FAFSA F UNDAMENTALS 2016-2017. Paying for College Paying for College No matter who you are, you CAN go to college No matter who you are, you CAN go to.

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Presentation transcript:

FAFSA F UNDAMENTALS

Paying for College Paying for College No matter who you are, you CAN go to college No matter who you are, you CAN go to college College is an investment in your future College is an investment in your future Many forms of financial aid are available to help you pay for your education Many forms of financial aid are available to help you pay for your education

What’s Financial Aid? What’s Financial Aid? Financial aid is money to help you pay educational expenses, such as: Tuition Tuition Fees Fees Books Books Room and board Room and board Transportation Transportation Personal costs Personal costs

How Do I Apply? How Do I Apply? Free Application for Federal Student Aid The FAFSA is your first step The FAFSA is your first step Use it to apply for most types of federal and state aid Use it to apply for most types of federal and state aid

Why FAFSA Matters? Nationally over $150 billion dollars in financial aid is provided to students every year Each year about 8 million students eligible for financial aid don’t complete a FAFSA

Completing FAFSA Online – Visit FAFSA.gov Online – Visit FAFSA.gov Print a copy – Go to FAFSA.gov ; click FAFSA Filing Options to print a paper FAFSA Print a copy – Go to FAFSA.gov ; click FAFSA Filing Options to print a paper FAFSA Request a paper copy – Call FED.AID or (TTY) to request copies in English or Spanish Request a paper copy – Call FED.AID or (TTY) to request copies in English or Spanish

FAFSA.gov FAFSA.gov

Why Online? Why Online? Faster processing time Faster processing time Save your application and return to it later Save your application and return to it later Built-in error catcher means fewer delays Built-in error catcher means fewer delays Yearly online renewal Yearly online renewal Help and Hints boxes provided with every question Help and Hints boxes provided with every question Electronically sign using your Personal Identification Number (PIN) Electronically sign using your Personal Identification Number (PIN)

FAFSA ID

What can you use FAFSA ID for? Electronically sign a FAFSA Import your tax information from the IRS Make online corrections to an existing FAFSA View or print your Student Aid Report View the history of any federal student aid you have received.

Requested FAFSA Info Requested FAFSA Info Social Security Numbers Social Security Numbers Tax, income and other financial information Tax, income and other financial information Marital status Marital status Citizenship status Citizenship status Assets Assets Level of parents’ school completion Level of parents’ school completion Selective Service registration Selective Service registration

Don’t Miss Deadlines Don’t Miss Deadlines FAFSA – Check with your school’s Financial Aid office for any priority deadlines FAFSA – Check with your school’s Financial Aid office for any priority deadlines State Aid – State deadlines can be found at FAFSA.gov State Aid – State deadlines can be found at FAFSA.gov  Texas deadline is midnight Central Time on March 15 th

FAFSA P ROCESS

FAFSA Sections FAFSA Sections Login and Password Login and Password Student Demographics Student Demographics School Selection School Selection Dependency Status Dependency Status Parent Demographics Parent Demographics Financial Information Financial Information Sign and Submit Sign and Submit Confirmation Confirmation

Selective Service Eighteen year old males must register with Selective Service in order to receive financial aid You can elect to register here on your FAFSA

College Selection College Selection You can send your FAFSA to 10 different colleges You can search colleges by name, city or state A search was done here on Rose State College

School Comparison School Comparison

Housing Plans Provide Housing Plans for each school you’ve chosen to receive your FAFSA results Your options: On campus On campus Off campus Off campus With parents With parents

Dependent or Independent? Dependent or Independent? Your answers to these questions will determine your dependency status If you’re unable to answer YES to one of these questions, you’ll be considered a Dependent Student

Dependency Status Dependency Status Dependent students must provide parental information on the FAFSA Dependent students must provide parental information on the FAFSA Independent students aren’t required to show parental information unless requested by their school Independent students aren’t required to show parental information unless requested by their school

Special Circumstances Special Circumstances If you’re a dependent student and unable to provide parental information, indicate that here. It’s highly recommended that you speak to the Financial Aid office at the college(s) you’ll attend, however. Most schools have specific procedures they follow to handle this question.

