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FINANCIAL AID Holt High School Kathy Freeman, EdS Counselor kdfreeman@tcss.net
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WHERE DO I BEGIN? The first step in the financial aid process is to complete the Free Application for Federal Student Aid (FAFSA) online at www.fafsa.gov. www.fafsa.gov FAFSA federal deadline: June 30 th FAFSA state deadline: April 1 st (priority date)
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WHICH APPLICATION DO I COMPLETE? If you plan to attend college between July 1, 2015-June 30, 2016, select 2015-2016 application If you plan to attend college between July 1, 2016-June 30, 2017, select 2016-2017 application
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WHY DO I NEED A FAFSA? FAFSA completion starts the application process for Federal Pell Grants, Federal Student Loans, Federal Parent PLUS Loans, Federal Work Study, Supplemental Grants and some scholarships depending on the organization. Even if you know you won’t qualify for a grant, you never know when you might need extra help.
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WHEN DO I START? The FAFSA becomes available for the upcoming school year in January. If you plan to attend college between July 1, 2015-June 30, 2016, select 2015-2016 application If you plan to attend college between July 1, 2016-June 30, 2017, select 2016-2017 application -File as soon as your parents taxes are completed. The earlier you complete the FAFSA, the more likely you are to receive additional funding that may be available.
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WHAT DO I NEED TO COMPLETE THE FAFSA? You and your parent must have the following information: Social Security Number Driver’s license 2015 Federal Income Tax Returns IRS Form 1040, 1040A, 1040EZ, 1040Telefile Use the FAFSA IRS Data Retrieval Tool (Cannot be used for Married Filing Separately, Recently Filed, Foreign Tax Return, etc.) – Must use the exact address on Tax Forms to have the IRS link. Records of untaxed income Social Security SNAP (food stamps) Welfare Veteran’s benefits
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WHAT TYPES OF AID CAN I QUALIFY FOR? Federal Pell Grants (need based) Federal Student Loans Subsidized (need based) Unsubsidized Federal Parent Plus Loans Federal Perkins Loans (need based) Federal Work Study (need based) Supplemental Grants (need based)
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FINANCIAL AID TERMS Federal Pell Grant- does not have to be repaid. Federal Student Loan- borrowed money that must be repaid with interest. Federal Perkins Loan- repaid to your school Parent Plus Loan- loans parents can obtain to help pay the cost of education for their children, requires a credit check Federal Work Study- students are employed on campus at minimum wage
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WILL FAFSA PAY FOR EVERYTHING? The FAFSA does not pay for anything, your financial aid package/award shows what funds have been offered to you. In most cases, your financial aid package will not cover all of your expenses. Federal Student Aid is not designed to pay for everything. It is a supplement to help you/your parents with educational costs.
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FINANCIAL BREAKDOWN The maximum full time Pell Grant is estimated to be $5815 ($2907.50/semester). First time freshman can only receive $5500 in student loans ($2750 for the fall and $2750 for the spring). Parents may apply for PLUS loans that will be in their name or if declined will allow the student to apply for an additional $4000 (freshman & sophomore) or $5000 (junior and senior) for the academic year.
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WHOSE INFORMATION DO I USE ON THE FAFSA? The FAFSA states that you must use your biological parent(s) who you lived with more during the past 12 months. If you did not live with one more than the other, give answers about the parent(s) who provided more financial support during the previous year.
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I LIVE WITH MY MOM AND MY DAD CLAIMS ME ON HIS TAXES? It does NOT matter who claimed you on their taxes. The rule is to provide the information for the parent(s) who you lived with the most or who provided more financial support.
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MY GRANDMOTHER/ RELATIVE IS MY PARENT; I’M ADOPTED Grandparents, foster parents, legal guardians, aunts and uncles are NOT considered your parents on the FAFSA unless they have legally adopted you through the court system.
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WHAT IF SOMEONE BESIDES MY PARENTS CLAIMED ME ON THEIR TAXES? It does not matter who claimed you, you must list your biological parent(s) on the FAFSA.
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WHAT IF I AM INDEPENDENT? You are not considered independent (even if you claim yourself on your taxes) unless you can answer yes to at least one of the following questions on the FAFSA (and provide documentation): Were you born before January 1, 1990? As of today, you are married? Do you have children who will receive more than half of their support from you? Do you have dependents (other than your children or spouse) who live with your and who receive more than half of their support from you? 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?
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HOW DO I SIGN MY FAFSA? You and your parent must each have a Federal Student Aid Pin (FSA ID) that will be used every year that you file a FAFSA. It will also be used to sign your Master Promissory Note and Entrance Counseling if you accept a loan. The PIN site is www.pin.ed.gov.www.pin.ed.gov FSA ID Assistance 1-800-557-7394
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IRS DATA RETRIEVAL TOOL You can upload tax forms onto FAFSA using the IRS Data Retrieval Tool. If the IRS Data Retrieval Tool isn’t used, the student may be required to submit additional paperwork (IRS Tax Return Transcript). If the FAFSA is filed not using the Tool, the US Dept of education will send an email to the student asking them to use it later.
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THE SCHOOL MAY NEED MORE INFORMATION Your application may have conflicting information or may be selected for verification. In both cases additional forms and tax returns from the IRS with W2s may be required. Other documents may include birth certificates, SSI benefit statements, Social Security Cards, Food Stamp verification and Child Support Received/Paid, etc.
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FAFSA IS SENT TO THE SCHOOL THAT YOU WANT TO ATTEND Your FAFSA will be electronically sent to your school, but you must list your school’s code on the FAFSA. If you do not know the code, there is a drop down box for you to search for and choose your school to be added to your FAFSA.
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RESOURCES www.studentaid.ed.gov www.fafsa.gov www.pin.ed.gov www.holths.tccs.net
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