FAFSA Overview

Financial Aid 101Andrea Cross, Saint Joseph’s College

October 10, 2008

Agenda

• The FAFSA Forecaster• The FAFSA – paper, web • What’s new for 2009-2010• The PIN Process• The Student Aid Report• Making Corrections• FMI

The FAFSA Forecaster

• Tool for juniors and earlier

• Learn the EFC earlier

• Reports federal eligibility

• Can transfer information to actual FAFSA

• Cautions

What Has Changed?

• Colors – green for student, purple for parent

• Worksheet questions are incorporated into application

• Dependency questions have been expanded

More Changes

• Some data elements have been deleted, e.g., earned income credit, untaxed SSB, welfare benefits, additional child tax credit.

• Some data elements were added, e.g., questions re: TEACH, veterans benefits, and dislocated worker status.

Completing the FAFSA

Financial Aid from theU.S. Department of Education

FAFSA Instructionsstudentaid.ed.gov/students/publications/completing_fafsa/index.html

Will be updated for 2009-2010 soon.

FAFSA Draft for 2009-2010

Dependency Questions

Ways to File the FAFSA

The PIN Process

• You can apply for a PIN while completing a FAFSA on the Web application, or you can go to the Federal Student Aid PIN Web site at www.pin.ed.gov to apply.

The PIN Web Site

Confirmation of the Real-Time PIN

• Important Note A PIN that is selected or viewed instantly online or is sent to you in an e-mail is considered to be conditional until the information is verified with the Social Security Administration (1-3 days from the date you first apply).

• Can sign the 2009-2010 FAFSA with it, but nothing else. Once verification is completed, applicant will be able to use the PIN for other purposes (such as correcting your SAR or accessing other Federal Student Aid Web sites).

Signature Options

• Using a PIN to sign the FAFSA electronically is by far the fastest and most reliable way.

• However, you can print, sign and mail in a signature page, or provide signature(s) on the paper Student Aid Report (SAR).

The Student Aid Report

• If you provided an email address, your Student Aid Report will be sent electronically.

• Otherwise, you will receive a paper copy.

• Please review the SAR carefully.

SAR Redesign

• Front page simplified by creating two main sections– Application Status– Federal Student Aid Eligibility

• Students informed if they have been selected for verification

Student Aid Report – Draft 2009-2010

SAR Checklist

Corrections

Making Corrections

Making Corrections

• Review the Student Aid Report• Make corrections• Update from completed tax returns• Be sure both parent and student

sign the submission – either by PIN or paper

For more information....

• Counselors & Mentors Handbook on Federal Student Aid -

• Included in your participant binder

FMI: Federal Student Aid on the Web

FMI: FAMEwww.famemaine.com/education

College Goal Sundaywww.collegegoalsundaymaine.com

Questions?