How to Apply for Financial Aid
The FAFSA Application
The first step in the financial aid application process is the submission of the Free Application for Federal Student Aid (also known as the FAFSA). This process can be completed quickly and easily on the United States Department of Education's website at: www.fafsa.ed.gov. The information that you provide on this application will allow us to determine your eligibility for Federal Pell Grants, Federal SEOG, Federal Work-Study, and Federal Direct Stafford Student Loans. Be sure to list NYCI (School Code 014576) as your school choice when completing the form, as this will send your eligibility results directly to the Financial Aid Office. Upon completion of the FAFSA on-line, you will also need to complete the on-line application for the New York State TAP program. A link is provided through the FAFSA website.
Deadlines: You should complete your FAFSA at least thirty days before you begin classes. We cannot process any federal financial aid for you until we have received your data from the FAFSA processor. If you have not applied before school, please come and talk to us in the financial aid office as soon as you start school. The absolute deadline to file the FAFSA is a few weeks before you finish classes for the financial aid year (or otherwise leave school for any reason), because we must receive your approved FAFSA data while you are attending during the school year in order to process your financial aid. If you experience difficulties filling out the FAFSA form, just contact our office and we will be happy to assist you.
The Verification Process
About one-third of all FAFSA applications are selected for a review process called "verification". If your application is selected, you will be asked to provide copies of your income tax returns and other income and asset information, and similar information from your parent(s) if you are a dependent student. We will let you know if you are selected for verification and give you a list of the necessary items.
Deadlines: We cannot process any federal financial aid for you until all necessary documents are submitted and reviewed. Sometimes this process results in the need for the Financial Aid Office to send electronic corrections to your FAFSA data, and this can add a few days to the processing time. Therefore, it is important to submit any requested documents as soon as possible. There are also federal verification deadlines that give us only a short time after you complete your program or otherwise cease attending to complete the process.
The Financial Aid Awarding Process
Upon completion of the application and verification processes, your financial aid advisor will prepare a package of financial aid for you based upon your eligibility and financial need as determined by your FAFSA application. Your advisor will also discuss the timing of your aid payments (called "disbursements"), explain billing and payment procedures, and can advise you about payment plans and alternative financing sources.
Financial aid is awarded (or "packaged") in the following order of priority:
- NYS TAP Grant or other New York State awards
- Federal Pell Grant
- Federal Academic Competitiveness Grant
- Federal SEOG Grant
- All other Grants and Scholarships
- Federal Work-Study
- Federal Stafford Loan - Subsidized
- Federal Stafford Loan - Unsubsidized
- Federal PLUS Loans
Private educational loans may be available from third-party lenders. NYCI does not endorse or recommend any such lenders, but will process payments from such lenders if received on behalf of a student.
Student Loan Entrance Interview
If you are planning to use a Federal Stafford Student Loan and you have not borrowed a "Direct" student loan before, you will need to complete an "Entrance Interview" before the Direct Loan Servicer can disburse your money - but don't worry - this "interview" is actually an educational process to teach you about your rights and responsibilities under the loan programs. Click here for more information about the "entrance interview" requirement for processing your loan. Your financial aid advisor will explain the loan programs to you in detail. You'll complete a similar process (called an "Exit Interview") when you graduate/leave school.
Financial Aid Disbursement (Payment) Process
If your FAFSA application has been processed early and all other paperwork is completed, your first disbursements of federal financial aid should arrive during the first few weeks of school. If you've never had a student loan before, your first student loan disbursement will arrive after you have completed thirty days of classes. All federal student aid and NYS TAP/scholarship awards are paid in three disbursements (one for each of three trimesters).
All federal grants and loans are paid directly to the school on your behalf, and are used to satisfy any outstanding balance on your account. If there are funds remaining after your balance is paid in full, NYCI will promptly issue an overage check to the student (or the Parent borrower if funds are from a PLUS loan). Parent PLUS borrowers who wish to have any overage amount given directly to the student should contact the Business Office to make arrangements.
Payment of Veterans Benefits
Veterans Educational benefits do not have any impact on a student's eligibility for other financial aid programs. These benefits are either paid directly to the student or in some cases directly to the school, depending on the "chapter" of benefits the student enrolls in. If the student applies for benefits with the VA close to the start of school, it may take a month or two for the payments to begin, but back-payments will be made for any delayed payments. Students who are relying on VA benefit payments to pay for costs at NYCI will be set up on a free monthly payment plan with the school to coincide with their VA payments.
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