Special Circumstances Special Circumstances Exceptions to the rule for parental information are shown here Contact your Financial Aid office for more details

Parent Information Parent Information If your LEGAL parents (biological and/or adoptive) are separated or divorced – Use information about the parent you lived with most during the last 12 months If your LEGAL parents (biological and/or adoptive) are separated or divorced – Use information about the parent you lived with most during the last 12 months If you lived with both divorced parents equally – Use information for the parent who provided you the most financial support in the last 12 months If you lived with both divorced parents equally – Use information for the parent who provided you the most financial support in the last 12 months If your divorced parent is remarried – Use information for your parent and step-parent If your divorced parent is remarried – Use information for your parent and step-parent

Parent Information Parent Information

Parent Demographics Parent will enter first initial and last name as shown on their Social Security card. Name and date of birth will be verified with the Social Security Administration.

Parent Demographics Household size will include those living with your parent(s) who receive more than half of their support from them and will continue to receive this support through June 30, 2016

Parent can choose a tax filing status: -Already completed -Already completed -Will file -Will file -Not going to file -Not going to file If parent ‘will file’, they’re given the option to use an Income Estimator or their prior year’s tax figures They will be instructed to enter final tax data when available and use the IRS Data Retrieval Tool Income Estimator

Parent can choose a tax filing status: -Already completed -Already completed -Will file -Will file -Not going to file -Not going to file If parent ‘Already completed’ their taxes, they’re given the option to manually enter their tax figures or download the info from the IRS. This feature is not available until the first week of February. Parent Income

IRS Data Retrieval Tool

IRS Data Retrieval IRS can send tax data online directly to your FAFSA IRS can send tax data online directly to your FAFSA Available early February for the FAFSA processing cycle Available early February for the FAFSA processing cycle Participation is voluntary Participation is voluntary Reduces documents requested by financial aid office Reduces documents requested by financial aid office

IRS Data Retrieval Electronically filed tax information will be available 2-3 weeks after the return has been accepted by the IRS Electronically filed tax information will be available 2-3 weeks after the return has been accepted by the IRS Data from paper tax returns will be available on the IRS website in approximately 8-11 weeks after the IRS receives the return Data from paper tax returns will be available on the IRS website in approximately 8-11 weeks after the IRS receives the return Balance due or amended returns will take considerably longer Balance due or amended returns will take considerably longer

Parent Income Parent will enter any information on untaxed income, current value of cash, savings and checking accounts, and net worth of current investments and businesses

Student Income Students are also asked to provide the type of tax return they filed as well as their income earned and taxes paid.

Student Income Applicant will enter their income here

Sign and Submit Sign and Submit Review or print a copy of your FAFSA answers here. Make necessary changes now before submitting your application. Enter your FAFSA ID number here to electronically sign your FAFSA. If you’ve still not requested a FAFSA ID, you may do so here.

Sign and Submit Sign and Submit Hit Submit My FAFSA Now to send your results to the school(s) you’ve chosen.

Confirmation Page Confirmation Page A Confirmation Page is shown after your FAFSA has been submitted It includes an estimate of your Expected Family Contribution (EFC) and estimated eligibility for the Pell Grant and Federal Direct student loans

A FTER THE FAFSA

After FAFSA Submission You will be notified when your FAFSA is processed You will be notified when your FAFSA is processed Your FAFSA information will be made available to your school(s), and they will use it to determine the aid you may be eligible to receive Your FAFSA information will be made available to your school(s), and they will use it to determine the aid you may be eligible to receive Your school(s) will contact you if they need more information or when they are ready to discuss your financial aid award Your school(s) will contact you if they need more information or when they are ready to discuss your financial aid award If you have questions about your financial aid package, contact your school(s) If you have questions about your financial aid package, contact your school(s)

Student Aid Report (SAR) Summarizes your FAFSA information Summarizes your FAFSA information Available to you after your FAFSA is processed Available to you after your FAFSA is processed Review the SAR for accuracy Review the SAR for accuracy The schools listed on your FAFSA will also receive a summary The schools listed on your FAFSA will also receive a summary

Making Corrections If necessary, corrections to FAFSA data may be made by: Using FAFSA on the WEB ( ) if student has a PIN; Using FAFSA on the WEB ( ) if student has a PIN; Updating items on the paper SAR; or Updating items on the paper SAR; or Submitting documentation to the college’s Financial Aid office Submitting documentation to the college’s Financial Aid office

Frequent FAFSA Errors Social Security Numbers Social Security Numbers Divorced/remarried parental information Divorced/remarried parental information Income earned by parents/stepparents Income earned by parents/stepparents Untaxed income Untaxed income U.S. income taxes paid U.S. income taxes paid Household size Household size Number of household members in college Number of household members in college Real estate and investment net worth Real estate and investment net worth Submit button Submit button

