resident applying to a college in New York State, you will be able to complete your TAP Application online located at the end of your FAFSA or HESC will send you a pre-printed Express TAP Application (ETA) after you submit your paper FAFSA.
 
Meet the deadline. Most colleges have one. Check with each college to get its deadline. To meet the filing deadline, you may file your financial aid applications using estimated income if your tax forms have not been completed. Accurate, estimated income figures may be taken from end-of-year pay stubs or W-2 forms. Give yourself plenty of time to fill out the applications accurately and submit them by the deadline date. Ask the professionals. If you have questions, contact the financial aid administrator at the college you plan to attend, or your high school counselor. These professionals have the latest information and are available to assist you.