1. What is a Student Aid Report? (SAR)
These are forms you receive from the Central Processing Center after you submit the Federal Application for Federal Student Aid (FAFSA). They contain all the necessary information needed to determine your federal aid.
2. What happens to my financial aid if I withdraw from my class?
You should come in to speak to a counselor. You have to be careful that you are still meeting the “Satisfactory Academic Progress” criteria for the next semester. Ws may affect your Academic Progress. If you withdraw from all classes, you will not be eligible for TAP for the following semester. Your federal aid might be reduced for the semester in which you withdraw.
3. How often should I apply for Financial Aid?
Once every academic year. Complete the FAFSA at the time you complete your tax returns. You can apply electronically over the Internet at www.fafsa.ed.gov.
4. How much can I get from Pell and TAP?
The Federal Pell Grant depends on the Expected Family Contribution you received after you filled out the FAFSA. The 09/10 maximum for the Federal Pell Grant is $5,350. TAP, which is the New York State Grant, depends on your 2008 NY State net taxable income. The maximum TAP award at NCC is 100 percent of the full-time tuition rate.
5. What is an Expected Family Contribution (EFC)?
The EFC is a number that helps your financial aid counselor determine if you are eligible to receive one of several available forms of federal assistance. These include Pell, Stafford Loans, Supplemental Educational Opportunity Grant (SEOG) and Federal Work Study (FWS). We use this number to determine the amount of your grants, loan or work-study award. The EFC is derived through a Congressionally-mandated formula.
6. Do I need to repay Pell and TAP?
No, they are grants and not subject to repayment.
7. What happens if I don’t receive a SAR or I need another copy of my SAR?
If you don’t receive a SAR and you are not on our database within four to six weeks after submitting your FAFSA, or you need another copy of your SAR, call 1.800.433.3243.
Give your name, address, social security number and date of birth. Be sure to ask for another copy of your SAR. If your address has changed since you sent in your application, be sure to give both your old and new address.
8. What if my financial situation changes?
See a Financial Aid Counselor.
9. How can I obtain a job on campus?
You can obtain a job on campus through the Federal Work-Study Program. Federal Work-Study (FWS) is a need-based program. You must fill out the FASFA form first. If you have the need and have indicated on the FAFSA form that you are interested in work, an award letter is sent to you indicating the amount of money you can earn from this program.
You can also go to Job Placement in Nassau Hall for non-FWS jobs.
10. I am transferring to another college, can you help me fill out the Financial Aid Application?
Yes, we can. However, please try to complete as much of the application as you can before you visit our office.
11. What is the difference between the Grants Office and the Financial Aid Office?
The Grants Office disburses financial aid funds. The Financial Aid Office processes the financial aid application and determines how much aid we can offer you.
12. Can I get book money?
Students who have excess funds from the Pell Grant after their tuition is paid are usually eligible for a bookstore credit voucher. Their names appear on the book credit list before the semester starts. You must be processed for Financial Aid in order to be eligible.
13. What options do I have when paying my bill?
Students who are not eligible for federal and state grant programs to help pay their bill have several options to satisfy their tuition liability. These include paying by credit card or check through the Web or enrolling in the Tuition Payment Plan.
Information on these forms of payment may be obtained at the Office of Student Financial Affairs (Bursar/Student Accounts), located on the fifth floor of the Tower Building (516.572.7323).
Other payment options include taking out an educational loan sponsored by the U.S. Department of Education and taking out an alternative education loan through a local bank.
14. How often should I apply for Financial Aid?
Once every academic year. You should apply electronically at www.fafsa.ed.gov.
15. Should I wait until our tax returns are completed before I fill out my FAFSA?
No. You can complete the FAFSA based on reasonable estimates of your family’s income. You could use wage statements (W-2s) aggregate earnings from last pay stub, 1099s or the prior year’s tax return, if circumstances remain fairly constant. Once the current tax returns have been filed, you must update your FAFSA with the correct income information by going to www.fafsa.ed.gov to make corrections.
16. What is the income cutoff for financial aid eligibility?
There is no income cutoff for federal financial aid eligibility. In addition to taxable and untaxable income, factors such as family size, number of family members in college, taxes paid, parents’ age and net value of assets are used to determine the amount families are expected to contribute to the student’s educational costs. All families who feel they need financial assistance should apply.
17. Whose income do I use if my parents are divorced or separated?
You are required to report the income of the parent you lived with for the majority of the time over the last 12 months (custodial parent). Child support from the other parent, together with the income and assets of your custodial parent and step-parent (if parent has remarried), will determine your financial need.
18. How am I notified of my eligibility for financial assistance?
After receiving your FAFSA information, the college/university will notify you in writing about the financial assistance they have determined you are eligible to receive. You can also access your award aid by using the student self-serve system at www.ncc.edu .
19. What is the difference between a loan and a grant?
When you accept a loan, you must sign a promissory note stating you will repay the loan according to the specific terms of the lender. Grant funds do not have to be repaid.
20. What is the federal verification process?
The federal verification process is a system used by the federal government to document the information provided on the FAFSA. If you are selected for verification, you will be asked to submit copies of your federal income tax return and your parents’ tax returns. You may also be asked to supply further documents to substantiate your financial need. At the conclusion of the verification process, your financial assistance awards may be subject to adjustment.
21. What if my financial assistance package does not cover all of my need?
You and your parents may wish to consider the various loan and/or other financing options such as payment plans.