1. FAFSA Workshop

2. Overview The financial aid equation Who gets the money?
Types of financial aid –
Grants
Scholarships
Work
Loans
How to apply for financial aid
Free scholarship searches

3. What Financial Aid Offers
Access to funds to help pay for
4-year public and independent colleges and universities
Community colleges
Private career colleges
Choice among schools
Choose the best academic, career, cultural, and social fit rather than the least expensive program

4. Applications
Federal – FAFSA (Free Application for Federal Student Aid)
State – FAFSA and GPA Verification Form
Institutional – Various forms may include the CSS Profile.

5. What is the FAFSA? FAFSA – Free Application for Federal Student Aid
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Used to determine how much need a family has by looking at income, assets and family size.
Need is determined by the EFC – Expected Family Contribution.
The FAFSA uses federal methodology to calculate each family’s EFC.
Each school you list is electronically sent the results of the application so they can determine your eligible aid.

6. *Financial “need” determines aid eligibility
Determining Need
Cost of Attendance
- Expected Family Contribution
Financial Need*
*Financial “need” determines aid eligibility

7. Types of Aid Grants Gift aid based on income and circumstances
Scholarships/Merit Awards
Gift aid based on grades and achievement
Loans
Aid to be repaid
Work Study
Work to earn programs that can be used to help with the costs

8. Sources of Aid Federal Government Grants, Loans and Work Study
State Government
Cal Grant and Chafee Grant
Institutions
Grants, Scholarships, Loans and Work Study
Private foundations/organizations
Scholarships and Loans

9. Federal Application 2015-16 FAFSA became available January 1, 2015
File early, but no later than March 2, 2015
Use 2014 income information if taxes are not complete at time of FAFSA submission to estimate
Student and at least one parent must complete and sign the FAFSA
Best to complete the form electronically.

10. Create a file for copies of all financial aid documents submitted
Federal Application
Before starting the FAFSA, gather:
Student driver’s license
Student Alien Registration Card
Student and Parent
Social Security cards
2014 W-2 Forms and other records of money earned
2014 federal income tax form
Records of untaxed income
Current bank statements
Business, farm and other real estate records
Records of stocks, bonds and other investments
Create a file for copies of all financial aid documents submitted

11. Federal Application Access
You can contact the Department of Education by:
Phone: FEDAID or
Live Help (chat): available on website

12. Early Estimates FAFSA4Caster
Allows you to get an estimate if you are not ready or able to complete the FAFSA
Saves information and imports it to your actual FAFSA when available
Prepares you for the questions and offers additional assistance
Available at

13. Net Price Calculator
New regulations state that every US school must have a standardized calculator to give families an idea how much it will cost to attend.
Different schools = different calculators
Some schools use a generic calculator
Some schools have broad ranges
Some schools use the lowest estimate
Output is only as accurate as the information entered

14. FAFSA
Make sure you use the student’s demographic information and not parent information when setting up the FAFSA

15. FAFSA
Be sure to select !
Request a duplicate PIN or a new one

16. FAFSA Apply for a PIN at: www.pin.ed.gov
PIN serves as the electronic signature
Both student and at least one custodial parent need PIN to sign the FAFSA electronically
May be used to:
Check on FAFSA status
Verify and correct FAFSA data
Add additional schools to receive FAFSA data
Change home and addresses
If you select your “four number” PIN, it is automatically activated
Apply for a PIN at:

17. Student Information Use your proper name Use student SSN and DOB
Use student to ensure that the report is sent to you as the student
If male, Selective Service is required to receive federal aid

18. Student Information Smart form
You must be a US citizen or eligible non-citizen for federal aid
Be careful with stating what degree you will be working on
Consider marking yes to work study

19. Student Information
Enter the name, city, and state of the high school where you received or will receive your high school diploma.

20. Student Information – Drug Abuse
If convicted of drug use, possession or sale, the student is not eligible for federal student aid.
Schools may offer a means to rehabilitate this status.

21. Student Information – Schools
List a California college or university first (for Cal Grant consideration)
It’s important that you get your FAFSA information to the right schools.
You can select up to 10 schools & after this submission, can substitute the original schools for additional schools.

22. Student Information – Housing Status
Select a housing status
Can be updated directly on FAFSA or with school

23. Student Information - Dependency
These questions determine if a student is independent
Age: 24 versus 18
Claiming a student on a tax return
Foster youth
Emancipated minors
Legal guardianship does not include biological parents

24. Dependency Status Results
For dependent students, a special circumstance is a situation that exists between the student applicant and his or her parent(s) which prevents the student from providing parental information.
Select I will provide parental information to continue to Parent Demographics.
Select I am unable to provide parental information to get additional information about special circumstances.

