1 / 35

What Happens After FAFSA

What Happens After FAFSA . March, 2012. What FAFSA Investigates. The data you submit is checked with The Social Security Administration (valid SS#?, US Citizen?) The Department of Homeland Security (Eligible non-citizen?) Selective Service Registered? Department of Justice

abram
Télécharger la présentation

What Happens After FAFSA

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. What Happens After FAFSA March, 2012

  2. What FAFSA Investigates • The data you submit is checked with • The Social Security Administration • (valid SS#?, US Citizen?) • The Department of Homeland Security • (Eligible non-citizen?) • Selective Service • Registered? • Department of Justice • (convictions WHILE receiving aid?) • Veteran’s Affairs (if a vet) • Department of Defense (if in military) • National Student Loan Data System (have you defaulted on a student loan?)

  3. What FAFSA Does • FAFSA uses the data you submit to calculate: • Expected Family Contribution (EFC) • – what you and your parents are expected to pay out-of-pocket for college • Federal PELL grant eligibility • what the FEDERAL government will offer you in FREE money if you attend a full time, four year institution • Federal Loans • what the FEDERAL government will allow you to BORROW under one form of loan arrangement THESE ITEMS REMAIN UNIFORM FOR ALL SCHOOLS THAT YOU APPLY TO.

  4. Corrections and Updates • Check the status of your FAFSA two or three days after completion – was it processed? Or are there issues that need to be addressed? • Note: If you mailed in a parent signature page, it takes several weeks to process. • You can return to FAFSA several times to: • correct information that was originally entered incorrectly such as name, date of birth, marital status of parents • Add or delete colleges • Update information such as 2011 tax data • Tie in to the IRS data retrieval system

  5. What Does FAFSA do with the data • Your FAFSA data is sent to each school that you have listed in the form of a Student Aid Report (SAR) • The school creates a personalized estimate of how much financial aid it can offer to you based on your EFC and other financial data. This is called a Financial Aid Award Letter. • The school(s) may need additional information in order to make you the best financial aid package. They do this through a process called Verification.

  6. Verification • 20% of FAFSA filers are selected randomly for verification (there is a * after the EFC on your student aid report) • FAFSA filers are also selected because • Data is missing on the FAFSA *there is often a “C” after the EFC on your student aid report) • Indicated as “will file” taxes and not updated • Data errors (i.e., total income = total tax, or number in household is different from number of exemptions • Many schools also have additional criteria which will generate a Verification request.

  7. Verifications • What to do • Two or three weeks after taxes are filed, return to FAFSA and tie in to the IRS data retrieval system. (Instructor will walk you through process) • If your parents have an ITIN, tie in to the IRS tax account transcript request at www.irs.gov – you must use the same name and address as on the tax return. (Instructor will walk you through process) You need to know one parent’s social security number and date of birth.

  8. Verifications Continued • If parents do not file taxes or are undocumented, schools will request documentation: • you will need to provide W2’s; • List sources and amounts of income earned from work as reported on FAFSA • a signed statement stating that the individual has not filed and is not required to file a tax returning

  9. Verifications • Schools will request all students selected for verification to submit a verification worksheet. Some things that may be asked of you: • A signed statement stating name and age of each household member and relationship • Signed statement stating name, age and school other college students in the family are attending. You may also have to provide a statement from that college • Documentation if a family member is receiving food stamps • Signed statement and possibly court documents if parent pays child support • Copies of W-2s of student and parent

  10. WARNING • Failure to respond to a verification request from a college will mean that • you will not receive a financial aid award letter from that college • and may not be able to proceed with enrollment!

  11. Check Status of FAFSA

  12. Check Status of FAFSA

  13. IRS Data Retrieval Tool

  14. IRS Data Retrieval Tool

  15. IRS Data Retrieval Tool

  16. IRS Data Retrieval Tool

  17. IRS Data Retrieval Tool • IF IT WORKS • Your FAFSA will indicated “Data transferred from IRS” • You will need to re-sign your FAFSA with your pin • Print out a new confirmation page, indicating your name, division and “IRS” and submit to Ms. To or your counselor. • IF IT DOES NOT WORK • Escape out of the IRS web site and return to FAFSA • Cancel all changes (only impacts today’s stuff) • Retry in about a week. It may be too soon.

  18. Request an IRS Account Transcript at www.irs.gov

  19. Request an IRS Account Transcript

  20. Request an IRS Account Transcript

  21. Request an IRS Account Transcript

  22. Special Circumstances • These include • A student not receiving any support from parents but does not meet the normal definition of an independent student • A student has child care expenses related to enrollment in school • Parents are paying for a sibling to attend a private school and pay tuition • Parent has lost job, become divorced or separated, or there has been a serious illness or death in the family which has changed income since FAFSA was filed. • Parent has lost some form of untaxed income or benefits (such as unemployment) • There are substantial medical expenses not covered by insurance.

