Financial Aid Application Process

Slides:



Advertisements
Similar presentations
The Financial Aid Process The Financial Aid Process.
Advertisements

What You Need to Know About Financial Aid Remember It is NOT too late to apply for Financial Aid. Every student should apply… ….even students whose parent’s.
Louisiana’s First Choice for College Access Free Application for Federal Student Aid (FAFSA)
National Association of Student Financial Aid Administrators © NASFAA 2011 What You Need to Know about Financial Aid.
National Association of Student Financial Aid Administrators © NASFAA 2009 What You Need to Know About Financial Aid.
Three Important Tips Be Aware of Deadlines File the Free Application for Federal Student Aid (FAFSA) Apply for Scholarships.
FAFSA 101: Understanding & Filing the FAFSA Revised 9/2013 Understanding the FAFSA FAFSA Filing FAFSA 101 Corrections Special Circumstances Next Steps.
National Association of Student Financial Aid Administrators © NASFAA 2010 What You Need to Know about Financial Aid.
FAFSA 301: Filing a Renewal FAFSA Revised 9/2013 Understanding the FAFSA FAFSA Filing FAFSA 101 Filing a Renewal FAFSA Corrections Special Circumstances.
What You Need to Know About Financial Aid. Topics We Will Discuss Tonight What is financial aid? Cost of attendance (COA) Expected family contribution.
National Association of Student Financial Aid Administrators Presents … © 2014 NASFAA Financial Aid Basics.
Finding Money for College Basics of Financial Aid and the FAFSA Office of Financial Aid University of Mary Washington.
1 What College Bound Students Need to Know After They File the FAFSA 2013.
Dr. Ray Hoheisel, Board Chairman School Year.
Sharon L Harper Director of University Scholarships University of Colorado Denver.
Financial Aid Presentation
Financial Aid Night Presenter Name Presenter Title Presentation Date.
Free Application for Federal Student Aid (FAFSA)
Completing the FAFSA Website: ‒ 16 FAFSA on the Web available on January 1, 2015 FAFSA on the Web Worksheet: Used as optional.
Georgia Student Finance Commission
National Association of Student Financial Aid Administrators Presents … © 2014 NASFAA What You Need to Know About Financial Aid.
FINANCIAL AID UC Santa Cruz, Cabrillo and Cal State Monterey Bay Present.
National Association of Student Financial Aid Administrators © NASFAA 2010 What You Need to Know about Financial Aid.
Academic Excellence Ministry presents. What IS and IS NOT the FAFSA  The FREE Application for Federal Student Aid  It is NOT something you pay for 
National Association of Student Financial Aid Administrators © NASFAA 2008 What You Need to Know About Financial Aid.
Financing Education Beyond High School
What You Need to Know About Financial Aid
NCASFAA 2015 Fall Pre-Conference New Aid Officers Training Workshop 1.
Creating and Using Your FSA ID: An Overview
What You Need to Know THE FINANCIAL AID PROCESS.
Louisiana’s First Choice for College Access Free Application for Federal Student Aid (FAFSA)
How To Apply For Financial Aid. Topics to be Covered What is the FAFSA? Obtaining a FSA User ID FAFSA Application Types of Financial Aid Cal Grant DREAM.
It’s Time to do the FAFSA! Very Important Senior News!! If you have applied/plan to apply/or have an interest in attending ASU and want to be considered.
Carol Handlan Carol Handlan
Fran McKeown Don’t mix answers for student and parent information Ensure SSN accuracy Gender question is optional – answer it! Have.
Student Financial Aid What We’ll Talk About College cost of attendance Financial aid basics Free Application for Federal Student Aid (FAFSA)
National Association of Student Financial Aid Administrators Presents … © 2015 NASFAA What You Need to Know About Financial Aid.
National Association of Student Financial Aid Administrators © NASFAA 2009 What You Need to Know About Financial Aid.
Financing Your College Education Information for college-bound students and their families Presented by Student Financial Services Office Seattle University.
How To Apply For Financial Aid. Topics to be Covered What is the FAFSA? Obtaining a FSA User ID FAFSA Application Types of Financial Aid Cal Grant DREAM.
The Financial Aid Process High School Counselor Workshop Fall 2012 Higher Education Services Corporation.
National Association of Student Financial Aid Administrators What You Need to Know About Financial Aid © NASFAA 2008.
“…Education is when you read the fine print. Experience is what you get if you don’t!” - Pete Seeger Presented by: Maureen “Mo” Sigler, Associate Director.
Financing Your College Education Information for college-bound students and their families Presented by Seattle University.
National Association of Student Financial Aid Administrators Presents … © 2015 NASFAA What You Need to Know About Financial Aid.
National Association of Student Financial Aid Administrators Presents … © 2016 NASFAA What You Need to Know About Financial Aid.
Creating and Using Your FSA ID: An Overview
Creating and Using Your FSA ID: An Overview
Creating and Using Your FSA ID: An Overview
Topics to discuss What is financial aid? Cost of Attendance
Creating and Using Your FSA ID: An Overview
Financial Aid 101.
Creating and Using Your FSA ID: An Overview
Creating and Using Your FSA ID: An Overview
Creating and Using Your FSA ID: An Overview
What You Need to Know About Financial Aid at Prince George HS
FAFSA and Financial Aid 101
Creating and Using Your FSA ID: An Overview
What You Need to Know About Financial Aid
What You Need to Know About Financial Aid
FINANCIAL AID & SCHOLARSHIPS
Carol Handlan
NOTE TO PRESENTER This presentation provides information on the FSA ID that can be used in outreach to students and parents. The presentation was created.
Director of Financial Aid
Affording Higher Education
What you need to know about financial aid!
Creating and Using Your FSA ID: An Overview
Creating and Using Your FSA ID: An Overview
Creating and Using Your FSA ID: An Overview
Creating and Using Your FSA ID: An Overview
Presentation transcript:

