Presented by: Emily Valk Financial Aid Counselor Occidental College FAFSA 2018-2019 Presented by: Emily Valk Financial Aid Counselor Occidental College

Sources of Financial Aid Federal government State government Colleges & universities Private agencies, companies, foundations, and parents’ employers

Types of Financial Aid Gift Aid – Grant & scholarship money that does not need to be repaid Work – Money earned by the student as payment for a job on or off campus Loans – Borrowed money to be paid back, usually with interest

Cal Grants Cal Grant A Entitlement Awards – for students with a GPA of at least 3.0, family income and assets below the state ceilings, and who demonstrate financial need Cal Grant B Entitlement Awards – for students from disadvantaged or low income families with a GPA of at least 2.0, family income and assets below the state ceilings, and who demonstrate financial need Cal Grant C Awards - for students from low income families pursuing vocational programs of study Keep your eyes and ears open. Rules and amounts governing Cal Grants are subject to change!

Eligibility for Cal Grants To be eligible for a Cal Grant, the student must also: Be a U.S. citizen or eligible non-citizen Be a California resident Attend a California college or university in 2018-2019

Cal Grant Ceilings (2018-2019) Income Ceilings - includes Adjusted Gross Income (AGI), plus untaxed income, minus additional financial information Asset Ceilings - all parent and student assets excluding primary home, business equity, and retirement accounts

Types of Applications & Documents 18-19 FAFSA Submit to all schools 18-19 CSS Financial Aid PROFILE Submit only if required by a school Institutional Scholarship and/or Financial Aid Application Some schools may have their own private applications for aid or merit scholarships 2016 federal tax returns (along with schedules and W-2s) or other income documentation

Getting Ready Before starting the FAFSA, gather: Student driver’s license Student Alien Registration Card Student and Parent 2016 federal income tax form (1040, 1040A, 1040EZ) Social Security cards 2016 W-2 Forms and 1099s Records of untaxed income Current bank statements Business, farm and other real estate records Records of stocks, bonds and other investments

FAFSA on the Web Worksheet The FAFSA Worksheet allows you to pre-answer the most difficult questions before logging into FAFSA on the Web (FOTW). We will not cover all questions asked, just the most difficult ones! The FAFSA is a “smart” form; not all questions will be asked if they do not directly apply to you.

FSA ID The FSA ID serves as an electronic signature for each individual The FSA ID is tied to an individual’s name, SSN, and DOB Both the student and at least one custodial parent must have an FSA ID in order to sign the FAFSA electronically The FSA ID can take a few days to be processed/activated, make sure to create an FSA ID as soon as possible Apply for an FSA ID at: www.fsaid.ed.gov

Getting Started www.fafsa.ed.gov Start here for all options: Initial FAFSA entry Renewal application entry FAFSA corrections Providing signatures Continuing a saved FAFSA Viewing transaction history www.fafsa.ed.gov

Logging In The student can log-in using their FSA ID or by entering their personal information The FAFSA belongs to the student. Log-in information must be for the student, NOT the parent!

Social Security Number Double check the student’s Social Security Number--once SSN is entered here, it cannot be changed! Both student name and Social Security Number will be compared through a database match Errors in name, SSN, and date of birth can cause problems later First and last name must match exactly as it appears on the Social Security Card If student has a middle name, do not include it here, only first and last name in this log-in section

Schools can’t use previous year FAFSAs Choose a School Year Be sure to pick 2018-2019! Schools can’t use previous year FAFSAs

A password allows you to save and return to the FAFSA later Choose a Password A password allows you to save and return to the FAFSA later

Select the links to read additional information/instructions/tips Introduction Select the links to read additional information/instructions/tips

Layout Overview Bar at the top shows you the section where you are The bar on the left shows you if the questions pertain to the “student” or the “parent” There are helpful hints on the right to help you answer the questions correctly Use the “next” and “previous” arrows to navigate—do not use the arrows on your web browser!

