Financial Aid Eligibility

Eligibility and Requirements for Federal Financial Aid

General Eligibility Requirements for the Federal Financial Aid Program

To be eligible for federal financial aid the student must:

be a U.S. citizen or a permanent resident of the U.S. with a valid Social Security Number.
be enrolled or accepted for enrollment as a regular student who will be working toward a degree or certificate in an eligible program.
maintain satisfactory academic progress for financial aid.
not owe a refund on a federal grant or be in default on a federal educational loan.
demonstrate financial need except for the Unsubsidized Stafford Loan the Parent Loan for Undergraduate Students (PLUS), and the Graduate PLUS Loan.

Citizenship Requirements

To be eligible for federal financial aid the student must be one of the following:

a U.S. citizen.
a U.S. national (includes natives of American Samoa or Swain’s Island).
a U.S. permanent resident who has an I-151, I-551 or I-551C Alien Registration Receipt Card.

OR The student must have an Arrival-Departure Record (I-94) from the U.S. Immigration and Naturalization Service (INS) showing one of the following designations:

“Refugee”
“Asylum Granted”
“Indefinite Parole” and/or “Humanitarian Parole”
“Cuban-Haitian Entrant, Status Pending”
“Conditional Entrant” (valid only if issued before April 1, 1980)

Applicants are NOT eligible for federal financial aid if they:

have an Employment Authorization Card/Document (Form I-688A, I-688B, or I-766) or a Temporary Resident Card (Form I-688).
Have an Approval Form I-797, “Application for Voluntary Departure Under the Family Unity Program.”
have only a Notice of Approval to Apply for Permanent Residence (I-171 or I-464).
are in the U. S. on an F1 or F2 student visa only.
are in the U.S. on a J1 or J2 exchange visitor visa only.
have a G series visa (pertaining to international organizations).

Social Security Number Requirement

Applicants must have a valid Social Security Number to apply for and receive federal financial aid. Please note: Applicant who is a resident of the Marshall Islands, the Federated States of Micronesia or the Republic of Palau is not required to provide a Social Security Number when completing the FAFSA; he/she will receive a special identifying number in lieu of a Social Security Number. In order to apply for Federal Student Aid, an applicant from one of these regions will need to complete a paper version of the FAFSA and send it to the following address:

Federal Student Aid Programs
P.O. Box 7001
Mt. Vernon, IL 62864-0071

Overpayments and Overawards

An overpayment or over-award situations occur when it is discovered that a student received funding under the Federal Pell Grant, FSEOG, Federal Work study, Federal Perkins and Federal Direct Loan programs than they were eligible to receive. The student is notified of the situation by letter. It may result in the case being reported to the US ED and if required funds will be returned. The overpayment or over-award will be reported to the National Student Loan Data System (NSLDS) until it is resolved. Students that have a reported overpayment or over-award will not qualify for financial aid until the situation has been resolved.

DRUG AND ALCOHOL POLICY AT NYFA
NYFA’s policies on alcohol, drugs and tobacco can be found at the following link: Drug Free Work Place School Policy

CALCULATING FINANCIAL NEED
Successful completion of the FAFSA will result in an Institutional Student Information Report or ISIR that is sent by the US Department of Education (US ED). The financial aid office staff will review all the information provided in the ISIR to determine the student ‘s eligibility.

If the student has met all general eligibility requirements, an estimated Cost of Attendance is constructed for the student based on living arrangements and average student expenses. The Cost of Attendance is based on estimates and may not reflect the student’s actual charges.

All information reported on the FAFSA is used to calculate an Expected Family Contribution to a Student Aid Index. This calculation is based on a standard formula determined by the U.S. Congress. This formula calculates the amount the student is expected to contribute toward his/her educational expenses.

The Student Aid Index and any other resources such as funds from grants, scholarships, or tuition assistance are then subtracted from the Cost of Attendance to determine the student ‘s financial need. The remaining amount is the maximum amount the student may receive in need-based financial aid funds.

After the student ‘s financial need has been calculated, we assemble a list of funding resources that meet the student’s financial need to the greatest extent possible. This package is known as the College Finance Plan and may consist of a combination of Scholarships, Grants and Loans.

The student’s CFP will list the type and amount of all financial resources offered, the period awarded and the total cost of attendance used to determine financial need

The creation of an student’s CFP depends not only on financial need but also on when the FAFSA was filed and when the student ‘s file was completed with our office.

IF OTHER SOURCES OF FUNDING ARE NOT INCLUDED IN AN STUDENT ‘S TFP, THE STUDENT MUST NOTIFY US OF THE SOURCE AND AMOUNT OF EACH AWARD. WE WILL ISSUE A REVISED TFP IF AN ADJUSTMENT IS NEEDED BASED ON NEW INFORMATION ABOUT OTHER SOURCES OF FUNDING.