Start Here FAFSA Fundamentals FSA ID€¦ · Creating an FSA ID •Visit fsaid.ed.gov •Create...
Transcript of Start Here FAFSA Fundamentals FSA ID€¦ · Creating an FSA ID •Visit fsaid.ed.gov •Create...
FAFSA
Fundamentals
2020-2021
Start Here
FSA ID
Click Submit
Financial Aid
• Money used to help pay college expenses
• Grants, work-study, student loans, scholarships
• Almost every student is eligible for some type of financial aid
• Students must apply every year they will need aid for educational expenses
• A lot of schools require students to fill out the FAFSA before they can receive their scholarships. (UCO, student athletes)
Apply for Financial Aid
FAFSA
• Free Application for Federal Student Aid
• The first step in applying for financial aid
• Complete as soon as possible after October 1
• One application for most types of federal and state
financial aid
Apply for Financial Aid
• Always use
FAFSA.gov
• Never pay to file
the FAFSA
• Use FAFSA4caster
to estimate
eligibility
• Remember Oct. 1
FAFSA Online
• Faster processing time
• Save and return to your application at a later time
• Tool Tips are provided throughout the application
• Built-in error catcher means fewer delays
• Electronically sign using your FSA ID
FSA ID
• Federal Student Aid ID
• Username and password
• Student and one parent must each create their own
• Will be used every year to:• Electronically sign FAFSA
• Complete student loan paperwork
• Login to U.S. Department of Education websites
Using Your FSA ID
• FAFSA.gov• Electronically sign your
your (or your child’s) FAFSA
• Import tax information information from IRS
• NSLDS.ed.gov• View history of federal
student aid• Look up loan servicer
contact information
• StudentLoans.gov• Complete entrance and
exit counseling• Electronically sign MPN• Access Repayment
Estimator
• TEACH-ATS.ed.gov• Sign TEACH Grant
Agreement to Serve
Creating an FSA ID
• Visit fsaid.ed.gov
• Create your FSA ID before beginning the FAFSA
• Allow 7-10 minutes to set up each FSA ID
• Manage your FSA ID here as well
Creating an FSA ID
• Use an e-mail account that you can access easily
• Don’t use a school issued e-mail account
• Don’t use your name or date of birth in password
• Select Show Text to see what you’re typing
Creating an FSA ID
• Enter personal information
• First Name
• Middle Initial
• Last Name
• Date of Birth
• Social Security Number
• Be sure to accurately accurately enter your information
Creating an FSA ID
• Add e-mail address
• Provide phone numbers and mailing address
• Receive secure code via text message or e-mail to reset password, retrieve username, or unlock unlock account
Creating an FSA ID
• Challenge questions allow you to unlock your account or reset your username and password
• Select all questions from a dropdown menu
Creating an FSA ID
• Review and confirm information
• Make necessary changes now
• Review and agree to the terms and conditions of using your FSA ID
Creating an FSA ID
• Verify the e-mail account you provided
• Receive an e-mail with a secure code
• Subject line: Important: Your FSA ID E-mail Validation –Action
• Enter the secure code on this screen
Creating an FSA ID
• Verify the phone number you provided as well
• Receive a text message with a secure code
• Enter the secure code on this screen
360062
Creating an FSA ID
• Students can complete, sign and submit a new FAFSA
immediately
• Information matches take 1-3 days
• Cannot make FAFSA corrections or sign student loan
paperwork until information matches are complete
The
FAFSA
Process
FSA ID
Complete!
FAFSA.gov
Click Submit
Login Student
Demographics
FAFSA Sections
School
Selection
Dependency
Status
Parent
Demographics
Financial
Information
Sign &
Submit
Confirmation
FAFSA Login
FAFSA Login
FAFSA Login
FAFSA 2020-2021
START 2020-2021 FAFSA
FAFSA 2020-2021
START Student’s 2020-2021 FAFSA
Student Demographics
• List name exactly as it is on your Social Security card
• Remember to use a personal email address
• Tool Tips provide
additional information
?
Selective Service
• 18 year old males must register with Selective Service to receive financial aid
• Students may register through the FAFSA
High School Name
• Search by name or city and state
• If you have a high school diploma, you must list your high school
School Selection
• Enter state, then search by city or school name
• Enter six-digit school code
• Select schools and click Add
• Send FAFSA to up to 10 colleges
School Selection
• Click View College Info to
compare schools
School Comparison
• Compare
• Location
• Tuition and fees
• Graduation rates
• College websites
Housing Plans
• Select a housing plan for each school
• On campus
• Off campus
• With parent
Dependency Status
• List marital status as of the day you submit the FAFSA
• Dependent
must provide parental information
• Independent students aren’t
required to provide parental information
Special Circumstances
• Dependent students who are unable to provide their parent info due to special circumstances may choose ‘I am unable to information my parent(s)’
Special Circumstances
• It’s highly recommended that you speak to your college’s Financial Aid Office
• School procedures will vary
• May only qualify for an unsubsidized student loan
Special Circumstances
• Change in income
• Change in employment status
• Unusual medical expenses not covered by insurance
• Changes in parent marital status
• Unusual dependent care expenses
• Unable to obtain parent information
Who is the Parent?