Financial Aid Application Process 2016-17 Academic Year

This presentation covers the basics of the financial aid application process, frequent errors made on the Free Application for Federal Student Aid (FAFSA) application, creating a Federal Student Aid ID (FSA ID), and completing the IRS Data Retrieval tool . If you are not eligible to compete the FAFSA due to citizenship status and are a Washington resident, please speak with a high school counselor or college financial aid office for instructions on completing the Washington Application for State Financial Aid (WASFA) . More information is available at www.readysetgrad.org/WASFA.

What is Financial Aid? Funds awarded to students to help pay for their educational expenses including tuition and fees, books and supplies, room and board, and transportation costs. Aid funds come from the Federal Government, State Government, institution, private and/or public foundations, and agencies An Aid package may include one or more of the following award types: Federal Grant Aid Federal Student Loans State Grant Aid Institutional Aid Work-study (federal and state) Scholarships

The Application Process The financial aid application process starts with filling out the Free Application for Federal Student Aid (www.FAFSA.gov) FAFSA completed for students who are US Citizens or eligible non-citizens Verify Application Process for each University or College Additional institutional application or paperwork might be needed The financial aid process is a little bit different for each student, but there are a few things that hold true for just about everyone. First, apply even if you think you won’t qualify. There are many variables involved in determining eligibility and there’s just no way to know for sure if you don’t try.

Free Application for Federal Student Aid (FAFSA) Federal Student Aid – US Department of Education Required for federal and state aid in Washington Used by public and private colleges FAFSA is a snapshot of student and family income, investments, and financial information for the date the FAFSA is filed. When it comes to federal aid, the first place to start is with the Department of Education’s Free Application for Federal Student Aid. If you want to be considered for federal aid — even federal student loans — you must complete the FAFSA, so everyone should file. The FAFSA is used by all public and private colleges to determine a student’s need for federal student aid, and many also use it to help determine eligibility for state and school aid. The online version of the FAFSA is the preferred method. Many students like to complete the online FAFSA since it screens questions based on prior responses, skipping questions that don’t apply to your situation. You can even sign your FAFSA electronically by using a federal personal identification number (PIN), available at www.pin.ed.gov.  The Free Application for Federal Student Aid (FAFSA) determines eligibility for Federal Student Aid programs as well as eligibility for many private grant/scholarship programs. Filing the FAFSA is essential even if you don’t think you will qualify for federal financial aid. Finally, the FAFSA is your application for federal student loan programs. If you don’t file a FAFSA, you won’t be able to take advantage of these low cost loan programs.

For the 2016-17 school year, you and your parent(s) will need: FSA ID for student and one parent Social Security Numbers 2015 Federal Income Tax Returns ** You may submit a FAFSA with estimated income information to meet college deadlines, just remember to go back and correct! Bank Statements Brokerage Statements Business or Farm Financial Statements NEW If you haven’t done your taxes by the time you fill out your FAFSA, it’s okay to estimate the amounts. You might want to base your estimates on last year’s tax return. After you file your taxes, you’ll need to log back into the FAFSA and correct or update any estimated information that was wrong. If you have filed your tax returns, you may be able to access the IRS Data Retrieval Tool. This tool allows students and parents to access the IRS tax return information needed to complete the FAFSA and transfer the data directly into their FAFSA from the IRS website.

