Applying for Financial Aid

2 What Will You Learn Today? Sources and types of financial aid Required financial aid application forms How to complete the Free Application for Federal Student Aid (FAFSA) Information about any additional aid in your state Answers to your individual questions

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

Types of Aid Gift Aid – Grants or scholarships that do 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

State Aid Application Requirements  Must be completed within first 30 days of the term of attendance to be eligible for Minnesota State Grant.  This will vary by institution as each have different start dates. Complete and submit: –The Free Application for Federal Student Aid

6 Need-Based Grants Minnesota Grant Residency requirements and application deadline apply Federal Pell Grants – $4,050 maximum per year Academic Competitiveness Grants (ACG) – $750 per year Federal Supplemental Educational Opportunity Grant (FSEOG) – $4,000 maximum per year

Additional Types of Financial Aid  Self Help Aid Loans & Employment  Work-Study  Stafford Loans  Perkins Loans  PLUS Loans  SELF Loans  Alternative Loans

Types of FAFSAs FAFSA on the Web FAFSA on the Web Paper FAFSA

FAFSA on the Web Online application available at Processed more quickly than paper version Sophisticated on-line edits so that errors are less likely to be made You and at least one parent should get a federal PIN at

10 Application Filing Tips FAFSA on The Web Gather necessary documents ahead of time Complete a FAFSA on the Web Worksheet available at Allow ample time to complete form for submission by deadline Check the FAFSA for accuracy prior to submission

11 Application Filing Tips FAFSA on The Web Save all work periodically Sign the application using your PIN Print out a copy of the FAFSA before submitting data Keep a copy of the Submission Confirmation Page

12 File early to meet all deadlines Check the FAFSA for completeness and accuracy Sign and date FAFSA Make a copy of the FAFSA before mailing Mail the FAFSA in the self-addressed envelope provided in the application booklet  Do not write any comments on the FAFSA  Do not include letters, tax forms, or worksheets  Use regular mail (not Registered or Certified) Obtain a U.S. Postal Service Certificate of Mailing (cost is only $0.95) Application Filing Tips Paper FAFSA

Student Aid Report (SAR) Regardless of whether you submit a FAFSA on the Web or a paper FAFSA, a SAR will be sent to you –A link to an electronic SAR will be sent if you provide an address –A paper SAR will be mailed if you do not provide an address An electronic copy will be sent to each college or university you listed in Section 5

FAFSA Information & Tips File as soon as possible after January 1, 2007 Use estimated 2006 income information if taxes are not complete at time of FAFSA submission You and at least one parent whose information is reported must complete and sign the FAFSA

Federal PIN PIN (Personal Identification Number) serves as the electronic signature on ED documents Both you and at least one parent need a PIN May be used to:  Check on FAFSA status  Verify and correct FAFSA data  Add additional schools to receive FAFSA data  Change home and addresses

Federal PIN If you provide an address, PIN will be ed within hours Apply for your PIN TODAY at:

Getting Ready Before starting the FAFSA, gather:  Your driver’s license  Alien Registration Card if you are not a U.S. citizen Create a file for copies of all financial aid documents submitted.

Getting Ready Before starting the FAFSA, gather:  You and your Parent Social Security cards 2006 W-2 Forms and other records of money earned 2006 federal income tax form (even if not completed) Records of untaxed income Current bank statements Business, farm and other real estate records Records of stocks, bonds and other investments Create a file for copies of all financial aid documents submitted.

Getting Started Read all application instructions If planning to submit the paper FAFSA:  Use pen with black ink  Print clearly in CAPITAL letters:  Fill in ovals completely:  Do not leave blanks (unless directed by instructions)  Do not write comments or notes anywhere on form  Do not use correction fluid 1 5 E LM S T

FAFSA on the Web FAFSA On the Web Worksheet may be used for the January 1, 2007, through June 30 th, 2008, aid application cycle.

