Nationally ranked: Morrisville State College earns recognition
Morrisville State College has been ranked second among regional colleges nationwide for performance.
looking ahead:
135 Years: Auburn Community Hospital reaches milestone
2013 was a landmark year for Auburn Community Hospital in many regards. To read more see page 4.
Excellence in Education Excellence in Financial & Professional Services....Page 9 February 12, 2014
On Feb. 19 read about the vehicles and automotive services to be found in CNY in Automotive Excellence as well as what area merchants offer in Excellence in Retail Sales & Service.
To read more see page 9.
2014excellence A supplement to Eagle Newspapers
Navigating the financial aid maze F By Sarah Hall
or many families, the biggest struggle when sending kids to college is figuring out how to pay for it – and navigating the complicated financial aid process. While some schools may suggest it’s necessary to fill out additional forms, including some that carry a fee, the only one families need to complete in order to be eligible for financial aid is the Free Application for Federal Student Aid, known as the FAFSA. The FAFSA form can be filled out by any current or prospective undergraduate or graduate student in the U.S. to determine whether or not they are eligible for financial aid. It can be submitted to the U.S. Department of Education starting Jan. 1 of each year. If an original FAFSA has already been filed, a renewal form can be filled out and updated annually.
Filling out the FAFSA
A FAFSA consists of more than 100 questions meant to determine a student’s assets, income and dependency, all of which are entered into a formula that determines the student’s Expected Family Contribution. A number of factors are used in determining the EFC including the household size, income, number of students from household in college and assets (not including retirement and 401(k) funds). This information is required because of the expectation that parents will contribute to their child’s education, whether that is true or not. In order to fill out a FAFSA, students and parents should visit fafsa. ed.gov. You will need the following: Your Social Security Number Your Alien Registration Number (if you are not a U.S. citizen) Your most recent federal income tax returns, W-2s, and other records of money earned. (Note: You may be able to transfer your federal tax return information into your FAFSA using the IRS Data Retrieval Tool.) Bank statements and records of investments (if applicable) Records of untaxed income (if applicable) A Federal Student Aid PIN to sign electronically. (If you do not already have one, visit pin.ed.gov to obtain one.) If you are a dependent student, then you will also need most of the above information for your parent(s).
Who is eligible for federal student aid?
In order to be eligible for federal student aid, you must: Be a citizen or eligible noncitizen of the United States. Have a valid Social Security Number. (Students from the Republic of the Marshall Islands, Federated States of Micronesia, and the Republic of Palau are exempt from this requirement.) See aid, page 4
Addressing student loan consolidation by Maria Badami
A number of families have contacted me regarding private student loan consolidators. Before pursuing the private
Maria Badami, MS, is a college consultant with College Directions of CNY, 7030 East Genesee St., Fayetteville, NY 13066. 243-6658; collegdirectionscny@gmail.com.
loan companies, students should exhaust IBR (Income-Based Repayment) options. Income-Based Repayment is a way to make your federal student loan payments more manageable. If a student holds a federal loan, there is no reason to pay a private company for loan consolidation. Consolidators charge fees and higher interests rates, while the federal government programs do not charge fees and maintain the average existing interest rate. While it takes some effort, the
government will work with financially overburdened students offering some leniency including deferment, “Pay as you Earn” repayment plans, and in rare cases, loan balance forgiveness. There are two links families should explore for information on student loan repayment. If a student is looking to consolidate all his or her educational loans, go to studentaid.ed.gov/repay-loans/ consolidation. If a student is exploring federal loan forgiveness or cancella-
See loan, page 3