1. Financial Aid & the FAFSA (Free Application
College Goal WA
Financial Aid & the FAFSA (Free Application
for Federal Student Aid)
Shorecrest High School, 10/19/16

2. Topics What is financial aid? Who is eligible?
How is eligibility for aid determined?
How do I apply?
What types of aid are available?
Topics

3. Goal of Financial Aid
The primary goal is to assist students with paying for their educational investment by:
Evaluating family’s ability to pay
Distributing limited resources in an equitable manner
Balancing gift and self-help aid

4. Vocab Lesson Free Application for Federal Student Aid FAFSA:
COST OF ATTENDANCE:
Total expense for the average undergraduate: tuition, room, books, incidentals, etc. Varies widely from college to college.
EFC:
Expected Family Contribution
NEED BASED AID:
Awarded based on the FAFSA and the amount of financial resources
MERIT BASED AID:
Awarded for recognition (scholarships)

5. Student Eligibility Criteria
5/12/2018
Student Eligibility Criteria
Enrolled at least half-time in an eligible program of study
Have a high school diploma or recognized equivalent
Pursuing a degree, certificate, or other recognized credential
U.S. citizen or eligible noncitizen
Registered with Selective Service (if male and required)
Valid Social Security Number (SSN)
May not be in default on a federal student loan
Must not owe an overpayment of federal grant or loan funds
Must be making satisfactory academic progress (as defined by school)
©2001 Seattle Pacific University

6. How to Apply
The Free Application for Federal Student Aid (FAFSA) is available on October 1st each year (beginning 10/01/16). Schools will have their own priority application dates for both Admissions & Financial Aid
Quickest: submit the FAFSA
online at
The FAFSA will ask for 2015 tax information (for the enrollment year)
Be mindful of both admissions and financial aid deadlines

7. FSA ID Your electronic signature fsaid.ed.gov
Both parent and student need an FSA ID
Can complete any time
Will be used to sign-in to FAFSA, Student Loans, and other Federal Aid websites
fsaid.ed.gov

8. What will the FAFSA ask for?
income: Parent and student from base year
(2015 income for enrolling in the academic year)
assets: Parent and student as of filing date
estimate tax information to meet deadlines
household size/number in college
age of the oldest parent

9. IRS Data Retrieval
While completing your FAFSA, an applicant may submit real-time request to IRS for tax data.
IRS will authenticate taxpayer’s identity
If match is found, IRS will send real-time results to applicant in a new window
Applicant chooses whether or not to transfer data to FAFSA on the web.
Participation is voluntary

10. File your FAFSA by school’s priority deadline for priority aid
FAFSA is sent to the schools you select
Your FAFSA results are sent to you via SAR
Fin. Aid office will use FAFSA to determine eligibility
Financial Aid Offers will generally be available in spring. Check with schools.
Complete all requirements listed on your Offer
Financial aid will disburse 10 days prior to the start of each quarter
START
The FAFSA Cycle

11. Common Errors We Find! Social Security Numbers
Divorced/remarried parental information
Income earned by parents/stepparents
Untaxed income
U.S. income taxes paid
Household size
Number of household
members in college
Real estate and investment net worth

12. Department of Education may randomly select students for verification
5/12/2018
Department of Education may
randomly select students for verification
Verification Items can include:
Household size
Number in College
Adjusted Gross Income (AGI)
US taxes paid
Certain types of untaxed income and benefits
Verification Process
©2001 Seattle Pacific University

13. Are you a DREAMer?
If you are a non-citizen, you may be eligible for Washington State Financial Aid by completing the WASFA application at
it is really important to complete this application as early as possible!

14. Need (Financial Aid Eligibility)
5/12/2018
Need (Financial Aid Eligibility)
Varies Based on Cost X Y Z
cost of
expected family
need
attendance
contribution
(variable)
(constant) 1 2 3
EFC
©2001 Seattle Pacific University 5

15. Do I need my parent’s info?
yes, all students must provide parental information unless:
Unaccompanied Youth/Emancipated Minor
Supporting a dependent child
Active duty in the military
Orphan/ward of the court
24 years old
Married
Veteran
Graduate Student
5/12/2018
Do I need my parent’s info?
©2001 Seattle Pacific University

16. If my parents are divorced or separated,
whose information goes on the FAFSA?
DIVORCED: If your parents are divorced, you would report the parent and stepparent (if applicable) whom you lived with longer during the 12 months prior to the date you complete your FAFSA. If you lived with your parents equally or didn’t live with either one, you should report who provided more financial support.
SEPARATION:
Same rules as divorced parent scenario, but your parents would need to be living in separate residences or be legally separated to mark this option on the FAFSA.

