Six Steps to Financial Aid

1. Six Steps to Financial Aid 2009-2010 Financial Aid Application Process

2. Tips and Reminders • You must complete a Free Application for Federal Student Aid (FAFSA) every year! • Do not wait until you have been admitted to the college to apply. • Do not wait until you file your actual 2008 federal and/ or state income tax returns. Use estimated 2008 federal income tax information when you complete the FAFSA. • You are not allowed to complete, mail or sign the FAFSA before January 1, 2009. • On the FAFSA you must indicate our Purchase College federal school code, which is 006791. • In order to be considered for FINANCIAL AID, a complete and correct, signed Free Application for Federal Student Aid (FAFSA) must be received by Purchase College before your last day of enrollment for the current school year.  Also, any Stafford and/or PLUS Loans must be certified by Purchase College before your last day of attendance for the current school year. • Keep copies of all documents that you used to complete the FAFSA in case your application is chosen for federal "verification." See "Federal Verification Process" in Step 4 for more information.

3. Why should everyone file a FAFSA? The Purchase College Office of Financial Aid recommends that every student complete a FAFSA, even though you may feel that you may not be eligible for financial assistance. We encourage you to file a FAFSA because: • Every student is eligible for some type of financial assistance. • A FAFSA must be filed to receive any type of federal or state financial aid, including loans. • FASFA information is used to determine eligibility for some institutional scholarships. • Your family's financial situation may change during the year.

4. STEP ONE: Complete your Free Application for Federal Student Aid (FAFSA) • Go to http://fafsa.ed.gov • Before you complete the FAFSA, you must request a Personal Identification Number (PIN) at http://pin.ed.gov. • Use the Federal School Code: 006791 • FAFSA Renewal • If you applied for FAFSA in the prior academic year, complete the Renewal FAFSA. • You can request a PIN if you do not already have one or have forgotten your PIN from the prior year.

5. STEP TWO: Student Air Report (SAR) The SAR reflects all the information you and your family reported on the FAFSA. You will receive your Student Aid Report (SAR) from the federal processor upon completion: • If an e-mail address is provided, in approximately 1 - 2 business day, you will receive an electronic version of SAR in an e-mail. • If no e-mail, a printed version will be sent to you within 7 - 10 business days. • Once received, please review your report and, if necessary, make corrections to it. You may send this correction in an e-mail attachment to financialservices@purchase.edu or fax it at (914) 251-6356 (Attn: Student Financial Services). • If there are no corrections needed, please keep this report for your records for future reference. • Proceed to http://fafsa.ed.gov for any of your questions or concerns. You may also contact the Federal Processor at (800) 4FEDAID

6. STEP THREE: Express TAP Application • New York State Residents only • Once you have completed the FAFSA application, you will be prompted to apply for the TAP application immediately. • Look for the “New York Resident” paragraph in your confirmation page. • If you completed your FAFSA but were unable to complete the ETA, you can proceed to www.HESC.com to apply separately. • Use the Purchase College TAP School Code: 0970 (Bachelors Degree) or 5675 (Masters Degree)

7. STEP FOUR: Federal Verification Process • The Federal Process reviews all FAFSA application. • 30% of the applicants are selected for a process called “Verification.” • If you are selected, you will be contacted by Student Financial Services on the documents needed to complete the verification process. • This process verifies that your answers in the application are accurate. • All documents must be submitted to Student Financial Services where it will be reviewed. • Once complete and no other documents are needed, award packaging will begin and you will receive your Financial Aid Award E-Mail to your Purchase College e-mail account.

8. STEP FIVE: The Financial Aid Award E-Mail • The Award Letter will contain the amounts and various types of Federal, State, and/or Institutional assistance you qualify to receive. • You will receive an e-mail through your Purchase College e-mail account. • You may also access this information through the No-Stop Services Online at www.purchase.edu/financialservices.

9. STEP SIX: Apply for Federal Loan • If one of your awards include a Stafford Loan, you will need to let Student Financial Services know that you wish to take advantage of the award(s). • If one of your awards include a Parent Loan for Undergraduate Students (PLUS), additional steps will be required by the parent of undergraduate students or the graduate student. Loan applicant is subject to credit approval. • If you are denied PLUS loan, you can qualify for additional Unsubsidized Stafford Loan

10. About Stafford Loans The federal government limits how much you can borrow from the Stafford Loan program according to the number of credits you have successfully completed. PLUS Loans have no completed college credit minimum or maximum. See chart for loan amounts and guidelines. NOTE: The maximum PLUS loan amount is variable. The maximum amount that can be borrowed is equal to the difference between the total Cost of Attendance minus all forms of financial aid. For example, if the Cost of Attendance is $18,442 and the financial aid awarded is $11,726, the maximum PLUS loan eligibility for the academic year is $6,716. Graduate students may also be able to apply for a Graduate PLUS Loan. Contact the Office of Financial Aid for details.