STEP 1: Plan For College Costs

COLLEGE:  HOW WILL YOU PAY FOR IT?

If you are planning on college, you and your family have to plan how to pay for it.

First, check out New York's 529 College Savings Program Direct Plan which provides a flexible, convenient, and low-cost way to save for college.

Next, investigate student financial aid options.Financial aid can help you pay for your studies at an approved college or business/vocational school.Financial aid is meant to supplement your family's ability to pay for college costs including tuition/fees, room and board, books, supplies, transportation, and other educational expenses.

As you explore colleges, you should also explore the various sources that may be available to you to help finance your college-related expenses.

WHAT IS STUDENT FINANCIAL AID?

Student financial aid includes savings; grants, scholarships and awards which do not have to the repaid; loans, which must be repaid; tax credits, and forgiveness programs.

You get financial aid by submitting the required applications and demonstrating financial need or any other standard of eligibility as necessary.

AM I ELIGIBLE FOR FINANCIAL AID?

To qualify for financial aid from colleges, businesses and other organizations, you must meet the criteria established by the granting organization and complete the application as directed.

To receive state and federal student aid, you must:

• Be enrolled at least half time or accepted for enrollment in an eligible program and working toward a degree or certificate; you may not receive aid for correspondence or telecommunications courses unless they are part of an associate, bachelor, or graduate degree program
• Complete a Free Application for Federal Student Aid (FAFSA) (Step 3)
• Certify on the FAFSA that you will use federal student aid only for educational purposes
• Have a high school diploma or General Education Development (GED) Certificate, or pass a test approved by the U.S. Department of Education
• Make satisfactory academic progress
• Not be in default on a federal student loan or owe a refund on a federal student grant

To receive New York State student aid, you must also:

• Be a resident of New York State, attending an eligible institution in New York State
• Be charged at least $200 tuition per year ($100 for the Aid for Part-Time Study [APTS] Program)
• Not owe a refund on a state award
• Complete a FAFSA and a TAP application, both available electronically or on paper (TAP application may  not be required if a TAP award was received in the current year)

Please Note: A federal law suspends aid eligibility for students convicted under federal or state law of sale or possession of drugs.If you have been convicted of drug possession, you will be ineligible for one year from the date of a first conviction, two years after a second conviction, and indefinitely after a third conviction.If you have been convicted for selling drugs, you will be ineligible for two years from the date of a first conviction and indefinitely after a second conviction.If you lose eligibility, you can regain eligibility early by successfully completing an acceptable drug rehabilitation program.

Use these helpful tools to estimate your financial aid and financing strategies:

Financial Aid Estimator — Estimate your student financial aid eligibility

SLOPE Calculator — Estimate your possible salary and loan repayment ability after college

HELPFUL SITES

• www.hesc.org — New York State Higher Education Services Corporation (HESC), the state agency that helps people pay for college, also helps with college and career planning
• nysaves.uii.upromise.com — New York's 529 College Savings Program: Saving plan for college
• www.mapping-your-future.org — Mapping Your Future: Planning basics for college and career
• New York State Vocational and Educational Services for Individuals with Disabilities (VESID) — Student and family resources for students with disabilities

STEP 2: UNDERSTAND THE TYPES OF FINANCIAL AID AVAILABLE >>>