Financial Aid
Senior Year
In a nutshell, financial aid is the combination of resources which supplement what the parents and student are able to contribute to meet the costs of a college education. The financial need is determined by subtracting what the parents and student can realistically afford from the cost of the education.
Determining Financial Aid
Complete the Free Application for Federal Student Aid (FAFSA). Students may file a FAFSA as early as October 1st of their senior year. Students will be required to report earlier income information. For example, for the 2024-2025 FAFSA, students (and parents, as appropriate) will report their 2022 income information (prior, prior year).
Based on information reported on the FAFSA, a Student Aid Index (SAI) is calculated based on a federal formula using family income, asset, and household size information. This is a fixed number that stays the same regardless of the college. This value is used to determine student's level of financial need and aid eligibility.
Cost of Attendance - Student aid Index (SAI) = Financial Need (the financial need at each institution can vary)
If applying to institutions in NYS, complete the NYS TAP (Tuition Assistance Program) application (will be linked at the end of the FAFSA).
If required, complete the CSS Profile form and/or any other college specific financial aid forms.
The colleges you designated will then prepare a financial aid 'package' based on the information provided by the processing service (and the state agency). After you are accepted, the college will notify you of any award.
Financial Aid Forms (There are three main forms)
Free Application for Federal Student Aid (FAFSA): This is potential Federal grant, loan and work-study money for your education. The federal student assistance programs can help you pay for most kinds of education after high school. The aid is available if you are attending a college, a professional school or a vocational school. You may file a FAFSA as early as October 1st of your senior year, and there is no fee for this application. Students and parents are encouraged to file this form electronically. To do so, you and your parent must create a Federal Student Aid (FSA) ID, which consists of a user-created user name and password which allows users to electronically access personal information on Federal Student Aid websites as well as electronically sign a FAFSA. The FAFSA can be found at https://studentaid.gov
New York State Tuition Assistance Program (TAP): If you are a New York State resident attending a college or other educational institution in New York State full-time, you must first complete a FAFSA. After submitting your FAFSA, you can link directly to the TAP application from the FAFSA submission confirmation page. At the beginning of the TAP application, you will be prompted to create an HESC-specific user name and PIN number.
CSS Profile: The PROFILE Service is used by some colleges, universities and scholarship programs. You will need to check with your schools to which you apply to see if they require it. Make sure to meet deadlines required by the colleges. You can find this form online at www.collegeboard.org (there is not paper form available). There is a fee for this service.
Loans
Sums of money that must be repaid with interest.
Stafford Loan - Open to both undergraduate and graduate students. First year undergraduates may borrow up to $5,500, second year $6,500, and third and fourth year status $7,500. These loans are made by a lender bank, credit union or savings and loan association. Interest rates can change each year, but are set at a fixed rate.
PLUS Loan - Federal loans that parents of dependent undergraduate students can use to help pay for college. The amount of the loan is based on the cost of attendance minus other financial aid awarded. These loans are set at a fixed rate.
Some Things To Remember
Virtually all colleges and universities require that students and their parents complete the Free Application for Federal Student Aid (FAFSA). In addition, some colleges will require the College Scholarship Service (CSS) PROFILE in order to determine financial need (check to see if your college requires the CSS PROFILE). You must complete these forms each year, and you can designate the college(s) that you wish to receive the information.
Some schools may require that you and your parents complete their own college-specific financial aid form(s).
A type of financial aid 'package' includes a combination of grants (no repayment necessary), loans (must be repaid, interest charged) and work-study.
Assistance in completing the forms is available through the NYS Financial Aid Administrators Association www.nysfaaa.org, or any college Financial Aid Office. An informational Financial Aid Night is typically held at Westhill High School in the Fall.