FAFSA Fundamentals 2019–2020

1. FAFSAFundamentals2019–2020 FAFSAFundamentals 2019–2020

2. Financial Aid • Money used to help pay for college expenses • Grants, work-study, student loans, scholarships • Almost every student is eligible for some type of financial aid • Students must apply every year they will need aid for educational expenses

3. Apply for Financial Aid FAFSA • Free Application for Federal Student Aid • The first step in applying for financial aid • Complete as soon as possible after October 1 • One application for most types of federal and state financial aid

4. FAFSA.gov • Always use FAFSA.gov • Never pay to file the FAFSA • Use FAFSA4caster to estimate eligibility • Remember Oct.1

5. File FAFSA Online • Faster processing time • Save and return to your application • Tool Tips areprovided throughout the application • Built-in error catcher means fewer delays • Electronically sign using your FSA ID

6. FSA ID • Federal Student Aid ID • Username and password • Student and parent must each create their own • Will be used every year to: • Electronically sign FAFSA • Complete student loan paperwork • Login to U.S. Department of Education websites • FSA ID password expires every 18 months

7. Using Your FSA ID • FAFSA.gov • Electronically sign your (or your child’s) FAFSA • Import tax information from IRS • NSLDS.ed.gov • View history of your federal student aid • Look up loan servicer contact information • StudentLoans.gov • Complete entrance and exit counseling • Electronically sign Master Promissory Note • Access Repayment Estimator • TEACH-ATS.ed.gov • Sign TEACH Grant Agreement to Serve

8. Creating an FSA ID • Visit FAFSA.gov • Create your FSA ID before beginning the FAFSA • Allow 7 – 10 minutes to set up each FSA ID

9. Creating an FSA ID • Use an e-mail account that you can access easily • Don’t use a school issued e-mail account • Choose a username that is not taken • Don’t use your name or date of birth in password • Select Show Text to see what you’re typing

10. FAFSA Process FAFSA Process

11. FAFSA Sections School Selection Student Demographics Login Dependency Status Financial Information Sign & Submit Parent Demographics Confirmation

12. FAFSA Login

13. FAFSA Login

14. FAFSA 2019–2020 START 2019–2020 FAFSA

15. FAFSA 2019–2020 Start Student’s 2019–2020 FAFSA

16. Student Demographics • Fewer questions appear at a time • List name exactly as it is on your Social Security card • Marital status as of the day you submit the FAFSA • Tool Tips provide additional information

17. Selective Service • 18 year old males must register with Selective Service to receive financial aid • Students may register through the FAFSA

18. Home Schooled • High School completion status • High school diploma • GED or high school equivalent • Home schooled • None of the above What will your high school completion status be when you begin the 2019–2020 school year? What will your college grade level be when you begin the 2019–2020 school year? What degree or certificate will you be working on when you begin the 2019–2020 school year? Will you have your first bachelor’s degree before you begin the 2019–2020 school year?

19. High School Name • Search by name or city and state • If you have a high school diploma, you must list your high school

20. School Selection • Enter state, then search by city or school name • Enter six-digit school code • Select schools and click Add • Send FAFSA to up to 10 colleges

21. School Selection • Click View Selected School Informationto compare schools

22. School Comparison • Compare • Location • Tuition and fees • Graduation rates • College websites

23. Housing Plans • Select housing plan for each school • On campus • Off campus • With parent

24. Dependency Status • Dependent students must provide parental information • Independent students aren’t required to provide parental information

25. Special Circumstances • Dependent students who are unable to provide their parent info due to special circumstances may choose I am unable to provide parental information.

