Financial Aid Process
1. Submit a FAFSA
- Apply for a Federal Student Aid ID to electronically sign your FAFSA. https://fsaid.ed.gov
- Complete the Free Application for Federal Student Aid. https://fafsa.ed.gov (Davis College’s school code is 015291)
- See the FAFSA and Verification tab on this webpage for more information regarding completing a FAFSA and verification
2. Apply for TAP (NYS Tuition Assistance Program) and the Enhanced Tuition Award (ETA)
- New York State residents should apply for TAP and the ETA at www.hesc.ny.gov. (Davis College’s code is 2265)
3. Apply for Scholarships
- Review and apply for the eligible Davis College Scholarships. View scholarships available.
4. Apply for Federal Direct Loan
- All Federal Direct Loan Borrowers must complete the Entrance Counseling and a Master Promissory Note at https://studentloans.gov.
5. Confirm your financial aid package
- Once all paper work is complete, you will receive a financial aid package listing all of the aid that you qualify for. Be sure to confirm your loan amounts. If you have any questions regarding your award notification or want anything changed, you must contact the Financial Aid Office.
Completing your FAFSA
Apply for a Federal Student Aid ID at https://fsaid.ed.gov. Login to https://fafsa.ed.gov using your new FSA ID and password. Answer all questions on the FAFSA and submit your application. Make sure that you are filling out your FAFSA for the correct academic year.
Helpful FAFSA tips:
- Davis College’s school code is 015291.
- Always use the IRS Data Retreival tool to transfer your income information onto your FAFSA when available.
- New York State residents should use the link on the submission confirmation page to immediately begin their TAP application.
Completing Verification Paperwork
Any student who files a FAFSA may be chosen for a verification review. This process is required by federal regulation and the College is mandated by this regulation to adhere to the procedures explained below.
The verification process entails the review of IRS tax documents and household information to ensure the accuracy of the FAFSA application. FAFSA applications may by selected for verification at random or based upon a set of common edits developed by the U.S. Department of Education which check data for consistency and logic. Others are checked against prior year applications that students have submitted.
Financial aid will continue to be processed during the verification process, though the financial aid remains estimated until the verification process is complete. No federal or institutional financial aid will credit to students’ accounts until this process is complete. Failure to complete paperwork in a timely manner will lead to possible late fees, inability to request transcripts, and loss of permission to register for upcoming semesters for students whose accounts are not paid by the deadlines specified by the Business Office.
Notification of Selection
Incoming new and transfer students selected for verification review will be notified via the email address they provided on their FAFSA. Returning students will be notified via their Davisny.edu email. Student should complete this process as quickly as possible. Please note that this process can take upwards of 2-3 weeks if IRS transcripts need to be requested.
Documentation Needed to Complete Verification
Students should complete the form listed in their notification email. All signatures must be handwritten. No electronic signatures will be accepted. Each form contains directions for completing and submitting all required paperwork. Dependent students must also submit parent income information. Independent students should spouse income information if applicable.
*Double check that you are completing the correct form for the correct academic year*
If you have not done so already, you will need to update your FAFSA using the IRS Data Retrieval Tool (DRT) for the income information section(s). If you cannot get the IRS DRT to work correctly on your FAFSA, you may instead request official IRS tax return transcripts on the IRS website.
Can I submit a personal copy of my federal tax return?
No. Recent updates to federal regulations have declared that schools cannot accept a personal copy of the federal tax return from the student or parents (if required) for verification purposes. Beginning for the 2018-2019 academic year, either a tax transcript from the IRS or your FAFSA filed using the IRS Data Retrieval Tool are the only two ways to verify tax data. If you do not or cannot use the IRS Data Retrieval Tool, you will be required to obtain a tax transcript from the IRS.
An IRS Tax Return Transcript may be obtained through:
- Get Transcript by MAIL – Go to irs.gov, under the Tools heading, click “Get Your Tax Record.” Click “Get Transcript by MAIL.” Make sure to request the “IRS Tax Return Transcript” and NOT the “IRS Tax Account Transcript.”
- Get Transcript ONLINE – Go to irs.gov, under the Tools heading, click “Get Your Tax Record.” Click “Get Transcript ONLINE.” Make sure to request the “IRS Tax Return Transcript” and NOT the “IRS Tax Account Transcript.”