Student Information If the student has a middle name, enter initial here First name, last name, SSN, and DOB are already pre-populated from the log-in section You can only update name and DOB, not SSN Indicate student’s sex at birth – do not leave this blank

State of Legal Residency Remember, this is the student, not the parent’s status If not a resident for at least 5 years, you will be asked more questions about residency

Contact Information Make sure to list an email the student will check Email is a common communication method for aid offices List a phone number that the student will answer Parents will have a chance to list their email later

Selective Service Requirement Male students who are 18-25 years of age must be registered with the Selective Service If the student is female, this question will not appear. The FAFSA is a “smart” form. The student may also register by going to: www.sss.gov

Student Marital Status The student, not the parent’s marital status

Driver’s License Optional to provide Driver License information If you indicate “yes” make sure you list the license number and the issuing state—leaving either blank can cause problems

Student Citizenship Status

Eligible Noncitizen

High School Completion Status

Grade Level in 2018-2019

Degree or Certificate Objective

Work Study Always check that you are interested in work-study; you can decline later if you don’t need or want it.

Be sure to answer for the student. First Bachelor Degree? Be sure to answer for the student. NOT the parent!

Foster Youth Answering “yes” to this question will bypass all parental questions. If “Yes,” the student will be required to submit proof of this status with official documents from the State.

Parent Educational Level Highest level of education the parent(s) has completed This is used to determine first-generation status for colleges Father/Mother no longer used on form. Will be asked for high school completion of both parents, even if it’s a single parent household “College or beyond” is for anyone who has earned a Bachelor’s degree or higher

High School Student enters the name, city and state of the high school they attended Student selects “Confirm” to retrieve the results If match is found, select school information If no match is found you can hit “next” No consequences for leaving this blank

Where are you going? It’s important that you get your FAFSA information to the right schools. You can select up to 10 schools at a time & after each submission you can substitute the original 10 schools for up to 10 new schools. Be sure to scroll down to check the schools you selected.

NOTE: Each UC and each CSU campus must be listed separately School Code Features You can scroll through the search results You can also view detailed information for a school before & after adding the school to the FAFSA NOTE: Each UC and each CSU campus must be listed separately

Your housing plans help determine your cost of attendance.

Strategies for Listing Colleges List at least one California college or university in the first 3 spots (for Cal Grant consideration) Then list those schools with the earliest financial aid deadlines, regardless of whether they are in-state or out-of-state If the student is applying to more than 10 schools, wait for the FAFSA to be processed, then go back online to add more schools

Independent students may be asked to provide proof of their status Dependency Status Most students will be dependent if they live with a biological/adoptive parent(s). Dependent students will answer “no” to all these questions If the student answers “yes” to ANY of these questions, they are independent & do not have to provide parent information Independent students may be asked to provide proof of their status

Dependency Status Results If the student has a special circumstance and is unable to provide parental information, under very limited circumstances, the student may be able to submit their FAFSA without parental information.

Contact a Financial Aid Office for more information Who is a Parent? Provide Information for: Biological or adoptive parent(s)- Including unmarried parents and same-sex parents, if living together Stepparent (regardless of any prenuptial agreements) Do not provide information for: Foster parent(s), student is automatically considered independent Legal guardian(s) or grandparent(s) or other relative(s) unless they have legally adopted the student Students who do not have contact with their parent(s), may request a dependency override. Contact a Financial Aid Office for more information

Parent’s Marital Status What is your parent’s marital status as of today? If answer is “married or remarried” you will be asked for marital date If answer is “divorced or separated” you will be asked for divorce/separated date – you will also be asked which parent is completing the form (mother or father) If answer is “never married,” you will be asked which parent is completing the form (mother or father). If the parents’ marital status changes after you submit the FAFSA, contact your financial aid office.

Parent Information Student will be asked to provide parent(s): SSN Last Name Date of Birth If it’s a two parent household you will be asked for Parent 1 and Parent 2 information It does not matter which parent is listed as Parent 1 or Parent 2, just make sure to always keep it consistent If it’s a one parent household you will only provide information for one parent That parent will always be referred to as mother/father instead of Parent 1/Parent 2

Parent E-mail Address If a parental e-mail address is provided, the parent will be notified when the FAFSA has been processed This email can also be used by schools to contact parents of aid offers or required documents Make sure it’s a different email address than the student’s

Parent State of Legal Residency This is the parent(s), not the student’s status!

