Financial Aid

Frequently Asked Questions

  1. Do I have to apply for Financial Aid every year?
  2. If I pay for my tuition out of my own pocket and then get Financial Aid, will I later be refunded?
  3. Do I have to keep applying for Financial Aid, even though I am no longer eligible?
  4. Since I received Financial Aid last year, does that automatically mean I get it this year?
  5. What happens after I have submitted the FAFSA?
  6. What does Verification mean?
  7. What is a Renewal Application?
  8. I lost my TAP application.  What should I do?
  9. How will I know if I am eligible for TAP?
  10. How will I know if I will receive any Federal or Baruch Financial Aid?
  11. If I receive financial aid how will I pay my bill?
  12. My aid exceeds my tuition and fees; can I get that money?
  13. My financial aid doesn't appear on my bill. Will my classes be dropped?
  14. Are International Students eligible for federal or state aid
  15. My parents don't give me any money. Can I exclude their income information when I apply for financial aid?
  16. If the familly income changes from prior year, can I apply for an adjustment to use current year income?

  1. Do not think that because you received aid last year it will automatically be renewed. Every spring semester you must submit a new FAFSA, which is available on the Web or in the Financial Aid Office. Remember the TAP application is also the FAFSA.

                                                                                                back to top

  1. Yes, if you are eligible later for the Financial Aid you will be refunded.

                                                                                                back to top

  1. Yes, although you may not be eligible for the Pell Grant, or other federal need based aid you might be eligible for TAP, or an unsubsidized Direct Loan. In order to receive a TAP application or an unsubsidized loan you must complete the FAFSA every year.

                                                                                                back to top

  1. No, just because you received aid previously does not mean you receive it every year. Your aid could be increased or reduced because of changes in family income, the size of the family and number in college.

                                                                                                back to top

  1. Once you have received your Student Aid Report (SAR), please READ it carefully. You may be required to submit additional information. Your application may have been selected for Verification.

                                                                                                back to top

  1. The Federal government chooses students for verification on a random basis. In order to complete the verification process you must provide copies of you and/or your parents current income documents and a completed dependent or independent verification worksheet. The Verification Worksheet is on the web-just click for the appropriate form for you. Examples of income documents are: federal tax returns, public assistance breakdown letter or social security income statement. You must submit copies that the Financial Aid Office can keep. If you have been chosen for verification, you cannot receive federal aid until the verification process is complete. In addition, you may be required to provide proof of selective service registration, citizenship data, or resolve prior student loan problems. If you have problems resolving verification issues, make an appointment to meet with a financial aid counselor.

                                                                                               back to top

  1. The Renewal Application is sent by the Department of Education to all students who submitted a FAFSA the previous year. The renewal application is also available on the web. NOTE: If you complete the Renewal Application you must update income and asset information, marital status, number in family and number in college and any other data elements required, AND YOU MUST SIGN THE FORM.

                                                                                                back to top

  1. If you lost your TAP form, you must come to the Financial Aid Office. The office can electronically request a duplicate. It will be sent to you in about four weeks.

                                                                                                back to top

  1. New York State Higher Education Services Corporation will send you a TAP award letter. Students must also meet TAP academic criteria.

                                                                                               back to top 

  1. You will receive an award letter in the mail which will contain information about the aid you will receive. NOTE: In order to be considered for financial aid, you must be enrolled for at least six credits. Undergraduate students must maintain a 2.0 GPA, and graduate students 3.0. For details see Satisfactory Academic Progress in the Baruch Catalog. Direct Student Loans require a separate application.

                                                                                              back to top

  1. Your Financial Aid will be applied to your bill.

                                                                                              back to top

  1. If your aid exceeds the cost of tuition and fees, the funds will be sent to your direct deposit account or a check will be mailed to the address in the Registrar's data base.

                                                                                              back to top

  1. Yes, your classes will be dropped!! If you have applied for financial aid and allowed time for processing you should check with the Student Information Center or the Financial Aid Office to determine if there is a problem. If you have not applied or applied late you must pay or arrange for a partial deferment with the Bursar's Office. If you applied late and are determined to be eligible to receive aid, you will be reimbursed. The reimbursement will be for whatever you have been awarded beyond what you owe the Bursar.

                                                                                              back to top

  1. No, International Students are not eligible for federal or state aid, but they may apply for private student loans. Most private loans require a credit worthy co-signer who is either a permanent resident or U.S. Citizen.

                                                                                              back to top

  1. Probably not. To determine eligibility for federal aid, there are 6 questions on the FAFSA used to determine a student's dependency status (Questions 53 through 58). Students who cannot answer "yes" to any of these questions are required to provide parental information. Students under the age of 24 who answer "yes" to question 55 through 58 will be required to submit documentation of their status (example: marriage certificate, military discharge papers, death certificates, proof of a dependent). If you believe you have exceptional reason for excluding parental information, you must make an appointment to speak to a financial aid counselor. You must answer "no" to all of the dependency questions on the TAP application in order to be considered independent. Students who have answered "no" to all of the TAP dependency questions and are less that 22 years old will be contacted by New York State Higher Education Services Corporation. Dependency overrides for TAP are handled by NYHESC.

                                                                                              back to top 

  1. Yes, you may apply for an adjustment but you must be able to document the decrease in income. Examples of acceptable documentation would include: your (or your parents) last pay stub along with a letter of termination of employment and your (or your parent's) unemployment compensation benefits letter. If you are applying for the adjustment during the spring semester, bring a copy of your (or your parents) tax return which will document the decrease in income from the year reported on the FAFSA.                                                                                                         back to top