1. The Financial Aid Process The Financial Aid Process

2. You Must… Do your taxes! Do your taxes! Estimate if necessary Estimate if necessary Complete the FAFSA form. Complete the FAFSA form. Online – www.fafsa.gov Online – www.fafsa.govwww.fafsa.gov Obtain pin #’s for student and parent (www.pin.ed.gov) Obtain pin #’s for student and parent (www.pin.ed.gov) Be sure to include school code(s) Be sure to include school code(s)

3. FAFSA on the Web Website: www.fafsa.govwww.fafsa.gov 2015–16 FAFSA on the Web available on January 1, 2015 Basic info (name, address, SS#, marital status, etc) Financial info (income, tax, assets, untaxed income, etc) Addt’l info (colleges, housing) FAFSA on the Web Worksheet: - Used as “pre-application” worksheet - Questions follow order of FAFSA on the Web

4. IRS Data Retrieval Tool While completing FOTW, applicant may submit real-time request to IRS for tax data IRS will authenticate taxpayer’s identity If match found, IRS sends real-time results to applicant in new browser window Applicant chooses whether or not to transfer data to FOTW Available early February 2015 for 2015–16 processing cycle Participation is voluntary Reduces documents requested by financial aid office 4

5. Federal Student Aid Personal Identification Number (FSA PIN) Website: www.pin.ed.gov Website: www.pin.ed.govwww.pin.ed.gov Sign FAFSA electronically Sign FAFSA electronically Not required, but speeds processing Not required, but speeds processing May be used by students and parents throughout aid process, including subsequent school years May be used by students and parents throughout aid process, including subsequent school years

6. Confirmation Page provides: * confirmation # * estimated EFC Print and keep for conversations with financial aid offices FAFSA results called a Student Aid Report (SAR) and should be available at fafsa.gov within 2 weeks of submission. Specified colleges will receive the information at the same time.

7. Special Circumstances Issues: change in employment status, change in parent marital status, student cannot obtain parent info, unusual dependent care expenses. Issues: change in employment status, change in parent marital status, student cannot obtain parent info, unusual dependent care expenses. Cannot be documented using FAFSA Cannot be documented using FAFSA Send written explanation and documentation to financial aid office at each college Send written explanation and documentation to financial aid office at each college College will review and request additional information if necessary College will review and request additional information if necessary Decisions are final and cannot be appealed to U.S. Department of Education Decisions are final and cannot be appealed to U.S. Department of Education

8. Cost of Attendance Tuition and Fees Room and Board Books and Supplies Books and SuppliesTransportation Personal Expenses

9. Need Determined… Cost of Attendance Cost of Attendance -Expected Family Contribution = Need

10. Types of Aid Educational Loans * Federal Direct Stafford Loans * Federal Direct Parent PLUS Loans * Private Alternative Student Loans * University Loans Employment * Federal Work-Study * On-Campus Employment (Wage Payroll) * Off-Campus Employment Grants Federal Grants State Grants Institutional Grants Scholarships University Scholarships Private Scholarships

11. New Jersey - HESAA TAG – Tuition Aid Grant (need based) – full-time undergraduate students enrolled in an approved NJ college degree or certificate program. Also available for county college student enrolled at least half- time. TAG – Tuition Aid Grant (need based) – full-time undergraduate students enrolled in an approved NJ college degree or certificate program. Also available for county college student enrolled at least half- time. NJ STARS – top 15% rank for home county college NJ STARS – top 15% rank for home county college Higher Education Assistance Authority (HESAA) - www.hesaa.org Higher Education Assistance Authority (HESAA) - www.hesaa.org www.hesaa.org

12. Tips and Reminders Remember that financing higher education involves a partnership between you and your university. The student aid that you are eligible to receive, including loans, may not cover all your educational expenses. Students MUST complete FAFSA as their names appears on their social security card. Keep a copy of your federal PIN once you receive it. The same PIN can be used each year to e-sign the FAFSA and to access your U.S. Department of Education records online. You will need to submit the FAFSA every year--be aware of application deadlines. If you have used tax estimates on your FAFSA, update your FAFSA using the IRS Data Retrieval Tool once you have filed your tax return with the IRS Cost efficient college courseload

13. Helpful Websites fafsa.gov pin.ed.gov studentaid.ed.gov fastweb.com (scholarship clearinghouse) studentloans.gov (accept loans) hesaa.org (NJ resources) Student.collegeboard.org/css-financial-aid- profile

14. Now What? January – Compile all tax information January – Compile all tax information February February 1 st Meet with your accountant 1 st Meet with your accountant March March 1 st File FAFSA 1 st File FAFSA Watch for email about results Watch for email about results Watch mail/email for Financial Aid package from college Watch mail/email for Financial Aid package from college May May 1 st Make college decision 1 st Make college decision

15. Chris Walters Penn State University cjw18@psu.edu 814-867-5180

16. Thank you Drive Safely