Financial Aid Night
Academic Year 2024-2025
Katie Kocsis, Director of Financial Aid, Niagara University
Martha Cino, Assistant Director of Financial Aid
716-286-8686
FAFSA 2024-25
• For the 24-25 Academic Year, the FAFSA is going through a “Simplification” process.
•Due to this overhaul, the FAFSA was not available until December 31, 2023.
- Schools will not receive files until end of January.
- Will go back to Oct 1 in following years.
Getting started
Free Application for Federal Student Aid�(FAFSA)
Studentaid.gov
Which parent to report?
If the parents are divorced or separated, answer the questions about the parent who provides the greater portion of the student’s financial support, even if the student does not live with them. If this parent is remarried as of today, answer the questions about that parent and the stepparent.
Which parent to report?
Assets
Net worth means the current value, as of today, of investments, businesses, and/or investment farms, minus debts related to those same investments, businesses, and/or investment farms. When calculating net worth, use 0 for investments or properties with a negative value.
Investments include real estate (do not include the home in which you live), rental property (includes a unit within a family home that has its own entrance, kitchen, and bath rented to someone other than a family member), trust funds, UGMA and UTMA accounts, money market funds, mutual funds, certificates of deposit, stocks, stock options, bonds, other securities, installment and land sale contracts (including mortgages held), commodities, etc.
Investments also include qualified education benefits or education savings accounts such as Coverdell savings accounts, 529 college savings plans, and the refund value of 529 prepaid tuition plans. If the student is required to report parent information on the FAFSA form, parents should not report the value of education savings accounts for other children. Qualified education benefits or education savings accounts must be reported as an asset of the parent if the student is required to report parent information. If the student is not required to report parent information on the FAFSA form, the education benefit or savings account is reported as an asset of the student. UGMA and UTMA accounts are considered the assets of the student and must be reported as an asset of the student on the FAFSA form, regardless of whether the student is required to report parent information.
Assets
Investments do not include the home you live in, the value of life insurance, ABLE accounts, retirement plans (401[k] plans, pension funds, annuities, noneducation IRAs, Keogh plans, etc.), or cash, savings, and checking accounts reported in the previous question.
Investments also do not include UGMA/UTMA accounts for which the student is the custodian but not the owner or the value of qualified education benefits or education savings accounts that are for the benefit of the parent’s other children (not the student).
Investment value means the current balance or market value of these investments as of today. Investment debt means only those debts that are related to the investments.
Businesses and investment farms include businesses that you own (including a small or family-run business) or income-producing farms that you own (including the fair market value of land, buildings, livestock, unharvested crops, and machinery actively used in investment farms, agricultural, or commercial activities).
Businesses and investment farms do not include the value of crops that are grown solely for consumption by the student and their family or the home in which you live. If the home in which you live is also located on a farm that you own, do not include the net value of that principal residence in the net value of all farm assets. The principal residence may include the home, structures, and land that are adjacent to the home that are not being used, stored, or sold for farming or other commercial activities
No longer used in SAI calculations, but schools can still use for aid consideration.
Child Support received – use amount received for the last complete calendar year (as of the date filing the FAFSA).
FAFSA Submission Summary Landing Page
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The student receives a FAFSA Submission Summary for their processed FAFSA® form and any subsequent corrections that they submit. The FAFSA Submission Summary is broken into four tabs: Eligibility Overview, FAFSA Form Answers, School Information, and Next Steps. At the top, the student will see information about when their form was received and processed. They also have the option to print their FAFSA Submission Summary to keep for their records.
Eligibility Overview
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On the Eligibility Overview tab, the student sees information about what federal student aid they may be eligible for, such as a Federal Pell Grant and Federal Direct Loans. They are also able to view the Student Aid Index. Any amounts of financial aid that display on this tab are estimates and are not guaranteed. Final determination of the student’s financial aid eligibility is provided by their school’s financial aid office.
Eligibility Overview (Continued)
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School Information
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On the School Information tab, the student sees information about the college(s) and/or career school(s) that they selected to send their FAFSA® information. The student can compare the graduation rate, retention rate, transfer rate, default rate, median debt upon completion, and average annual cost of their selected schools.
After the FAFSA submission
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Each school will receive the FAFSA electronically within 3-5 business days.
You will see a range of when offer letters are sent out – February-April.
What is Cost of Attendance (COA)
What is the Student Aid Index (SAI)
Cost of Attendance
– Student Aid Index
= Financial Need
What is Financial Need
Types of Financial Aid
Sources of Financial Aid
Federal Government
Common Federal Aid Programs
NYS: Tuition Assistance Program (TAP), Academic Excellence, Excelsior, etc.
State Aid Programs
Private Sources/Employers
Special Conditions/Appeals
Thank You!