Applying for Financial Aid: An Undergraduate Guide

1. Applying for Financial Aid: An Undergraduate Guide CUNY Start at BMCC 2018/2019

2. Applying for Financial Aid • The financial aid application becomes available every October for the following academic year • The application for the 2018-2019 academic year has been available since October 1, 2017 • Do your taxes in February of each year • Use the BMCC Single Stop Office to get your taxes done • The FAFSA is the gateway for federal/state aid & private scholarships • Apply immediately because Federal Work Study runs out • Check www.bmcc.cuny.edu/finaid/for deadlines and the school code

3. Revised in February 2018

4. Who determines how much I get & how do they figure it out? • Students can request financial support from the Federal Government by completing an application called the Free Application for Federal Student Aid (FAFSA) • The FAFSA collects a family’s personal and financial information • The Federal Government uses the FAFSA to review a family’s income, expenses and size, and then determines the Expected Family Contribution (EFC) • The EFC represents the amount that the family is able to pay for one year of college.

5. Types of Financial Aid Grants & Scholarships Loans • Money you do not pay back • Money is given based on financial need and/or • Money given based on how well you are doing academically • Work Study is a job opportunity • Money mustbepaid back plus interest (Interest is the fee charged for using someone else’s money.) • Federal (and private) loans • Critical thinking needed • Don’t take a loan unless there’s no other way (extra job, your own savings, friends/family) to cover tuition • Loan money should only be for tuition (meet other needs (rent, metrocard, books, food) another way) • Be careful about what loans you take (look at interest) • Parent loans are the last option Revised in February 2018

6. Grants Federal Grants State Grants Revised in February 2018

7. Loans?(Only after all else fails.)

8. Completing the FAFSA in 6 Steps • Make sure you (and/or your parents) file your income taxes as soon as possible each year • Collect the following items: • Your Social Security number • Parent(s)/guardian(s) SS# and date of birth • Copies of you and /or your parents income taxes • Your alien registration number (if you are not a US citizen) • Bank, real estate and/or business records of you and/or your parents

9. 6 Steps to Completion - Continued • Create and remember the Federal Student Aid IDs (FSA ID) for you and your parents at https://fsaid.ed.gov/npas/index.htm • File for FAFSA on the web at www.FAFSA.ed.gov • Check and Confirm that your application is completed by checking your Student Aid Report • The SAR contains all the information you entered in your application, the schools you selected to receive your FAFSA application, and your Estimated Family Contribution (EFC) 6. Print (and keep) the signature page as proof of completion & review Financial Aid 101 on the BMCC website to know what to do next. Bmcc.cuny.edu  Offices & Services  Cost & Financial Aid  Learn About Financial Aid What do I have to do after I file my applications?

10. Tips for filing your FAFSA Pay attention to the left side bar, it tells you whether to enter your information or your parents information.

11. Tips for filing your FAFSA If you don’t understand the question, look at the Help and Hints bar in the right hand task bar.

12. Tips for filing your FAFSA If your parents filed for taxes already, use the IRS Data Retrieval Tool!

13. Tips for filing your FAFSA Always check that you would like Work Study

14. Tuition Assistance Program (TAP) • TAP is from New York State & for New Yorkers • FAFSA confirmation “option” directs you to TAP application www.hesc.org • Students must be full time to get TAP • Students with a foreign HSD must pass the ATB/WOT with a 65 on English (grammar test), get a 32 in Math • TAP covers 8 semesters throughout your entire undergraduate career (2 year & 4 year college)

15. Important Websites • www.fafsa.ed.gov • https://fsaid.ed.gov/npas/index.htm • www.hesc.org • www.irs.gov • http://studentaid.ed.gov/ • http://www.bmcc.cuny.edu/finaid/ • http://www.bmcc.cuny.edu/scholarships/index.jsp • http://www.thedream.us/scholars/ • http://www.bmcc.cuny.edu/dream/ • http://www.bmcc.cuny.edu/singlestop/

16. CUNY First • Know your login credentials! • Go to Student Center to see (1) holds, (2) your financial aid “to-do” list and (3) to accept your financial aid • The “to-do” list will let you know if your application was selected for verification • CUNY First/Financial Aid instructions can be found at http://www.bmcc.cuny.edu/finaid/upload/CUNYfirst_Student_Financial_Aid_Guide.pdf or use this pathway: Bmcc.cuny.edu  Offices & Services  Cost & Financial Aid  Information Guides  CUNY First Student Financial Aid Guide

17. Important Offices & Contacts • BMCC Financial Aid Support Team (F.A.S.T.) Web Services Center; Room S-115C at 199 Chambers Street – This is where you get help with completing the FAFSA • BMCC Financial Aid Office; Room N-365 at 199 Chambers Street Phone: 212-220-1430 • BMCC Single Stop Office (tax help); Room S-235 at 199 Chambers Street Phone: 212-220-8195 • FAFSA Hotline = 1-800-433-3243

18. Financial Aid Timeline File 2016 taxes File FAFSA in October 2017 Have money for 2018/2019 (July, 2018 – June, 2019)

19. ASAP Eligibility • FAFSA/TAP or Affidavit must be done for 2018-2019, even if the Financial Aid Office tells you not to rush • Respiratory Therapy, Health Info Technology & EMT majors are not eligible for ASAP • Clear registration holds (immunization, HSD)

20. Money Management Mishaps • Low Grade Point Average (GPA) = little/no money • Financial aid will not pay for you to repeat a failed class • Waiting too long to apply (It takes weeks to hear back) • Starting classes without financial aid or a plan to pay for classes • Owing money to college (Bursar’s Hold) • Discontinuing class without officially withdrawing means you have to pay tuition yourself

21. Free College? Excelsior Eligibility Thought questions • Community College (CC) students must graduate in 2 years • CC students must take 30 credits per year • CC students must apply for Pell & TAP • CC students must attend school full time • CC students must maintain a 2.0 GPA • After graduation, CC students must live and work in NYC for every year that they got the Excelsior Scholarship • If you get the scholarship & then violate the eligibility guidelines, the money must be repaid • What if tuition and fees can be covered with Pell/TAP & other scholarships? • What if I need to work full time to pay rent and/or care for my children? • What if I want to go to school part time? • What if I want to move out of NYS after I’ve used the scholarship? • What if I want to take a break between semesters and need more than 2 years to graduate? • What if I fail a class or if my GPA falls below 2.0? Revised in February 2018

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