FAFSA Line by Line Tips and Reminders to Keep You From Getting Lines November, 2014

What is FAFSA? Free Application for Federal Student Aid Online form maintained by the U.S. Department of Education to help measure family’s need for financial aid Available January 1 st each year for seniors Must be filled out each year the student is in post-secondary education

Today Screen shots in today’s presentation are from last year’s FAFSA No significant changes from last year

The Starting Point This is what you should see FAFSA starts with “free” – if you see a fee request, go to

Login: (Student’s Info) First Name Last Name SSN Date of Birth

Identifying information Notice the word “STUDENT” on the left: that tells whose information belongs on this screen. Later, see “PARENT” Of course you know your name, but … Copy it directly from your Social Security card – Names, especially foreign or hyphenated names, can be confusing

Dependent or Independent Student? Most students are “dependent” for FAFSA purposes: – Under 24 – At least one parent alive – Not married Not a parent – No military service experience – Not under legal guardianship

Citizenship Status Checked with Department of Homeland Security and Social Security Administration Choices: Citizen, Eligible non-citizen, Non- citizen – Some visa classes are eligible – Some refugees and asylees Eligible non-citizens need green card number or immigration document number

School Status Males: you must register with Selective Service even though there is no draft Remember to answer from the perspective of next year – usually “1 st year, never attended college”

Kansas Best School In Kansas

Selecting Schools If more than a few schools, enter state and pull down list of schools in that state If just one or two schools, enter name of school or location within state The next slide will ask where you expect to live – “on campus”, “off campus”, “with parents”

Income Taxes Plan to get taxes prepared not later than first 10 days of February IRS Data Retrieval Tool – Three weeks after taxes filed electronically – see next slide

The PIN number here is the PIN number for FAFSA

This slide merely notifies you that you are going to the IRS web site Normally, just click “OK”

***-**-2223

IRS Data Retrieval Tool Enter information from tax return, which may not be the same as current information Entries must be the same as the tax return, or IRS will not find the information

Dad & Mom Student ***-**-2223 $59,656 $1,843 $778

IRS Data Retrieval Tool (cont’d.) Slide shows information that will be transferred from IRS to FAFSA On FAFSA, the information will show “Transferred from IRS”

Other Income Items “Income tax” is the tax on the taxable income. FAFSA provides a line number reference to the tax forms Some but not all items from tax return Most “Untaxed Income” has line number references to tax forms in the “help” box on the right

Investments - Tricky Do not include information about principal residence (where you live) or about retirement savings (e.g., IRA, 401(k), 403(b)) UGMA/UTMA accounts – Include them as student investments 529 plans, owned by student or parent, are listed as parent investments

Investments – Trusts Ask for help Generally, trusts are included as investments Including trusts often results in a puzzling or counterintuitive impact

Submission Screen Enter PIN numbers Be sure to agree to conditions After submission, a confirmation screen You will have the option of copying information to another FAFSA if you have another child going to college

FAFSA Follow-up In 3-5 business days an should tell you that your Student Aid Report (SAR) is available, probably with a link Expected Family Contribution (EFC) is on the SAR Data entered on the FAFSA are also reprinted

Verification Congress requires verification of 30% of FAFSAs submitted Usually a one-page form that calls for: – Information on family – names, ages, college attendance – Income tax information – either use IRS Data Retrieval Tool or specify whether tax return will be filed Respond promptly

Questions?