Creating FSA ID

Create Your FSA ID (Username and password) You can select “Show Text” to see what you’re typing E-mail: Optional but strongly recommended Each FSA ID must have a unique e-mail address (you and your parent cannot use the same e- mail address) You must have access to this e-mail account Username: Don’t include personal info such as date of birth or name If you see a message “Username taken, create a different username” then someone has already used that username 8

Provide Personal Information Make sure your Social Security number, date of birth, and name match what’s on your Social Security card You must have a Social Security number to create an FSA ID. On the next screen, you’ll be asked to provide your personal information. Make sure your Social Security number, date of birth, and name match what’s on your Social Security card. 9

Link Your PIN (if you have one) If you applied for federal student aid before May 2015, then you most likely had a 4-digit PIN—the FSA ID replaces the PIN; you can link your PIN to your FSA ID on this screen If you can’t remember your PIN, you can select “Forgot My PIN” and answer a challenge question or you can continue without linking your PIN If you didn’t have a PIN, then you won’t see this screen If a student doesn’t have a PIN or doesn’t link his or her PIN to the FSA ID, the student can still create his or her FSA ID. The student will be able to use his or her FSA ID to sign and submit a new (original) FAFSA right away. The student will need to wait 1-3 days for the Social Security Administration to confirm his or her information before the student can take certain other actions, such as submitting a renewal FAFSA 10

Provide Profile Information Confirm information you entered previously and provide additional information Make sure your information is correct; any errors could result in a delay or problem in your receiving financial aid (or the repayment of your federal student loans) 11

Select/Create Challenge Questions and Answers Answering your challenge questions is one way to unlock your account or reset your username and password Questions 1 and 2: Select a question from the dropdown menu and then enter your answer Questions 3 and 4: Make up your own question and enter your answer Make sure the answers will be easy to remember Examples of questions: What’s your favorite color? What’s your favorite food? Question 5: Enter a significant date It can’t be your date of birth Examples of dates: Favorite holiday Sibling or parent date of birth You can select “Show Text” to see what you’re typing Challenge Question 5 (significant date) is only used by a student to access his or her loan history through automated phone systems, such as the Federal Student Aid Information Center. 12

Review Info and Agree to Terms Review and confirm your information If you need to make a correction, use the “Previous” button Review and agree to the terms and conditions for using your FSA ID 13

Verify Your E-mail E-mail Verification Page If you provided an e-mail address, then you will be taken to the E-mail Verification page Once you verify your e-mail, you can use your e-mail address as your username when logging in to Department of Education websites You can also continue without verifying How to Verify Your E-mail Do not close the E-mail Verification page We’ll send you an e-mail with a secure code Log in to your e-mail account using a different tab or browser window or another device Look for an e-mail with the subject line, “Important: Your FSA ID E-mail Validation - Action Required” The e-mail will include a six-digit, numeric code that you will enter in the “Secure Code” data field E-mail Verification Page E-mail With Your Secure Code 14

Your FSA ID is created! Your FSA ID was created If you provided an e-mail address, then you will receive a confirmation e-mail Using Your FSA ID You can log in to fafsa.gov and complete, sign, and submit a new (original) FAFSA If you didn’t provide or link to a PIN, then your info will be sent to the Social Security Administration for confirmation SSA review will take 1-3 days Until your info is verified, you won’t be able to take certain actions, such as correct your FAFSA, submit a renewal FAFSA, or sign a Master Promissory Note. 15

Completing the FAFSA Application

www.FAFSA.gov The FAFSA is free of cost. Be wary of website or organizations that charge a fee to assist you with the financial aid application process. To begin navigate to www.FAFSA.gov and click “Start A New FAFSA”

Frequent FAFSA Errors Social Security Numbers Citizenship status of student Indicating Bachelor’s degree earned Parental Information – Divorced / Remarried Income earned by parent(s) / step-parent(s) Untaxed Income U.S. income taxes paid Household size Number of household members in college Real estate and investment net worth

Section 1 – Common Errors Student Demographics Section 1 – Common Errors

Be sure that your name, social security number and date of birth match exactly what is on file with the Social Security Administration. It is important to enter an email address that you regularly use as this is the address you will receive your student aid report or SAR. The SAR contains the summary of your FAFSA information and is also used to notify you of any issues that require special attention. Be sure to review your SAR after you submit your application to see if you need to make any corrections.

