Everything you need to know……

FINANCIAL AID 101

PRISCILLA ARMSBY

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Assistant Director of Financial Aid

Rensselaer Polytechnic Institute

armsbp@rpi.edu

518-276-6813

We will cover:

• How to Apply: FAFSA and FSA ID
• Student Aid Index (SAI) was EFC
• Cost of Attendance
• All types of Financial Aid
• NYS Programs
• Outside scholarships
• How to PAY the rest

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How and When to Apply

• File 27-28 FAFSA studentaid.gov
• Opens October 1
• 2025 Tax Data is direct transfer (need to consent)
• Check colleges for other forms needed
• CSS PROFILE: after October 1 www.collegeboard.com
• List all colleges student is applying to on both FAFSA and CSS

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Income Based Fee Waivers

Income eligible students receive:

• Free college applications
• Free SAT and ACT tests and score reports
• Free CSS Profile application
• FAFSA is free for all students

To qualify, student must be enrolled in National School lunch program, or receive Public assistance or enrolled in programs like TRIO or Upward Bound.

Check with school counselor for more information

Other Forms….

• CSS Profile Form
• Various deadlines
• More detailed information
• Dig deeper into family finances
• Fees $25 to file and $16 per school
• Free for families with $100K or less income

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• Colleges may have own forms
• Have to complete FAFSA every year for need- based aid and Direct loans

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Please Create an FSA ID before FAFSA

• studentaid.gov/fsa-id/create-account/launch

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Completing the FAFSA

• This is Student’s form…“You” means the Student
• Parent (Contributor) Questions for Dependent Students
• If married/remarried, answer questions on both parents
• If divorced or separated, answer questions about the parent who provided most support in past 12 months
• FA-DDX: Direct Data Exchange. Consent required for all Contributors. FTI (Federal Tax Info) pulled from IRS directly and into FAFSA.
• Investments, Cash, Savings manually input
• Sign the FAFSA using 2 FSA IDs (parent and student)
• Review FAFSA Submission Summary (review for errors)

FAFSA Contributors

FAFSA Contributors (cont)

• Student should start FAFSA and complete their portion
• Then, Student emails (Invites) Parent or Step-parent to complete their portion of the FAFSA
• Parent must use their own FSA ID to access FAFSA
• Sign with FSA IDs

Student Aid Index

Cost of Attendance

• Tuition and Fees
• Housing and Food
• Books and Supplies
• Transportation
• Personal and Miscellaneous Expenses

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These will vary with every college….check out each college’s website for estimates of your student’s costs. NPC (Net Price Calculator) available on each college website for estimate of Aid package.

The Big Question: How is Aid determined?

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Institutional Programs ($ from the colleges)

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• Merit Scholarships (merit not need)*typically largest source of funds from Private colleges
• Need-Based Grants and Scholarships *typically next highest amount offered. Must file FAFSA/CSS
• Endowed Scholarships: named scholarships
• Athletic Scholarships: $ available at D1 and D2 schools

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Federal Programs

• Federal Student Loans: $5500 First year, $6500 Sophomore, $7500 Junior and Senior (portion may be Subsidized) rate is 6.39% in 25-26. Rates change in June
• Entitlement Programs
• Pell Grant
• Campus-Based Programs
• SEOG
• Federal College Work Study

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New York State Programs

• Have to file TAP application www.hesc.org

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• Tuition Assistance Program (TAP)
• Higher Education Opportunity Program (HEOP) or EOP for public colleges
• Many 2 year and 4 year SUNYs adopted CUNY’s ASAP/ACE programs. Seats are first come, first served Pell eligible students. Easier to secure than HEOP/EOP spots
• Veteran Scholarships
• STEM Incentive Program*

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NYS Excelsior Scholarship

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ELIGIBILITY

• Must be NYS resident for 1 year prior to the beginning of term
• Must be US citizen or eligible non-citizen

Not a citizen or eligible noncitizen? Learn more about the NYS DREAM Act application

• Have combined federal adjusted gross income of $125,000 or less
• Pursuing undergraduate degree at a SUNY or CUNY college, including community colleges
• Must be enrolled in at least 12 credits per term and complete 30 credits each year toward the degree program with no break in enrollment
• If you are in an opportunity program, the Excelsior Scholarship allows five years to complete your bachelor’s degree and requires completion of 24 credits each academic year.
• Execute a Contract agreeing to reside in NYS for the length of time the award was received and if employed, it must be in NYS

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AWARD AMOUNT

• $5,500, plus a credit from SUNY/CUNY to cover any tuition costs above $5,500 (not room and board or fees).
• Excelsior is a “last dollar” award. That means that the value of the award is determined after subtracting other grants and scholarships, such as Pell and TAP, from the tuition cost. If the amount of grants and

scholarships exceeds the cost of tuition, the Excelsior award will be zero.