The FOTW Worksheet A Five-Step Process Section 1 – is about the student Section 2 – determines student dependency status Section 3 – collects parental information for dependent students Section 4 – collects student income information and information about the independent student’s household Section 5 – allows students to list up to six schools to receive information from the FAFSA

DO NOT MAIL THIS WORKSHEET

Section 1 (page 2) STUDENT INFORMATION

Your Social Security Number List your name and Social Security number exactly as they appear on your Social Security card (both will be compared through a database match process)

Your Last Name Your State of Legal Residence Residency relates to your permanent home state  if you are dependent, the state of legal residence is usually the state in which your custodial parents live State of legal residence is also used –in the need calculation to determine the appropriate allowance for state and other taxes paid by that state’s residents –to determine eligibility for state grants Jones CA

a.If U.S. citizen, status will be confirmed by Social Security match b.If eligible non-citizen, status will be confirmed by Department of Homeland Security (DHS) match. This includes: U.S. permanent residents with I-551 U.S. permanent residents with I-551 Conditional permanent residents with I-551C Conditional permanent residents with I-551C Eligible non-citizens with I-94 Eligible non-citizens with I-94 c.If neither a citizen or eligible noncitizen, you are ineligible for federal/state aid, but might still be eligible for state or institutional fund Citizenship Status

Note: if you are undocumented or under-documented  start inquiring in elementary, middle or high school to see if it is possible for younger siblings to become a permanent resident  apply for all private scholarships for which you may be eligible  check with colleges and universities to see if institutional financial aid is available  watch for changes in federal and state laws regarding the eligibility of undocumented or under-documented students For more information call: (213) For a list of scholarships, go to: Citizenship Status c.If neither a citizen or eligible noncitizen, you are ineligible for federal/state aid, but might still be eligible for state or institutional fund

Alien Registration Number If eligible non-citizen, write in your eight- or nine-digit Alien Registration Number (ARN)  Precede an eight digit ARN with a zero  Copy of Permanent Registration Card might be requested by the financial aid office

Selective Service Registration Male students who are 18 years of age or older must be registered with Selective Service to receive federal and state aid Answer “yes” only if you are male, aged 18-25, and have not yet registered. You may also register by going to:

Indicate your most immediate degree or certificate objective for Degree Objective

Indicate your grade level beginning with the school year Grade Level

Your Expected Enrollment Status at the Start of the Academic Year Provide information about the college you are most likely to attend If in doubt, report “Full-time”

Student Loans and Work-Study If you are interested in either student loans or student employment, or both, mark the appropriate box Indicating interest does not obligate you to either borrow or to work, nor will it cause you to lose grants and scholarships Answering no interest may restrict some options for limited loans and work-study funds

If you are a high school senior, the answer is ‘NO’ First Bachelor’s Degree?

Parents’ Educational Level Indicate highest level of schooling completed by your biological or adoptive parents (for state award purposes only) Use birth parents or adoptive parents - not stepparents or foster parents This definition of parents is unique to these two questions

DO NOT SKIP THIS QUESTION You should:  Answer “NO” if: Conviction was for alcohol or tobacco Conviction was for alcohol or tobacco Conviction was removed from record or occurred before age 18 (unless tried as an adult) Conviction was removed from record or occurred before age 18 (unless tried as an adult)  Answer “YES” if you have been convicted of possessing or selling illegal drugs while you were receiving federal financial aid Drug Conviction Question

Section 2 (middle of page 3) STUDENT STATUS

Section 2 Determination of Student (Dependency) Status

Section 2 Determination of Student (Dependency) Status If you answer “no” to all questions in this step, go to Section 3. For FAFSA filing purposes, you are considered a dependent student and are required to provide parental information If you answer “yes” to any question in this step, skip Section 3 and go to Section 4. You are considered an independent student for FAFSA filing purposes and are NOT required to provide parental information