If you indicate you are not a US citizen, it will prompt you to supply your Alien Registration number. Be certain you enter in the correct information, as incorrect information could result in significant delays. If you indicate you are not an eligible citizen you may still want to complete the FAFSA for scholarships or other funding sources that require the FAFSA data. (Washington State residents who can not complete the FAFSA should complete the WASFA!) Eligible students have the option of registering for Selective Service via the FAFSA application. Just simply click the “register me” box. You will receive confirmation from the Selective Service within a few weeks. Be sure to read all questions carefully. For example, many high school students will indicate they “will have their Bachelor’s Degree” when they actually are intending only pursuing a Bachelor’s degree.

Section 2 - Helpful Hints School Selection Section 2 - Helpful Hints

This step is where you will select which schools receive your FAFSA data. You may enter in the school code … or use the search feature. You may add up to 10 schools at one time. It is recommended to list all schools in which you are interested.

For each school you select, be sure you report where you will be living. - With parents – On campus – Off campus. This information will help the school determine your aid budget.

Section 3 – Common Errors Dependency Status Section 3 – Common Errors

Dependency Determination Born before Jan. 1, 1993 Married Working on Masters or Doctorate Degree Have children or other dependents that you financially support Veteran or Currently serving in the US Armed Services Since the age of 13, both parents were deceased, you were/are in foster care or ward of the court Emancipated Minor Have a legal Guardian On or after July 1, 2015, were homeless or at risk of being homeless Many dependent students pay for college themselves with little help from their parents. Often students will ask if they need to include parental information even if their parents do not claim them on their tax return. Unless a students can answer “yes” to one of the dependency questions, they must include parental information. A parents refusal or inability to help pay for college is not considered to be a special circumstance. Parents are incarcerated You have left home due to an abusive family environment You do not know where your parents are and are unable to contact them (and have not been adopted) The following are not considered to be special circumstances: You parents do not want to provide their information on your FAFSA Your parents refuse to contribute to your college expenses You do not live with your parents Your parents do not claim you as a dependent on their income taxes

On this section any “Yes” answer will determine you to be Independent status. Please keep in mind that schools may require you to submit information to confirm any of these answers. The “Help and Hints” box will provide additional clarification for each question as you answer that question. If you do not understand a question, please carefully read the information contained on within the “Help and Hints”. Errors may cause a delay in receipt of financial aid funds.

Section 5 – Common Errors Parent Demographics Section 5 – Common Errors

Which Parent Should Provide Info? IF AND THEN Parents are living and married.. … Answer questions about both parents Parents are divorced or separated.. Have NOT remarried…. It depends.. (who did the student receive majority of support?) Parents are divorced.. Now remarried… Answer questions about custodial parent and their spouse Parents are not married, but they live together.. Parent is widowed or single.. Answer questions about that parent Parent is widowed.. Answer the questions about that parent and the stepparent Your custodial parent should help you complete the FAFSA. Your custodial parent is the parent with whom you lived the most during 2015. Example: If you stayed at your mom’s house for 30 weeks and at your dad’s house for 22 weeks, you should report income and asset information only for your mother. If you did not live with one parent more than the other, you should enter the requested financial information for (1) the parent who provided the greater financial support during the prior 12 months or (2) the parent who provided more support during the most recent 12-month period in which you received support from any parent. Note: The FAFSA requests that your custodial parent help you complete your FAFSA. This may or may not be the parent who claimed you as an exemption on his/her tax return. - See more at: http://fafsaquiz.collegeup.org/FafsaQuiz4.aspx#sthash.bt6ccWcI.dpuf

If your parents are divorced or separated, you would report the information for the parent which you lived with the most during the past 12 months. If your parent has remarried, your step-parent is also required to report their information on the FAFSA. Be sure to check for accuracy to avoid delays. Enter 000 if your parents do not have a SSN. Do not leave this field blank. On household size, be sure to include your parent and step-parent in the household size. You would also include other child living in the household who receive more than half their support from your parents. You will also include any other individuals who receive more than half their support from your parents. For the number in college – always count yourself – never count your parent, even if they are attending college.

Parent Financial Information Section 6 – Common Errors

You will want to have your federal tax return handy when completing this section. If you have not yet filed, be sure to indicate “will file” and estimate based on last year’s income or your W2 information. After you file your taxes you will need to return to the student’s FAFSA and update this field to “already completed.” If you parents have already completed their federal tax return, your parents will be presented with a series of questions to determine if they are eligible to use the IRS retrieval tool. ** IRS Data Retrieval Tool available second Sunday in February.

