FAFSA Training for Counselors | Enhancing Financial Aid Knowledge

1. Marshall University Office of Student Financial Assistance Financial Aid Training for Counselors Sarah Musgrave, Counselor Sr. December 10, 2012

2. Agenda – The FAFSA and Beyond • How to file the FAFSA and get a PIN • Tips for completing the FAFSA • Student Aid Report (SAR) • Corrections • IRS Data Retrieval Tool • Verification • Professional Judgment

3. The FAFSA Free Application for Federal Student Aid

4. How to file the FAFSA • Online (preferred) • FAFSA on the Web • www.fafsa.gov • Paper • Call Federal Student Aid Information Center and request • 800-4-FED-AID

5. How to get a PIN Students and parents must both apply for a Personal Identification Number, or PIN, at www.pin.ed.gov

6. Tips For Completing a FASFA • Parent and student Social Security Numbers • Student name inverted • Marital status • Income earned by parents/stepparents • U.S. Income Tax paid • Assets (cash, savings, investments, business, real estate etc.) • Household size • Number of household members in college • Child support paid out Frequent FAFSA Errors

7. Tips When Completing a FASFA • Take your time and read • Use the help box in FOTW • Type the SSN and names correctly • Step-parent information must be included if parent used on FAFSAis re-married • If estimating, report taxes paid as $0 • Don’t include parents as in college • Don’t report child support paid and list recipient in household • How to not make those mistakes

8. SAR • Paper or electronic • Should be reviewed for accuracy (unless initially estimated information) • Can be used to make corrections A Student Aid Report (SAR) is a list of everything reported on the FAFSA.

9. Corrections Students should only correct information that was reported incorrectly when he or she completed the FAFSA.

10. Corrections Many students in West Virginia use estimates when completing the FAFSA. They should always make a correction once the most current taxes are filed.

11. Submitting Corrections • Updating and mailing paper SAR • Using FOTW • Most common and efficient • Through financial aid offices • Can get help making the correction online • Completing the standard Verification process • Once Verification is completed, any future corrections must go through the financial aid office. How to make corrections

12. Submitting Signature Corrections • Once a PIN has been authenticated, sign online using Corrections of the Web • Sign a paper SAR or print a signature page online and mail to address on form • Marshall has an internal signature form, which allows the financial aid office to make the signature correction • The FAFSA Signature Page can be found at www.marshall.edu/sfa under the Forms & Applications tab then under Verification Often families complete FOTW before applying for a PIN and cannot sign

13. Correcting Estimated Tax Info We encourage families to submit updated tax information by usingIRS Data Retrieval Tool Not using this tool can make it more difficult to complete the Verification Process later

14. IRS Data Retrieval • Was implemented in 2010-11 • Pulls tax data directly from IRS and, therefore, is more accurate • Students completing 2013-14 FOTW will be able to utilize this beginning Feb. 3, 2013.

15. IRS Data Retrieval • FOTW includes logic to determine if applicant is eligible to use IRS Data Retrieval • Applicant’s response will take him or her to the IRS system or provide a message that the applicant should use own figures Graphic provided by NASFAA 2011

16. IRS Data Retrieval According to IRS, 70% of applicantsare expected to be able to use this Reasons tool can’t be used: • Return was filed within 3 weeks electronically or 8 weeks by mail • Filing status was married filing separate • An amended tax return has been filed • A Puerto Rican or foreign tax return was filed

17. Verification

18. Verification Process by which the Department of Education (ED) through the financial aid office confirms that information provided by students and families on the FAFSA is accurate Students can be selected for this process by ED or the university

19. Verification • Selection is part random and part targeted • Pell eligible students • Not every student selected will have to submit the same documentation beginning 2013-14 • Process is more tailored than in past • May have to verify one item complete standard Verification • Each institution will have its own procedures and forms • Should contact institution completing process with concerning questions

20. Verification • Number of people in household and in college • Income for tax filers and non-tax filers • IRS Data Retrieval or Tax Return Transcript • Certain untaxed income items • Education Credits • Child support paid out • Receipt of Supplemental Nutrition Assistance Program (SNAP) • Identity/Statement of Educational Purpose • High School Completion Status Items that could be verified include but not limited to:

21. Verification • Verification worksheet • IRS Tax Return Transcript • Asset Form • Child Support Form • Receipt of Supplemental Nutrition Assistance Program (SNAP) documents • Clarification of other information reported Documentation/forms that could be required by Marshall include, but not limited to:

22. Professional Judgment

23. Professional Judgment • Can appeal to change FAFSA data to more accurately reflect current financial circumstances • Complete Appeal for Income Reduction and provide documentation to support reason for appeal or next years tax return • Form can be printed at www.marshall.edu/sfa under Forms & Applications tab then click Appeal Forms • Standard Verification process must be completed first Specifically, changes in financial situation

24. Professional Judgment • Unemployment or loss of wages • Loss of untaxed income • Child support • Member of family is deceased, disabled or retired • Parent or student becomes separated or divorced Reasons include: Entire process can take minimum of 6 weeks fromsubmission of verification to processing of appeal. Additional aid can take at least another 2 weeks to pay in full.

25. Student Financial Assistance Contact Information Office Location: Old Main, Room 116 Phone: (304) 696-3162 Fax: (304) 696-3242 Email: sfa@marshall.edu Website: www.marshall.edu/sfa