Section 3 (page 4) PARENTAL INFORMATION

Section 3 – Parental Information See Page 4 of FAFSA on the Web Worksheet about who is considered a parent  Biological or adoptive parent(s)  Stepparent Regardless of any prenuptial agreements Regardless of any prenuptial agreements

Section 3 – Parental Information Do not provide information on:  Foster parents If you are in foster care, you are automatically considered an independent student If you are in foster care, you are automatically considered an independent student  Legal guardians or grandparents or other relatives You must attempt to get biological parental information You must attempt to get biological parental information Colleges may use Professional Judgment to allow you to file as an independent student Colleges may use Professional Judgment to allow you to file as an independent student

Section 3 – Parental Information, $ 0 If the answer to any question is zero or the question does not apply, enter 0: Report whole dollar figures: Recommendation: If your parents have not filed their 2006 federal tax return, use W-2 forms and/or other employment records to estimate total income 1 2 $ (no cents),

Your Parents’ Marital Status as of Today Month and Year Your Parents were Married, Separated, Divorced, or Widowed M M Y Y Y Y

Parents’ Household Federal Benefits Indicate if you, your parents, or anyone in your parents’ household received benefits from any of the federal programs listed during 2006

Parent Tax Return Filing Status for 2006 Indicate your parents’ current tax filing status for 2006  Have your parents completed a 2006 IRS tax return?  Which tax return did or will your parents file for 2006?  Even if your parent(s) did not file a 1040A or 1040EZ, read the instructions to see if they would have been eligible to do so

Parent 2006 Adjusted Gross Income Reminder: If the answer is zero or the question does not apply, enter 0 If your parents have not yet filed their 2006 federal tax return information, it is fine to estimate information for these questions If your parents have completed their 2006 federal tax return, use 2006 tax return information to complete this item. Pay attention to specific line-items on 2006 Federal tax return, if completed 45, 250

Money Earned from Work by Parent(s) This figure is often different from the adjusted gross income figure on the parent tax return. Use W-2 forms and other records to list all income in 2006 earned from work (including income earned from self-employment) 45, , , 200

Parent Address Fill in your parents’ address that will be valid at least until you start college

Father’s and Mother’s SSN, Last Name, and Dates of Birth NOTE:Provide this information for your parent(s) who complete Section 3 of the worksheet JONES PARKER

Parents’ State of Legal Residence Indicate the two-digit state code for your parents’ permanent address If the answer to the previous question is “no,” enter the month and year residency began for your parent who has been a legal resident of that state the longest CA M M Y Y Y Y

Parents’ Income Tax Paid What was the amount your parents paid in income tax for 2006?  Use U.S. Income tax paid (or to be paid) not the amount withheld from your parents’ paychecks not the amount withheld from your parents’ paychecks 2, 130

Parents’ Tax Exemptions Enter your parents’ exemptions for 2006  Exemptions can be found on their IRS tax return  Be sure to include all persons being claimed on your parents’ 2006 federal tax return regardless of whether they are included in your parents’ household size question 05

Parents’ Household Information Include in your parents’ household:  yourself  your parent(s)  your parents’ other dependent children, if your parents provide more than half their support or the children could answer “no” to every question in Section 2, regardless of where they live  other people, if they now live with your parents, and if your parents provide more than half their support, and will continue to provide that level of support from 7/1/07 through 6/30/08 05

Family Members Attending College NOTE: Some financial aid offices will require proof that other family members are attending college Always include yourself even if you will attend college less than half-time in Include other household members only if they will attend at least half time in in a program that leads to a college degree or certificate Never include your parents 2

Worksheet A: Untaxed Income & Benefits NOTE: You should keep a copy of the worksheet because the financial aid office may request a copy To answer, your parents should carefully complete the right column of Worksheet A (Page 8 of the worksheet) 1,250

Worksheet B: Untaxed Income & Benefits 1,700 6, , 400

Worksheet C: Exclusions to Income Remember, your parents’ totals from Worksheets A, B, and C should be entered in Section 3 of the FOTW Worksheet. Your totals should be entered in Section 4 of the FOTW Worksheet. 0