On the next screen you will return to the FAFSA – where you will continue to report parent financial information. If you transferred information from the IRS, your answers will indicate “transferred from IRS”. Do not change these figures. If you are unable to use the IRS retrieval tool, you will manually report this information. As you move through each of these questions, you will see the line number in which to retrieve the information from depending on the tax filing form, in the “help and hints” box. A dislocated worker is someone who has lost their job, has been laid off, has received a lay-off notice. This status also includes those who are self-employed, but are out of work due to the economic downturn. You would also indicate yes for a displaced homemaker. For more information, please refer to the help and hints box. Please note that SSI is not the same as social security benefits. SSI is generally paid to person with disabilities.

Important Line Items Adjusted Gross Income (AGI) Wages Income Tax 1040 – line 37; 1040A - line 21; 1040EZ - line 4 Wages 1040 – line 7, 12, 18; 1040A - line 7; 1040EZ - line 1 Income Tax 1040 – lines 56 minus 46; 1040A - lines 38 minus 28; 1040EZ - line 10

A common error is the amount of income tax paid A common error is the amount of income tax paid. See the help and hints field for your specific line number on your tax return. ** This field is completed when you transfer your IRS information.

For the additional financial information and the untaxed income, be sure to read each line clearly and report the amounts is annual figures. Some items in the “Additional financial information” figures are transferred over by the IRS… only include these amounts if they are reported on your tax return. The items in Untaxed Income are not transferred by using the IRS Data Retrieval tool. Carefully read each line and if you have income from any of these sources check the box – a drop down box will allow you to input the financial data.

Untaxed Income – Parent Each question expands down if you check yes… read instructions carefully! For example, the question for tax-deferred pension and savings plans – are indicated on your parent’s W2… only include those with a code D, E, F, G, H, and S.

Sign and Submit Section 7

You’re done! A few things to note on this page If you have a brother or sister who needs to also complete a FAFSA, use the “optional feature” to begin their FAFSA from this page. Under eligibility information, you’ve got two important things going on Your Estimated Family Contribution Your Estimated Pell Grant amount if you attend school full time for 9 months College Information- you’ll see college information, and it will look quite odd and unexpected. I recommend clicking on the nces website hyperlink for more complete information.

Using the IRS Data Retrieval Tool

IRS Data Retrieval Allows an applicant who has already filed their federal tax return with IRS to electronically transfer data from the tax return to FAFSA Participation is strongly encouraged to reduce documents requested by financial aid office Not available to applicants with a recent change in marital status

On the IRS website enter all of the requested information On the IRS website enter all of the requested information. Be sure you enter the information as it appears on your IRS return. Including the address, even if it has since changed.

Once the IRS has validated your identification, your IRS data will display. Click “transfer now”

Next Steps after FAFSA submission

Next Steps Once your FAFSA is processed will receive an email from the Department of Education verifying that your FAFSA is complete. Remember to make corrections to your FAFSA after you complete your 2015 taxes. Verification: If you have a received an email or letter from the colleges you’ve listed for verification, be sure to submit copies of your current tax forms to receive financial aid.

Making Corrections If necessary, corrections to FAFSA data may be made by: Using FAFSA on the web and sign with PIN If estimated taxes are used, correct FAFSA with real tax information or use IRS Data Retrieval Submitting documentation to college’s financial aid office

www.FAFSA.gov

Special Circumstances Cannot report on FAFSA Send explanation to financial aid office at each college Colleges will review special circumstances Request additional documentation Decisions are final and cannot be appealed to U.S. Department of Education

Special Circumstances Change in employment status Medical expenses not covered by insurance Change in parent marital status Unusual dependent care expenses Students cannot obtain parent information

Financial Aid Award Letter

How much aid can I receive? Terms to understand Cost of Attendance Varies at each school Posted on school website Available from financial aid or admissions office Includes tuition and fees, textbooks, room and board, transportation, and personal expenses Unmet Need Maximum amount of aid student allowed to receive from all sources

How much aid can I receive? Simple equation: COA – EFC = Need Cost of Attendance (COA) Estimated Expected Family Contribution (EFC) FAFSA Financial Need

How much aid can I receive? Simple equation: COA – EFC = Need COA: 21,450 EFC: 3525 Need: $17,925

Award Notification Each University or College will tell you how much aid you will receive at that school Some financial aid offices require that you accept your aid package by a certain date – Be sure to respond in time!

Resources

Financial Aid Shopping Sheet

Stay Informed: Social Media https://www.facebook.com/FederalStudentAid https://twitter.com/fafsa https://www.youtube.com/user/FereralStudentAid

Federal Financial Literacy Information http://www.fdic.gov/consumers/consumer/moneysmart/ http://www.mymoney.gov/Pages/default.aspx http://www.consumer.gov http://www.federalreserveeducation.org http://www.treasury.gov/Pages/default.aspx

Questions ?