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FAFSA Fundamentals

FAFSA Fundamentals. 2014-2015. Paying for College. No matter who you are, you CAN go to college College is an investment in your future Many forms of financial aid are available to help you pay for your education. What’s Financial Aid?.

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FAFSA Fundamentals

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  1. FAFSA Fundamentals 2014-2015

  2. Paying for College No matter who you are, you CAN go to college College is an investment in your future Many forms of financial aid are available to help you pay for your education

  3. What’s Financial Aid? Financial aid is money to help you pay educational expenses, such as: • Tuition • Fees • Books • Room and board • Transportation • Personal costs

  4. Find the FAFSA • Online – Visit FAFSA.gov • Print a copy – Go to FAFSA.gov; click FAFSA Filing Options to print a paper FAFSA • Request a paper copy – Call 800.4.FED.AID or 800.730.8913(TTY) to request copies in English or Spanish

  5. What Do You Think? What was the total amount of financial aid awarded by Oklahoma State University during the 2012-2013 academic year? This includes all grants, loans and scholarships in their undergraduate, graduate and veterinary programs. Over $280 Million

  6. How Do I Apply? Free Application for Federal Student Aid • The FAFSA is your first step • Use it to apply for most types of federal and state aid

  7. FAFSA.gov

  8. FAFSA.gov

  9. Why Online? • Faster processing time • Save your application and return to it later • Built-in error catcher means fewer delays • Yearly online renewal • Help and Hints boxes provided with every question • Electronically sign using your Personal Identification Number (PIN) • Automatically transfer your tax information with the IRS Data Retrieval Tool

  10. What’s a PIN? • Request a Personal Identification Number (PIN) from FAFSA.gov • Typically sent via email within 24 hours after your request • Student and one parent must each have a PIN • Use the same PIN when you: • Renew your FAFSA the following year • Sign an online loan application

  11. Getting a PIN

  12. Requested FAFSA Information Social Security Numbers Tax, income and other financial information Marital status Citizenship status Assets Level of parents’ school completion Selective Service registration

  13. Don’t Miss Deadlines • FAFSA – Check with your school’s Financial Aid office for any priority deadlines • State Aid – State deadlines can be found at FAFSA.gov • Oklahoma’s deadline for the Oklahoma Tuition Aid Grant (OTAG) is March 1

  14. I won’t qualify for financial aid because my parents (or I) make too much money. • I don’t have good grades, so I won’t be eligible for financial aid. • I’m too old to qualify for financial aid. • The application is too hard to fill out! • I have to wait until my parents (or I) file my taxes. • I support myself, so I don’t have to include parent information. • I completed the FAFSA my freshman year, so I don’t have to complete it again. 7 Myths About the FAFSA

  15. FAFSA Process

  16. FAFSA Login

  17. FAFSA 2014-2015

  18. Set Your Password

  19. Use your full name as shown on your Social Security card Be accurate when entering your birthdate Enter your marital status as of the day you submit your FAFSA Student Demographics Help and Hints boxes are located on each screen to assist you

  20. Eighteen year old males must register with Selective Service in order to receive financial aid You can elect to register here on your FAFSA Selective Service Registration

  21. Search for high schools by name, city or state If you have a high school diploma, you must include the school from which you graduated High School Name

  22. You can send your FAFSA to 10 different colleges You can search colleges by name, city or state A search was done here on Rose State College School Selection

  23. A search done on colleges in Stillwaterfound 3 schools Two were added and they will receive your FAFSA results Click View Selected School Information to get a comparison of your choices School Selection

  24. School Comparison

  25. Provide Housing • Plans for each • school you’ve • chosen to receive your FAFSA results • Your options: • On campus • Off campus • With parents Housing Plans

  26. Your answers to these questions will determine your dependency status If you’re unable to answer YES to one of these questions, you’ll be considered a Dependent Student Dependent or Independent?

  27. Dependency Questionnaire

  28. Dependency Status Dependent students must provide parental information on the FAFSA Independent students aren’t required to show parental information unless requested by their school

  29. Special Circumstances Dependent students who can’t provide parental information can state that here. Ask someone in your Financial Aid office what to do next.

  30. Exceptions to the rule for parental information are shown here Contact your Financial Aid office for more details Special Circumstances

  31. Special Circumstances Change in employment status Unusual medical expenses not covered by insurance Change in parent marital status Unusual dependent care expenses

  32. Parent Information If your LEGAL parents (biological and/or adoptive) are separated or divorced – Use information about the parent you lived with most during the last 12 months If you lived with both parents equally – Use information for the parent who provided you the most support in the last 12 months If your divorced parent is remarried – Use information for your parent and step-parent

  33. Parent Information

  34. Parent will enter first initial and last name as shown on their Social Security card. Name and date of birth will be verified with the Social Security Administration. Parent Demographics

  35. Household size will include those living with your parent(s) who receive more than half of their support from them and will continue to receive this support through June 30, 2015 Parent Demographics

  36. Parent can choose a tax filing status: -Already completed -Will file -Not going to file If parent ‘will file’, they’re given the option to use an Income Estimator or their prior year’s tax figures They will be instructed to enter final tax data when available and use the IRS Data Retrieval Tool Parent Income

  37. IRS Data Retrieval IRS can send tax data online directly to your FAFSA Available in early February for the 2014-2015 FAFSA processing cycle Participation is voluntary Reduces documents requested by financial aid office

  38. IRS Data Retrieval Electronically filed tax information will be available 2-3 weeks after the return has been accepted by the IRS Data from paper tax returns will be available on the IRS website in approximately 8-11 weeks after the IRS receives the return

  39. If the IRS Data Retrieval tool is not used, parent will enter income figures directly from the current year’s tax return Parent Income

  40. Parents will enter additional financial information here Parent Income

  41. Student Income Students are also asked to provide the type of tax return they filed as well as their income earned and taxes paid.

  42. Student will enter their income here Student Income

  43. Click here to review all your data before you submit You can still request a PIN here if necessary Sign and Submit

  44. Hit Submit My FAFSA Now to send your results to the school(s) you’ve chosen Sign and Submit

  45. A Confirmation Page is shown after your FAFSA has been submitted It includes an estimate of your Expected Family Contribution (EFC) and estimated eligibility for the Pell Grant and Federal student loans Confirmation Page

  46. After the FAFSA

  47. After FAFSA Submission • You will be notified when your FAFSA is processed • Your FAFSA information will be made available to your school(s) to determine the aid you may be eligible to receive • If you have questions about your financial aid package, contact your school(s)

  48. Student Aid Report (SAR) Summarizes your FAFSA information Sent to student electronically or in paper form after your FAFSA is processed Review the SAR for accuracy The schools listed on your FAFSA will also receive a summary

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