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2008-2009 FAFSA Presentation

2008-2009 FAFSA Presentation. Presented by Barb Harnish Financial Aid/Scholarship Coordinator & Jim Settles Director, Student Support Services. Applying for Financial Aid 2009-2010. Types of FAFSA’s. FAFSA on the Web Paper FAFSA. FAFSA ON THE WEB.

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2008-2009 FAFSA Presentation

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  1. 2008-2009 FAFSA Presentation Presented by Barb Harnish Financial Aid/Scholarship Coordinator & Jim Settles Director, Student Support Services

  2. Applying for Financial Aid 2009-2010

  3. Types of FAFSA’s • FAFSA on the Web • Paper FAFSA

  4. FAFSA ON THE WEB • Internet application used by students and parents to complete electronic FAFSA at www.fafsa.ed.gov • Processed more quickly than paper version • Sophisticated on-line edits so that errors are less likely to be made • Students and at least one custodial parent should get a federal PIN at www.pin.ed.gov

  5. Application Filing TipsFAFSA on The Web • Gather necessary documents ahead of time • Complete a FAFSA on the Web Worksheet available at www.fafsa.ed.gov • Allow ample time to complete form for submission by deadline • Check the FAFSA for accuracy prior to submission • Save all work periodically • Sign the application using student and at least on parent’s PIN • Print our a copy of the FAFSA before submitting data • Keep a copy of the Submission Confirmation Page

  6. Reapplying for Federal Student Aid • You must apply for federal student aid for every school year that you attend. • Renewal FAFSA is the same as the FAFSA except that it has some information already preprinted. • If you applied last year and met the conditions of the US Dept. of Ed. You will get a reminder. • Either • Renewal FAFSA on the Web (need your PIN) • FAFSA on the WEB

  7. Student Aid Report (SAR) • Regardless of whether a student uses FAFSA on the Web or submits a paper FAFSA, a SAR will be sent to the student. -An electronic SAR will be sent if student provides an e-mail address -A paper SAR will be mailed if no student e- mail address is provided. • An electronic copy will be sent to each college or university listed by the student on the FAFSA form.

  8. FAFSA INFORMATION & TIPS • File early, but no later than your state or school priority date • Use estimated 2008 income information if taxes are not complete at time of FAFSA submission • Student and at least one parent whose information is reported must complete and sign the FAFSA

  9. Federal PIN • PIN (Personal Identification Number) serves as the electronic signature on ED documents • Both student and at least one parent need PIN • May be used to: • Check on FAFSA status • Verify and correct FAFSA data • Add additional schools to receive FAFSA data • Change home and e-mail addresses • If an e-mail address is provided, PIN will be e-mailed to the PIN applicant within hours • Apply for student and parent PINs TODAY at: www.pin.ed.gov

  10. Getting Ready • Before starting the FAFSA, gather: • Students driver’s license • Student Alien Registration Card • Student and Parent • Social Security Cards • 2008 W-2 Forms and other records of money earned • 2008 Federal Income Tax Form (even if not completed) • Records of untaxed income • Current bank statements • Business, farm and other real estate records • Records of stocks, bonds and other investments Create a file for copies of all financial aid documents submitted.

  11. Getting Started • Read all application instructions • If planning to submit the paper FAFSA: • Use pen with black ink • Print clearly in CAPITAL letters • Fill in ovals completely • Do not leave blanks (unless directed by instructions) • Do not write comments or notes anywhere on form • Do not use correction fluid

  12. The FAFSAA Seven-Step Process Step One►is about the student Step Two► asks for student income and assets Step Three► determines student dependency status Step Four► requires parental information for dependent students Step Five► is for independent students only Step Six ► allows the student to list up to six schools Step Seven► Certification statement asks for signatures and submission date of the FAFSA

  13. FAFSA: Step 1 • Student Information: • Degree type • Grade level • Enrollment status • Self-help aid preferences

  14. FAFSA: Step 1 Student information: Name Permanent address Social Security Number Date of birth Permanent telephone number

  15. FAFSA: Step 1 • Student information: • Driver’s license number • Driver’s license state • E-mail address

  16. FAFSA: Step 1 • Student information: • Citizenship status • Marital status • State and date of legal residence • Selective Service registration

  17. FAFSA: Step 1 • Student Information: • Receipt of high school diploma or GED • Receipt of first bachelor’s degree • Parent(s) educational backgrounds) • Drug conviction status

  18. FAFSA: Step 2 • Student (and spouse) financial information: • Tax filing status • Tax return type • If student filed a 1040, was he or she eligible to file a 1040A or 1040EZ?

