Financial Aid

Introduction

We understand that filing for financial aid is a complex process. Alfred State's Student Records and Financial Services Office is available to answer any questions you may have and to ensure that you obtain the Federal and State financial aid you are entitled to. We are your one stop shop for financial aid, billing, and student records.

Alfred State works hard to cut your costs through Free Tuition Plus. Your goal of going to college can come true as we help you save money, earn scholarships, make money on campus, and then launch a fulfilling and good-paying career.

FAFSA Simplification

The FAFSA Simplification Act represents a significant overhaul to federal student aid starting with the 2024-25 award year. This includes changes to the Free Application for Federal Student Aid (FAFSA) form, need analysis, and many policies and procedures. These changes are aimed at making it easier for students and their families to apply for financial aid with a more streamlined application process. Because of these changes, the 2024-25 FAFSA will not be available until December 2023 (instead of October 1st). The exact date is yet to be determined.

Beginning with the 2024-25 academic year, the Student Aid Index (SAI) will replace the Expected Family Contribution (EFC). The Student Aid Index will be a factor in calculating a student's financial need. It's similar to the EFC but has some key differences:

• Range: Unlike the EFC, which can be as low as $0, the minimum SAI will be -$1,500.
• Pell Grant eligibility: The FAFSA Simplification Act will expand access to Pell Grants and consider the federal poverty level and a student's family size when determining eligibility. The Student Aid Index will be used to determine Pell Grant eligibility for students who don't immediately qualify for them based on their income alone.
• Number of family members in college: The new SAI formula no longer considers this. Previously with the EFC, having other family members in college could impact a student's financial aid eligibility.
• Family farms and small businesses: Those that were excluded under the EFC are now included for the SAI calculation.

Other Key Changes:

• Who completes the FAFSA may change for some families. Under the current FAFSA, students whose parents are divorced or separated report the income of the parent they spend the most time with. The new FAFSA will use the information for the parent who contributes the most financial support, regardless of whether or not the student lives with them. If parents contribute equally, the adjusted gross income (AGI) of the highest earner will be used.
• A direct data share with the IRS will replace what is currently known as the IRS Data Retrieval Tool (DRT).
• Each contributor to the FAFSA (student, student spouse, parent(s) and/or stepparent) will have to provide consent to use their Federal Tax Information (FTI) on the FAFSA, even if they did not file a U.S. tax return.
• Foster, homeless, and unaccompanied youth - as well as applicants who cannot provide parental information - will be able to complete the form with a provisional independent student determination and receive a calculated SAI.

Watch the Federal Student Aid “What’s Changed for the 2024–25 FAFSA Form?” Video to learn more.

2024-2025 FAFSA Form Preview

SUNY Net Price Calculator

Use the SUNY Net Price Calculator for an early estimate of financial aid and costs.

Your Financial Aid Plan

Financial aid processing typically begins in December. Because of the FAFSA Simplification, we expect financial aid processing to being in March for the 2024-2025 academic year. Once you have been accepted to Alfred State and we receive your FAFSA, we will create your personalized Financial Aid Plan. All students considered for financial aid, and your eligibility is determined by federal and state regulations and your financial need based on data provided on the FAFSA. Financial need is calculated using the following formula:

Cost of Attendance - Student Aid Index = Financial Need

Financial Aid Plans are sent via mail to new students. Email notifications are sent to new and continuing students when Financial Aid Plans are available for viewing online at my.AlfredState.edu/finances. Instructions are provided to students on how to accept or decline their aid, how to check for incomplete financial aid requirements, and how to apply for the different types of aid being offered.

Types of Financial Aid

Your Financial Aid Plan may include any combination of the following aid sources:

• Grants are funds typically provided by the Federal and/or State government and do not require repayment.
• Scholarships are funds provided by Alfred State or other outside organizations and typically do not require repayment.
• Loans are funds borrowed from the federal government or private lending institutions and must be repaid with interest.
• Federal Work-Study provides students an opportunity to earn a portion of their educational expenses through employment.

What type of funds you are offered will depend on your financial need, your eligibility based on each fund's specific criteria, and availability of funds at the time your FAFSA application is received by the Student Records and Financial Services Office. Financial aid is conditional upon continuation of legislative authority and availability of appropriated funds.