- Automated Telephone Request – 1-800-908-9946
- Paper Request Form – IRS Form 4506T-EZ or IRS Form 4506-T
In most cases, for electronic tax return filers, IRS income tax return information is available for the IRS DRT or the IRS Tax Return Transcript within 2–3 weeks after the electronic IRS income tax return has been accepted by the IRS. Generally, for filers of paper IRS income tax returns, the IRS income tax return information is available for the IRS DRT or the IRS Tax Return Transcript within 6–8 weeks after the paper IRS income tax return has been received by the IRS. Contact the financial aid office if more information is needed about using the IRS DRT or obtaining an IRS Tax Return Transcript. If the student and spouse filed separate IRS income tax returns, the IRS DRT cannot be used and the IRS Tax Return Transcript(s) must be provided for each.
If you did not file taxes for the year requested, you must submit all W2s for that year as well as documentation from the IRS that indicates a IRS income tax return was not filed with the IRS or other relevant tax authority. You can request this form from the IRS by completing a 4506-T form and checking box 7.
Additional documentation may be requested at the discretion of the Financial Aid Director. The Office of Financial Aid will follow up with questions or request for more paperwork if information is conflicting, missing, or appears inaccurate. Students with unique circumstances may also need to complete additional paperwork. These circumstances can include recent marriage, death of parent, divorce/separation of parent, and/or loss of job.
A valid FAFSA application must be submitted prior to enrollment if the student intends to apply for financial aid. Verification paperwork should be submitted within 30 days of receipt of notice of selection. Verification paperwork can be submitted as late June 1 following the end of the semester, though late fees will already have been applied by this point.
Verification must be complete before the Office of Financial Aid will certify any federal aid.
Students who are eligible to work on campus through the work study program will not be allowed to work until the verification process is complete and eligibility for this program is confirmed.
If the required documentation is not submitted, the following may occur:
- No federal financial aid for the semester or academic year.
- Holds will be placed on student accounts for overdue balances. Those students will be unable to request transcripts or register for future semesters.
When possible, the Financial Aid Office will make electronic corrections to students’ FAFSA applications. These corrections will generate an updated Student Aid Report sent via paper or electronic means. The estimated family contribution may change based on the corrections made.
Completion of the Verification Process
The Office of Financial Aid reviews paperwork within one week of submission. When the verification process is complete, students will immediately receive an updated award letter via email indicating any change to the financial aid package.
If it is determined that a student has received funds which they were not eligible to receive, the student must repay the amount. If a repayment is not made, the overpayment must be referred to the U.S. Department of Education. No further applications for financial aid will be processed by the U.S. Department of Education Davis College’s Office of Financial Aid.
Contact the Financial Aid Office at (607) 729-1581 or email@example.com if you have any questions regarding verification or any other aspect of the financial aid process.
Students who feel that their FAFSA does not accurately portray their financial situation can appeal to request that the Financial Aid Office complete Professional Judgment to change the student’s Estimated Family Contribution (EFC). Situations that warrant professional judgment include a parent losing a job, excessive medical bills for an ill family member, death of a parent, divorce/separation of parents, and other extenuating circumstances. Contact the Financial Aid Office for more information about whether you may qualify for more aid through Professional Judgment.
What is a loan?
A student loan is money borrowed to help pay the cost of a student’s education that must be repaid with interest.
Loans are legal obligations. Before you take out a student loan, think about the amount you will have to repay over the years.
You cannot have these loans canceled because you didn’t like the education you received, didn’t get a job in your field of study, or you’re having financial difficulty. The publication, Your Federal Student Loan: Learn the Basics and Manage your Debt can help you learn more about federal student loan programs and repayment options.
Federal Direct Loans – are low-interest loans for students and parents to help pay for the cost of a student’s education. The lender is the U.S. Department of Education. Additional information about Federal Direct Loans can be found at studentaid.ed.gov.
- Subsidized: Students must demonstrate financial need as determined by federal regulations. Interest is paid by the federal government while you are in school and during certain other periods.
- Unsubsidized: Interest is not paid by the federal government and accrues while you are in school. If you do not pay the interest, it will be added to the unpaid principal amount of the loan. This is called “capitalization.” Capitalization increases the unpaid principal balance of your loan, and interest will be charged on the increased principal amount.
Federal Direct PLUS Loan – Parents of dependent students may borrow under the PLUS program to help pay student’s expenses. The parent must complete a PLUS loan application and Master Promissory Note (MPN). Also, the parent will be required to pass a credit check. Payment can be deferred while the student is enrolled or can begin immediately.
