400 likes | 578 Views
FAFSA DAY 2014 Applying for Financial Aid for 2014-2015. Sponsors/Partners. Types of Financial Aid. Gift Aid - Grants or scholarships that do not need to be repaid Work - Money earned by the student as payment for a job on or off campus
E N D
FAFSA DAY 2014 Applying for Financial Aid for 2014-2015
Types of Financial Aid Gift Aid - Grants or scholarships that do not need to be repaid Work - Money earned by the student as payment for a job on or off campus Loans - Borrowed money to be paid back, usually with interest
Federal government State government Colleges and universities Private agencies, companies, foundations, and parents’ employers Sources of Financial Aid
U.S. citizens Eligible non-citizens, including U.S. Nationals Permanent Residents Carriers of Arrival-Departure Records (I-94) Who is Eligible for Aid?
Financial Aid Applications • FAFSA • CSS/Financial Aid PROFILE • Institutional financial aid application Deadlines and requirements vary by institution. Don’t miss deadlines!!
FAFSA on the Web (FOTW) The FAFSA online application (free!): www.FAFSA.gov Online edits & skip logic to reduce errors Instructions throughout the application
FAFSA on the Web Worksheet • Collects information for the online application • Does not include all FAFSA questions • Do not mail this worksheet
Student Login • Name should match the Social Security card (no nicknames)
Getting Started • Make sure to complete the 2014-15 FAFSA • Secure a PIN
Federal PIN PIN (Personal Identification Number) serves as the electronic signature PIN.ed.gov May also be used to: Correct/Update FAFSA Utilize IRS Data Retrieval Tool Both student and at least one custodial parent need a PIN to sign the FAFSA electronically Parents without an SSN: sign & mail the signature page
Password • The password allows you to save your application and return to it later
Student Demographic Info • Make sure the email address listed is one that is checked often
Student Eligibility • Citizenship status will be verified by: • the Social Security Administration (citizens) • the Department of Homeland Security (eligible non-citizens) • Males 18 and older must register for Selective Service
Student Eligibility • High School Completion Status • If student selects high school diploma, the student will have to list the high school • Current high school students should select: • Never before attended college • Do not have a bachelor’s degree • Interested in work-study? • Answering yes does not obligate the student to work nor cause the student to lose grants and scholarships
School Selection • List up to 10 colleges/universities • Wait for the processed SAR (Student Aid Report) to add additional schools
Dependency Determination • Independent students do not have to report parent data
Dependency Determination Independent students must meet one of the following criteria: • 24 or older • Married • Graduate Student • Active duty in U.S. Armed Forces • Veteran of U.S. Armed Forces • Provide more than half of support for children or dependents • In foster care any time after age 13 or parents are deceased • Emancipated minor • In legal guardianship • Unaccompanied homeless youth • Self-supporting and at risk of being homeless
Who is Considered a Parent? • Biological or adoptive parent(s) • Include both parents if parents are married or are not married but live together • Married parents include same-sex couples who were married in a state that recognizes legal marriage • In the case of divorce or separation, provide information about the parent the student lived with more in the last 12 months, and step-parent if that parent is remarried.
Who is Not Considered a Parent? • Foster parents or legal guardians • If the student is in foster care or has a legal guardian, he/she is automatically considered an independent student • Grandparents or other relatives
Household Size Include in the parents’ household: • Student • Parent(s) • Parents’ other dependent children, if the parents provide more than half their support or the children are federally dependent • Other people who live with the parents and will continue to do so from 7/1/14 through 6/30/15, and for whom parents provide more than half the support andwill continue to do so from 7/1/14 through 6/30/15
College Students in the Household • Always include the student, even if he/she will attend college less than half time in 2014-2015 • Include other household members only if they will attend at least half time in 2014-2015 in a program that leads to a college degree or certificate • Do not include the parents Some financial aid offices will require proof that other family members are attending college
Parent Tax Information • Report the current status of the parent(s)’ 2013 tax return: already completed, will file, or not going to file
IRS Data Retrieval Tool • Upload federal tax data directly to the FAFSA • Available February 2nd • 2013 federal tax return must be submitted • Certain parents cannot use the tool
Parent Financial Information • Use estimated figures if haven’t yet filed 2013 taxes • If the answer is zero or the question does not apply, enter 0
Parent Financial Information • AGI: Total of all taxable income on the federal income tax form. Includes wages, interest & dividend income, business & rental property income, and taxable portion of pensions and Social Security benefits. • Income earned from working: Use W-2 forms and other records (including record of business income earned from self-employment) to calculate
What is a Dislocated Worker? • An individual who: • is receiving unemployment benefits due to losing a job and is unlikely to return to a previous job • has been laid off or received a lay-off notice • was self-employed but is now unemployed due to economic conditions or natural disaster • is a displaced homemaker
Household Benefits • You may be asked to report if your household received in 2012 or 2013: • Supplemental Security Income (SSI) • Supplemental Nutrition Assistance Program (SNAP) • Free or Reduced Price Lunch • Temporary Assistance for Needy Families (TANF) • Special Supplemental Nutrition Program for Women, Infants, and Children (WIC) • Indicate if anyone in the household received these benefits
Cont’d Parent Financial Info • Parents’ Income Tax: • Found on the federal income tax return • Not the amount withheld from parents’ paychecks • Additional Financial Information: Indicate if received in 2013 and specific amounts: • American Opportunity Tax Credit or Lifetime Learning Tax Credit • Child support paid • Taxable earnings from Work-study, Assistantships or Fellowships • Grant and scholarship aid reported to the IRS • Combat pay or special combat pay • Cooperative education program earnings
Untaxed Income • Check all answers that apply • Report specific amount for each answer selected • Some colleges and universities may ask for information about other untaxed income
Parent Assets Parents may be asked to report: • Current balance of cash, savings and checking accounts • Net value of investments such as real estate, rental properties, money market and mutual funds, stocks, bonds, college savings and other securities • Net value of businesses and investment farms Do not include your primary residence, life insurance, retirement accounts and small family businesses
Student Information • Student will be asked same income and asset questions as parents • Student should report all income earned in 2013 even if he/she did not file taxes
Submitting the FAFSA • Student and parent sign with PIN or print the signature page
Confirmation Page • Print or email Confirmation Page for your records
Special Circumstances Contact the Financial Aid Office if there are circumstances that affect a family’s ability to pay for college such as: • Loss or reduction in parent/student income or assets • Death or serious illness • Natural disasters affecting parent income or assets • Medical or dental expenses not covered by insurance • Financial responsibility for elderly grandparents
What Happens Next • Colleges and state receive data electronically • You will receive a Student Aid Report (SAR) (electronically or by mail) • Colleges may request additional documentation/information, such as tax data, through a process called Verification • Colleges send notices of financial aid eligibility to admitted students who have completed all required financial aid forms
Thank You QUESTIONS? Please remember to complete the FAFSA Day Survey before you leave! You can also share feedback with us at ww.facebook.com/FAFSADayMAor www.twitter.com/FAFSADayMA