Family Size Include in the household: the student applying for financial aid the custodial parent(s) parents’ other dependent children, if they live with the parent(s) and if the parent(s) provide more than half their support parents’ other dependent children if the parents’ are listed on that child’s FAFSA application, regardless of where the children live other people, if they now live with the parent(s), and if the parent(s) provide more than half their support, and will continue to provide that level of support from 7/1/18 through 6/30/19

Parents cannot be considered “in college,” Number in College Always include the student whose FAFSA you are completing Include other household members only if they will attend at least half-time in 2018-2019 in a program that leads to a college degree or certificate Parents cannot be considered “in college,” even if enrolled

Have you filed? At this time, almost everyone should have filed their 2016 tax forms Anyone who filed a tax extension that is due October 15th – you can wait to complete your FAFSA once taxes are done

Filing Status Filing Status is not the same as the marital status, but often matches Filing Status can be found right under your address information on your tax form

Data Retrieval Tool (DRT) You will be asked if you want to import your tax data directly from the IRS Using DRT is the quickest and easiest way to complete your FAFSA Using DRT improves the accuracy of your FAFSA You are not required to use DRT (you can manually enter all of your tax data), however DRT is highly encouraged

DRT Step 1 – Leaving FAFSA Only one parent can pull information from the IRS It does not matter which parent, Parent 1 or Parent 2, so long as: The parent is listed on the FAFSA The parent has an FSA ID The parent must list their FSA ID and password before linking to the IRS Once you select “Proceed to IRS Site” you will leave the FAFSA website

DRT Step 2 – IRS Database This info is pre-populated based on your FAFSA Double check the information either way You must enter the address listed on the taxes exactly as it appears on your return All punctuation marks, spaces, capitals, etc. must be exact Make sure to hit “Submit” once you are done

DRT Step 3 – Transfer your Data Make sure to select check the box to transfer Make sure you select “Transfer Now” Once done, you will be sent back to the FAFSA website

DRT Step 4 – Success! You will receive a message on your FAFSA once your data has been transferred Any data element that was retrieved will say “Transferred by IRS” next to the question – and you will not be able to view or edit the data

Type of Tax Return This can be transferred through DRT Your tax form type will be at the top left corner of your tax return

Parent’s Adjusted Gross Income (AGI) This can be transferred through DRT This question will let you know what line item from your taxes you should reference: Line 37 for a 1040 Line 21 for a 1040A Line 4 for a 1040EZ Used in Cal Grant consideration

Parent’s Income Earned from Work What is your parent’s income earned from work? You will be asked to breakdown what portion of the AGI is earnings from work This is not transferred from DRT, you must answer these questions manually Include earnings from W-2 statements Include net business income from a Schedule C Include income from a K-1 if self-employment earnings were reported Earnings from work do not have to match with AGI

Dislocated Worker/ Displaced Homemaker In general, a person may be considered a dislocated worker if they are receiving unemployment benefits due to being laid off and are unlikely to return to their previous occupation. It also includes displaced homemakers. A displaced homemaker is a person who previously provided unpaid services to the family (i.e., a stay-at-home parent), and is no longer supported by the spouse, is unemployed or underemployed, and is having trouble finding or upgrading employment.

Social Security Benefits Means Tested Benefits This is not the same as Social Security Benefits If you are not receiving any benefits from these type of federal programs, answer “none of the above.” You may not be asked these questions depending on how you answered previous questions.

