As, free tax preparation programs across the nation have focused on developing workable approaches to promoting basic financial products and consumer friendly investment vehicles, programs rarely incorporate the promotion of asset-building services and products during the tax preparation process itself. The Health & Welfare Council of Long Island understands promoting college access services at the tax site is, fundamentally, an asset building opportunity.
What is
Financial Aid U?
Financial Aid U is the Health & Welfare Council of Long Island’s solution to the problem
of inequality in college access. Financial Aid U is for the aspiring student who believes that
college may be financially out-of-reach. The program can help these students — whether
traditional or nontraditional — and their families understand that attaining their postsecondary
goal is achievable with the help of financial aid, minimizing a hurdle to a brighter
financial future.
Nationwide, college attendance rates for low-income households
lag 20-40% behind their high-income counterparts. As college costs
skyrocket, attendance is not a question of motivation, but rather
one of ability to pay.
Through the Financial Aid U initiative, the Health & Welfare Council
of Long Island partners with community-based organizations throughout
low-income areas to connect students with financial aid resources that
can help them fund their college dreams.
The financial aid process is complicated, but it can be broken down into manageable
steps. It all begins with the Free Application for Federal Student Aid (FAFSA).
What is the FAFSA?
The first step to paying for college is filling out the Free Application for
Federal Student Aid (FAFSA). By filling out the FAFSA, you are applying for
financial aid (federal grants,student employment programs and loans, if you
choose) that will help you pay for college. The amount of money you receive depends
on how much money you and your family (if they are still supporting you) earn each year.
To fill out the FAFSA, you’ll need the following documents. Check them off when you’ve
got them:
Checklist: click here for a printable version
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Your Social Security Number. Be sure it is correct! |
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Your driver's license (if any) |
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Your 2009 W-2 Forms and other records of money earned |
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Your (and your spouse´s, if you are married) 2009 Federal Income Tax Return.
- IRS 1040, 1040A, 1040 EZ
- Foreign Tax Return, or
- Tax Return for Puerto Rico, Guam, American Samoa, the U.S. Virgin Islands, the Marshall Islands, the Federal States of Micronesia, or Palau
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Your Parents´ 2009 Federal Income Tax Return (if you are a dependent student) |
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Your 2009 untaxed income records
- Veterans noneducation benefit records
- Child support received
- Worker's compensation
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Your current bank statements |
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Your current business and investment mortgage information, business and farm records, stock, bond and other investment records |
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Your alien registration or permanent resident card (if you are not a U.S. citizen) |
When Should I Submit the FAFSA?
FAFSA applications can be submitted any time after January 1. Student aid is available
on a first-come, first-served basis, so the early birds are most likely to receive aid. You
want to get your spot in line before the funding runs out. It’s okay to submit a FAFSA
without current tax information — but you have to go back and fill in that information as
soon as you can. The Health & Welfare Council is here to assist you.
For more information click on the following links:
HAVEN'T FILED YOUR TAXES YET? Free tax preparation services are
available for individuals and families across Long Island through the
Volunteer Income Tax Assistance Program. Click here for more information.
Online Resources: click here for a printable version
Generally, there are three types of financial aid available to students in postsecondary
education programs. Some, as you can see below, are more advantageous than others.
But finding the right financial aid for a student depends on the student’s financial
situation. Financial aid can include:
• Loans – Have to be repaid
College Loan Programs FACT SHEET
College Loan Programs FACT SHEET (SPANISH)
• Grants and scholarships – Do not have to be repaid
FAFSA Grant Programs FACT SHEET
FAFSA Grant Programs FACT SHEET (SPANISH)
• Employment programs (e.g. Federal Work Study Program) –
Allow students to earn money and gain job experience. Money earned
does not count towards financial aid eligibility.
Each of these financial aid options is discussed in greater detail below.
But, be aware, every student MUST complete the Free Application for
Federal Student Aid (FAFSA) in order to be considered for and awarded
federal grants and student loans or to qualify for work-study programs.
The financial aid process is complicated, but it can be broken down into
manageable steps for the student. It all begins with the FAFSA.
FAFSA www.fafsa.ed.gov
Federal Student Loans and Grants: Sallie Mae www.salliemae.com
Financing your Education, from the US Department of Education
www.studentaid.ed.gov/students/attachments/siteresources/FundingEduBeyondHighSchool_0910.pdf