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What’s Financial Aid?

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. How Do I Apply?. FAFSA. Free Application for Federal Student Aid The FAFSA is your first step

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What’s Financial Aid?

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  1. 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

  2. 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

  3. Find the FAFSA Online – Visit FAFSA.gov Print a copy – Go to FAFSA.gov; click FAFSA Filing Optionsto 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

  4. FAFSA.gov

  5. Why Online? Quicker processing time 3-5 days vs. 4-6 weeks for paper FAFSA Help and Hints boxes provided with every question Built-in error catcher means fewer delays Save your application and return to it later

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

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

  8. 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

  9. FAFSA on the Web Worksheet Type in FAFSA on the Web Worksheet and Search Click here for FAFSA4caster

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

  11. Requested Information Student and parents’ email 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

  12. 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

  13. State Deadlines Search by state name

  14. FAFSA Sections The FAFSA is divided into these sections: Student Demographics School Selection Dependency Status Parent Demographics Financial Information Sign and Submit Confirmation

  15. Student Demographics Help and Hints boxes are located on each screen to assist you Use your full name as shown on your Social Security card

  16. Student Demographics Enter your birth year, not the current year Enter your marital status as of the day you submit your FAFSA

  17. 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.

  18. Student Demographics Students are 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 isn’t currently in the database, simply type in the name, city and state.

  19. School Selection You can send your FAFSA to 10 different schools. If you don’t know the school’s 6- digit code, you can search by School Name, City or State. When sorting on Enid, Oklahoma, it listed these 2 schools. Click the school(s) you may attend.

  20. School Selection When you click ‘View Selected School Information’, you’ll see a comparison like this.

  21. School Selection • You must provide Housing Plans for each school you’ve chosen. Your options: • On campus • Off campus • With Parents

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

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

  24. Dependency Status To view the Dependency Status Questionnaire, check out the Resources tab at UCanGo2.org.

  25. Special Circumstances If a dependent student is unable to provide parental information, he/she may indicate that here. It’s highly recommended the student speak to the financial aid office at the college they’ll attend however. Many schools have specific procedures they follow to handle this question.

  26. Special Circumstances This page explains some exceptions to the rule for providing parental information. Contact your financial aid office for more details.

  27. 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

  28. Parent Demographics Enter your parent’s demographic information. Remember, your parent’s name must be entered just like it’s shown on the Social Security card. You can only enter family members in college who are pursuing a degree or certification. Parents cannot be included. If you’re unsure who should be counted in your family’s household size, click here to get a full definition.

  29. Financial Info - Parent In this section parents will enter the type of tax return they filed, as well as their requested 2011 income figures. The Help and Hints box will provide corresponding line numbers on your tax return to assist you in locating answers.

  30. Financial Info - Parent This page requests additional income and asset information for the parents.

  31. Financial Info - Student The Student Financial Information section requests the type of tax form the student filed, as well as the student’s income and asset figures.

  32. Sign and Submit You can review and print all the information you’ve submitted on your FAFSA to keep for your records. To sign your FAFSA, you and one parent (or your spouse) can enter a PIN here. You may also print and mail a signature page to complete the FAFSA process.

  33. Sign and Submit If you wish to sign electronically, but haven’t requested a PIN, you may do so from this page. Click ‘Submit’ to send your completed FAFSA off to the processing center.

  34. Confirmation Your Confirmation page will indicate your Expected Family Contribution (EFC) as well as an estimated amount for the Pell Grant and/or student loans. For assistance with your FAFSA, you may contact the Federal Student Aid Information Center at the numbers shown here.

  35. Contact Us Each page of your online FAFSA houses a ‘Contact Us’ button at the top of the screen. Click it to find a variety of ways to obtain assistance with your FAFSA application.

  36. 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

  37. Verification Your financial aid office will request further documentation if you’re selected Financial aid can’t be provided until the verification process is complete Tax returns are no longer accepted to confirm income information

  38. Verification Students will be asked to provide an IRS Transcript to verify their income tax information Visit IRS.gov and Search on tax transcript or call 800.908.9946 to request an IRS transcript Complete Form 4506-T to have a tax transcript sent to a school or a different address

  39. 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 Same amount at every college

  40. 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 COA may be different at each school

  41. Financial Need The difference between the 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

  42. Financial Need Cost of Attendance -Expected Family Contribution - Other Aid Financial Need

  43. Award Letter Sent out by schools that have accepted you and received your financial aid paperwork Lists types and amounts of aid you’re eligible for; you don’t have to accept everything offered Submit any requested information to your school by the required deadline

  44. Aid Types Need-based aid – Based on your financial situation Merit-based aid – Based on special abilities, accomplishments, career paths, grades, hobbies, etc. (not based on financial need)

  45. Federal Financial Aid Federal Pell Grant $5,550 annual maximum Undergraduates without a bachelor’s degree Need-based Federal Supplemental Educational Opportunity Grant (FSEOG) $4,000 annual maximum Undergraduates without a bachelor’s degree Priority given to Pell Grant recipients with high financial need

  46. Federal Financial Aid Federal Work-Study (FWS) Awarded by the institution Offers campus-based or community employment for students Need-based Federal Perkins Loan $5,500 annual maximum 5% loans with a 9 month grace period Need-based

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