Eligible for 1040A or 1040EZ? This question asks whether the parent(s), are eligible to file a 1040A or 1040EZ tax form If you do not know the answer to this question, it is fine to select “Don’t know” 1040A and 1040EZ are simplified tax forms Parents who itemize deductions on Schedule A or are self-employed and file a Schedule C are not eligible to file a 1040A or 1040EZ

2016 Income Tax Paid This can be transferred through DRT Taxes paid is not the amount withheld on your W-2 form Make sure to reference the specific line items listed for this figure Line 56 minus line 46 for a 1040 Line 37 for a 1040A Line 10 for a 1040EZ

Tax Exemptions This can be transferred through DRT Reference line 6d for a 1040 & 1040A Exemptions include the parent(s) and their claimed dependents This does not have to match the household size (but it often does) The student does not have to be claimed on the tax return of the custodial parent

Additional Financial Information Some of this information can be transferred through DRT For more details/description, check the box to see the expanded view Used in Cal Grant consideration

Untaxed Income Some of this data can be transferred through DRT, but read all sections carefully Yearly contributions to your retirement plans must be included! Child support received must also be reported, even if it has now ended Used in Cal Grant consideration

Assets $_______? Exceed amount will vary from person to person depending on how previous questions were answered Net worth is the total value of investment minus debt on investment (not debt of the family)

Parent Investments Include… real estate (other than the home where you reside) trust funds money market and mutual funds certificates of deposit stocks, bonds, & other securities 529 plans owned by the parents for all children (not just applicant) installment and land sale contracts Business/Farm Investments: businesses if parent(s) owns less than 50%, regardless of the number of employees businesses if parent(s) owns more than 50% and there are more than 100 employees farms if the family does not live on the farm

Parent Investments DO NOT Include: the home where you reside the value of life insurance plans Your retirement accounts (pension funds, annuities, non-education IRAs, Keogh plans, etc.) Small businesses if parent(s) owns business more than 50% and there are less than 100 employees 529 plans owned by others (i.e. grandparents) UGMA and UTMA accounts in the student’s name

Student Financial Information The directions to complete the student income section are the same as those outlined for the parent If the student is “not going to file,” they will still be asked if they had earnings If the student did not earn income in 2016, indicate “0.” Independent Students will answer a few additional questions than Dependent Students

Student Assets Do not report a 529 account as a student asset; it’s a parent asset. Report UGMA or UTMAs in the student’s name. Any other asset in the student’s name MUST be reported. Student asset questions cannot be bypassed. If question does not apply indicate “0”—do not leave blank.

Special Note on 529s 529 accounts owned by grandparents or other relatives are not reported anywhere on the FAFSA as an asset. However, any money disbursed (paid) will be considered untaxed income for the student and must be reported on next year’s FAFSA application. This could greatly change eligibility for need-based financial aid in the following years.

Student Signature Process You are not a “preparer” if you are doing your own FAFSA Must always “Agree” and “Sign” May be asked to provide Student FSA ID & Password before signing

Parent Signature Process One custodial parent must sign the FAFSA Once the FAFSA is signed by both student and parent, SUBMIT!

Confirmation Page Your estimated Expected Family Contribution (EFC) is displayed Federal aid eligibility is displayed

Special Circumstances Contact Financial Aid Offices if there is: Loss or reduction in parent or student income or assets that is out of your control Death or serious illness Unusual medical or dental expenses not covered by insurance Reduction in child support, social security benefits or other untaxed benefit Financial responsibility for elderly grandparents Any other unusual circumstances that affects a family’s ability to contribute to higher education Write your circumstances as a letter and mail, fax, or email to each aid office

Summary of FA Process Submit all required forms, including FAFSA, by each college’s published deadlines (but no later than March 2nd) Keep a copy of all forms you submit Review the electronic Student Aid Report (SAR) for errors Be sure to apply for financial aid this year and every year that the student is enrolled ASK QUESTIONS!

Net Price Calculator The NPC is a quick and useful tool which can help you understand how to finance an education. Federal government mandates all colleges have one. Each NPC is specific to that school. Based on the information you enter, you will be provided with an estimated financial aid award. Not an actual aid application!

Need help? FAFSA on the Web Live Help Phone 1-800-4-FED-AID (1-800-433-3243) Email the U.S. Department of Education at: Federalstudentaidcustomerservice@ed.gov

Questions?