FAFSA and Financial Aid 101 Student Financial Services Jefferson College

Topics We Will Discuss Tonight The FAFSA Documents Needed to Fill Out The FAFSA How to Sign the FAFSA Data Retrieval Tool (DRT) Common FAFSA Mistakes Types of Financial Aid Sources of Financial Aid Helpful Resources

Free Application for Federal Student Aid FAFSA May be filed at any time during an academic year, but no earlier than October 1st prior to the academic year for which the student requests aid For the 2018–19 academic year, the FAFSA may be filed beginning October 1, 2017 First step to receiving Federal and State Aid (Pell Grant, Access MO, SEOG, Loans, A+ Scholarship and some Institutional Scholarships) Available online at www.fafsa.ed.gov Missouri’s priority processing deadline is February 1 FAFSA must be processed (not just submitted) by February 1 for student to be eligible for additional state grants such as the Access Missouri Grant

Create an FSA ID The FSA ID – a username and password – has replaced the Federal Student Aid PIN and must be used to log in to certain U.S. department of Education websites. Your FSA ID confirms your identity when you access your financial aid information and electronically sign the Federal Student Aid documents. If you do not already have an FSA ID, you can create one when logging into www.FAFSA.gov or the National student Loan Data System (NSLDS) at www.nslds.ed.gov , www.StudentLoans.gov See “How to create an FSA ID Handout”

Data Retrieval Tool Will be available for the 2018-19 year beginning October 1, 2017 While completing FOTW, applicant may submit real-time request to IRS for tax data IRS will authenticate taxpayer’s identity The tool will "limit the information that displays to the applicant in order to enhance the security and privacy of sensitive personal data transferred to the FAFSA from the IRS. Sensitive data, such as adjusted gross income will not be displayed to the applicants. When transferring the information into the FAFSA. Be assured the information comes directly from what you filed with the IRS. If you are sure, what you filed with the IRS is correct then the information transferred is correct. The DRT is optional but recommended because it is a more streamlined way to fill out the FAFSA. It pulls information directly from the IRS, so that manual entry errors are eliminated The DRT can save time on the back end if selected for verification. Without out the DRT, manually reviewing the information can be a slow process for schools.

Data Retrieval Tool Some will be unable to use IRS DRT Examples include: Filed an amended tax return No Social Security Number (SSN) was entered Student or parent married, but filed separately

Compile Documents The student's driver's license and social security card Student and parent’s social security numbers and dates of birth 2016 tax returns, 2016 W-2 forms, and 2016 1099 forms and or schedule C’s. Current bank statements Assets Information; records relating to stocks, bonds, mutual funds, and other investments Records of untaxed income Make a photocopy of each document and keep it in a file folder with a photocopy of the completed financial aid applications. You will find this helpful in case your application is selected for verification. If your application is selected for verification, you will be required to provide the financial aid office with copies of all of the documents listed above. All schools verify at least 1/3 of the students

Common FAFSA Mistakes Wages and Adjusted Gross Income (AGI) entered incorrectly when not using the Data Retrieval Tool (DRT) Social Security Numbers (database mismatch with name and date of birth) Failing to answer a question (leaving it blank instead of writing in a Zero) Failing to use your legal name: Your name must be listed on your FAFSA as it appears on your Social Security card. Don’t enter nicknames or other variations of your name. Listing marital status incorrectly: The Department of Education wants to know your marital status on the day you sign the FAFSA. If you are in a legally recognized same-­sex marriage, you will need to provide your spouse’s information as well. Listing parent marital status incorrectly: If your custodial parent has remarried, you'll need to include the stepparent's information on the FAFSA. If you have two parents in a legally recognized same-­‐sex marriage, you’ll need to list both parents (one as Parent 1, and one as Parent 2) Household Size and Number in College Untaxed Income W2 Box 12; Codes D E F G H S If selected for verification, when filling out your verification worksheet, make sure and read questions carefully and answer accordingly while also making sure to fill out the entire worksheet and not leaving blanks.

Financial Aid 101 Student Financial Services Jefferson College

Gift Aid Grants Scholarships Money that does not have to be paid back Awarded on the basis of merit, skill, or unique characteristic Money that does not have to be paid back Usually awarded on the basis of financial need

Self-Help Aid Loans Employment/Work-study Allows student to earn money to help pay educational costs A paycheck; or Nonmonetary compensation, such as room and board Student may opt whether or not to work or number of hours to work Money students and parents borrow to help pay college expenses Repayment usually begins after education is finished Only borrow what is really needed Look at loans as an investment into the future

Sources of Aid Federal Aid Pell Grants Federal Student Loans Subsidized-do not accrue interest while in school Unsubsidized- do accrue interest while in school SEOG-Federal Supplemental Educational Opportunity Grant Provides aid to students with exceptional unmet need Federal Work-Study (FWS) State Aid A + Program Access MO Grant Scholarships Colleges and Universities Foundation, Business and Charitable Organizations Civic Organizations and Churches Employers

Helpful Resources www.studentaid.ed.gov https://www.jeffco.edu/future-students/financial-aid/applying-financial-aid www.mappingyourfuture.org https://www.jeffco.edu/future-students/financial-aid/scholarships

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