Legal Parent
• Biological parent
• Adoptive parent
• Person the state has determined to be a student’s parent
Not a Legal Parent
• Grandparent
• Foster parent
• Legal guardian
• Older sibling
• Aunt or uncle
Reporting Parent Information
•If your parents are legally separated or divorced•List the parent you lived with the most during the last 12
months
•Lived with both parents equally; list the parent who provided the most financial support in the last 12 months
•Divorced parent is remarried•List parent and step-parent
•Parents are unmarried, but living together•List information for both parents
Parent Demographics
• Parent’s first initial and last name as on SS card
• Name and date of birth will be verified with Social Security Administration
Defining Household
• Included in household size
• Student
• Student’s parent(s) listed on FAFSA
• Other children supported by parent(s)
• Other people supported by parent(s)
• Use the Tool Tips to determine your Household Size
Parent Income
• Use 2018 tax information
• Select tax filing status
• Already completed
• Will file
• Not going to file
• If Already completed, Link IRS or enter tax
figures manually
For 2018, have your parent completed their IRS income tax return or another tax return?
IRS Data Retrieval Tool
• IRS sends tax data directly to FAFSA
• Participation is voluntary, but strongly recommended
• Reduces documents requested by financial aid office
and speeds up awarding process
• Due to increased security measures, transferred data
will not show on screen
• Financial aid office must make any changes to
transferred data
IRS Data Retrieval Tool
IRS Data Retrieval Tool
t
JAMES
Giraffe
Married-Filed Joint Return
05/14/1978
***-**-5555
19 G Wayne Street
19 G Wayne Street
IRS Data Retrieval Tool
Parent Income
• Adjusted gross income
• Income earned from work
• Federal benefit programs
Parent Income
• Education credits
• Child support paid
• Combat pay
• Untaxed income
• Child support received
• Housing, food, living allowances
• Tax exempt interest
• Payments to tax-deferred pension and retirement savings plans
• Veterans non-education benefits
Student Income
• Type of tax return filed
• Income earned
• Taxes paid
Review
• Review answers
• Make changes on the Summary page before submitting your FAFSA
2020-2021 FAFSA Summary
Sign & Submit
• Student and parent must enter FSA IDs to electronically sign
• Click Submit My FAFSA Now
Confirmation Page
• Expected Family Contribution (EFC) is provided
• See early estimate of
financial aid eligibility
2020-2021 Confirmation Page
FAFSA
Mobile
App
FSA ID
Complete!
FAFSA.gov
Complete!
myStudentAid
App
FAFSA Mobile App: myStudentAid
9:55 AM
FAFSA Mobile App: myStudentAid
9:55 AM
FAFSA Mobile App: myStudentAid
Welcome to the 2020-2021 FAFSA ®!
Start the Student’s 2020-2021 FAFSA
What degree or certificate will you be
working on when beginning the 2020-
2021 school year?
FAFSA Mobile App: myStudentAid
Will you already have a bachelor’s
degree before beginning the 2020-2021
school year?
FAFSA Mobile App: myStudentAid
How many people in your household will be in
college in 2020-2021?
FAFSA Mobile App: myStudentAid
What type of 2018 income tax
return did your parents file?
What was your parents’ 2018 adjusted gross income?
This amount is found on IRS for 1040-line 7.
FAFSA Mobile App: myStudentAid
2020-2021 FAFSA Summary
Student ID: XXX-XX-4444 GG
I, Geoffrey Giraffe, agree to the terms
outlined above.
Congratulations, Geoffrey!
After
the
FAFSA
FAFSA.gov
Complete!
myStudentAid
App
What’s Next?
