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Published byCarmel Edwards Modified over 9 years ago
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2015 Financial Aid Information Session Gary Schindler Dean of Student Affairs Financial Aid Director Riverland Community College
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Tonight: >FAFSA >Tips >Process
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74% OF ALL JOB OPENINGS IN MINNESOTA BY 2018 WILL REQUIRE A COLLEGE EDUCATION Take note…..
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2014-2015 College Costs (Tuition and fees) Two-year technical/community college $5,500 State university $8,000-$8,500 University of Minnesota $13,000 Private college/university $25,000-$40,000 Private career college/university $15,000-$20,000
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5 Cost of Attendance Tuition and fees Books, supplies and equipment Room and board Transportation Personal expenses Typically, COA = T&F + Books + $10,000
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Application Process & FAFSA 6
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Ideal Sequence: >File or estimate taxes >FAFSA >College aid app 7
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8 Free Application for Federal Student Aid - FAFSA Apply on-line at: www.fafsa.gov www.fafsa.gov 2015-2016 FAFSA available January 1, 2015 –TIP #1 The earlier…the better –Tip #2 Do you know…the college’s priority deadlines? –Tip #3 Use estimated tax figures..make corrections later –Tip #4 Do you know…institutional application? –Tip #5 Do you know..Freshman Scholarship process? Carleton, Macalester, St. Olaf, Gustavus Adolphus require CSS Profile form in addition to FAFSA
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9 FAFSA on the Web (FOTW) www.fafsa.gov Apply Retrieve IRS data Reapply Apply for PIN Find college codes Check status of FAFSA Make corrections Add additional colleges Tip #6…You do not need to be accepted to apply.
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10 FAFSA on the Web IRS Data Retrieval If applicant indicates filed taxes on FOTW, will be prompted to use IRS data interface IRS data available: –2 to 3 weeks after federal tax forms filed electronically (70% of filers) –8 to 11 weeks after paper federal tax forms filed If there is unpaid tax obligation to IRS, tax returns won’t be processed until May or June 2015
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11 FAFSA on the Web IRS Data Retrieval Applicants will receive automatic reminder emails to go back to FOTW and use IRS data retrieval if: –They provided estimated tax figures on the FOTW –Provided actual tax figures on FOTW but did not use IRS data retrieval
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12 Items Populated on FOTW from IRS Data Retrieval Adjusted gross income U.S. income taxes paid Untaxed IRA distributions, pensions Education credits IRA deductions Tax exempt interest
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13 FAFSA on the Web IRS Data Retrieval Who CAN’T use IRS data retrieval: –Married couples who filed separate tax returns –Married couples if one filed as head of household –Student’s legal parents are unmarried and living together –Filed an amended return (must submit original 1040 and 1040x to school) –Filed tax return too recently –Applicants whose marital status changed since January 1
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14 Criteria for Independent Applicant At least 24 years old by December 31 st of the award year covered by the FAFSA Graduate or professional student Married (does NOT include cultural marriage) Has legal dependents other than a spouse who receive more than one half of their support from the student during school year On active duty or veteran of the U.S. Armed Forces Any time since turning 13 was/is an orphan, in foster care, or ward of the court Emancipated minor or in legal guardianship as determined by a court (by someone other than parent) Unaccompanied homeless youth as documented by: –( high school/district homeless liaison, authorized shelter administrator, financial aid administrator interview)
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15 Assets Asset protection allowance question Cash, savings, checking Other investments Home Farm Small business
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16 FAFSA Results Student notified of FAFSA processing results by: –E-mail notification with link to student’s SAR online if student’s e-mail address provided: FAFSA on the Web (takes 1-2 days if electronically signed with PIN; 2 weeks if mailed in signature page) Make sure student adds federal email address to address book to avoid delivery problems FederalStudentAidFAFSA@cpsemail.ed.gov –If student has a PIN, can view SAR online at www.fafsa.gov and make correctionswww.fafsa.gov
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