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Federal Financial Aid Update for Michigan High School Counselors - November 2004

Join Judy Florian in this comprehensive videoconference update on Federal Financial Aid, specifically designed for Michigan high school counselors. This session covers essential financial aid topics such as the Federal Pell Grant, SEOG, Work-Study programs, and Direct Loans. Coaches will learn about the Free Application for Federal Student Aid (FAFSA) process and the importance of collaboration in helping students access financial support for their education. Understand the recent updates, including the electronic signature process and obtaining necessary PINs.

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Federal Financial Aid Update for Michigan High School Counselors - November 2004

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Presentation Transcript

  1. Michigan High School Counselor Videoconference Federal Update November 19, 2004 Judy Florian, Presenter

  2. Before we begin….. Thank you for turning off your cell phone and/or pager

  3. What is Federal Financial Aid? • Federal Pell Grant • Federal Supplemental Educational Opportunity Grant (SEOG) • Federal Work-Study • Federal Perkins Loan • Federal Family Education Loan • Federal Direct Loans

  4. How to Apply • Free Application for Federal Student Aid (FAFSA) • Paper application • Web-based application

  5. Free Application for Federal Student Aid (FAFSA) • Initial step in the application process • Core document to apply for financial aid • Used to calculate an expected family contribution (EFC) • Confirms certain eligibility requirements

  6. Free Application for Federal Student Aid (FAFSA) • Step One: Student demographic information • Step Two: Student financial information • Step Three: Dependency status questions • Step Four: Parent financial information • Step Five: Independent student household information • Step Six: List of schools to receive results • Step Seven: Signatures and certifications

  7. How Is The Data Used? • In a statutory formula called the Federal Methodology • Looks at income, assets and size of family to determine family’s ability to pay for education • Result is called the Expected Family Contribution (EFC)

  8. The Paper FAFSA • Color of the FAFSA • Green for students (Pantone 344U) • Purple for parents (Pantone 263U) • Questions follow same order as last year • Will be sent to high schools in November • Counselors may request additional forms by calling 1-877-4EDSPUBS or http://www.edpubs.org

  9. 2005-06 Changes • Added sentence to Certification Statement warning students not to disclose PIN to anyone • Added gray-shaded “MMDD” or “MMDDYY” in all date fields to help students and parents complete correctly • Encourages families to correct estimated tax return data after tax return for 2004 is completed

  10. FAFSA on the Webwww.fafsa.ed.gov • Most popular and recommended method of filing • Netscape 6.2 or higher or Internet Explorer 5.0 or higher • Transmitted directly to Central Processing System (CPS)

  11. FAFSA on the Web • Apply • Reapply • Go to PIN web site • Check status of FAFSA • View SAR information • Make corrections

  12. FAFSA on the Web • Certification page will require students to agree not to disclose their PIN to anyone • Parents with multiple children in college will be able to transfer their information to other children’s applications

  13. Spanish FAFSA on the Web • Spanish version will include: • Pre-application worksheet • Worksheets A, B and C • Income Estimator Worksheet • Drug Conviction Worksheet

  14. Demonstration SiteFAFSA on the Web • Available December 5, 2004 • To access, go to www.fafsademo.test.ed.gov • Enter • User name: eddemo • Password: fafsatest

  15. PIN Web Site • Serves as electronic signature on ED documents, including electronic promissory notes • Used to gain access to ED systems, including • Corrections on the Web • NSLDS • Direct Loan Origination • Direct Loan Servicing • Loan Consolidation

  16. PIN Web Site • For added security • PIN applicants and holders will be required to select and answer a Challenge Question • On a regular basis, FSA will match records in PIN database with SSA’s Master Death File • New audit system will track PIN user activity

  17. Electronic Signatures • If both the dependent student and parent(s) have a federal PIN it is not necessary to sign and mail a signature page • Dependent students who have a PIN but whose parent(s) does not have a PIN, must still provide a signature page for the parent(s) signature and mail it

  18. Without Electronic Signature • Print signature page and submit within 14 days • If signature page not received by Central Processing System (CPS) within 14 days, student receives rejected Student Aid Report (SAR) • Rejected SAR must be signed and submitted to CPS

  19. Student Aid Report (SAR) • Paper SARs will be printed on green paper • Only last 4 digits of parent’s SSN will display on paper and electronic SARs • Displays official EFC • Submit to college only if requested

  20. Student Aid Report (SAR) • Paper application without student’s e-mail address will result in paper Student Aid Report (SAR) • Paper application with student’s e-mail address will result in e-mail with web site for “SAR on the Web”

  21. Corrections on the Web • Student’s PIN required to access • PIN serves as student’s signature • COTW with paper or electronic application • Parents must have PIN to correct parent information • Pop-up message will appear when student tries to correct transaction already corrected by a school

  22. CPS Database Matches • Social Security Administration (SSA) • Bureau of Citizenship and Immigration Services (BCIS)-formerly Immigration and Naturalization Services (INS) • Selective Service • Veterans Administration • National Student Loan Data System (NSLDS)

  23. Avoid Errors! • Errors on the FAFSA or supplemental forms may delay application processing and result in the loss of financial aid funds. • Encourage students/parents to read the instructions and complete the forms carefully!

  24. Independent Student Criteria • Born before January 1, 1982 • Working on a master’s or doctorate program • Married • Has child(ren)/dependents for whom he/she provides more than half the support • Both parents are deceased • Is/was a ward of the court until age 18 • Veteran of the U.S. Armed Forces

  25. Supplemental Forms • Institutional application • CSS Financial Aid PROFILE • Stafford loan application (bank-funded)

  26. Counselor Resources • National Association of Student Financial Aid Administrators (www.nasfaa.org) • Counseling Tools • Student Aid on the Web www.studentaid.ed.gov • FSA for Counselors www.ifap.ed.gov/FSACounselors/index.html • Online information for middle school, high school and TRIO counselors

  27. Additional Resources • Michigan Student Financial Aid Association (MSFAA) Speakers Bureau • Financial aid speakers “for hire” • Experienced aid professionals will do financial aid presentations free of charge • Contact Jim Owens, 517.483.1301; owensj@lcc.edu

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