NYS Financial Aid Award Information Sheet Frequently Asked Questions
- Which students must receive the Financial Aid Award Information Sheet?
When responding to a financial aid award application, New York schools must provide the Financial Aid Award Information Sheet to all incoming or prospective students (i.e., all first time enrollees at the school, including students transferring to the school and prospective students applying to the school). This includes students pursuing undergraduate, vocational, certificate, graduate, professional or doctoral degrees, including adult and non-traditional students pursuing such studies or any other student attending the institutions listed in New York Banking Law § 9-w.
- Is there a required method of delivery for providing the Financial Aid Award Information Sheet?
- No. Schools should send the Financial Aid Award Sheet in the same manner as they send a financial aid award or package in response to a financial aid application.
- Do schools need to provide the Financial Aid Award Information Sheet to students enrolling in the school before the 2016-17 academic year?
- No. New York Banking Law § 9-w requires schools to start providing the Financial Aid Award Information Sheet to students applying for financial aid for the 2016-17 academic year.
- Do schools need to provide an estimated cost of attendance specific to a student’s major?
- No. Schools must provide an estimate of the cost needed to earn a degree or certificate at the institution. Schools should provide a reasonable estimate to obtain the degree or certificate based on what the school knows at the time the student applies for financial aid. Estimated cost of attendance (“COA”) includes at a minimum tuition and fees; housing and meals; allowances for books, supplies, transportation, loan fees, and dependent care; and miscellaneous and personal expenses, such as an allowance for the rental or purchase of a personal computer, costs related to a disability, and reasonable costs for eligible study-abroad programs. For students attending less than half-time, the COA includes at a minimum tuition and fees; an allowance for books, supplies, and transportation; and dependent care expenses.