Eligibility for Loans
Students must demonstrate eligibility for Federal Direct Loans by having a current FAFSA on file at the College. Students must be enrolled at least half time in a certificate or degree program and be making Satisfactory Academic Progress. Students may not be in default status for any federal student loan(s).
Students who are new Federal Direct Loan borrowers must complete the Federal DL Entrance Counseling and Master Promissory Note at studentloans.gov. Returning borrower(s) must notify the Office of Financial Aid of their desire to borrow. Students who have borrowed in the past will automatically have student loans awarded to them. It is the student’s responsibility to notify the Office of Financial Aid if they wish to decline the loans awarded to them or have the amount(s) changed.
Students who receive federal aid or borrow through the federal Direct Loan program will be monitored in the National Student Loan Data System (NSLDS) where other authorized users may have access to personal information including other institutions and loan lenders.
Borrowing Limits – The total amount students may borrow depends on several factors including:
- Dependency Status
- Borrowing History–borrowers without an outstanding loan balance who borrow after July 1, 2013 cannot exceed 150 percent of the published length of the borrower’s educational program.
- Calculated Estimated Family Contribution (EFC)
- Unmet need
- Class Standing (course levels must reflect class standing)
|Student Status||Direct Subsidized||Dependent Unsubsidized||Independent Unsubsidized||Total for the academic year Dependent/Independent|
Davis College will disburse loans in two equal installments, generally, one in the fall term and one in the spring. Returning students have their loans disbursed the week before or the first week of classes if all financial aid paperwork is complete. First-time freshmen will have their loans disbursed 30 days into the semester per federal requirement. Loan money must first be used to pay for any balance owed to the College, such as tuition, fees and textbooks. If loan funds remain, you will receive them by refund check.
Direct Subsidized and Unsubsidized Loans have a 6-month grace period that starts the day after the student graduates, leaves school, or drops below half-time enrollment. Payments don’t have to begin making payment until your grace period ends. To learn more about repayment, visit studentaid.ed.gov/sa/repay-loans.
Answer: The FAFSA is the Free Application for Federal Student Aid that most colleges require students to complete. This application determines your eligiblity for the Federal Pell grant as well as your eligiblity for Federal Student Loans and lays the basis for determining financial need for scholarships. Watch this short video about completing the FAFSA.
Am I an independent student or a dependent student?
Answer: Watch this short video published by Federal Student Aid that explains the difference and how to determine your status.
Full Term 15 Week Course:
- Week 1 – 100%
- Week 2 – 75%
- Week 3 – 50%
- Week 4 – 25%
- Week 5 and after – 0%
8 Week Course (Online Course):
- Before the course begins – 100%
- Week 1 – 75%
- Week 2 – 40%
- Week 3 and after – 0%
Return of Title IV funding Policy
If students withdraw from the College before completing 60% of the semester, federal funds may need to be returned to the U.S. Department of Education or to a student loan lender. Federal fund amounts to be returned are based on the percentage of time completed. The Office of Financial Aid uses the formula established by the U.S. Department of Education to determine the amount of funds to be returned. Veteran tuition assistance funds may also need to be returned if the student completes less than 60% of the semester. State aid awards are recalculated by NYS based on tuition charges incurred by the students. Institutional aid is forfeited if students withdraw from all courses during the refund period. Students who withdraw after the last day for a refund can keep all institutional aid already awarded. Returning funds often results in students owing a significant amount of money to Davis College. Students are responsible to pay any remaining balance after financial aid has been returned.
Change in Enrollment Status
If students change the number of credits enrolled in (either an increase or decrease) during the semester resulting in change to financial aid eligibility, financial aid will be recalculated up through the end of week 4 for 15 week courses or through the end of week 2 for 8 week courses. For any other length course, no recalculations will be made after the last day students are eligible to receive a partial tuition refund. After this point, no changes to the enrollment status for financial aid purposes will be made.
If you were employed by Davis College during the previous calendar year, W-2s can be picked up at the Business Office during regular office hours. You may also contact Human Resources to request that yours be mailed if you are longer in the area. Any additional requested copies of your W-2 will cost $10.
If you were a student at Davis College during the last calendar year, 1098-T forms will be mailed to your home address on file. Additional copies are available on the student’s ECSI account. Forms are filed based on the permanent address on file with the College.
Please be advised that Davis College is prohibited from providing legal, tax, or accounting advice to students, and the College is not responsible for any use students make of the information provided on the forms.
Questions? Contact the Financial Aid Office at firstname.lastname@example.org or (607) 442-4878