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Miami Dade College

Miami Dade College. Financial Aid 2014-15. WHAT IS FINANCIAL AID?. The primary goal of financial aid is to assist students in paying for college. It is a source of monetary support that comes in the form of: • Scholarships • Grants • Loans • Employment opportunities.

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Miami Dade College

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  1. Miami Dade College Financial Aid 2014-15

  2. WHAT IS FINANCIAL AID? The primary goal of financial aid is to assist students in paying for college. It is a source of monetary support that comes in the form of: • Scholarships • Grants • Loans • Employment opportunities

  3. PRIMARY SOURCES OF AID • •FEDERAL • • STATE • • INSTITUTIONAL • • PRIVATE

  4. HOW TO APPLY • Complete the free application for Federal Student Aid (FAFSA) as early as possible (application is available as of January 1st of every year) • Options: • File electronically at www.fafsa.ed.gov • Apply for your pin at www.pin.edu.gov • Complete paper application • Submit a FAFSA even if you do not think you qualify for aid

  5. Use IRS Data Retrieval Tool

  6. APPLICATION REQUIREMENTS • Valid Social Security Number • Prior year Income Tax documents •You can file the FAFSA with estimated income information if you do not have your taxes completed. After you and/ or your parents file your taxes, it is recommended that you update your FAFSA with the actual tax information using the IRS data retrieval process. • PIN number to complete electronic submission

  7. General Student Eligibility Criteria • Must be enrolled or accepted for enrollment in eligible program of study (full time enrollment not required) • Must be pursuing degree, certificate, or other recognized credential • Must be U.S. citizen or eligible noncitizen • Must be registered with Selective Service (if male and required) • May not be in default on a federal student loan • Must not owe an overpayment of federal grant or loan funds • Must be making satisfactory academic progress (as defined by school) • May not have eligibility suspended or terminated due to being convicted of a drug-related offense • Must show proof of standard high school diploma

  8. TIMELINES RESPONSE • The electronic application takes approximately 1-2 weeks to process • The results from FAFSA will be sent to the student and the college/colleges the student selected • The college will send follow up correspondence on the status of the file • The student will receive via e-mail a Student Aid Report (SAR) which is a summary of all the information you submitted • Review the SAR and make corrections and resubmit if necessary • No need to submit the SAR to the Financial Aid Office

  9. VERIFICATION • Confirms accuracy of information reported on FAFSA by students and parents • Application selected for verificationby CPS or by school • Common documents requested: • IRS Tax Return Transcript • Verification worksheet • 1040s no longer accepted

  10. Changes to 2014-15 FAFSA • The 14-15 FAFSA will include 2 new tax return filing status questions for students and parents in regards to marital status inconsistencies reported with the IRS, that are meant to help secure the accuracy of the application’s EFC calculation • The FAFSA will collect information from both of the dependent student’s legal (biological and or adoptive) parents if the parents live together, regardless of the marital status or gender of the parents. • Consistent with the Supreme Court’s decision on the Defense of marriage act, the 2014-15 FAFSA will include guidance that marriage includes both legal marriages of persons of the opposite sex and legal marriages of persons of the same sex in jurisdictions where it is allowed. Without regard to where the couple resides.

  11. THANK YOU!

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