The Free Application for Federal Student Aid (FAFSA) or the Renewal FAFSA (for continuing students), is the core application that is required for all students applying for financial aid.  The FAFSA is available on the Internet at www.fafsa.ed.gov.  This Website is user friendly, with step-by-step instructions to help students and parents complete the FAFSA or Renewal FAFSA with a minimum of errors.  The School Code for the Brooklyn Campus is 002751 starting with the 2007-2008 FAFSA (the old school code for the 2006-2007 FAFSA is 004779).  See our “Applying for Financial Aid” section for details on securing a Federal Student Aid PIN (required of all students and the parents of dependent students).

In order to apply for the maximum financial aid available, continuing students must meet a deadline date of March 15^th each year, by which their complete and valid federal FAFSA information is received by the University. This is the deadline date for consideration of campus-based financial aid, which includes the Federal SEOG (Supplemental Educational Opportunity Grant), the Federal Work Study/America Reads Programs, the Federal Perkins Student Loan Program, the Health Professions Student Loan Program, and the SDS Scholarships in Nursing and Pharmacy. Complete and valid federal information includes any resolution to verification or comment code issues indicated on the FAFSA by the federal government, or by Long Island University.

Entering first-time students have a rolling deadline date and should check with the Office of Student Financial Services shortly after receiving their admissions notification.

Using the FAFSA or Renewal FAFSA gives students access to the various types of financial aid available at the Brooklyn Campus from the state and federal governments and from Long Island University itself. Financial aid programs include grant programs that do not need to be repaid, work opportunities, and loans that generally are repaid after graduation at very low interest rates. Long Island University also offers a wide variety of Scholarship and Grant Programs.

Most Federal, State and Campus-Based Financial Aid Programs are based on financial need with New York State’s Tuition Assistance Program (TAP) and the Federal Pell Grant Program, providing the foundation on which all financial aid awards are made. Campus-based financial aid is provided by the federal government to L.I.U. and, as mentioned above, is awarded to eligible students who meet our deadline date. Long Island University also participates in the Federal Direct Student Loan Program and offers subsidized and unsubsidized loans and PLUS loans for parents of undergraduate students.

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Who is Eligible for Financial Aid?

Generally, to be eligible to receive federal and state financial aid programs, a student must:

• Be a U.S. Citizen or Permanent Resident of the United States
• Demonstrate financial need
• Not be in default of any type of educational loan sponsored by the state or federal government(Title IV) or be in an overpayment status on a federal grant
• Be in good academic standing
• Meet deadline dates
  

New York State’s TAP Program also requires that students (and parents) be New York State residents for a minimum of one year prior to the year they apply for the TAP award.

The Health Professions Student Loans are available to students majoring in Pharmacy and who provide parental financial information, regardless of their own dependency status.

Demonstrating financial need is a major factor in receiving grants from all sources. The “family income” (student and parents) as provided on the FAFSA or Renewal FAFSA is put through something called “needs analysis” by the federal government, and an “Expected Family Contribution” (EFC) is determined. The needs analysis test used by the federal government is dictated by law and includes viewing the family income according to the number of family members, by the number in college, by the assets as listed on the FAFSA, by the age of the older parent, etc. It is a uniform needs analysis and is used throughout the United States.

It is this “EFC” that is, in turn, used to determine financial need. It is subtracted from the student’s cost of education, and the balance is considered “financial need.” For example, if the cost of education (which is provided on the financial aid award notice and in this section of our website) is $20,000, and the EFC is $2,000, the student’s financial need is $18,000.

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Financial Aid Packaging:

The combination of all financial aid awards given to a student represents the “financial aid package.” The packaging philosophy at the Brooklyn Campus is to provide students with an estimate of their TAP and Federal Pell Grant eligibility first, to offer any grants or scholarships next, followed by work opportunities (if requested on the FAFSA), and lastly, to determine eligibility for loans. This “package” is outlined for students in their financial aid award notice, which is provided by the Office of Student Financial Services, and is the result of the receipt of complete and accurate information from the FAFSA.