26. Special Circumstances • Highly recommended that you speak to college’s Financial Aid Office • School procedures will vary

27. Special Circumstances • Students who do not have a special circumstance but are still unable to provide parental information typically qualify for only an unsubsidized student loan

28. Special Circumstances • Change in income • Change in employment status • Unusual medical expenses not covered by insurance • Changes in parent marital status • Unusual dependent care expenses • Unable to obtain parent information

29. Who is the Parent? Legal Parent • Biological parent • Adoptive parent • Person the state has determined to be a student’s parent Not a Legal Parent • Grandparent • Foster parent • Legal guardian • Older sibling • Aunt or uncle

30. Reporting Parent Information • If your parents are legally separated or divorced • List the parent you lived with most during the last 12 months • Lived with both parents equally: List the parent who provided the most financial support in last 12 months • Divorced parent is remarried • List parent and step-parent • Parents are unmarried, but living together • List information for both parents

31. Parent Demographics • Parent first initial and last name as on Social Security card • Name and date of birth will be verified with Social Security Administration

32. Defining Household • Included in household size • Student • Student’s parent(s) listed on FAFSA • Other children supported by parent(s) • Other people supported by parent(s) • Use the Tool Tips to determine your Household Size

33. Parent Income • Use 2017 tax information • Select tax filing status • Already completed • Will file • Not going to file • If Already completed, Link to IRS or enter tax figures manually For 2017, have your parents completed their IRS income tax return or another tax return? For 2017, what is your parents’ tax filing status according to their tax return? Did your parents file a Puerto Rican or foreign tax return for 2017?

34. IRS Data Retrieval Tool • IRS sends tax data directly to FAFSA • Participation is voluntary, but strongly recommended • Reduces documents requested by financial aid office and speeds up awarding process • Due to increased security measures, transferred data will not show on screen • Financial aid office must make any changes to transferred data

35. IRS Data Retrieval Tool

36. IRS Data Retrieval Tool Enter the following information from your 2017 Federal Income Tax Return. Address – Must match your 2017 Federal Income Tax Return

37. Parent Income • Adjusted gross income • Income earned from work • Federal benefits programs Did your parents have any of the following items in 2017? Enter amounts for all that apply.

38. Parent Income • Education credits • Child support paid • Combat pay • Untaxed income • Child support received • Housing, food, living allowances • Tax exempt interest • Payments to tax-deferred pension and retirement savings plans • Veterans non-education benefits Did your parents have any of the following items in 2017? Enter amounts for all that apply.

39. Student Income • Type of tax return filed • Income earned • Taxes paid For 2017, have you completed your IRS income tax return or another tax return? For 2017, what is your tax filing status according to your return? Did you file a Puerto Rican or foreign tax return for 2017?

40. Sign & Submit • Review answers • Make changes before submitting your FAFSA • Student and parent enter FSA IDs to electronically sign • Click Submit My FAFSA Now

41. Confirmation Page • Expected Family Contribution (EFC) is provided • See early estimate of financial aid eligibility 2019–2020 Confirmation Page

42. FAFSA Mobile App FAFSA Mobile App

43. FAFSA Mobile App: myStudentAid

44. After the FAFSA After the FAFSA

45. After FAFSA Submission • Receive e-mail notification when FAFSA is processed • FAFSA information is sent to school(s) listed • School(s) use FAFSA information to determine financial aid eligibility • School(s) will contact you if they need more information or when they have determined the total aid they can offer you • Contact your school(s) with questions about your financial aid award

46. Financial Need • Cost of Attendance varies at each institution • Expected Family Contribution is determined by FAFSA and will be the same at every school • Financial Need is calculated by the Financial Aid Office Cost of Attendance – Expected Family Contribution Financial Need

47. Financial Need • OCAP University’s Cost of Attendance: $20,000 • Student’s Expected Family Contribution: $5,000 • This student may receive up to $15,000 in need-based aid • This student may receive no more than $20,000 in total financial aid $20,000 (COA) – _$5,000 (EFC) $15,000 (Need)

48. Award Letter • Sent electronically or in the mail • Outlines financial aid eligibility • Read carefully! • Accept or decline aid by specified deadline

49. Federal Financial Aid • Federal Pell Grant • $6,095 annual maximum for 2019–2020 • Federal Supplemental Educational Opportunity Grant (FSEOG) • Up to $4,000 annual maximum • Teacher Education Assistance for College & Higher Education Grant (TEACH) • Up to $3,736 annual maximum • Iraq & Afghanistan Service Grant • Amount vary

50. Federal Financial Aid • Federal Work-Study (FWS) • Allows student to earn money while working • On-campus or community employment opportunities • Gain work experience while in college