Your daughter or son is being deluged with post cards and invitations to apply to colleges and you are overwhelmed by the thought of how to pay for it all.

“Like many projects, college planning is a step-by-step process. When you take the college planning process in small pieces, the whole puzzle comes together,” said James C. Ross, President of New York State Higher Education Services Corp. (HESC). HESC is the New York state agency that helps people pay for college.

“While you and your student may still be deciding which college fits the best, you can make the process of applying for financial aid smoother by starting now,” Ross said.

The Free Application for Federal Student Aid, otherwise known as 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.

The FAFSA is 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, you will need to file the FAFSA as early as possible after Jan. 1. FAFSA-on-the-Web is the speediest and most accurate method of applying for federal college aid. If you prefer the paper application, most guidance offices and colleges have them available.

Assemble your Data

Most of the information required on the FAFSA will be the same data you have included on your most recent federal income tax forms.

Begin assembling the information you will need for your FAFSA now and keep it together in a file. Students will need:
  • Social Security number
  • Driver’s license (if any)
  • W-2 forms and other records of money earned
  • Most recent income tax return (and spouse’s, if married)
  • Parent’s most recent Federal Income Tax Return (if a dependent student)
  • Untaxed income records:
    • Social Security
    • Temporary Assistance to Needy Families
    • Welfare
    • Veterans benefits
  • Current bank statements
  • Current business and investment mortgage information, business and farm records, stock, bond or any other investment records
  • An alien registration or permanent residence card if the student is not a U.S. citizen

Use the practice worksheet found on the FAFSA Web site so you will have a clear idea of what information you will need and can assemble it before you begin the FAFSA-on-the-Web.

Establish a PIN

Establish your and your student’s personal identification numbers (PIN) early. The PIN establishes your identity with the U.S. Department of Education and will allow you to electronically sign the FAFSA and gain access to your online data. Anyone with a valid Social Security number may apply for a PIN.

The FAFSA PIN is available within the online application itself, but you can save time by applying for a pin for yourself and your dependent student now.

Once you have successfully completed a request, you may choose to receive a PIN either electronically by providing an e-mail address, or by mail. You can expect to receive the PIN within a few hours electronically or 7-10 days by mail.

The FAFSA PIN is a key to your personal financial information, so it’s important to protect it the same way you would protect your bank PIN.

Never share your PIN with anyone, including commercial financial aid consulting services which offer to complete the FAFSA for you. Once you receive your PIN, be sure to keep it in a safe place.

Do Your Taxes Early

When you have assembled all the information you will need to complete the FAFSA, prepare your federal income taxes early. Much of the data required to complete the FAFSA will be derived from your federal income tax form.

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

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

TAP and Other Supplemental Forms

Some states or colleges may need supplemental forms to determine eligibility for scholarships or financial aid. The college admissions counselor can provide you with information about what other forms may be required to qualify for additional aid or scholarships.

The New York State Tuition Assistance Program (TAP) helps eligible New York 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 will be electronically linked to the TAP application, administered by HESC.

If you prefer to complete the paper FAFSA, HESC will send an Express TAP Application (ETA) about three weeks after submitting the FAFSA. Information from the FAFSA and your calculated New York State net taxable income will be pre-printed on the ETA.

The First Word in FAFSA is "Free"

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. The accompanying box includes several free college financial aid Web sites that will help you find scholarships, financial aid and tips for maximizing your eligibility.

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. Many schools and libraries offer free workshops and help in completing the FAFSA.

The Federal Student Aid Information Center provides a free hotline 1-800-4-FED-AID (1-800-433-3243 or TDD 1-800-730-8913) for questions about federal student aid, including questions about completing the FAFSA. This hotline is operated by the U.S. Department of Education, so it can provide definitive answers to questions about federal student assistance programs and procedures.

It's a Wrap

Don’t be overwhelmed by the college financial aid process
Plan ahead and stay organized to help keep the college financial aid process manageable. Here are some Web sites to help you :
NYS Higher Education Services Corp. (HESC)
Free Application for Federal Student Aid (FAFSA)
Federal Student Aid Information Center
Mapping Your Future
College Board
After completing the FAFSA, you will receive a Student Aid Report (SAR) noting 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 have made a mistake, you must wait until after the FAFSA application has been processed; then go to Corrections-on-the-Web.

Choosing a college can be an exciting time for you and your student. Preparing for the task of applying for financial aid doesn’t have to be daunting if you organize and plan now for the process.


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