Applying for Financial Aid Walking through the FAFSA, 2013-2014

1. Applying for Financial Aid Walking through the FAFSA, 2013-2014 Monticello High School January 16, 2013

2. Amy Anderson Financial Aid AdministratorUniversity of Virginia Welcome!

3. Overview • The Application Process • If Selected for Federal Verification • Determining Financial Need • Comparing the Colleges • What is Financial Aid • Questions

4. The Application Process

5. How do I apply for financial aid?Separate process from applying to college!

6. FAFSA on the Webwww.fafsa.gov

7. CSS/Financial Aid PROFILEwww.collegeboard.org/css-financial-aid-profile $9 fee + $16 for each college report

8. Information collected on the applications • Student and parent demographics • Information from 2012 federal tax return • Information from 2012 W-2 forms • Untaxed income • Number in household and number in college • Assets and investments

9. Documents you’ll need for FAFSA • Social Security Number and date of birth for student and one parent • 2012 Federal income tax return and schedules • W-2s for 2012 • Asset and investment records • Alien registration or permanent resident card (if you are not a US citizen) • FAFSA PIN # to sign FAFSA electronically – student needs a PIN# + parent needs a PIN#

10. Apply for a Federal PIN from this screen:

11. FILLING OUT FINANCIAL AID FORMSCommon errors • Discrepancies between the FAFSA and CSS/PROFILE or university financial aid application • Using nickname - use full LEGAL name consistently • Incorrect social security number (put SSN on college applications, including the Common App, also) • Incorrect date of birth • Incorrect dependency status (high school students are almost always DEPENDENT) • Household size, and number in college • Guardianship– need legal documentation • Missing signatures on FAFSA and other documents

12. Answer this question on FAFSA! • Although not required, the student should indicate whether they are male or female • Gender is used to determine if the student must register with Selective Service

13. Choosing colleges to receive FAFSA • Students can still choose up to 10 colleges to receive their applications. Can remove one and add another college. • For each college selected, the student must choose housing status.

14. HOW TO AVOID DELAYS • Take your time and use the HELP screens • ASK if you do not understand something FAFSA: 1-800-4-FED-AID • Meet the deadline for each college! • Don’t wait until the last day before the deadline • Monitor requests from colleges for add. information • Watch this tutorial on the Seven Easy Steps to the FAFSA: www.finaid.ucsb.edu/fafsasimplification • Use IRS Data Retrieval Tool (DRT) if eligible

15. IRS DATA RETRIEVAL TOOL (DRT) Transfer your income data into your FAFSA directly from the IRS website three weeks after your taxes are filed online, or 8 weeks if taxes submitted on paper. (tool will be available beginning late February) • Benefits • Easy, quick and convenient • Secure • Can make the verification process easier Do not change the data after you transfer it! NOTE: Some families may not be eligible to use this tool. If ineligible, you will have to manually enter your income data into your FAFSA.

16. IRS DATA RETRIEVAL TOOL Question on FAFSA If you answer YES to any of the first four questions, you will not be able to use the IRS Data Retrieval Tool. • To link to the IRS website and access your information… • The parent name entered must be the first person listed on the tax return if a joint tax return was filed. • The address entered in the search field must match exactly what shows on the filed tax return.

17. IF you are selected for federal Verification… IRS Data Retrieval Tool or Tax Return Transcript

18. IRS TAX RETURN TRANSCRIPT • Order your FREE tax return transcript at www.irs.gov/Individuals/Order-a-Transcript • Order online, by phone or by mail • Transcript is sent to you by mail; takes several weeks to arrive

19. Determining Financial Need

20. Determining Financial Need The FAFSA, CSS Profile and other documents are used to determine eligibility for need-based financial aid and to prepare an award package. Cost of Attendance minus EFC equals Financial Need

21. Cost of Attendance http://www.virginia.edu/financialaid/estimated.php

22. TOOL TO HELP YOU RESEARCH COST OF ATTENDANCE Net Price Calculator http://netpricecalculator.collegeboard.org/ click on Students, then Participating Schools Federally mandated – All colleges required to have a net price calculator on their website Must represent factual data – Information is for current academic year (2012-13 costs and awards would show today) Reflects cost of attendance minus grant/gift aid

23. NPC

24. CALCULATION of NEED

25. Comparing the colleges NEW Education Shopping Sheet

26. EDUCATION SHOPPING SHEET

27. What is financial aid?

28. Financial aid is… Funds provided to students and families to help pay for postsecondary educational expenses. These include:

29. Scholarships College Scholarships Private and Community Scholarships

30. Loans Money that has to be repaid – usually not until after the student graduates

31. Work Study Need-based award that provides an opportunity to work at your school and earn money to help pay for educational expenses.

32. Grants federal Need-based money awarded by colleges and universities. state institutional

34. Questions? Thank you for coming tonight!