An Overview of the FAFSA Process FAFSA Fundamentals

22 What is Financial Aid? Financial aid is money to help you pay for educational costs such as: Room & board Transportation Personal expenses Tuition Fees Books Financial aid is money that’s awarded based on financial need.

3 Other Types of Aid Merit-based aid is awarded based on: Artistic ability Special talents Group affiliation Grades Athletics Hobbies Merit-based aid isn’t dependent on financial need.

4 The F ree A pplication for F ederal S tudent A id is the first step in your financial aid application process! What’s a FAFSA?

5 What types of aid require completion of the FAFSA?

6 Submit the FAFSA to apply for federal student aid, like Pell grants, work-study and loans. Plus some scholarships and state and private aid programs require the FAFSA, too.

7 Eligibility Requirements Be a U.S. citizen or an eligible non-citizen Be registered with Selective Service if you’re a male between the ages of Not have been convicted for the possession or sale of illegal drugs while receiving federal student aid –there are circumstances under which you may still be eligible. Contact your financial aid office for more information In order to receive Title IV financial aid students must:

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9 Requested Information Student’s driver’s license information Income and W-2 figures Untaxed income and net worth Veteran’s education benefits Household size

10 You must complete the FAFSA every year that you’re requesting financial aid Never pay to complete the FAFSA application – the first letter in FAFSA stands for FREE is the only Web site you need – it never charges you a fee to complete your application Be wary of any company that charges you money for financial aid searches or applications Things To Remember

11 3 Ways To Apply Online – visit to complete forms electronically; this method is strongly recommended Print a PDF – visit to print the PDF FAFSA; complete and mail it in Request a paper copy – call FED-AID ( ) or ; if you’re hearing impaired, please contact the TTY line at

12 Why Online?  Step-by-step help  Online form allows you to bypass questions that don’t apply or have already been answered  Built-in edits that prevent costly errors  Save your application and return to it later  Electronically sign using your PIN  Quicker processing time; 2-3 days vs. 2-3 weeks

13 Filling out the FAFSA: One step at a time

14 What’s Your Dependency Status? Are you a dependent or independent student?

15 Dependency Status Questions 1.As of today, are you at least 24 years old or will you be at least 24 years old during the academic year for which you are completing the FAFSA? 2.As of today, are you married? 3.At the beginning of the school year, will you be working on a master’s or doctorate program?

16 4.Are you currently serving on active duty in the U.S. Armed Forces for purposes other than training? 5.Are you a veteran of the U.S. Armed Forces? 6.Do you have children who receive more than half of their support from you? Dependency Status Questions

17 7.Do you have dependents (other than a spouse or children) who live with you and will receive more than half of their support from you during the academic year in which you’re applying for financial aid? 8.At any time since you turned age 13, were both your parents deceased, were you in foster care or were you a dependent or ward of the court? Dependency Status Questions

18 9.Are you or were you an emancipated minor as determined by a court in your state of legal residence? 10.Are you or were you in legal guardianship as determined by a court in your state of legal residence? 11.At any time on or after July 1, 2008, did your high school or school district homeless liaison determine that you were an unaccompanied youth who was homeless? Dependency Status Questions

19 12.At any time on or after July 1, 2008, did the director of an emergency shelter or transitional housing program funded by the U.S. Department of Housing and Urban Development determine that you were an unaccompanied youth who was homeless? 13.At any time on or after July 1, 2008, did the director of a runaway or homeless youth basic center or transitional living program determine that you were an unaccompanied youth who was homeless or were self- supporting and at risk of becoming homeless? Dependency Status Questions

20 Complete the Dependency Status questionnaire to record your answers to these questions. What’s Your Dependency Status?

21 If you answered yes to any of the questions, you’re considered independent. What’s Your Dependency Status?

22 Independent students provide their own income and asset information. Parental information is usually not necessary.* *Some private schools may require parental information regardless of dependency status; check with your financial aid office for more information. What’s Your Dependency Status?

23 Next Steps  Visit to request a personal identification number (PIN) for both you and, if needed, a parent; a PIN allows you to electronically sign your FAFSA  Your parent only needs a PIN if you’re a dependent student  Gather the documents you need

24 Things You’ll Need  Social Security number  Driver's license  Income tax returns and investment records  Bank statements  Your alien registration or permanent resident card (if you’re not a U.S. citizen)

25 FAFSA on the Web Worksheet  Check out to print and complete a “FAFSA on the Web” (FOTW) worksheet  This will help you organize your information before completing your application  For a comprehensive practice run, fill out a FOTW worksheet before completing your application online under step 1 - Before Beginning a FAFSA, click FAFSA on the Web Worksheet; then choose the appropriate academic year and print the form

26 Estimating College Costs Good news…tuition at Oklahoma state colleges and universities is considerably lower than at similar schools in other states Visit the “Paying for College” section at to view current tuition and estimated college costs by school

