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FAFSA Fundamentals
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Paying for College No matter who you are, you CAN go to college
College is an investment in your future Many forms of financial aid are available to help you pay for your education It’s important to remember that if you want to go to college there are many options to help you achieve that goal When I say “college,” I’m referring to any type of education past high school, such as two-year colleges, four-year universities, technology centers or trade schools Some of the benefits of a college education are higher salaries, better benefits and increased job security Financial aid is available for everyone; later we’ll discuss the types of aid you may qualify to receive
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What’s Financial Aid? Financial aid is money to help you pay educational expenses, such as: Tuition Fees Books Room and board Transportation Personal costs Financial aid can help with various educational costs such as those listed here Your aid can also assist with expenses like daycare and purchasing a computer
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Free Application for Federal Student Aid
How Do I Apply? Free Application for Federal Student Aid The FAFSA is your first step Use it to apply for most types of federal and state aid By completing the FAFSA, you’ll be applying for most types of federal and state financial aid
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Find the FAFSA Online – Visit FAFSA.gov
Print a copy – Go to FAFSA.gov; click FAFSA Filing Options to print a paper FAFSA Request a paper copy – Call FED.AID or (TTY) to request copies in English or Spanish There are two ways to apply: 1. Online at FAFSA.gov 2. Print a paper copy at FAFSA.gov or request a paper application by calling FED.AID The online application is strongly recommended
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What Do You Think? Over $280 Million
What was the total amount of financial aid awarded by Oklahoma State University during the academic year? This includes all grants, loans and scholarships in their undergraduate, graduate and veterinary programs. OSU is just one school in the state of Oklahoma… think about all the financial aid that is awarded nationwide! Everyone should apply for financial aid, even if you think you won’t qualify Over $280 Million
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FAFSA.gov Here’s a screen shot of the FAFSA.gov home page where you can start completing the FAFSA application online Remember to use FAFSA.gov, not FAFSA.com You should never pay to complete the FAFSA
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FAFSA.gov This section of the FAFSA home page offers links to state financial aid deadlines, college codes and the paper FAFSA application Parents and students can take advantage of the FAFSA4caster to estimate their aid eligibility before hearing from a school
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Why Online? Faster processing time
Save your application and return to it later Built-in error catcher means fewer delays Yearly online renewal Help and Hints boxes provided with every question Automatically transfer your tax information with the IRS Data Retrieval Tool Electronically sign using your Personal Identification Number (PIN) Online is the easiest and most efficient way to complete the FAFSA Online processing time is approximately 3-5 days, while a paper application may take much longer The online process provides Help and Hints boxes on every page to assist you with questions, and includes built-in edits to help prevent errors If you file online, next year you’ll be able to complete a renewal FAFSA with some answers already pre-populated with your information You can also save time by using the IRS Data Retrieval tool online to automatically populate you tax information The PIN is a 4-digit number assigned to you (and your parent or spouse)
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What’s a PIN? Request a Personal Identification Number (PIN) from FAFSA.gov Typically sent via within 24 hours after your request Student and one parent must each have a PIN Use the same PIN when you: Renew your FAFSA the following year Sign an online loan application The Personal Identification Number, or PIN, allows you to sign your FAFSA and some student loan applications online Each student and one parent must have a PIN The PIN is an ‘individual ID’ so the parent needs only one PIN for multiple children Applying for a PIN only requires your SSN, name, address and date of birth Request a PIN at FAFSA.gov
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Getting a PIN Click ‘PIN Site’ to request your PIN from the FAFSA.gov home page
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Requested FAFSA Information
Social Security Numbers Tax, income and other financial information Marital status Citizenship status Assets Level of parents’ school completion Selective Service registration This information will be necessary for you to complete your FAFSA application If your current year tax returns haven’t been filed, you may use estimated figures in order to submit your FAFSA If you estimate your information, the FAFSA Processing Center will remind you to enter your actual tax figures at a later date Applicants should be aware of marital status, citizenship status and school completion levels of both parents Parent and/or applicant must know asset information to complete the FAFSA Male applicants are required to be registered with Selective Service; if student is not registered, he may do so on the FAFSA application
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Don’t Miss Deadlines FAFSA – Check with your school’s Financial Aid office for any priority deadlines State Aid – State deadlines can be found at FAFSA.gov Oklahoma’s deadline for the Oklahoma Tuition Aid Grant (OTAG) is March 1 Deadlines are very important when applying for financial aid Always apply as soon after January 1st as possible for each year you’re requesting financial aid Check with your school’s Financial Aid office for their priority deadlines Check state aid deadlines from the home page of FAFSA.gov Oklahoma’s deadline for financial aid is March 1st
