FASFA / Pell Grant
What does FAFSA stand for?
Free Application for Federal Student Aid
What is Work Study?
A form of financial aid that allows students to earn an hourly wage through a job at their college or university to help pay for educational expenses
TAP! AKA the Tuition Assistance Program.
What is Student Loans?
A type of financial aid that students borrow to help cover educational expenses. These loans typically must be repaid with interest.
Completing the FAFSA is the only way to receive Pell Grants.
True! Completing the FAFSA can determine eligibility for a Pell Grant, a needs-based grant for low- and middle- income students that does not have to be repaid. But in 2023 more than $4 billion was left unclaimed due to students and families not completing the FAFSA.
What is the Pell Grant?
A form of federal financial aid awarded to the student to cover costs such as tuition.
What is Institutional Aid?
Financial assistance provided directly by a college or university.
What is TAP / State Grant?
A financial aid award for eligible NYS residents attending in state colleges / universities .
Where do you complete the application for Federal Student Loan?
FASFA
Only “A” students get scholarships.
False! Students with higher grades can compete for academic scholarships, but many scholarship committees look for more than grades. Some scholarship requirements may include involvement in community or extracurricular activities; others may require a particular skill or talent.
How do I complete the FAFSA?
You make an account, and complete all information online.
Is Institutional Aid considered a Scholarship?
Yes! These terms often refer to the same thing and are used interchangeably.
What NYS residents is TAP available to?
Available to students attending full-time, part-time and in non-degree workforce credential programs.
What are the types of Student Loans?
Federal Loans - These loans are funded by the federal government. With benefits such as such as fixed interest rates and income-driven repayment plans. There is a cap to how much you can borrow.
Private Student Loans - Loans made by a lender such as a bank, credit union, state agency, or a school. Typically having a larger borrow limit than federal.
Lying on your FAFSA is a crime.
True! Providing false or inaccurate information on your FAFSA in order to obtain more aid than you are eligible to receive is fraud. I f you lie on your FAFSA, you will be caught, which could result in criminal and/or civil penalties, fines, probation, or even prison.
How long does it take to complete the FAFSA form?
15 to 30 minutes to complete the form. 1 - 3 days for your information to process.
What is the average work study wage in NY?
Do I have to complete the FAFSA to apply to TAP?
Yes! You must complete both the FAFSA before the NYS TAP application.
How much do Americas owe in Student Loan Debt?
As of June 2024 Americans owe about 1.6 TRILLON DOLLARS in student loan debt.
You need tons of community service and extracurricular activities to get scholarships.
False! Not every scholarship requires extracurricular activities, and each scholarship’s criteria are different. While some may value community service and volunteer work, others may prioritize certain skills, achievements, goals, or leadership roles.
How much can you receive from your Pell Grant a year?
$740 - $7,395
Name the two ways students recieve scholarships from their college / university.
Merit Based Scholarships - Athletic, Academic, Community / Leadership, Artistic Talent, etc.
Need Based Grants
$1,000 to $5,665
Are Student Loans considered a type of financial aid?
It depends on who you ask. Some colleges include student loans as part of a financial aid package, which can make them feel like a form of financial aid. However, many people consider student loans to be a type of educational financing, similar to a credit card or home mortgage, because the money is borrowed and must be repaid with interest.
My parents need to have social security numbers so that I can complete the FAFSA.
False! Your parents’ citizenship doesn’t affect your ability to complete the FAFSA form. The ability to create an FSA ID has historically been limited only to parents who can be verified with a Social Security Number (SSN) by the Social Security Administration. However, starting the 24-25 FAFSA, all parent and spouse contributors without a SSN may now create one to be able to provide consent and approval on the FAFSA form, using the Department of Education's newly developed system to validate their identity against credit bureau data.