27 Don’t Miss Deadlines! FAFSA – Check with your school’s financial aid office for their priority deadlines for receipt of your processed FAFSA data State Aid – Check for state deadlines, which can be as early as April 15 Other Grants and Scholarships – Keep and review your grant and scholarship paperwork for important deadlines

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29 FAFSA Section 1: Info About You (The Student) Demographic data Citizenship Educational background

30 Make sure your SSN is correct; if your name and SSN don’t match, your FAFSA will be rejected Use your full legal name, even if you go by your middle name or a nickname FAFSA Section 1

31 Some of the information you enter will carry over from page to page FAFSA Section 1

32 Your permanent address is where you can always be contacted FAFSA Section 1

33 Some scholarships are granted based on your responses to these questions FAFSA Section 1

34 The best option is to choose both work- study and student loans FAFSA Section 1

35 You must answer this question so be sure to read it carefully FAFSA Section 1

36 Determines if you’ll need to provide parental information FAFSA Section 2: Your Dependency Status

37 Your answers to these questions determine your dependency status - refer back to your questionnaire to review your results FAFSA Section 2

38 If you answer yes to any of the dependency questions you’ll be considered an independent student The FAFSA will ask if you want to enter your parents’ information, even if you’re independent Some schools may require parental information regardless of your status FAFSA Section 2

39 FAFSA Section 3: Your Parents’ Information Marital status Household size Income Net worth

40 If you’re a dependent student, your parent(s) must provide: –full names and Social Security numbers –information from tax documents for the year required by the FAFSA Your parent(s) will need to complete the FAFSA forms FAFSA Section 3

41 FAFSA Section 4: Your Finances Income Net worth Veteran’s education benefits

42 This section asks the same questions as the last section, but concerning the student’s tax information this time FAFSA Section 4

43 FAFSA Section 5: Schools To Receive Your Results Federal School Codes

44 This is where you’ll choose the schools that will receive your FAFSA information FAFSA Section 5

45 Follow directions carefully. Some sections require a response to every question, even if the answer is zero or the question doesn’t apply to you. Requirements vary by section. Enter the correct marital status. In order to file as married, you must be married on or before the date you complete your FAFSA. Apply on time. Priority is often given to students who apply as soon after January 1 as possible. Avoid Common Errors

46 Be sure to completely read the instructions If you have questions during the application process, click the help link located on the bottom of each FAFSA screen Carefully review your FAFSA before submitting your application Don’t forget to sign your FAFSA Don’t Forget

47 I’ve submitted my FAFSA! Now what?

48 What Happens Next?  Student Aid Report (SAR)  you’ll get this, and the schools you listed on your FAFSA will receive something similar  this will not list the amount of financial aid you’re eligible to receive  review this form and correct any errors as soon as possible  some schools may prefer to make certain changes to your FAFSA data; check with the school for direction  Keep an eye out for any and all correspondence from the financial aid offices you submitted the FAFSA to  Remember to watch for correspondence from the admission office, too

49 Expected Family Contribution (EFC) Your SAR will also contain an amount called the Expected Family Contribution The EFC is the amount of money your family may be expected to contribute toward the cost of your education for the academic term

50 Cost Of Attendance (COA) The COA is an estimate of a student’s educational expenses for a specific period of enrollment COA will include tuition, fees, books and supplies, room and board, transportation and miscellaneous expenses Visit to estimate costs and calculate your family’s expected financial contribution

51 Financial Need Financial need is the gap between the COA and the student's resources The student’s resources include the EFC and Other Aid Financial aid packages are based on the amount of financial need Cost of Attendance EFC - Financial Need Other Aid

52 Now What?  You’ll receive a notification letter from the schools you’ve been accepted to, either in the mail or electronically  If you receive an award letter, make sure you understand each award offered – and remember, you don’t have to accept everything offered  Go for free money first – use grants & scholarships before anything else  Next, tap into any available college savings

53 Now What?  If grants, scholarships and the EFC aren’t enough to cover your school expenses, consider federal student loans  borrow only what you need to pay for school - student loans must be paid back with interest  Exhaust all federal loan options before considering “private” or “alternative” loans, which can have higher interest rates and fewer flexible repayment options

54 Now What?  Read everything that comes with your award letter  Some types of financial aid require more paperwork  Be aware of requirements you need to meet to receive your financial aid  Respond to any new requests for information by the deadlines set by your school

55 Q. When should I fill out the FAFSA? A. As soon as possible after January 1 of each year you’re requesting aid. Q. Do I have to pay for the application? A. No! The first letter in FAFSA stands for FREE!

56 Q. Is my personal information safe when I apply online? A. Yes, is a secure site and your information is encrypted for privacy. Q. Whose income do I report if my parents are divorced? A. The parent you lived with the most during the last 12 months.

57 Q. How often do I complete the FAFSA? A. Every year you need financial aid. You’ll only have to complete the full application once. After that you’ll complete a renewal application.

58 The pieces are together … all we need is you. Success!