  19. FAFSA: Step 2 • Worksheets: • A and B collect information about untaxed income • C lists income excluded from EFC calculation

  20. FAFSA: Step 2 • Student asset information: • Cash, savings, and checking • Net worth of investments • Net worth of businesses and investment farms

  21. FAFSA: Step 2 • Information about student’s veteran’s benefits: • Number of months benefits will be received during the 2008-09 academic year • Monthly benefit amount

  22. FAFSA: Step 3 • Student’s dependency status: • If all “No” responses, student is dependent • If “Yes” to any question, student is independent

  23. FAFSA: Step 4 • Step 4 collects information about the dependent student’s parent(s) • Answer questions as of the date the FAFSA is submitted • Independent students skip Step 4 and go to Step 5

  24. FAFSA: Step 4 • Data for parents of dependent students: • Parents’ marital status • Date of parents’ marital status

  25. FAFSA: Step 4 • Data for parents of dependent students: • Social Security Numbers • Last names • Dates of birth

  26. FAFSA: Step 4 • Data for the parents of dependent students: • Household size • Number in college

  27. FAFSA: Step 4 • Data for parents of dependent students: • State of legal residence • Date of legal residence

  28. FAFSA: Step 4 • Financial data for parents of dependent students: • Did any member of the parents’ household receive benefits from one of the federal programs listed?

  29. FAFSA: Step 4 • Financial data for parents of dependent students: • Tax filing status and return type • If parents filed or will file a 1040, were they eligible to file a 1040A or 1040EZ?

  30. FAFSA: Step 4 • Financial data for parents of dependent students: • Adjusted gross income (AGI) • Income tax paid • Exemptions claimed • Income earned from work

  31. FAFSA: Step 4 • Financial data for parents of dependent students: • Worksheets A and B collect untaxed income • Worksheet C lists income excluded from EFC calculation • Parents complete worksheets on right-hand side of Page 5

  32. FAFSA: Step 4 • Asset information for parents of dependent students: • Cash, savings, and checking • Net worth of investments • Net worth of businesses and investment farms

  33. FAFSA: Step 5 • Data about the independent student: • Household size • Number in college

  34. FAFSA: Step 5 • Data about the independent student: • Did a member of the student’s household receive benefits from any of the federal programs listed?

  35. FAFSA: Step 6 List up to 6 schools to receive FAFSA data: • Federal School Code for each school • Housing plans for each school MCTC SCHOOL CODE: 006960

  36. FAFSA: Step 7 • All students complete Step 7: • Signature of student and parent, if required • Signature of a tax professional if one was used to complete the FAFSA

  37. CAUTION! • Avoid being charged a fee to file the Free Application for Federal Student Aid • Completion and processing of the FAFSA are FREE • If filing via FAFSA on the Web, be sure to go directly to www.fafsa.ed.gov • Contact financial aid office for help completing the FAFSA

  38. ERRORS can be COSTLY! • Errors on the FAFSA or supplemental forms may DELAY application processing and result in the LOSS of financial aid funds. • Read the instructions and complete all forms carefully!

  39. Frequent FAFSA Errors • Parent and student Social Security Numbers • Divorced/remarried parental information • Income earned by parents/stepparents • Untaxed income • U.S. income taxes paid • Household size • Number of household members in college • Real estate and investment net worth

  40. FAFSA Processing Results • Central Processing System (CPS) notifies student of FAFSA processing results by: • Paper Student Aid Report (SAR) if paper FAFSA was filed and student’s e-mail address was not provided • SAR Acknowledgement if filed electronically via FAFSA on the Web and student’s e-mail address was not provided

  41. FAFSA Processing Results • CPS notifies student of FAFSA processing results by: • E-mail notification containing a direct link to student’s on-line SAR if student’s e-mail was provided on paper or electronic FAFSA • Student with PIN can view SAR on-line at www.fafsa.ed.gov

  42. Making Corrections • If necessary, corrections to FAFSA data may be made by: • Using FAFSA on the Web (www.fafsa.ed.gov) if student has a PIN; • Updating paper SAR (SAR Information Acknowledgement cannot be used to make corrections); or • Submitting documentation to school’s financial aid office

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