Apply for Financial Aid via FAFSA
Application Codes: FAFSA 002836 | TAP (Undergraduate) 0880
IRS Data Retrieval Tool Nonfunctional Until Further Notice
- The IRS Data Retrieval Tool, which allows students and parents to transfer tax information directly to the FAFSA, has now been nonfunctional for about a week, and will continue to be down for "several weeks," according to officials.
- The IRS and the Department of Education (ED) are working to resolve the situation, but have not provided a projected date for when the tool will be up and running again.
- Students and parents who are required to provide 2015 tax information must submit a 2015 tax transcript.
- Click here for instructions for how to order a 2015 tax transcript.
HOW DO YOU APPLY FOR AID?
The first thing you need to know are these five letters: F-A-F-S-A. They stand for the Free Application for Federal Student Aid. FAFSA is the federal form that’s used to determine the amount a family should be able to pay for college. It’s definitely worth filling out a FAFSA online, even if you don’t think you’re eligible for need-based aid.
To have the best shot at all financial aid funding available, submit your FAFSA by the Binghamton recommended filing dates below. Beginning with 2017-2018, you can complete the FAFSA beginning October 1, 2016 using the IRS Data Retrieval Tool.
- New students: January 1 for fall 2017 admission; November 15 for spring 2017 admission.
Continuing students and all Graduate students: April 1
Applying for Financial Aid at SUNY (2017-18) (video)
FASFA and FSA ID Tips for Parents (2017-18) (video)
Families may need to explore financial aid in the form of grants, loans, scholarships, and work-study to help finance their college students' education. Binghamton University's Office of Financial Aid Services is committed to helping you and your family in evaluating your options.
WHY COMPLETE THE FAFSA?
Because this is the only way to potentially land a piece of the more than 80 billion dollars the federal government provides in grants, loans and work-study programs each year to college students.
Benefit at Binghamton University by completing the FAFSA.
Based on your successful completion of the FAFSA, you may be eligible for:
- Grants -- money that does not have to be repaid
- Loans -- borrowed money that must be repaid
- Federal Work Study (FWS) -- money earned by working a part-time job on or off campus
- Scholarships -- free money, awarded by Institution or outside source
HOW TO COMPLETE THE FAFSA
- You (and one of your parents or guardians) can create an FSA ID and password the U.S. Department of Education. With the login information, you can apply and “sign” the FAFSA online, check the status of your submitted FAFSA, and make corrections or revisions.
How to set up an FSA ID and password (video)
- Make sure you have your Social Security number (SSN) available. Your application will not be processed without it!
- Login and complete the FAFSA online at http://www.fafsa.ed.gov.
- Complete the FAFSA accurately using the IRS Data Retrieval Tool (DRT):
The IRS Data Retrieval Tool (IRS DRT) Electronically Transfers Your Federal Tax Return Information Into Your FAFSA.
- EASY: Transfer info with the click of a button.
- FAST: Instantly retrieve your information.
- ACCURATE: Correctly fill in data fields.
- Log in to your current FAFSA, or start a new FAFSA at fafsa.gov.
- In the finances section of the FAFSA, you will see a “Link to IRS” button if you are eligible to use the IRS DRT.
- Click the “Link to IRS” button and log in to the IRS to retrieve your tax return information.
- Review your tax return information, and see the tax data that will be transferred into your FAFSA.
- Check the “Transfer My Tax Information into the FAFSA” box, and click the “Transfer Now” button.
- Review your federal tax return information that has been transferred into the data
fields on your FAFSA.
- Make note of state and college deadlines because these can differ from the federal deadline. Also, some colleges may require an additional financial aid application.
NEW YORK STATE RESIDENTS: “TAP” INTO ADDITIONAL AID
If you’re a resident of New York state and are or will be an undergraduate student, you may be eligible for Tuition Assistance Program (TAP) awards. After filing your FAFSA, you will be able to link directly to the TAP application from the FAFSA confirmation page.
You must include Binghamton’s school codes or you will not be eligible for TAP.
To remain eligible for state and/or federal financial aid, you must maintain Satisfactory Academic Progress (SAP).
Tips on applying for financial aid
- Apply for aid early. The priority deadline for fall is January 1 for new students
and April 1 for current undergraduates and all graduate students. For spring it’s
November 15 for all students.
- Your completed and correct FAFSA must be received by the last day of classes of that aid year. (i.e. 2016-2017 FAFSA must be received no later than last day of classes for Spring 2017).
- The new IRS Data Retrieval Tool pulls accurate tax data directly from your tax return into your FAFSA.
- Be organized! Maintain a file of your financial aid materials
- Keep your current (local) and permanent addresses up-to-date in BU BRAIN.
- Check your Binghamton email account - all important university communications are sent there.
Taxation of Scholarships, Fellowships, and Awards
If you receive a scholarship or fellowship, you may have to pay tax on the amount you do not use to pay for tuition and course-related supplies (books, lab fees, etc.). This does NOT, however, include federal or state grants (such as PELL, FSEOG, TAP, etc.), nor does it include federal loans (such as Direct Subsidized/unsubsidized Student loans, Stafford loans, PLUS, etc.).
EXAMPLE: Suppose you receive a $4,000 scholarship. You spend $1,500 for tuition and $300 for books. You spend the remaining $2200 for room and board. The $2,200 is taxable and must be reported when filing your tax returns.