1 / 53

Financial Aid and FAFSA

Financial Aid and FAFSA . Details and Reminders. Do-it-yourself vs. private agencies FAFSA vs. Dream Act Your “voice” vs. Student’s on FAFSA and other college stuff The proper school year! (2014-15) Be organized—this is a yearly process. Timelines and Deadlines. 2013 Taxes

base
Télécharger la présentation

Financial Aid and 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. Financial Aid and FAFSA

  2. Details and Reminders • Do-it-yourself vs. private agencies • FAFSA vs. Dream Act • Your “voice” vs. Student’s on FAFSA and other college stuff • The proper school year! (2014-15) • Be organized—this is a yearly process

  3. Timelines and Deadlines • 2013 Taxes • FAFSA (IRS Data Transfer*) • Weigh financial aid offers from colleges accepting your child • Tax transcript requested* • Accept and/or Deny aid offers • Complete loan promissory notes (if chosen) • CSS Profile (USC, Oxy) • Cal Grant: March 2** • FAFSA as late as summer • Private college deadlines • May 1 and Intent to Enroll • Housing deadlines

  4. CSS Profile • Some colleges also require you to complete the CSS Profile to award their private scholarship financial aid • The Profile is not free ($25*) and is only available atCollege Board. • Observe the deadlines determined by the college financial aid department.

  5. Cal Grant A

  6. Cal Grant B

  7. Cal Grant C • Vocational courses, AA and certificate programs • Can be used for any related expenses

  8. Cal Grant Income/Asset Ceilings Dependent students Independent Students

  9. How do we apply for a Cal Grant? • 1. FAFSA • 2. GPA Verification Form: • We (Paraclete Counselors) have already gathered and submitted this form for ALL Seniors. You don’t need to do ANYTHING.

  10. FAFSA Update & Overview

  11. Application & Processing Worksheet: www.fafsa.gov

  12. 2014-2015 Application ProcessingPersonal Identification Number (PIN) Access the PIN Website • Why use a PIN? • Sign FAFSA electronically • Access your FSA records online • Make corrections • Who can apply? • Students • Parents www.pin.ed.gov

  13. www.pin.ed.gov Using the PIN website Requirements: Allows the following PIN actions: • Social Security number • Name • Date of birth • Address • Email address (encouraged) • Challenge question response A PIN will be issued upon submitting the request. Note:A PIN will be rejected if there is no Social Security Administration match. • Apply for a PIN • Check PIN status • Request a duplicate PIN • Access/Update email address and personal information • Change PIN • Disable, reestablish, activate PIN Note: Never ask for or give your PIN to anyone.

  14. Student Aid Report (SAR) • Received electronically or by mail, • Summarizes FAFSA information • Displays the EFC and DRN (upper right-hand portion on the SAR) EFC- Expected Family Contribution; used to determine eligibility for federal aid DRN- Data Release Number; used to send SAR to additional schools 1-800-4-FED-AID [1-800-433-3243])

  15. Student Aid Report (SAR) • Electronically within 3-5 days if submitted online with a valid email address • Electronically within 2 weeks if a paper FAFSA was submitted with a valid email address • online filers get an email from “Federal Student Aid” with subject “FAFSA Results…” • Postal mail within 3 weeks if the FAFSA was submitted without a valid email address

  16. Review: EFC and college costs *College costs – EFC = financial aid need Example UC: $30K – 10K = 20 K financial aid package CSU: $18K – 10K = 8 K financial aid package Private: $40K – 10K = 30 K financial aid package financial aid package: scholarships, grants, loans *as estimated by the college

  17. Financial aid packages • You can accept or reject any offers of aid (loans) • You don’t have to accept loans immediately at time of “intent to register” • See Funding Future resource for descriptions of loans and grants, etc. • College Cost Estimates are all-inclusive and on the high side • See the Net Price Calculator for each school

  18. Scholarships • Must be reported to the university, which may reduce the institutional aid by the same amount • Fastweb.com • Scholarships.com

  19. FAFSA On The Web (FOTW)

  20. FAFSA on the Web (FOTW) www.fafsa.gov Using FOTW • Ask Questions • Browse Help • Deadlines • Announcements …and more

  21. FAFSA on the Web (FOTW) Contact Us • Live “chat” • (800) 433-3243 • federalstudentaidcustomerservice@ed.gov

  22. FAFSA on the Web (FOTW) Getting Started: • Guidance • PIN Status 2013-2014 2014 2013

  23. Step 1:Is About the Student

  24. Student Demographics Check for: • Name matches student social security card • Transposed numbers • Incorrect data on numeric fields Tip: Use the Help & Hints section on each page. Simple mistakes can delay determining eligibility for aid

  25. Student Demographics Students with a high school diploma and who have never attended college must: • Identify their high school • Select Confirm to find a match. • Select the school from the list or select Next to continue.

  26. Step 2: School Selection

  27. School Selection • Add a School • Federal School Code • Search by: • State • City • Name • Housing Plans • On campus • With parent • Off campus

  28. Step 3: Determines Student’s Dependency Status

  29. Dependency Determination “No” to all questions: • makes the student “dependent” • Must submit parent information Note: childmust be supported financially—more than 50%

  30. Step 4: Parent Information Required for Dependent Students

  31. Divorced or Separated • Provide parent’s information for the parent(s) with whom the student lived with most during the last 12 months • If the student spent equal time with both parents, use the information for the parent who provided the greatest amount of financial support for the student

  32. Remarried Parent Provide information about the parent andstepparentregardless of: • Agreement of “nonsupport” • Prenuptial agreement • Divorce decree designating tax filing exemptions Note: parent claiming the student on the tax return need not be the parent required to provide data on the FAFSA (FAFSA dependency does not have to match taxes either)

  33. Parent Information Do not provide parent information for • Foster parent(s) • Student is automatically considered an independent student • Grandparents, other relatives or legal guardian(s) • Colleges may use professional judgment to allow the student to file as an independent student

  34. Parent Information For upcoming year • Household Size: Parent provides more than 50% financial support • Number in College: Student enrolled at least half-time

  35. Parent Information Dislocated Worker • Lost job • Laid off • Self-employed/ unemployed or underemployed • Displaced homemaker

  36. Parent Income and Asset Information • Same questions asked of students • Selecting a box displays additional fields to complete • Note: Asset filtering question

  37. Step 5: Student Income and Assets

  38. Student 2013 Income and Assets IRS Data Transfer • Transfer information directly from the IRS • Requires PIN • Available Feb 2nd • After filing tax return For 2012

  39. Income Reporting and Verification Selected students and parents must submit income and asset documentation • Using IRS Data Transfer (unchanged) meets verification requirements for some income information • Otherwise only an IRS Tax Return Transcript will meet verification requirements • ID Theft updates

  40. Student Financial Information Students are askedthe same questionsas parents. 2011

  41. Step 6:Signatures and Certification

  42. Student Sign and Submit • Select Signature Method • PIN or printed signature page • Terms of Agreement • $$$ for education expenses only • Not in default on a federal student loan • Not owe money • Receive one Pell Grant from one college at a time

More Related