Cost of Attendance An estimate of the total educational expenses for a specific enrollment period An estimate of the total educational expenses for a specific enrollment period Includes average tuition, fees, books and supplies, room and board, transportation and miscellaneous expenses at an individual school Includes average tuition, fees, books and supplies, room and board, transportation and miscellaneous expenses at an individual school Cost of Attendance (COA) may be different at each school Cost of Attendance (COA) may be different at each school

Expected Family Contribution The Expected Family Contribution, or EFC, is calculated from the information provided on your FAFSA, such as income, assets and family size The Expected Family Contribution, or EFC, is calculated from the information provided on your FAFSA, such as income, assets and family size Comprised of two components Comprised of two components  Parent contribution  Student contribution Same amount at every college Same amount at every college

Financial Need The difference between the Cost of Attendance (COA) and the Expected Family Contribution (EFC) The difference between the Cost of Attendance (COA) and the Expected Family Contribution (EFC) School determines financial need based on data from your FAFSA School determines financial need based on data from your FAFSA Financial aid awards are based on your financial need Financial aid awards are based on your financial need

Financial Need Cost of Attendance -Expected Family Contribution - Other Aid Financial Need

Award Letter Sent by schools that have accepted you and received your financial aid paperwork; lists types and amounts of aid you’re eligible to receive Sent by schools that have accepted you and received your financial aid paperwork; lists types and amounts of aid you’re eligible to receive You don’t have to accept everything you’re offered in the award letter You don’t have to accept everything you’re offered in the award letter Submit any requested information to your school by the required deadline Submit any requested information to your school by the required deadline

Federal Financial Aid Federal Pell Grant $5,730 annual maximum for $5,730 annual maximum for Undergraduates without a bachelor’s degree Undergraduates without a bachelor’s degree Need-based Need-based Federal Supplemental Educational Opportunity Grant (FSEOG) $4,000 annual maximum for $4,000 annual maximum for Undergraduates without a bachelor’s degree Undergraduates without a bachelor’s degree Priority given to Pell Grant recipients with high financial need Priority given to Pell Grant recipients with high financial need

Federal Financial Aid Teacher Education Assistance for College and Higher Education Grant (TEACH) $4,000 annual maximum for $4,000 annual maximum for Undergraduate and graduate students Undergraduate and graduate students Fulfill teaching service in a high-need field, low-income school or educational service agency Fulfill teaching service in a high-need field, low-income school or educational service agency Iraq and Afghanistan Service Grant Awarded to a student whose parent or guardian was in the U.S. Armed Forces and died in Iraq or Afghanistan after 9/11/2001 Awarded to a student whose parent or guardian was in the U.S. Armed Forces and died in Iraq or Afghanistan after 9/11/2001 Undergraduate under 24 years of age or enrolled in college part-time at the time of parent or guardian’s death Undergraduate under 24 years of age or enrolled in college part-time at the time of parent or guardian’s death Recipient cannot be Pell Grant eligible Recipient cannot be Pell Grant eligible

Federal Financial Aid Federal Work-Study (FWS) Allows a student to earn money to help pay educational expenses Allows a student to earn money to help pay educational expenses Offers campus-based or community employment opportunities Offers campus-based or community employment opportunities Need-based Need-based

Federal Financial Aid Federal Subsidized Student Loan $3,500/year maximum for Freshmen $3,500/year maximum for Freshmen Government pays interest while a student is enrolled at least half-time Government pays interest while a student is enrolled at least half-time 4.66% interest rate during % interest rate during Need-based Need-based Federal Unsubsidized Student Loan Additional loans available to students who qualify Additional loans available to students who qualify Interest starts to accrue after first disbursement Interest starts to accrue after first disbursement 4.66% interest rate during % interest rate during Non-need based Non-need based

Federal Financial Aid Parent Loan for Undergraduate Students (PLUS) For parents of dependent students For parents of dependent students Parent borrower must be credit-worthy Parent borrower must be credit-worthy Interest starts to accrue after first disbursement Interest starts to accrue after first disbursement 7.21% interest rate during % interest rate during Non-need based Non-need based

Things to Remember Complete the FAFSA every year you need financial aid for college Complete the FAFSA every year you need financial aid for college Complete the FAFSA as soon after January 1 st as possible to meet deadlines Complete the FAFSA as soon after January 1 st as possible to meet deadlines Fill out the form online, if possible Fill out the form online, if possible Sign electronically with a Personal Identification Number (PIN) Sign electronically with a Personal Identification Number (PIN) Never pay to complete this form; it’s a FREE application Never pay to complete this form; it’s a FREE application

FAFSA.com FAFSA.com requires its users to pay $79.99 for this service. Never pay to complete the FAFSA! Always use FAFSA.gov.