Governing Documents
Statement of Principles

  1. The financial aid office should provide monetary assistance to students who can benefit from further education but cannot financially afford to attend

  2. The financial aid office should work with schools, community groups, welfare agencies, state scholarship programs, and other institutions in order to realize the goal of equal opportunity in education.

  3. The college or university should publish budgets indicating total student expenses including tuition and fees, books and supplies, room and board, and miscellaneous and personal expenses.

  4. The financial aid office should provide any and all information necessary for the student to have a clear understanding of his responsibility regarding financial aid, i.e., loan repayment, policies of aid awards, commitment to college work-study assignments, etc.

  5. Parents are expected to assist their children according to their means. Students are also expected to contribute from their own assets and earnings, from both summer work and work during the regular term (where appropriate).

  6. Financial aid should be offered only after financial need has been established by means of an approved need analysis system. the amount of aid offered should not exceed the amount needed to meet the difference between the students' total educational expenses and his resources.

  7. The amount and type of self help assistance should be related to the circumstances of the individual. An equitable distribution of all financial aid funds should be predicated on established packaging philosophies and guidelines.

  8. The office should review its awards annually and adjust them to reflect changes in financial needs and expenses of the students.

  9. Since the amount of financial assistance awarded reflects the economic circumstances of the student and his family, the office should refrain from any public announcement of the amount of aid offered and encourage the student, the secondary school, and others to respect the confidentiality of the information.

  10. All documents, correspondence, and conversations between and among the aid applicant, his family, and the financial aid staff are confidential and entitled to the protection ordinarily arising from a counseling relationship. Further, the dissemination of any information from the students or parents file is strictly prohibited by the Educational Rights and Privacy Act of 1974.

  11. Concerns of the student should be paramount. financial aid should be administered in such a manner that other interests, through important, are subordinate to the needs of the student.




      

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The information presented on the NYSFAAA Website is provided as a service from the New York State Financial Aid Administrators Association to our constituents and represents our best efforts to assist students and their families in pursuing funding for higher education. NYSFAAA is a volunteer association of financial aid professionals representing the various institutions of higher education in New York State. We have collected information we believe to be important and reputable in finding and obtaining financial aid resources; however, we assume no liability for the use of this information. The New York State Financial Aid Administrator's Association, Inc (NYSFAAA) does not receive any money, gifts or compensation, related to educational lending activities, from any "lending institution" as defined in S620(8)a and S620(8)b of New York State Education Law. Hence, NYSFAAA does not meet the definition of "lending institution" as defined in S620(8)c of New York State Education Law. Therefore, institutions of higher education in New York and employees of those institutions are not subject to any potential conflicts of interest or legal restrictions under NYS Education Law in their interactions with NYSFAAA.*
* This statement does not constitute, and should not be construed as, legal advice.