Completing the 2014-15 Free Application For Federal Student Aid (FAFSA)

1. Completing the 2014-15 Free Application For Federal Student Aid (FAFSA) Created by the Office of Financial Aid & Scholarships at James Madison University

2. Objectives We hope you have a better understanding of the following after viewing these slides: • Common myths when completing the FAFSA • Two primary methods for completing the FAFSA • Importance of the FAFSA priority filing date at JMU

3. Applying for Financial Aid The FAFSA is the only application students at JMU need to complete to apply for all of the federal and state financial aid offered through the Office of Financial Aid & Scholarships That’s it! One form!

4. Applying for Financial Aid • Students and/or parents may need to submit additional forms after the FAFSA is filed, but JMU will provide directions for this via notifications sent to the student • Additional forms that may be needed later are tax forms, Loan Request Forms, promissory notes, etc • The key is to get the FAFSA on file and JMU will guide you through the rest of the process

5. FAFSA Myths • Before going into detail about completing the application, it is important to dispel a few myths about the FAFSA • The following slides explain some of the common misconceptions about the FAFSA

6. Myth 1 My parents and I must have our taxes done before we can complete the FAFSA • You can file the FAFSA with estimated income information if you do not have your taxes done • You will see later that it is extremely important that you meet the priority filing date, so don’t let not having your taxes done keep you from doing that

7. Myth 2 & 3 • I can file my FAFSA as an independent student (without my parents information) if my parents do not claim me as a dependent on their taxes • I’m 18 years old, so I don’t need my parents’ information when completing the FAFSA • Who claims whom on their taxes is irrelevant for this • The dependency questions on the FAFSA will tell you if you need your parents’ information

8. Myth 4 The FAFSA, and financial aid in general, is processed the same way at every school • It is true that the FAFSA is used at every school who participates in the federal student aid programs • The aid process, available funds, need for supplemental forms, and deadlines can vary between schools

9. Myth 5 & 6 • My financial aid eligibility will be the same regardless of when I submit my FAFSA • The on-time (priority) filing date for the FAFSA is the same at every school • You will see later in the presentation how meeting the priority filing date can impact your eligibility • In Virginia, each school sets their own filing date

10. Myth 7 My parents’ house, life insurance, and retirement accounts will count against my financial aid eligibility • These do not count as assets on the FAFSA • Money contributed to a retirement account during the year counts on the FAFSA Worksheets, but the value of a retirement account does not count

11. Myth 8 The paper FAFSA is processed just as quickly as a FAFSA submitted via FAFSA on the Web • It can take weeks longer for a paper FAFSA to be processed • You will see in later slides the advantages of FAFSA on the Web

12. Myth 9 I can rely on my parents to handle the completion and submission of my FAFSA, in addition to the rest of my financial aid paperwork • In cases where a student is defined by the FAFSA as “dependent,” both student and parental information is needed to complete the application • Students who are involved in the FAFSA process from the beginning experience fewer problems as they progress through the system

13. Myth 10 The FAFSA is the only form needed to complete the entire application process for receiving aid from all federal, state, and institutional sources • The key words are underlined above • The FAFSA is the only application needed to make an initial application for federal and state aid at JMU • Additional forms may be needed later to verify FAFSA elements or accept certain types of offered aid • The Office of Financial Aid & Scholarships will notify the student of any additional documents needed

14. The2014-15 FAFSA Priority Filing Date

15. 2014-15 FAFSA Priority Filing Date • March 1st, 2014 • This means your FAFSA should be logged in at the federal processor by March 1st • If you are using a paper FAFSA, you should mail it by early to mid-February • If you are using FAFSA on the Web, you should submit it few days before March 1st

16. Importance of Priority Filing Date • In some cases, meeting the priority filing date can increase your eligibility for specific types of financial aid • Allows appropriate amount of time for processing before the 2014-15 school year begins

17. Priority Filing Date & Guarantees • Meeting the March 1st priority filing date does not guarantee a higher aid package than if your FAFSA reaches the federal processor after this • Depending on how many students meet the March 1st date, it is possible there will not be enough money in some of the accounts to pay an award to all on-time eligible filers

18. Priority Filing Date & Guarantees Meeting the March 1st date simply increases your chances for certain types of aid that may not be available to those who apply later

19. Missing the Priority Filing Date You can still complete a FAFSA after March 1, 2014, but the funds available for awarding at that time could be limited

20. FAFSA on the Web must be signed • www.fafsa.gov • Available after January 1, 2014 • Signatures are submitted to the federal processor by either • Printing, signing, and mailing signature page; or • Signing it electronically with a PIN

21. Getting Ready for FAFSA on the Web • It might be beneficial to complete the FAFSA on the Web Worksheet to help you work through FAFSA on the Web • Download a copy of the worksheet at www.fafsa.gov

22. Submit • Once you have completed the FAFSA, submit it to the federal processor • Make sure it gets there by March 1st

23. Federal Government Responses • Students may receive e-mails from the Central Processing System (CPS) • The e-mail address is cpsnotify@cpsemail.ed.gov • Students should deactivate spam filters for this address • Students will receive a Student Aid Report (SAR) from the CPS after submitting the FAFSA

24. Response from JMU • Once JMU receives the student’s FAFSA data from the federal processor, we will review it and send the student notification of his/her status • The majority of communications (e.g. letters, e-mails, etc.) sent from our office are sent directly to students, not parents • The primary means of communicating with students are through their JMU e-mail and MyMadison accounts

25. Response from JMU • If information is needed to verify elements on the FAFSA, then JMU will request it with instructions on how to provide it • Once the student is eligible to be awarded, a financial aid award notice will be sent with instructions on how to accept the offered aid

26. Questions If you have any questions, please do not hesitate to contact our office via one of the following methods: • In person at our 3rd floor counter in Warren Hall (Student Success Center beginning the end of July) • By phone at (540) 568-7820 • By e-mail at fin_aid@jmu.edu • On the web at www.jmu.edu/finaid • Financial Aid and Scholarships has joined Facebook! Please join the JMU Financial Aid page