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7 Myths About the FAFSA I won’t qualify for financial aid because my parents (or I) make too much money. I don’t have good grades, so I won’t be eligible for financial aid. I’m too old to qualify for financial aid. The application is too hard to fill out! I have to wait until my parents (or I) file my taxes. I support myself, so I don’t have to include parent information. I completed the FAFSA my freshman year, so I don’t have to complete it again. I won’t qualify for financial aid because my parents (or I) make too much money. Actually, there isn’t an income cutoff to qualify for financial aid. Your eligibility for financial aid is based on a number of factors and not just your or your parents’ income. Plus, many states and schools use your FAFSA data to determine your eligibility for their aid. Fill out the application and find out what you can get! I don’t have good grades, so I won’t be eligible for financial aid. Completing the FAFSA isn’t the same as applying to college. Most federal student aid programs don’t take your grades into consideration when you apply. Just remember, once you’re in college, you do need to maintain satisfactory academic progress in order to continue receiving federal aid. I’m too old to qualify for financial aid. Federal student aid programs don’t take your age into consideration. The application is too hard to fill out! Since it’s available online, the FAFSA is easier than ever to complete. The form uses “skip logic,” so you are only asked the questions that are relevant to you. If you’ve filed your taxes, then you can transfer your tax return data into your FAFSA automatically. And as you go through the application, there will be guided assistance in the margins to help you answer each question. Plus, the FAFSA website has a Help page that addresses most frequently asked questions. I have to wait until I (my parents) file taxes. Since some colleges have FAFSA deadlines that are before the tax filing deadline, it’s important to complete the FAFSA early. You can use estimates on your FAFSA by basing them off of last year’s taxes. After you file your taxes, you can log back into the FAFSA and input your updated tax information. I support myself, so I don’t have to include parent info. This is not necessarily true. Even if you support yourself and file taxes on your own, you may still be considered a dependent student for federal student aid purposes. You can determine your dependency status by answering these questions. If you are independent, you don’t need to include your parents’ information on your FAFSA. If you are dependent, you need to provide your parents’ information. I completed the FAFSA my freshman year, so I don’t have to complete it again. You’ll need to complete the FAFSA each year that you need financial assistance while you attend college or career school.
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FAFSA Process
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FAFSA Login As you begin, you’ll be asked to log in with your name, SSN and date of birth
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FAFSA Be sure to choose the ‘ FAFSA’ if you plan to attend school beginning in the fall of 2014 If you will begin school in the summer of 2014, check with the school you plan to attend to get their specific requirements on the FAFSA If you haven’t requested a PIN, you may apply for one here
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Set Your Password A password will be required as part of your log in to the FAFSA Remember this password; it will be used each time you enter this program
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Help and Hints Help and Hints boxes will be your best friend when applying online They are provided on each screen to offer a detailed explanation of every question Help and Hints boxes are located on each screen to assist you
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Selective Service Registration
Eighteen year old males must register with Selective Service in order to receive financial aid You can elect to register here on your FAFSA If you’re an 18 year-old male and haven’t signed up for Selective Service, you may do so on your FAFSA application Males who have not registered will not qualify for financial aid If you’re only 17 now, go ahead and check ‘Register Me’; your information will be submitted on your 18th birthday
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School Comparison The online application allows you to compare schools in terms of cost for tuition and fees, the graduation rate, retention rate and much more You will also be able to link directly to the school’s website from here
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Dependency Status Dependent students must provide parental information on the FAFSA Independent students aren’t required to show parental information unless requested by their school These guidelines indicate if parental information must be shown on the FAFSA based on your dependency status Independent students who are married must also show spousal information Visit the resources section at StartWithFAFSA.org and download the Dependency Questionnaire to determine your status before you begin the FAFSA.
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Special Circumstances
Change in employment status Unusual medical expenses not covered by insurance Change in parent marital status Unusual dependent care expenses This is a list of additional special circumstances that you or your parent may be facing If there’s a special circumstance prohibiting you from providing parental information, it’s highly recommended you speak to the Financial Aid office at the school you’ll attend Many schools have specific procedures they follow to handle this question
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Parent Information Parent(s)/guardian(s) information may be required on the FAFSA Marital status, income, living arrangements, citizenship, etc. may influence the application Use the “Help and Hints” tool For additional information about each question, check the Help and Hints box on the right side of the screen; it will provide detailed information about every question in this section
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IRS Data Retrieval IRS can send tax data online directly to your FAFSA
Available in early February for the FAFSA processing cycle Participation is voluntary Reduces documents requested by financial aid office The IRS Data Retrieval process allows you to transfer your tax data directly from the IRS website to your FAFSA application The tool will become available in early February for the FAFSA
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IRS Data Retrieval Electronically filed tax information will be available 2-3 weeks after the return has been accepted by the IRS Data from paper tax returns will be available on the IRS website in approximately 8-11 weeks after the IRS receives the return Filing taxes online will save valuable time for the student applicant
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Sign and Submit Review your data before you submit
