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Unlocking Financial Aid: FAFSA Fundamentals 2016-2017

Learn how to pay for college and apply for financial aid through FAFSA. Understand the FSA ID process, online applications, and eligibility criteria to make your college education affordable and accessible.

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Unlocking Financial Aid: FAFSA Fundamentals 2016-2017

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  1. FAFSA fundamentals 2016-2017

  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? • Money used to help you pay for college • Comes in the form of grants, work programs, student loans and scholarships • All students are eligible for some type of financial assistance for college • Apply for this money every year you need financial aid for educational expenses

  4. 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

  5. FAFSA.gov

  6. Why Online? • Faster processing time • Save your application and return to it later • Help and Hints suggestionboxes are provided to assist with questions • Built-in error catcher means fewer delays • Electronically sign using your FSA ID (Federal Student Aid Identification)

  7. What’s an FSA ID? • Allows the student and parent to electronically sign their FAFSA online and expedite the process • Request an FSA ID (Federal Student Aid Identification) from FAFSA.gov • Student and one parent must each have an FSA ID

  8. Getting an FSA ID

  9. Save key

  10. FAFSA process

  11. FAFSA sections • Login • Student Demographics • School Selection • Dependency Status • Parent Demographics • Financial Information • Sign and Submit • Confirmation

  12. FAFSA Login

  13. FAFSA 2016-2017

  14. Student Demographics • Use your full name as shown on your Social Security card • Enter your marital status as of the day you submit your FAFSA • Help and Hints suggestion boxes are provided for assistance

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

  16. High school name • Search for high school by name, city or state • If you have a high school diploma, you must include the school from which you graduated

  17. College Selection • You can send your FAFSA to 10 different colleges • You can search forcolleges by name, city or state or the Federal School Code • We searched here on Stillwater,OK

  18. College Selection • A search was done on East Central University • Click View Selected School Information to get a comparison of your choices

  19. School comparison

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

  21. Dependent or independent? • 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

  22. 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

  23. Special circumstances Please note: If you’re a dependent student and unable to provide parental information, indicate that here. It’s highly recommended that you speak to the Financial Aid office at the college(s) you’ll attend however. Most schools have specific procedures they follow to handle this question.

  24. Special circumstances (CONTINUED)

  25. Special circumstances Students that do NOT have a special circumstance and are unable to provide parental information typically qualify for the Unsubsidized Student Loan only.

  26. Special circumstances • Change in employment status • Unusual medical expenses not covered by insurance • Change in parent marital status • Unusual dependent care expenses • Distinct circumstances in relation to obtaining parental information

  27. Who is the parent? • Student’s biological and/or adoptive parents, or a person that the state has determined to be a student’s parent, are considered his or her legal parents. • Grandparents, foster parents, legal guardians, older brothers or sisters, and aunts and uncles are NOT considered parents unless they have legally adopted the student.

  28. Reporting Parent information • If your parents (biological and/or adoptive) are legally 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 financial support in the last 12 months • If your divorced parent is remarried – Use information for your parent and step-parent • Students must report information for both biological or adoptive parents if they are unmarried, but living together

  29. Parent demographics • 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 • Click the Household Size link to learn who can be included

  30. Defining the household Include: • Student’s parents, or parent and stepparent, based on their marital status • Student, even if he or she does not live with parents • Parents’ other children if: • Parents will provide more than half of their support from July 1, 2016 through June 30, 2017 or • These children can answer “No” to every dependency status question on the FAFSA • Other people: • If they now live with the parents • Parents provide more than half of their support, and • Parents will continue to provide more than half of their support from July 1, 2016 through June 30, 2017

  31. Parent income • Parent can choose a tax filing status: • Already completed • Will file • Not going to file • If parent ‘Already completed’ the taxes, they’re given the option to manually enter the tax figures or download the info from the IRS. This feature is not available until February 1.

  32. Irs data retrieval • IRS can send tax data online directly to your FAFSA • Scheduled for use February 1 for the 2016-2017 FAFSA processing cycle • Electronically filed tax information will be available 3 weeks after the return has been accepted by the IRS • Participation is voluntary • Reduces documents requested by financial aid office

  33. Parent Income • Adjusted Gross Income • Income Earned from Work • Federal Benefits Programs • Income Tax • Exemptions

  34. 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

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

  36. Sign and submit • Review or print a copy of your FAFSA answers here • Make necessary changes now before submitting your application • Student and Parent enter their FSA ID to electronically sign the FAFSA

  37. Confirmation page • The Confirmation page provides an estimate of your eligibility for the Pell Grant and student loans • It also provides your Expected Family Contribution (EFC)

  38. After the FAFSA

  39. After FAFSA submission • You will be notified when your FAFSA is processed • Your FAFSA information will be made available to your school(s), and they will use it to determine the aid you may be eligible to receive • Your school(s) will contact you if they need more information or when they are ready to discuss your financial aid award • If you have questions about your financial aid award, contact your school(s)

  40. Student aid report (SAR) • Summarizes your FAFSA information • Available to you after your FAFSA is processed • Review the SAR for accuracy • The schools listed on your FAFSA will also receive a summary

  41. Making corrections If necessary, corrections to the FAFSA may be made by: • Accessing your FAFSA information at www.FAFSA.govif student has an FSA ID; • Updating items on the paper SAR; or • Submitting documentation to the college’s Financial Aid office

  42. Cost of Attendance • 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 at an individual school • Cost of Attendance, or COA, may be different at each school

  43. Expected family contribution • The Expected Family Contribution, or EFC, is calculated from the information provided on your FAFSA, such as income, assets and family size • Comprised of two components • Parent contribution • Student contribution • Same amount at every college

  44. 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 FAFSA • Financial aid is awarded based on your financial need

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