After FAFSA Submission
• Receive e-mail notification when FAFSA is processed
• FAFSA information is sent to school(s) listed
• School(s) use the FAFSA information to determine
financial aid eligibility
• School(s) will contact you if they need more
information or when they have determined the total
aid they can offer you
• Contact your school(s) with questions about your
financial aid award
Student Aid Report (SAR)
• Summarizes FAFSA information
• Available after FAFSA is processed
• Review for accuracy
• School(s) on FAFSA also receive a summary
2020-2021 Student Aid Report (SAR)
Making Corrections
• Corrections on the FAFSA may be made by
• Accessing your FAFSA online at FAFSA.gov
• Updating items on paper SAR and mailing to Federal Student Aid
(FSA)
• Submitting documentation to the college’s financial aid office
• Corrections to income information must be made through a
financial aid office if you used the IRS Data Retrieval Tool
Cost of Attendance (COA)
• Estimate of total
educational expenses
for specific
enrollment period
• May be different at
each school
Cost of
Attendance
includes
average
Tuition and
fees
Books and
supplies
Room and
board
Transportation
Miscellaneou
s expenses
Expected Family Contribution (EFC)
• Calculated from information provided on FAFSA
• Includes income, assets and family size
• Comprised of two components
• Parent contribution
• Student contribution
• Same amount at every college
Financial Need
• Cost of Attendance varies at each institution
• Expected Family Contribution is determined by
FAFSA and will be the same at every school
• Financial Need is calculated by the Financial Aid
Office
Cost of
Attendance– Expected Family
Contribution= Financial Need
Financial Need
• This student may receive up to $15,000 in need-based aid
• This student may receive no more than $20,000 in total
financial aid
$20,000
(COA)– $5,000 (EFC) =
$15,000
(Need)
OCAP University’s Cost of Attendance: $20,000
Student’s Expected Family Contribution: $5,000
Financial Aid Offer
• Sent electronically or in the mail
• Outlines financial aid eligibility
• Read carefully!• Accept or decline aid by
specified deadline
Federal Financial Aid
• Federal Pell Grant• $6,195 annual maximum for 2020-2021
• Federal Supplemental Educational Opportunity Grant • Up to $4,000 annual maximum
• Teacher Education Assistance for College & Higher Grant (TEACH)• $3,764 annual maximum
• Iraq & Afghanistan Service Grant• Amount varies
Federal Financial Aid
• Federal Work-Study (FWS)
• Allows student to earn money while working
• On-campus or community employment opportunities
• Gain work experience while in college
Federal Financial Aid
• Federal Subsidized Student Loan• Based on financial need• $3,500 per year maximum for freshmen• Government pays interest while student is enrolled at least
half-time• 4.53% fixed interest rate during 2019-2020
• Federal Unsubsidized Student Loan• Additional loans available to students who qualify• Interest begins to accrue after first disbursement• 4.53% fixed interest rate during 2019-2020
Federal Financial Aid
• Parent Loan for Undergraduate Students (PLUS)
• Parent of dependent students
• Parent borrower must be credit-worthy
• Interest begins to accrue after first disbursement
• 7.08% fixed interest rate for 2019-2020
State Financial Aid
• Oklahoma Tuition Aid Grant (OTAG)
• FAFSA is the application for OTAG
• Complete FAFSA as soon as possible after October 1
• FAFSA filing deadline is typically December 1
• $1,000 per year
• Oklahoma’s Promise
• Must complete FAFSA every year
• Pays tuition at Oklahoma schools for students who meet
high school requirements
FAFSA Resources
FAFSA Resources
Scholarships
& Other
Information
myStudentAid
App
What’s Next?
Additional
Info
Scholarships
• Money that does not
have to be paid back
• Seniors: apply for 2-3
per week
• Juniors: apply for 1-2
per week
• Awarded based on
merit, need, skill,
hobbies, family history,
athletics, writing ability
•Find scholarships
•UCanGo2.org
•UCanGo2 on Facebook
•OKcollegestart.org
•Colleges
•Books
•Local Organizations
•Churches
•Family employers
•School Webpage
•Scholarship are emailed
to seniors, and to the
teachers.
Scholarship Success Guide
Institutional Scholarships
• Specific to the college
• Application may or may not be included in admission application
• Find scholarship page on college’s website
• Watch carefully for scholarship deadlines
• Institutional scholarships exist for returning students also, not just freshmen
UCanGo2.org
• Each section offers information for
• High School Students
• Middle School Students
• Parents
• Adult Learners
• Elementary School Students Coming Soon!
UCanGo2.org
Plan for College
• What is College?
• Why Should I Go?
• Addressing Concerns
• Exploring Careers
Prepare for College
• Study Habits• Classes to Take• ACT/SAT• Extracurricular
Activities• Choosing a College• Admission
Requirements• Campus Visits• Applying for
College• The Transition to
College
Pay for College
• Savings
• FAFSA
• Grants/Scholarships
• State Aid
• Work-Study
• Student Loans
Scholarship of the Week
• UCanGo2.org highlights a new scholarship each week
• Scholarships are organized by Deadline or Category
Scholarships by Deadline
• Scholarships are organized by monthly deadline
• Detailed description of ten scholarships
• Additional scholarships with monthly deadlines
• Ongoing scholarships awarded monthly, quarterly, etc.
Additional Scholarships
Additional scholarships are listed for each
month
Scholarship by Category
• Adult Learners
• The Arts
• Ethnicity
• LGBTQ
• Middle School
• Military
• Special Needs
• STEM
• Study Abroad
UCanGo2 on Facebook
• Weekly scholarships
• Tips for college planning
• Valuable college preparation information
OKcollegestart.org
OKcollegestart.org
• Financial Aid Planning
• Financial Aid 101
• Financial Aid Calculators
• Scholarships
• Financial Fitness
OKcollegestart.org
• Find Scholarships
• Create a profile
• Find matching scholarships
• Save scholarships
• Receive reminders
https://memorial.edmondschools.net/counseling-center/money-for-college/
Questions
Contact Us
Oklahoma State Regents for Higher EducationOklahoma College Assistance Program
Outreach Department
(405)234-4239(866) 443-7420 (Toll Free)