Parent Assets NOTE: Some financial aid offices may request supporting documentation for the answers to these questions, $ 0 List the net value of your parents’ assets as of the day you complete the FAFSA If net worth is one million dollars or more, enter If net worth is zero, enter $ 9 9 9, 9

Parent Assets Report the current balance of your parents’ cash, checking and/or savings accounts as of the day you complete the FAFSA 2, 155

Parent Assets bonds and other securities Coverdell IRAs 529 plans owned by your parents installment and land sale contracts commodities, etc. Net Worth means current value minus debt Investments include: real estate (other than parents’ home) real estate (other than parents’ home) trust funds trust funds UGMA and UTMA accounts UGMA and UTMA accounts money market and mutual funds money market and mutual funds certificates of deposit certificates of deposit stocks and stock options stocks and stock options 7, 900 0

Parent Assets NOTE: DO NOT include the home you live in, the value of life insurance and parent retirement plans (pension funds, annuities, non-education IRAs, Keogh plans, etc), or the value of a family owned and controlled small business with 100 or fewer full-time or full-time equivalent employees Business/Investment Farm includes: – market value of land, buildings, machinery, equipment, and inventory. Debt means only those debts for which the business was used as collateral 7, 900 0

Section 4 (page 6) STUDENT FINANCES

Section 4 – Student Finances These questions are identical to the parent financial questions we covered in the Section 3 In Section 4: – Report your 2006 income – If you are single, ignore references to “spouse” – If you are married, report spouse’s income and assets

Section 4 – Student Finances (Independent Students) Answer this question only if you answered “yes” to at least one question in Section 2 – Student Status

Section 4 – Student Finances (Independent Students) Include in your household: you (and your spouse if married) your children, if you will provide more than half their support other people, if they now live with you and you provide more than half their support, and will continue to provide that level of support from 7/1/07 through 6/30/08

Section 4 – Student Finances (Independent Students) Count yourself even if you will attend college less that half-time in Include others only if they will attend at least half-time in in a program that leads to a college degree or certificate

Section 4 – Independent Students’ Household Federal Benefits Indicate if you, your spouse, or anyone in your household received benefits from any of the federal programs listed during 2006

Section 4 – Student Veterans’ Education Benefits If you are eligible for veterans’ education benefits, report monthly amount expected. (If not applicable, answer zero) Number of months should equal number of months attending school. (If not applicable, answer zero) For more information, contact the VA at: (800) orwww.va.gov 0 0

Section 5 (bottom of page 7) SCHOOLS TO RECEIVE INFORMATION

00117 COMMUNITY COLLEGE ABC Section 5: School Information

Section 5: School Information List the school(s) to which you are applying For faster and more accurate processing, write in both the Title IV school code and the school name –Minnesota State, Mankato’s federal school code is Select the housing plan that best describes the type of housing you expect to have while attending each listed school

73 What Happens Next? You and the colleges you listed receive Student Aid Report (SAR) from federal processor You and the colleges you listed receive Student Aid Report (SAR) from federal processor Review SAR for important information and accuracy of data Review SAR for important information and accuracy of data Colleges match admission records with financial aid applications and determine aid eligibility Colleges match admission records with financial aid applications and determine aid eligibility Colleges mail notices of financial aid eligibility to admitted students who have completed all required financial aid forms Colleges mail notices of financial aid eligibility to admitted students who have completed all required financial aid forms

74 Special Circumstances Contact Student Financial Services if there is:  Loss or reduction in your or your parents income or assets  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 affect your family’s ability to contribute to higher education

Summary of the Financial Aid Process Submit all required forms, including the FAFSA, by the college’s priority application date. MSU priority date is March 15 th. Keep a copy of all forms submitted Review the Student Aid Report (SAR) Watch for financial aid award notifications or requests for additional information Be sure to apply for financial aid this year and every year as soon as possible after January 1 to receive the best financial aid award possible