Are financial aid awards taxable?
Depending upon your financial aid and your specific circumstances, you may or may not have a tax liability. Please see IRS Publication 970 found on the Internal Revenue Service’s website.
Do I need to file for financial aid every year?
Yes. You will need to file a FAFSA and undergraduate students who wish to apply for Syracuse University Grant must also file a College Scholarship Service Financial Aid PROFILE every year. Read more about renewing financial aid.
If I receive my Student Aid Report (SAR) and it says I am selected for verification, what do I need to do?
Nothing. Syracuse University participates in the Department of Education’s Quality Assurance Program; therefore, if you were selected for verification and you plan to attend SU, you can disregard the message.
What if my parents or I have not filed our tax returns before the CSS Profile and FAFSA are due?
We recommend that you use the information from your completed tax returns when filing these forms. However, if you are unable to file your taxes by the SU application deadlines, do not wait to complete the PROFILE and the FAFSA. Some students use tax information from the previous year to generate an estimate, but you can also use W-2 or other earnings information if necessary. It is important to adhere to the SU application deadlines, even if you must use estimated information when completing the applications.
What if there is a change in my family situation or I have special circumstances?
Students (or families) who experience a change in their family circumstance are encouraged to contact our office and speak with a Financial Aid Counselor.
Should I send SU my income tax returns?
Do not submit documents to SU unless they have been requested. SU utilizes the College Board’s Institutional Documentation Service (IDOC). Tasks will be added to a student’s MySlice Financial Aid To Do List and students will be notified when income documentation is required. Documents should then be sent to the College Board’s IDOC.
Early Decision applicants: check your MySlice Financial Aid To Do List for directions on submitting yours and your family’s previous years income tax returns.
What types of financial aid must be repaid and what types do not have to be repaid?
Scholarships and grants are gift aid and do not have to be repaid. Loans must be repaid, with interest.
Does my financial aid package change each year?
Award amounts may change from year to year for many reasons. Calculated family contributions (including a reduction in the number of family members attending college), costs, funding levels, and maximum award amounts can change and affect your aid package. Your eligibility for federal loan(s) will increase as you advance from freshman to senior levels. Read more on renewing financial aid.
How do I know if I am eligible for the NYS Tuition Assistance Program (TAP)?
TAP is administered by the New York State Higher Education Services Corporation (HESC). New York State residents who complete the FAFSA online will be prompted to complete a TAP application on the HESC website. Once these two forms are completed, students will be notified of their TAP eligibility directly from HESC. To calculate your own TAP award, you may visit the HESC website.
Is financial aid available for summer study?
Students may be eligible for federal financial aid for summer study. For details regarding your eligibility, contact your Financial Aid Counselor or see our Summer Aid page.
How will moving off campus affect my financial aid?
As long as you are not living at home with your parent(s), you receive the same amount of financial aid whether you live in a residence hall or in an off-campus apartment. Any financial aid in excess of your bursar bill can be refunded to you to meet off-campus expenses such as rent or food. Students living at home with their parent(s) are considered commuters and have a lower Cost of Attendance, as they do not incur room expenses.
Is financial aid available for study with SU Abroad?
There is additional funding for students wishing to study abroad. Contact your financial aid counselor to discuss details about studying abroad. Be sure to visit SU Abroad’s website for information about grants, scholarships, tuition and fees.
If I take a leave of absence, will my financial aid be fully reinstated when I return to SU?
Your financial aid counselor must review the circumstances regarding your leave of absence and return. In many cases, financial aid awards may be fully reinstated as long as the proper forms are filed and submitted to SU.
Where else might I find answers to my question?
You may also find answers to common questions by viewing our policies page.