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FAFSA Fundamentals

FAFSA Fundamentals. Your First Step Toward Financial Aid 2011-12. Photo provided by Northeastern State University. Going to College. No matter who you are, you CAN go to college Types of colleges and their costs vary greatly. Paying for College.

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FAFSA Fundamentals

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  1. FAFSA Fundamentals Your First Step Toward Financial Aid 2011-12 Photo provided by Northeastern State University

  2. Going to College No matter who you are, you CAN go to college Types of colleges and their costs vary greatly

  3. Paying for College College is an investment in your future Many forms of financial aid are available to help you pay for your education

  4. What’s Financial Aid? Financial aid is money to help you pay educational costs, such as: Tuition Fees Books Room and board Transportation Personal expenses

  5. How Do I Apply? FAFSA (Free Application for Federal Student Aid) The FAFSA is your first step Used to apply for most types of federal and state aid

  6. FAFSA Process

  7. Find the FAFSA Online – Visit FAFSA.gov Print a copy – Go to FAFSA.gov; click ‘FAFSA Filing Options’ to print a paper FAFSA Request a paper copy – Call 800-4-FED-AID or 800-730-8913 (TTY) to request copies in English or Spanish 7

  8. FAFSA.gov

  9. Why Online? Quicker processing time u 2-3 days vs. 2-3 weeks for the paper FAFSA ‘Help and Hints’ boxes provided with every question Built-in error catcher means less delays Save your application and return to it later

  10. Why Online? Yearly online renewal Some fields can be pre-populated with previous FAFSA information Saves time and helps you meet deadlines

  11. Why Online? ‘Skip logic’ bypasses unnecessary questions based on answers you’ve already provided Electronically sign the FAFSA using your Personal Identification Number (PIN)

  12. What’s a PIN? Request a Personal Identification Number (PIN) at PIN.ed.gov Student and one parent must each have a PIN Use the same PIN when you: Renew your FAFSA Sign an online loan application Check your loan status on the National Student Loan Data System (NSLDS.ed.gov)

  13. FAFSA on the Web Worksheet Go to FAFSA.gov to print a FAFSA on the Web (FOTW) worksheet Helps you gather information before completing the FAFSA The worksheet is optional

  14. FAFSA on the Web Worksheet On the homepage of FAFSA.gov, type FAFSA on the Web Worksheet in the Search box and click ‘Search.’

  15. FAFSA on the Web Worksheet

  16. Requested Information Social Security Number u Student and spouse or parent(s) Student’s driver’s license information Income and W-2 figures Household size

  17. Requested Information Student and parents’ e-mail addresses Alien registration or permanent resident card number, if you’re not a citizen Up to 10 college names and/or school codes of your choice

  18. Don’t Miss Deadlines FAFSA – Check with your school’s Financial Aid office for priority deadlines State Aid – State deadlines can be found at FAFSA.gov, or ask your school’s Financial Aid office Scholarships – Review scholarship applications for important deadlines; keep copies of everything 18

  19. State Deadlines Deadline for the Oklahoma Tuition Aid Grant (OTAG) for the 2011-12 academic year 19

  20. Completing the FAFSA

  21. FAFSA Sections The FAFSA is divided into these sections: u Student Demographics u School Selection u Dependency Status u Parent Demographics u Financial Information – Parent & Student u Sign and Submit

  22. Student Demographics xxx-xx-xxxx ‘Help & Hints’ boxes are located on each screen to assist you. Use your full name as shown on your Social Security card. If your name and SSN don’t match, your FAFSA will be rejected.

  23. Student Demographics xxx-xx-xxxx Be sure to enter your birth year, not the current year. Your permanent address is where you can always be contacted. Enter your marital status as of the day you submit your FAFSA.

  24. Student Demographics Eighteen year-old males who haven’t registered with Selective Service can’t receive financial aid. You can elect to register here on your FAFSA.

  25. School Selection Applicants are now required to indicate the high school from which they graduated. High school names will be shown for you to select and confirm. If your school is not currently in the database, simply type in the name, city and state.

  26. School Selection You can send your FAFSA information to 10 different schools. If you don’t know the school code, you can search by School Name, City or State. This shows a portion of the list that includes all schools with Oklahoma in their name.

  27. School Selection Click here to find valuable information about each school you’ve selected, such as the average overall cost, graduation and retention rates. Provide your housing plans for each school you’ve selected.

  28. Dependent or Independent? Your answers to these questions will determine your dependency status. If you’re unable to answer YES to at least one question, you’ll be considered a dependent student.

  29. Dependency Status Dependent students must provide parental information Independent students aren’t required to show parental information unless requested by their school

  30. Dependency Status To view the Dependency Status Questionnaire, check out the ‘Resources’ tab at .

  31. Dependency Status Indicate if you’re unable to provide parental information on the FAFSA. It’s recommended that you speak with a financial aid officer at your college for guidance.

  32. Parent Information If your biological parents are 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 support in the last 12 months If your divorced parent is remarried - Use information for your parent and step-parent

  33. Parent Demographics You’ll be required to enter your parent(s)’ name, birth date, SSN, household size, income tax and assets. Household size is defined here to assist you.

  34. Financial Information -Parent A dislocated worker is someone who may have been laid off or is unemployed due to current economic conditions.

  35. Financial Information - Parent

  36. Financial Information -Parent Additional financial information and untaxed income are requested here. Include child support paid and received. ‘Help and Hints’ provides the corresponding line numbers on your tax return to assist you in locating answers.

  37. Financial Information -Student Choose the type of tax return you filed, or will file, for 2010 and click here. • IRS 1040 • IRS 1040A or 1040 EZ • Foreign tax return • A tax return with Puerto Rico, a U.S. territory or • Freely Associated State

  38. IRS Data Retrieval

  39. IRS Data Retrieval

  40. IRS Data Retrieval This screen allows you to login to the IRS system and transfer your tax data. For detailed information on this process, click ‘How it Works’. 40

  41. Sign & Submit A preparer is anyone who charges a fee for helping you complete the FAFSA. High school counselors, financial aid administrators and others typically don’t charge a fee for assistance. Unless you’ve paid someone for their services, they aren’t considered a preparer.

  42. Sign & Submit Click here to review your FAFSA information for accuracy. You and your parent must each have a PIN to sign the FAFSA electronically. If you don’t have one, click the link shown. Don’t forget to hit ‘Submit’!

  43. Confirmation An estimated Expected Family Contribution (EFC) is provided. If you’re eligible for the Pell Grant and student loans, those amounts will be shown.

  44. UCanGo2.org/FAFSA 44

  45. After the FAFSA

  46. 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

  47. Expected Family Contribution (EFC) Important number appearing on your SAR; also shown on the ‘Confirmation’ page of your online FAFSA Based on the information provided on your FAFSA, such as income, assets and family size

  48. 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

  49. Financial Need The difference between the total 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 COA - EFC - Other Aid Financial Need

  50. Selected for Verification? If you see an asterisk next to your EFC on the SAR, you’ve been chosen for a process called verification Applicants are selected for various reasons; no need to worry if you are (or aren’t) selected

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