To accept a work opportunity (in the form of the Federal Work Study or the America Reads Program), a student must report to the Office of Career Services within two weeks of the start of classes, with a cleared bill showing a full-time registration. Work opportunities are provided on-campus and provide up to 15 hours per week of salaried employment. Students have the option of applying up to 75% of their earnings directly to their Bursar’s account to help meet their billing costs.

Eligibility for loans (Federal Direct Student Loans, Federal Perkins Loans, Health Professions Student Loans), is provided on the financial aid award notice, and may be automatically accepted by students. First-time borrowers must electronically sign a promissory note, which is available over the Internet on the federal government’s website. Students who don’t wish to take advantage of all or part of the loans offered are given a window of opportunity to decline or adjust these loans, prior to their prescribed deadline dates. See our Educational Loans option on this website for further details.

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Cost of Education Budgets: (top)

Every year, the University determines the average cost of education budget that is used in the financial aid packaging process. This budget is meant to be a guide for students and families as they consider the “estimated” costs connected to attending a university, and is not based on actual costs. The budget is made up of several categories, including tuition and fees, books and supplies, room and board, transportation and personal expenses.

The tuition and fees component of the budget, for non-flat rate students, is estimated on a registration of 14 credits per semester. Budgets will vary from student to student, with those who “commute” to school having a different room and board allowance than those who live in the campus Residence Hall. Dependent students (living with family and generally under 24 years old), have a different room and board allowance than independent students living on their own. The federal government determines the dependent or independent status of a student based on his/her FAFSA information.

Direct costs (tuition and fees, books and supplies), are generally the ones that require payment up-front from financial aid, family resources, scholarships, etc. The Bursar’s Office bills students once each term of the academic year, and collects all payments including financial aid, checks, money orders, credit cards, tuition plans, etc. Students who live in the Residence Hall are also billed for this expense by the Bursar’s Office. The following is a sample of two different budgets – one for a dependent student, commuting each day to campus, and one for a student living on-campus. These estimated cost are for the 2006-2007 academic year:

All financial aid awards, with the exception of salaried work, are applied directly to the cost of tuition and fees first, with Residence Hall charges next, and then all balances. Students employed in the Federal Work Study or America Reads Program may request that up to 75% of their salaries be applied directly to their Bursar billing as well. If the total of all financial aid received exceeds the charges billed by the Bursar’s Office, the student is eligible for a refund. The Bursar’s Office will automatically send a refund check to any eligible student to assist with the other non-direct costs of education such as transportation and personal expenses.

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The best advice any financial planner can give a parent is to begin to save for their children’s college education the day they are born. While this is not always practical, it becomes an impossible task if parents wait until their children are “ready” for college. Parents need years to prepare for all the expenses directly and not-so-directly linked to a child’s education. Financial planners are professionals who are in the best position to assist the new parent in planning ahead.

However, we would like to suggest that there are some practical things that parents and students can do during the senior year in high school to better prepare for the financing of a college education. They include:

• Filing family income taxes early
• Completing financial aid applications (mainly the FAFSA) based on the tax returns and avoiding “estimated” figures wherever possible
• Completing the entire application, leaving no questions blank or unanswered
• Knowing the deadline dates for financial aid at all the schools of interest to their children
• Listing the Federal School Code 002751 on the FAFSA.  (The L.I.U.’s Brooklyn campus school code for the 2006-2007 FAFSA is 004779)
• Keeping a copy of the electronic application submitted every year
• Maintaining a file of all financial aid paperwork – applications, award notices, bills, etc.
• All male students who reach the age of 18 must registered with selective service, in order to be eligible for financial aid – this should be done prior to applying for financial aid
• Keeping records of their child’s Federal PIN and their own Federal PIN
  

Perhaps the best advice is for families and students to visit with their financial aid counselors whenever they have questions. At the Brooklyn Campus’ Office of Student Financial Services, we are always glad to see families and help them prepare for college. Good Luck!

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