FAFSA RENEWALfor 2015-2016 academic year

FAFSA Renewal GOAL

Continue to receive

FAFSA Renewal GOAL

Timely Completion: Deadlines

• Complete FAFSA renewal with estimated financial informationJan 1st-Feb 1st

• MAP GRANT DEADLINEFebruary

• Update FAFSA with parents & student 2014 tax information

• Complete CSS profile(if necessary)

February-March

• Submit verification documentation to school

• Docs include: W2, Independent or Dependent Verification Form, Tax Return Transcript 2014(if Data Retrieval did not work)

March- May

Terms you should know….

• COA= Cost of Attendance

• EFC=Expected Family Contribution

• Financial Need= COA minus EFC

• Merit Based Funding=Scholarship

• Need Based Funding=Grants

Getting started: What documents do I need

• 2013 Federal Income Tax Return(Parent & Student)• -IRS 1040, 1040A, 1040EZ

• 2013 W2s

• Social Security Number(student & documented Parents)

• Parent birthdates

• PIN(Student & documented Parents)

• If parents are divorced or separated ( month and year of divorce)

• Estimated amount in Parent’s savings account

• Estimate of business or rental income investment

FAFSA HOMEPAGE

CLICK HERE

Getting started- File the correct year

-2015-2016

-Begin with FAFSA

RENWAL

Getting started- Skip Introduction Page

-click NEXT

Student Demographic Information

• Inaccuracy here

can delay aid

• Update

information. Such

as an email or

address change

Student Eligibility

• All Men should select “YES” for Selective Service

• When you begin college in 2015-2016 what will your grade level be?

"Grade level" does not mean the number of years you have attended college, but refers to your grade level in regard to completing your degree or certificate. A student who is not enrolled full-time will require more years than a full-time student to reach the same grade level.

• 0-30 credits 1st year

• 30-60 credits 2nd year

• 60-90 credits 3rd year

• 90-120 credits 4th year

• Are you interested in work-study? • YES

School Selection

List up to 10 schools

• Current school

• School you may

attend during the

summer

• School you may

transfer to

Dependency Status

Most of these questions will stay the same unless:

1. Are you married now?

2. Are you now a parent?

3. Are you currently serving on active duty

5. On or after July 1st were you homeless or were you at risk of being homeless?

• If you answered yes…your dependency status will change.

Dependency Status

If selected as a DEPENDENT

student select

“I will provide parental

information”

Parent Financial Information

• Select WILL Complete

If your parents file taxes

• Follow Help & Hints

to the right.

Parent Financial Information

-What type of income

tax return will your

parent file?

Located at the top left

corner of the IRS tax form

• Follow Help & Hints

to the right.

Is your parent a dislocated worker?

• A dislocated worker is someone who meets ONE or more of the following:

• Lost their job or been laid off

• Is receiving unemployment benefits and is unlikely to return to a previous occupation. (like a telephone switchboard operator, for example)

• Is self employed but is unemployed due to economic conditions or natural disaster

• Is a displaced homemaker - someone who previously provided unpaid services to the family, like a stay at home parent, is no longer supported by a partner, and is having trouble finding a job

• A dislocated worker is NOT:

• Someone who quit

• Someone who got fired for cause

• Someone who just doesn’t want to work

Parent’s assets

Net Worth Formula for real estate investment.

(Market Value – Amount Owed)

Example: Your parents own an investment property valued at $100,000; however,

$75,000 in debt is owed on the property. The net worth of the investment is $25,000

($100,000-$75,000 = $25,000).

Include rental units

Not the home you live in.

Student Financial

Information

Did you work in 2014?

If yes continue to next

question

Will you file taxes this

year?

If yes select “Will File”

and then “IRS 1040” and

then an estimated

amount you earned in

2014

If no select “Will not file”

And then enter an

estimated amount you

earned in 2014

Student

Financial

InformationDid you work in 2014?

If yes continue to next

question

Enter “0” for the amount

of income tax for 2014

Exemptions:

If you will not claim

anyone including

yourself enter 0

Sign & Submit

• Are you a

preparer?

NO

• Sign with

parents PIN.

If parent does NOT

have a pin. Print a

signature page and

mail it out.

• Sign with your

PIN