2016 Financial Aid Night Gary Schindler Dean of Students Riverland.
2015 Financial Aid Information Session Gary Schindler Dean of Student Affairs Financial Aid Director...
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Transcript of 2015 Financial Aid Information Session Gary Schindler Dean of Student Affairs Financial Aid Director...
![Page 1: 2015 Financial Aid Information Session Gary Schindler Dean of Student Affairs Financial Aid Director Riverland Community College.](https://reader035.fdocuments.us/reader035/viewer/2022062715/56649d6f5503460f94a50738/html5/thumbnails/1.jpg)
2015Financial Aid Information SessionGary Schindler
Dean of Student Affairs
Financial Aid Director
Riverland Community College
![Page 2: 2015 Financial Aid Information Session Gary Schindler Dean of Student Affairs Financial Aid Director Riverland Community College.](https://reader035.fdocuments.us/reader035/viewer/2022062715/56649d6f5503460f94a50738/html5/thumbnails/2.jpg)
Tonight:
>FAFSA>Tips>Process
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74% OF ALL JOB OPENINGS IN MINNESOTA BY 2018 WILL REQUIRE A COLLEGE EDUCATION
Take note…..
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2014-2015 College Costs (Tuition and fees)
Two-year technical/community college $5,500State university $8,000-$8,500University of Minnesota $13,000Private college/university $25,000-$40,000Private career college/university $15,000-$20,000
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Cost of Attendance
• Tuition and fees• Books, supplies and equipment• Room and board• Transportation• Personal expenses• Typically, COA =
T&F + Books + $10,000
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Application Process & FAFSA
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![Page 7: 2015 Financial Aid Information Session Gary Schindler Dean of Student Affairs Financial Aid Director Riverland Community College.](https://reader035.fdocuments.us/reader035/viewer/2022062715/56649d6f5503460f94a50738/html5/thumbnails/7.jpg)
Ideal Sequence:
>File or estimate taxes>FAFSA>College aid app
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Free Application for Federal Student Aid - FAFSA
• Apply on-line at: www.fafsa.gov
• 2015-2016 FAFSA available January 1, 2015– TIP #1 The earlier…the better – Tip #2 Do you know…the college’s priority deadlines?– Tip #3 Use estimated tax figures..make corrections later– Tip #4 Do you know…institutional application?– Tip #5 Do you know..Freshman Scholarship process?
• Carleton, Macalester, St. Olaf, Gustavus Adolphus require CSS Profile form in addition to FAFSA
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FAFSA on the Web (FOTW) www.fafsa.gov
• Apply• Retrieve IRS data • Reapply • Apply for PIN• Find college
codes• Check status of
FAFSA• Make corrections• Add additional
colleges
Tip #6…You do not need to be accepted to apply.
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FAFSA on the WebIRS Data Retrieval
• If applicant indicates filed taxes on FOTW, will be prompted to use IRS data interface
• IRS data available:
– 2 to 3 weeks after federal tax forms filed electronically (70% of filers)
– 8 to 11 weeks after paper federal tax forms filed
• If there is unpaid tax obligation to IRS, tax returns won’t be processed until May or June 2015
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FAFSA on the Web IRS Data Retrieval
Applicants will receive automatic reminder emails to go back to FOTW and use IRS data retrieval if:
– They provided estimated tax figures on the FOTW
– Provided actual tax figures on FOTW but did not use IRS data retrieval
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Items Populated on FOTW from IRS Data Retrieval
• Adjusted gross income• U.S. income taxes paid• Untaxed IRA distributions, pensions• Education credits• IRA deductions• Tax exempt interest
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FAFSA on the Web IRS Data Retrieval• Who CAN’T use IRS data retrieval:
– Married couples who filed separate tax returns
– Married couples if one filed as head of household
– Student’s legal parents are unmarried and living together
– Filed an amended return (must submit original 1040 and 1040x to school)
– Filed tax return too recently
– Applicants whose marital status changed since January 1
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Criteria for Independent Applicant
• At least 24 years old by December 31st of the award year covered by the FAFSA
• Graduate or professional student
• Married (does NOT include cultural marriage)
• Has legal dependents other than a spouse who receive more than one half of their support from the student during school year
• On active duty or veteran of the U.S. Armed Forces
• Any time since turning 13 was/is an orphan, in foster care, or ward of the court
• Emancipated minor or in legal guardianship as determined by a court (by someone other than parent)
• Unaccompanied homeless youth as documented by:– (high school/district homeless liaison, authorized shelter
administrator, financial aid administrator interview)
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Assets
• Asset protection allowance question
• Cash, savings, checking
• Other investments
• Home
• Farm
• Small business
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FAFSA Results
• Student notified of FAFSA processing results by:– E-mail notification with link to student’s
SAR online if student’s e-mail address provided:• FAFSA on the Web (takes 1-2 days if
electronically signed with PIN; 2 weeks if mailed in signature page)
• Make sure student adds federal email address to address book to avoid delivery problems [email protected]
– If student has a PIN, can view SAR online at www.fafsa.gov and make corrections