17. What do I do with 529/Qualified Tuition
Programs on the FAFSA?
529 plans, like GET, are reported under the investments section on the FAFSA.
Dependent students who must report parent information on the FAFSA should list 529 plans (student or parent-owned) as a parent asset.
Independent students who are not required to report parent information would only include 529 plans as a student asset if the student is the owner of the account.
If someone other than the parent/s or student is the owner, then distributions from the plan are reported on the following year’s FAFSA under “money received/paid on your behalf”.

18. Grants
AKA FREE MONEY
WHAT IS A GRANT?
MONEY awarded to students, based on need as determined
by their FAFSA, that does NOT have to be paid back.
Awards divided evenly between quarters / semesters

19. Work Study WHAT IS WORK STUDY? MONEY earned through employment
Earn that $$$
WHAT IS WORK STUDY?
MONEY earned through employment
Benefits:
Gain work experience, improve your skills, and build your resume
Explore possible career opportunities
Help pay your way through school
Some earnings may not count against you on the following year’s FAFSA
Employment may be on or off campus

20. check out www.studentaid.gov
Loans
WHAT IS A LOAN?
MONEY borrowed from the Federal government, schools, and/or outside lenders that has to be repaid after graduation. Interest rates are typically low
(e.g., 3.76% for ).
check out

21. Two Types…
Subsidized: Must demonstrate “need;” & no interest
until repayment
Unsubsidized: Not based on “need” & the
interest accumulates while the student is enrolled
Annual loan limits (combined subsidized and unsubsidized):
$5,500 for 1st year undergraduates
$6,500 for 2nd year undergraduates
$7,500 for each remaining undergraduate year
Repayment begins after 6-month grace period
fixed interest rate of 3.76% for subsidized and unsubsidized
Student Direct Loans
5/12/2018
©2001 Seattle Pacific University 27

22. Scholarships WHAT IS A SCHOLARSHIP?
Let schools know about all outside scholarship awards student receives
Continue seeking outside scholarships
WHAT IS A SCHOLARSHIP?
MONEY awarded to students, based on achievements, that does NOT have to be paid back.
AKA FREE MONEY
Scholarships

23. FAFSA –

24. Quick FAFSA Tips
When the FAFSA refers to “I,” “You,” “Your,” etc., it is referring to the student (not the parent, family, or FAFSA preparer).
Always double check even basic demographic items (name, Social Security Number, birth date, , mailing address & zip code) for typos & errors.
Errors and omissions will delay your FAFSA; so check all responses carefully.
The FAFSA is a free form. You don't need to pay to submit or have the form processed.
You need to re-apply for financial aid every year and submit the FAFSA for the next academic year.

25. Use the Correct Year’s Form
From October 1 to June 30 of each year, you’ll notice that there are two versions of the FAFSA available online at FAFSA.ed.gov:
Upcoming academic year ( FAFSA — for enrollment from July 1, 2017 to June 30, 2018)
Current academic year ( FAFSA — July 1, 2016 to June 30, 2017)
> Be sure to select the correct year’s FAFSA so you prevent delays <

27. option

30. Thank you Ted Haase Student Financial Services
Seattle Pacific University

31. Never attended & 1st year undergraduate
Never attended & 1st year undergraduate

37. Remember… To Work On…. YOUR TO-DO LIST
To be aware of any financial aid and admissions due dates at the schools you are looking at
Complete FAFSA as soon as possible after October 1st
Submit all requested follow-up documentation to the school
Check your – the student & parent s on the FAFSA, and on the Admissions Application to the school(s)
Most importantly – ask questions – don’t be shy, as the Financial Aid & Admissions offices are there to help.

38. Thank you Ted Haase Student Financial Services
Seattle Pacific University