Eligibility for financial aid is based on need, which means that the main way of determining who is provided aid is by looking at which individuals need it the most . The idea behind need-based assistance is that the individuals will also be receiving aid from the family, so that funding the cost of college is a team effort. Financial Aid is basically the way to cover the family short comings when it comes to covering education expenses. A schools office of financial aid is there to assist families and students with the process of applying for financial aid, which is also known as the Free Application for Federal Student Aid, or FAFSA.
What is Financial “Need?”
As defined by the United States Congress, “need” is the amount left over after taking what a family can realistically contribute towards college, and subtracting the cost of attendance, which is also known at The Student Budget. This includes things such as course fees, board and room, and expenses like supplies, transportation, and textbooks. So as an example, if a family is able to afford $4,000 of a total cost of $11,000, their “need” is $8,000. This formula is what helps figure out what amount of aid each student will receive every year.
Student’s Responsibility
While the word “family” has been used throughout this article, what that really means is the student, as well as their parents. So, in determining need, a student’s income from the prior year, plus any assets, are also factored into the FAFSA application and considered when determining aid.
The process of applying for financial aid:
The Free Application for Federal Student Aid, also known as a FAFSA, is an online form that can be found at www.FAFSA.gov and it is the most basic form for applying for financial aid. The application should be started as early as January, and needs to be completed as soon as possible. If you have any questions about filling out this application, simply contact your school’s Financial Aid Office and they will be able to assist you.
Financial Aid Calculator – TAP Applications:
The final step for completing FAFSA is a link to the New York State Higher Education Services Corporation, or HESC. When you click on this, your Federal data will carry over to theTAP application, which is how you will finalize your FAFSA. If you have already completed your FAFSA but still need to do the TAP, you can access it on it’s own by going to www.HESC.com.
Financial Aid Calculator – Verification:
To make sure the information on these applications is correct, the college will sometimes require additional information from the applicants family. If this applies to you, you will get notice of this by mail. To best prepare for this, keep copies of your completed FAFSA and tax documents handy so that they’ll be ready for you if they are needed.