25. Dependency Status Results

26. Dependency Status Results

27. Student Information - Dependency
If found to be a dependent student, you must provide parent information.
You can skip this step if you are a dependent student that should be considered a special circumstance.
Documentation will be required.

28. Parent Information Provide Information on:
Biological or adoptive parent(s)
Stepparent (regardless of any prenuptial agreements)
Do not provide information on:
Foster parent(s), student is automatically considered an independent student
Legal guardian(s) or grandparent(s) or other relative(s) unless they have legally adopted you.
Student may request a dependency override in certain circumstances, contact a Financial Aid Office for more information

29. Parent Information
You must select the answer that describes your parents' marital status as of today.
Can not be left blank
Use parent SSN and DOB
List your
Schools may use to communicate
Legal residence
Cal Grant eligibility
Household size
Children, parents, anyone else supported > 50%
Number in college
Parents in college

30. Parent Information Undocumented
Do not use your Federal Tax Payer ID Number as a social security number.
When asked to provide your social security number, enter all zeroes.
When asked if you have filed taxes for 2014, answer “not going to file.”
You will not be able to apply for a pin number to sign the FAFSA. You will need to print a signature page and mail it immediately.

31. Parent Information – Marital Status
What is your parent’s marital status as of today?
When did your parents get married or remarried?
1516 FAFSA will allow marriage update for parent and student.
Up to each school to approve each request
If your custodial parent is not married, this “smart form” will ask for which parent you are completing the form.
The parent that provides more than 50% of the support over the past 6 months will list financial information and sign with PIN.

32. Parent Information
Don’t wait until your taxes have been completed to file your FAFSA!

33. Parent Information
If you select “Already Completed”, you will be prompted to use the IRS Data Retrieval Tool.
This allows you to automatically sync your FAFSA with IRS data.
Meets verification requirements.

34. Parent Information

35. Parent Information

36. Parent Information

37. Parent Information
You can estimate using the income estimator if needed
Hints on the side help you locate AGI and wages based on 1040 or W-2

38. Parent Information – Work Status
Is the Parent a Dislocated Worker?
A person may be considered a dislocated worker if he / she:
is receiving unemployment benefits due to being laid off or losing a job and is unlikely to return to a previous occupation;
has been laid off or received a lay-off notice from a job;
was self-employed but is now unemployed due to economic conditions or natural disaster; or
is a displaced homemaker.
Note: If you answer Yes, the financial aid administrator at your college may require proof that your parent is a dislocated worker.

39. Parent Information How much did your parents pay in income tax?
Line 55 of IRS 1040 federal tax return
Taxes paid is not the amount withheld on the
W-2 Form! It is:
amount withheld plus any check sent with the
tax return or
the amount withheld minus any refund.

40. Parent Information
Enter the number of tax exemptions your parents will claim for 2014.
IRS Form 1040 – Use Line: 6d
This does not need to match the household size (but it often does).
The student does not need to be claimed on the tax return of the custodial parent

41. Parent Information
Some untaxed income information is found on your 1040 tax return, other items are not.
If you answer yes to the asset question, you will provide:
Current cash balance
Investment net worth
Business net worth (100 or more employees)

42. Student Tax Information
The directions to complete the student section are the same as those outlined for the parents.

43. Student Assets
It is better for 529 assets to be reported under the parent(s)’ name if possible.
Any other asset in the student’s name must be reported.

44. Signing the FAFSA
It is recommended that you sign the FAFSA electronically with a PIN number for the student and the parent.
Must have a SSN to receive a PIN. Families can also mail signature pages.

45. Confirming Submission

46. Scholarship Opportunities
Outside Resources
Community: Rotary, YMCA, Elks
Parent’s Employer
Web Sites:
Time spent on searches… Worthwhile?
Outside Scholarships can replace loans/work
Tips
Be Cautious
Limit Dependency
Do your Homework
Refer to institutional resources on the web

47. Special Circumstances
Contact the Financial Aid Office if:
Loss or reduction in parent or student income or assets
Death or serious illness
Unusual medical or dental expenses not covered by insurance
Reduction in child support, social security benefits or other untaxed benefit
Financial responsibility for elderly grandparents
Any other unusual circumstances that affect a family’s ability to contribute to higher education

48. Summary of the Financial Aid Process
Submit all required forms, including FAFSA, by each college’s published deadlines (but no later than March 2)
By March 2 submit a Cal Grant GPA Verification Form
Keep a copy of all forms submitted
Review the electronic Student Aid Report (SAR)
Acknowledgement or the paper SAR sent to the student
Review the California Aid Report (CAR)
Watch for financial aid award notifications from colleges to which the student has been admitted
Be sure to apply for financial aid this year and every year as soon as possible after January 1 to receive the best financial aid award possible
ASK QUESTIONS!

49. Thank You!
Questions?