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FAFSA 101 for the 2014-2015 Academic Year

FAFSA 101 for the 2014-2015 Academic Year. Raul Hinojosa Jr. Director, Community Engagement The University of Texas at Dallas. Agenda. What is FAFSA?. Why Apply for FAFSA?. If you might need money for college you should apply for financial aid. Am I Eligible?.

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FAFSA 101 for the 2014-2015 Academic Year

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  1. FAFSA 101 for the 2014-2015 Academic Year

    Raul Hinojosa Jr. Director, Community Engagement The University of Texas at Dallas
  2. Agenda
  3. What is FAFSA?
  4. Why Apply for FAFSA? If you might need money for college you should apply for financial aid
  5. Am I Eligible?

  6. Applying Onlinewww.fafsa.govThe 2014-2015 FAFSA on the web will be available January 1, 2014.

  7. FAFSA on the Web There are several benefits to applying electronically: Built-in edits to help prevent costly errors Simplification: Skip-logic allows student and/or parent to skip unnecessary questions Immediate submission of original application and any necessary corrections More detailed instructions than space allows on the paper FAFSA Ability to check application status on-line Simplified application process in subsequent years
  8. Complete the FAFSA in 5 Steps Gather Materials Get a PIN Fill It Out Sign & Submit Follow Up
  9. Gather Materials Social Security Card Driver’s license W2 forms and tax returns Bank statements Parent’s information (if you are dependent student)
  10. Get a PIN You and one parent can register for a Personal Identification Number (PIN) at www.pin.ed.gov Not required but speeds processing May be used by students and parents throughout aid process and in future years
  11. Fill It Out
  12. FAFSA on the Web (FOTW) Worksheet Section 1 collects general information Social Security Number Citizenship status Drug convictions Selective Service registration (for males only) Additional Information Requested College and housing information
  13. FAFSA on the Web (FOTW) Worksheet Section 2 collects information to Determine dependency status
  14. FAFSA on the Web (FOTW) Worksheet Section 3 collects parental information Tax, income, and other financial information Dislocated worker status Assets
  15. IRS Data Retrieval Students completing a 2014–15 FOTW will be able to utilize IRS Data Retrieval beginning February 2014 Participation is voluntary Reduces documents requested by financial aid office Data available in English and Spanish IRS data available within several days for electronic filers or several weeks for paper tax filers
  16. IRS Data Retrieval Manually Entering IRS Data
  17. FAFSA on the Web (FOTW) Worksheet Section 4 collects student information Tax, income, and other financial information Dislocated worker status Assets
  18. FAFSA on the Web (FOTW) Confirmation Page
  19. Common FAFSA Mistakes Parent and student Social Security Numbers Divorced/remarried parental information Income earned by parents/stepparents Untaxed income U.S. income taxes paid Household size Number of household members in college Real estate and investment net worth
  20. Sign & Submit Print a copy of your answers from the Sign and Submit page Review for errors Enter your PIN to serve as your electronic signature Click Submit Review information about the schools you’ve selected and a possible estimate of your financial aid and eligibility

  21. Follow Up

  22. Student Aid Report (SAR) Summarizes the information on your FAFSA Sent electronically or in paper form after your FAFSA is received Review for accuracy and correct any errors as soon as possible Will not list the amount of financial aid you’re eligible to receive The schools listed on your FAFSA will also receive a summary
  23. Verification Your financial aid office will request further documentation if you’re selected Students will be asked to provide an IRS Transcript to verify their income tax information Visit IRS.gov and Search on tax transcript or call 800.908.9946 to request an IRS transcript Complete Form 4506-T to have a tax transcript sent to a school or a different address
  24. EFC and COA Expected Family Contribution (EFC) Will appear on SAR Based on the information provided on your FAFSA, such as income, assets and family size Same amount at every college Cost of Attendance (COA) An estimate of the total educational expenses for a specific enrollment period Includes average tuition, fees, books and supplies, room and board, transportation and miscellaneous expenses COA may be different at each school
  25. Financial Need The difference between the Cost of Attendance (COA) and the Expected Family Contribution (EFC) School determines financial need based on data from your SAR Financial aid awards are based on your financial need Cost of Attendance -Expected Family Contribution - Other Aid Financial Need
  26. Aid Types Need-based aid Based on your financial situation Merit-based aid Based on special abilities, accomplishments, career paths, grades, hobbies, etc. (not based on financial need)
  27. Aid Types Based on the Need, a student will receive a Financial Aid Package consisting of different forms of assistance Gift (Free) Aid Grants Scholarships Self-Help Aid Work Study Loans
  28. Aid Types Example: COA – EFC = Need $14,000 - $5,000 = $9,000 Need Sample Financial Aid Package Institution scholarship $1,500 State grant $3,500 Work study $2,500 Federal Loan $1,500 Total: $9,000 Students DO NOT have to accept the entire financial aid package. They can select thetypes of aid they want and seek additional funding elsewhere.
  29. Award Letter Sent by schools that have accepted you and received your financial aid paperwork Lists types and amounts of aid you’re eligible for; you don’t have to accept everything offered Submit any requested information to your school by the required deadline

  30. Applying for State Financial Aid(For students who are not eligible to complete a FAFSA due to citizenship status)

  31. Eligibility for State Financial Aid Some states allow undocumented students to receive in-state tuition and some allow students to receive state financial aid. Other states are more restrictive to students in this situation. Students should check to see what the law is in their state by checking with their university or college. Students should not complete a FAFSA if they do not qualify. Students who have a SSN because of deferred action status are not eligible for federal aid but may qualify for state financial aid.
  32. Contact Us Stacie Freasier Program Manager Stacie.Freasier@shpe.org 703-373-7930 ext. 204 Ariadna Mahon-Santos Program Coordinator Ariadna.Mahon-Santos@shpe.org 703-373-7930 ext. 203 SHPE Foundation 1444 Duke St. Alexandria, VA 22314 Danielle Carneiro Program Coordinator Danielle.Carneiro@shpe.org 703-373-7930 ext. 202
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