  23. Special Circumstances • If you believe you have special circumstances, you must work directly with the financial aid officer of the college you choose to attend. • The financial aid administrator may be able to adjust data that determines the EFC or to offer additional financial assistance on a case-by-case basis.

  24. The Financial Aid Award Letter • Sent out by each college AFTER you have applied, a FAFSA has been processed, and you have complied with any verification requests • It may be e-mailed or snail mailed! (Look for it!) • It states: • the ESTIMATED Cost of Attendance (COA) • the Expected Family Contribution (EFC) • Grant Aid in the form of Federal, State, and Institutional Grants and Scholarships (free money) • Self-Help Aid in the form of Work Study and Loan eligibility

  25. Cost of Attendance This is an ESTIMATE which includes: Tuition and Fees (set amount for 15 credit hours or more) Room and Board (on campus allowance is higher than if you live at home) Estimated cost of Books, Supplies, Transportation, Personal Expenses, Miscellaneous Expenses

  26. Cost of Attendance It does NOT include: The cost of child care Study abroad expenses Disability expenses Cooperative work experience expenses Loan fees Wild and crazy spending sprees on personal lifestyle!

  27. Financial Need Cost of Attendance (COA) • Minus Expected Family Contribution (EFC) __________________________________ = Equals Total Financial Need • Note – The Financial Aid Offered to You May or May Not Cover All of the Cost of Attendance; some offers are better than others.

  28. Types of Awards (Financial Aid) GIFT AID: • Grants • Federal PELL Grant • Federal Supplemental Educational Opportunity Grant (FSEOG) • Illinois Monetary Award Program (MAP) • College (Institutional) Grants • Scholarships • Scholarships Awarded by the College • Scholarships Awarded by a Department of the College • Private Scholarships

  29. Types of Awards (Financial Aid) • SELF-HELP AID • Federal Work Study • must be earned; not offered to everyone • Student Loans • Federal Subsidized Stafford • Federal Unsubsidized Stafford • Federal Perkins • Alternative • Parent Loans • Parent PLUS

  30. TOTAL FINANCIAL AID OFFER • Cost of Attendance • Minus EFC Equals Total Financial Need • Gift Aid (Grants, Scholarships) • Plus Self-Help Aid (Work Study, Loans) • Equals Total Financial Aid Offer The Total Financial Aid Offer may not cover the Total Financial Need The difference is considered Out of Pocket Expenses and you may need to find creative ways to cover the cost

  31. FINANCIAL AID COMPARISONS • Not all schools are equal • Some will cover full costs; other will not • Not all schools offer grants and scholarships at the same level • You Must Respond to the Financial Aid Award Letter by accepting or rejecting the Gift Aid and Self Help Aid • Work Study and Loans can be turned down – but HOW will you pay your bill if you turn them down? • HAVE YOU APPLIED FOR SCHOLARSHIPS???? • Determine which school offers the best package – and if maybe the second best offer is actually a good choice as well.

  32. Making A Decision • MAY 1 is National Decision Day. • Most Four Year Colleges Need you to return your acceptance letter to them by this date. • You need to make a FINAL decision on which college to attend. • This should be based on cost, but also on your potential to receive a degree and a visit to the campus to determine if it is a good fit.

  33. What If I Have Questions? Departments at the Colleges: • Enrollment Services • Admission, registration, college transcripts • Housing • Campus housing, meal plans • Financial Aid • Loans, grants and scholarships • Bursar • Payment plans, due dates • (We’ll talk about Billing Cycle in a moment) • Student Center • Activity fees, bus cards • Library • Library fines, late fees • Health Services • Student health insurance fees and waivers

  34. Once You Decide, WHOSE BILL IS IT?The Financial Aid Billing Cycle • Once you begin college, the billing statement is in the student’s name • Ultimately students are responsible for paying (or arranging payment for) their bills and can damage their credit rating by ignoring or falling behind in payments • GET TO KNOW PEOPLE IN THE FINANCIAL AID OFFICE. • THEY CAN HELP YOU TO UNDERSTAND YOUR BILL AND TO FIND WAYS TO PAY IT!

  35. REMEMBER • Check the status of your FAFSA and correct as needed • Respond to Verification Requests Promptly • Learn How to Read Your Financial Aid Award Letter • Contact the school if there are Special Circumstances • Compare Awards to determine which school makes the best offer • Let the schools know where you will attend by National Decision Day – May 1 • Indicate which forms of financial aid you are willing to accept • Pay your bills when they are due

More Related