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Learn about financial aid options for college, such as grants, scholarships, and loans. Step-by-step guide on filling out the FAFSA online. Understand dependency status and special circumstances that affect aid eligibility.
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Paying for college • No matter who you are, you CAN go to college • College is an investment in your future • Many forms of financial aid are available to help you pay for your education
What’s Financial Aid? • Money used to help you pay for college • Comes in the form of grants, work programs, student loans and scholarships • All students are eligible for some type of financial assistance for college • Apply for this money every year you need financial aid for educational expenses
How Do I Apply? Free Application for Federal Student Aid • The FAFSA is your first step • Use it to apply for most types of federal and state aid
Why Online? • Faster processing time • Save your application and return to it later • Help and Hints suggestionboxes are provided to assist with questions • Built-in error catcher means fewer delays • Electronically sign using your FSA ID (Federal Student Aid Identification)
What’s an FSA ID? • Allows the student and parent to electronically sign their FAFSA online and expedite the process • Request an FSA ID (Federal Student Aid Identification) from FAFSA.gov • Student and one parent must each have an FSA ID
FAFSA process Start with www.FAFSA.gov
FAFSA sections • Login • Student Demographics • School Selection • Dependency Status • Parent Demographics • Financial Information • Sign and Submit • Confirmation
Student Demographics • Use your full name as shown on your Social Security card • Enter your marital status as of the day you submit your FAFSA • Help and Hints suggestion boxes are provided for assistance
Selective service • Eighteen year old males must register with Selective Service in order to receive financial aid • You can elect to register here on your FAFSA
High school name • Search for high school by name, city or state • If you have a high school diploma, you must include the school from which you graduated
College Selection • You can send your FAFSA to 10 different colleges • You can search forcolleges by name, city or state or the Federal School Code • We searched here on Stillwater,OK
College Selection • A search was done on East Central University • Click View Selected School Information to get a comparison of your choices
Housing plans • Provide Housing • Plans for each • school you’ve • chosen to receive • your FAFSA results • Your options: • On campus • Off campus • With parents
Dependent or independent? • Your answers to these questions will determine your dependency status • If you’re unable to answer YES to one of these questions, you’ll be considered a Dependent Student
Dependency status • Dependent students must provide parental information on the FAFSA • Independent students aren’t required to show parental information unless requested by their school
Special circumstances Please note: If you’re a dependent student and unable to provide parental information, indicate that here. It’s highly recommended that you speak to the Financial Aid office at the college(s) you’ll attend however. Most schools have specific procedures they follow to handle this question.
Special circumstances Students that do NOT have a special circumstance and are unable to provide parental information typically qualify for the Unsubsidized Student Loan only.
Special circumstances • Change in employment status • Unusual medical expenses not covered by insurance • Change in parent marital status • Unusual dependent care expenses • Distinct circumstances in relation to obtaining parental information
Who is the parent? • Student’s biological and/or adoptive parents, or a person that the state has determined to be a student’s parent, are considered his or her legal parents. • Grandparents, foster parents, legal guardians, older brothers or sisters, and aunts and uncles are NOT considered parents unless they have legally adopted the student.
Legal guardian vs. custody • The definition of legal guardianship does not include your parents, even if they were appointed by a court to be your guardians. Students are also not considered a legal guardian of themselves. • Custody is granted to one or both parents of the child. • Supporting documentation of a court’s decision for legal guardianship must be available in order to answer “yes” to this question on the FAFSA. This court order must say “legal guardianship” not “custody”. • If the student is still a minor and the court’s decision is no longer in effect or the court’s decision was not in effect at the time the student became an adult, they are not considered under legal guardianship.
Homeless Status At any time on or after July 1, 2015 (for the 2016-2017 FAFSA), • did your high school or school district homeless liaison determine that you were an unaccompanied youth who was homeless or were self-supporting and at risk of being homeless? • did the director of an emergency shelter or transitional housing program funded by the U.S. Dept. of Housing and Urban Development determine that you were an unaccompanied youth who was homeless or were self-supporting and at risk of being homeless • did the director of a runaway or homeless youth basic center or transitional living program determine that you were an unaccompanied youth who was homeless or were self-supporting and at risk of being homeless?
Reporting Parent information • If your parents (biological and/or adoptive) are legally 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 financial support in the last 12 months • If your divorced parent is remarried – Use information for your parent and step-parent • Students must report information for both biological or adoptive parents if they are unmarried, but living together
Parent demographics • Parent will enter first initial and last name as shown on their Social Security card • Name and date of birth will be verified with the Social Security Administration • Click the Household Size link to learn who can be included
Defining the household Include: • Student’s parents, or parent and stepparent, based on their marital status • Student, even if he or she does not live with parents • Parents’ other children if: • Parents will provide more than half of their support from July 1, 2016 through June 30, 2017 or • These children can answer “No” to every dependency status question on the FAFSA • Other people: • If they now live with the parents • Parents provide more than half of their support, and • Parents will continue to provide more than half of their support from July 1, 2016 through June 30, 2017
Parent income • Parent can choose a tax filing status: • Already completed • Will file • Not going to file • If parent ‘Already completed’ the taxes, they’re given the option to manually enter the tax figures or download the info from the IRS. Best to use IRS DRT.
Irs data retrieval • IRS can send tax data online directly to your FAFSA • Scheduled for use February 1 for the 2016-2017 FAFSA processing cycle • Electronically filed tax information will be available 3 weeks after the return has been accepted by the IRS • Participation is voluntary • Reduces documents requested by financial aid office • Watch this video to learn how to use the IRS DRT (https://www.youtube.com/watch?v=eiNkqyCIuro)
Parent Income • Adjusted Gross Income • Income Earned from Work • Federal Benefits Programs • Income Tax • Exemptions
Parent Income • Education credits • Child support paid • Combat pay • Untaxed Income • Child Support Received • Housing, food, living allowances • Tax exempt interest • Payments to tax-deferred pension and retirement savings plans • Veterans non-education benefits
Student income • Students are also asked to provide the type of tax return they filed as well as their income earned and taxes paid
Sign and submit • Review or print a copy of your FAFSA answers here • Make necessary changes now before submitting your application • Student and Parent enter their FSA ID to electronically sign the FAFSA
Confirmation page • The Confirmation page provides an estimate of your eligibility for the Pell Grant and student loans • It also provides your Expected Family Contribution (EFC)
After FAFSA submission • You will be notified when your FAFSA is processed • Your FAFSA information will be made available to your school(s), and they will use it to determine the aid you may be eligible to receive • Your school(s) will contact you if they need more information or when they are ready to discuss your financial aid award; especially if selected for verification. • If you have questions about your financial aid award, contact your school(s)
Student aid report (SAR) • Summarizes your FAFSA information • Available to you after your FAFSA is processed • Review the SAR for accuracy • The schools listed on your FAFSA will also receive a summary
Making corrections If necessary, corrections to the FAFSA may be made by: • Accessing your FAFSA information at www.FAFSA.govif student has an FSA ID; • Updating items on the paper SAR; or • Submitting documentation to the college’s Financial Aid office.