You can still request a PIN here if necessary Click ‘View or Print Your FAFSA Information’ to review all of your answers for accuracy before the FAFSA is submitted You and your parent can electronically sign by entering your PIN If you don’t have a PIN, you can request one from this page or print a signature page to sign and mail to the FAFSA Processing Center Don’t forget to hit ‘Submit My FAFSA Now’
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Confirmation Page A Confirmation Page is shown after your FAFSA has been submitted It includes an estimate of your Expected Family Contribution (EFC) and estimated eligibility for the Pell Grant and Federal student loans After your submit your FAFSA you will receive a Confirmation Page It will provide you with an estimated Expected Family Contribution (EFC) figure You will also be shown your estimated eligibility for the Pell Grant and/or Federal Direct student loans
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After the FAFSA
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After FAFSA Submission
You will be notified when your FAFSA is processed Your FAFSA information will be made available to your school(s) to determine the aid you may be eligible to receive If you have questions about your financial aid package, contact your school(s) If you file your FAFSA online, it takes about 3-5 days to have it processed; after that time it’s forwarded on to the school(s) you’ve chosen to receive your FAFSA data Paper FAFSAs will take considerably longer to be processed and received by your schools You will be notified when your FAFSA information has been submitted to the school(s) of your choice
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Student Aid Report (SAR)
Summarizes your FAFSA information Sent to student electronically or in paper form after your FAFSA is processed Review the SAR for accuracy The schools listed on your FAFSA will also receive a summary A Student Aid Report (SAR) is a summary of the information you provided on the FAFSA This information will be sent to you via , if you filed online; a paper SAR will be mailed to you if you chose to do the paper form Review the SAR for any errors
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Making Corrections If necessary, corrections to FAFSA data may be made by: Using FAFSA on the WEB ( if student has a PIN; Requesting changes through the Financial Aid office with the use of your DRN (Data Release Number) Submitting documentation to the college’s Financial Aid office Corrections to your FAFSA information can be made a number of ways All changes made will be forwarded to the school(s) you’ve chosen to receive your FAFSA results
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Financial Need Cost of Attendance - Expected Family Contribution - Other Aid Financial Need The financial need formula
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Award Letter Lists types and amounts of financial aid you’re eligible to receive You don’t have to accept everything you’re offered in the award letter Submit any requested information to your school by the required deadline Once your financial aid file is complete at the school(s) who’ve received your FAFSA information, the Financial Aid office will send you an award letter that lists all the types of federal and state aid you’re eligible to receive This letter may be sent via paper or electronically; the schools you’ve applied to will determine the process Make sure you understand all financial aid you’ve been awarded You don’t have to accept everything offered to you, especially loans, since they must be paid back with interest; this means you’d have to pay more back than what you originally borrowed Be sure to respond to any requests by the school’s deadline
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Federal Financial Aid StudentAid.gov Federal Pell Grant
Federal Supplemental Educational Opportunity Grant (FSEOG) Teacher Education Assistance for College and Higher Education Grant (TEACH) Iraq and Afghanistan Service Grant Federal Work-Study (FWS) Federal Perkins Loan Federal Subsidized Student Loan Federal Unsubsidized Student Loan Parent Loan for Undergraduate Students (PLUS) StudentAid.gov There are many types of federal and state aid Remember that all loans must be repaid with interest Other types of aid, like grants and scholarships are “free money” – you won’t have to repay them Visit studentaid.gov to learn more about federal aid including award amounts and interest rates
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State Financial Aid Oklahoma Tuition Aid Grant (OTAG)
Apply through the FAFSA Need-based Oklahoma’s Promise Students receive free tuition at Oklahoma public two-year colleges and four-year universities Partial tuition provided at approved Oklahoma private colleges and public technology centers FAFSA completion required The Oklahoma Tuition Aid Grant (OTAG) is a state grant for eligible Oklahoma residents It’s awarded based on financial need Funds for this grant program are limited Application deadline is March 1, 2014 Apply for the OTAG by completing the FAFSA Oklahoma’s Promise Every Oklahoma’s Promise student must complete a FAFSA in order to receive their scholarship dollars If the family’s 2013 income exceeds $100,000, the student will not qualify for Oklahoma’s Promise Students are required to meet End of Instruction (EOI) requirements and graduate from high school Oklahoma’s Promise students have always been required to graduate from high school; the EOI requirements are somewhat new however
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Things to Remember Complete the FAFSA every year you need financial aid for college Complete the FAFSA as soon after January 1st as possible to meet deadlines Fill out the form online, if possible Sign electronically with a Personal Identification Number (PIN) Never pay to complete this form; it’s a FREE application Complete the FAFSA as soon as possible after January 1st each year you’ll need financial aid Try to apply before March 1st each year to possibly qualify for the Oklahoma Tuition Aid Grant Apply online at FAFSA.gov … NOT fafsa.com
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Resources
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Scholarships Click on Find Scholarships on the UCanGo2.org home page to locate a number of programs to help you pay for college There you can search for scholarships by deadline or by category and you’ll information to help you win scholarships Like UCanGo2 on Facebook to get free scholarship posts weekly
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405.234.4239 866.443.7420 (toll free) UCanGo2@ocap.org
Oklahoma State Regents for Higher Education Oklahoma College Assistance Program Outreach Department (toll free)
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