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Financial Aid

Financial Aid . What is Financial Aid?. Financial Aid: funds provided to student and families to help pay for postsecondary educational expenses. (i.e. Grants, Loans, Student Work- S tudy). Free Application for Student Financial Aid (FAFSA).

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Financial Aid

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  1. Financial Aid

  2. What is Financial Aid? • Financial Aid: funds provided to student and families to help pay for postsecondary educational expenses. (i.e. Grants, Loans, Student Work-Study)

  3. Free Application for Student Financial Aid (FAFSA) • A standard form that collects demographic and financial information about the student and family • May be filed at any time during an academic year, but no earlier than the January 1st prior to the academic year for which the student requests aid • It is recommended that the FAFSA is completed electronically

  4. FAFSA on the Web • Web site: www.fafsa.gov • For the 2012-2013 academic year, the FAFSA may be filed beginning January 1, 2013 • Each state and school may have different required deadlines. Make sure to check with each school you are applying to!

  5. NOT! Make sure you go to the correct site! It could cost you! FAFSA.GOV FAFSA.COM FafsaOnline.com

  6. FAFSA on the Web • Each student and parent must apply for a PIN to electronically sign their FAFSA’S and Loan MPN • You will use the same PIN each year • No one should ever ask you for you PIN. If someone does do not give it to them!

  7. Starting in 2012-2013 year it is “Highly Recommended” that tax returns are imported from the IRS Available 2 weeks after filing tax return electronically; 8 weeks after filing a paper tax return Because of deadlines you may need to estimate your income. After your taxes are complete you should update your FAFSA.

  8. Verification • Applications are selected for verification either by the Department of Education or by the school. • 30% of all application will be selected. • If selected student will be asked to turn in information to the school (ex: tax transcripts, w-2’s). For both the student and parent(s). • Financial aid can not be awarded until all documentation is turned in and file is complete

  9. A tax transcript is only required when: • the IRS Data Retrieval Process was not used. • the IRS Data Retrieval Process was used, but data was subsequently changed. • a married independent applicant and spouse filed separate tax returns. • the parents of a dependent student filed separate tax returns. IRS Tax Return Transcript Required

  10. Ordering an IRS Tax Transcript

  11. If you can answer “ No” to all of the following questions, you are considered a dependent student on the Free Application for Federal Student Aid (FAFSA): • Do you have children who will receive more than half of their support from you between July 1, 2012 and June 30, 2013? • The student MUST support the child more than 50% (NOT THEIR PARENTS) • At any time since you turned age 13, were both your parents deceased, were you in foster care or were you a dependent or ward of the court? • If parents are deceased they must hand in death certificates for both parents • If in foster care a letter from DYFS • Ward of the Court we need court documentation • As determined by a court in your state of legal residence, are you or were you in legal guardianship? • We need court documentation that says Guardianship NOT Custody • At any time on or after July 1, 2011, did your high school or school district homeless liaison determine that you were an unaccompanied youth who was homeless? • Need letter from High School homeless Liaison • At any time on or after July 1, 2011, did the director of an emergency shelter or transitional housing program funded by the U.S. Department of Housing and Urban Development determine that you were an unaccompanied youth who was homeless? • Need letter from Shelter • At any time on or after July 1, 2011, did the director of a runaway or homeless youth basic center or transitional living program determine that you were an unaccompanied youth who was homeless or were self-supporting and at risk of being homeless? • Need letter from shelter Dependency Status

  12. Could be: • Physical Abuse • Mental Abuse • Unsafe environment • Always ask about both parents! They do not have to live with the parent who’s information is used. • Obtaining parents information MUST be harmful to the student. Dependency Override

  13. Student must have an extreme circumstance! • CAN NOT BE: • Not talking to parent because of adolescent issues • They live on their own or with significant other • Their parent does not support them • Parents live in a different state or country • Live with grandparents but maintain a relationship with parents Dependency Override

  14. Net Price Calculator All institutions that provide Title IV aid are required to have a Net Price Calculator on their website!

  15. Helpful Websitehttp://fsa4counselors.ed.gov

  16. Helpful Websitewww.student aid.gov

  17. Helpful WebsitesFSAPubs.gov

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