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NYS STEM Incentive Program

ELIGIBILITY

• Must be NYS resident for 1 year prior to the beginning of term
• Must be US citizen or eligible non-citizen

Not a citizen or eligible noncitizen? Learn more about the NYS DREAM Act application

• HS senior or recent graduate enrolling full time at public or private college in NYS directly from HS
• Must be ranked in top 10% of high school class in NYS
• Must be matriculated in an approved program leading to a degree in Science, Technology, Engineering or Math at a SUNY or CUNY college
• Must maintain a cumulative GPA of 2.5 or higher in college
• Execute a Contract agreeing to reside and work in NYS for 5 years in an approved STEM field
• There are no income limits for the NYS STEM Award.

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AWARD AMOUNT

• For 2024-25 academic year, award is equal to the average SUNY tuition rate of $7,070 or actual tuition, whichever is less.

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NYS DREAM ACT

The Senator José Peralta New York State DREAM Act gives undocumented and other students access to New York State‐administered student financial aid to support their higher education costs.

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NYS DREAM Act recipients are eligible for all New York State Financial aid programs, including TAP, Excelsior Scholarship, Enhanced Tuition Scholarship, STEM scholarship, and all other New York State administered grants, scholarships, and loan forgiveness programs. The program includes students who graduated from a NYS High school or earned a NYS GED and parents may have moved out of state during senior year or later.

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How to apply for the NYS Dream Act

Frequently Asked Questions

Resources and Support

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Dream US Scholarships

TheDream.US scholarships are for highly motivated undocumented students who are eligible to receive in-state tuition in their home state but still have significant, unmet financial need.

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Requirements for the 2025-2026 Round: Applications are open to undocumented immigrant students with or without DACA or TPS who came to the U.S. before the age of 16 and before Nov. 1, 2019. The National Scholarship Award will cover your tuition and fees at one of our Partner Colleges up to a maximum of $33,000 for a bachelor’s degree.

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Some Scholars may receive an additional stipend for books, supplies, and transportation for up to $6,000. While GPA is considered, great emphasis is placed on dedication to community service and commitment to academic and career success despite the barriers and challenges that undocumented students face daily.

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Financial Aid Award Notifications

• You (the student) will receive written confirmation of Aid package
• Read the fine print
• Compare costs and compare scholarships
• Get changes in writing
• Ask if package is good for all 4 years (or 5 if it takes longer)

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Comparing Costs……Apples to Apples!

• Do the Research:

www.nces.ed.gov/collegenavigator

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• 4 year Graduation Rates
• Freshmen Retention Rates
• Percent of Students Receiving Aid
• Cohort Default Rates*

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Special Circumstances

• Communication is key
• Let schools know detailed information
• Notify school in writing
• Provide detailed documentation
• Follow up with the school

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Is there anything else?

• Once you have Financial aid packages from several schools….compare bottom line
• May write a “nice” and concise letter to TOP choice schools
• Submit letter and copies of other Award notices
• Follow up with email/phone call
• Be patient, re-visit if possible
• Make a good, affordable choice for the student AND family

Outside Scholarships

• Shen Scholarship Coordinator: Karyn Storm
• Do the research
• Think “close to home”
• School Counseling Office Scholarship Newsletter, Local Community organizations
• Parents’ employers
• Local Credit Unions and Banks
• Your employer (grocery store, YMCA, camps)
• Essays may be required…Just do it!

How to pay the REST

• Monthly Payment Plans: Cash is KING
• Federal Loans: Direct (student), PLUS (parent is borrower), rate is fixed 25-26 year is 8.9% for all borrowers, 4% fee, can defer payments, no adverse credit history, max of $20K per year and $65K cap per student of total PLUS loan
• Private Education Loans: Salliemae, Citizens, Wells Fargo, Credit unions, Online Lenders: SOFI, Earnest, College Ave (interest rate dependent on creditworthiness of c0-signer)
• 529 Savings Plans
• Home Equity : typically lower rates, need to repay immediately

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Check the Web

www.studentaid.gov

Federal Student Aid

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www.hesc.ny.gov �NYS Higher Education Services Corporation

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www.finaid.org

The Smart Student Guide to Financial Aid

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www.fastweb.com

FastWeb Scholarship Search

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Your turn……..

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• QUESTIONS?

PRISCILLA ARMSBY

​

Assistant Director of Financial Aid

Rensselaer Polytechnic Institute

armsbp@rpi.edu

518-276-6813