www.FAFSADAY.org

FAFSA DAY 2014FAFSA DAY 2014 Applying for Financial Aid

for 2014-2015

www.FAFSADAY.org

Sponsors/Partners

www.FAFSADAY.org

Types of Financial Aid

• Gift Aid - Grants or scholarships that do not need to be repaid

• Work - Money earned by the student as payment for a job on or off campus

• Loans - Borrowed money to be paid back, usually with interest

www.FAFSADAY.org

Sources of Financial Aid

• Federal government

• State government

• Colleges and universities

• Private agencies, companies, foundations, and parents’ employers

www.FAFSADAY.org

Who is Eligible for Aid?

• U.S. citizens• Eligible non-citizens, including:• U.S. Nationals• Permanent Residents• Carriers of Arrival-Departure

Records (1-94)

www.FAFSADAY.org

Financial Aid Applications

• FAFSA

• CSS/Financial Aid PROFILE

• Institutional financial aid application

Deadlines and requirements vary by institution. Don’t miss deadlines!!

www.FAFSADAY.org

FAFSA on the Web (FOTW)

• The FAFSA online application (free!): www.FAFSA.gov

• Online edits & skip logic to reduce errors

• Instructions throughout the application

www.FAFSADAY.org

FAFSA on the Web Worksheet

• Collects information for the online application

• Does not include all FAFSA questions

• Do not mail this worksheet

www.FAFSADAY.org

• Name should match the Social Security card (no nicknames)

Student Login

www.FAFSADAY.org

Getting Started

• Make sure to complete the 2014-15 FAFSA• Secure a PIN

www.FAFSADAY.org

Federal PIN • PIN (Personal Identification Number) serves as the

electronic signature

• PIN.ed.gov

• May also be used to:• Correct/Update FAFSA• Utilize IRS Data Retrieval Tool

• Both student and at least one custodial parent need a PIN to sign the FAFSA electronically

• Parents without an SSN: sign & mail the signature page

www.FAFSADAY.org

Password

• The password allows you to save your application and return to it later

www.FAFSADAY.org

Student Demographic Info

• Make sure the email address listed is one that is checked often

www.FAFSADAY.org

Student Eligibility

www.FAFSADAY.org

Student Eligibility

• Citizenship status will be verified by: • the Social Security Administration (citizens)• the Department of Homeland Security (eligible non-citizens)

• Males 18 and older must register for Selective Service

www.FAFSADAY.org

Student Eligibility• High School Completion Status

• If student selects high school diploma, the student will have to list the high school

• Current high school students should select:• Never before attended college• Do not have a bachelor’s degree

• Interested in work-study?• Answering yes does not obligate the student to work nor cause the student to lose grants and scholarships

www.FAFSADAY.org

School Selection

• List up to 10 colleges/universities• Wait for the processed SAR (Student Aid Report) to add additional

schools

www.FAFSADAY.org

Dependency Determination

• Independent students do not have to report parent data

www.FAFSADAY.org

Dependency Determination

Independent students must meet one of the following criteria:

www.FAFSADAY.org

Parent Information

www.FAFSADAY.org

Who is Considered a Parent?

• Biological or adoptive parent(s)

• Include both parents if parents are married or are not married but live together

• Married parents include same-sex couples who were married in a state that recognizes same-sex marriage

• In the case of divorce or separation, provide information about the parent the student lived with more in the last 12 months, and step-parent if that parent is remarried.

www.FAFSADAY.org

Who is Not Considered a Parent?

• Foster parents or legal guardians• If the student is in foster care or has a

legal guardian, he/she is automatically considered an independent student

• Grandparents or other relatives

www.FAFSADAY.org

Household Size

Include in the parents’ household:

• Student

• Parent(s)

• Parents’ other dependent children, if the parents provide more than half their support or the children are federally dependent

• Other people who live with the parents and will continue to do so from 7/1/14 through 6/30/15, and for whom parents provide more than half the support and will continue to do so from 7/1/14 through 6/30/15

www.FAFSADAY.org

College Students in the Household

• Always include the student, even if he/she will attend college less than half time in 2014-2015

• Include other household members only if they will attend at least half time in 2014-2015 in a program that leads to a college degree or certificate

• Do not include the parents

Some financial aid offices will require proof that other family members are attending college

www.FAFSADAY.org

Parent Tax Information

• Report the current status of the parent(s)’ 2013 tax return: already completed, will file, or not going to file

www.FAFSADAY.org

IRS Data Retrieval Tool

• Upload federal tax data directly to the FAFSA

• Available February 2nd

• 2013 federal tax return must be submitted

• Certain parents cannot use the tool

www.FAFSADAY.org

Parent Financial Information

• Use estimated figures if haven’t yet filed 2013 taxes• If the answer is zero or the question does not apply, enter 0

www.FAFSADAY.org

Parent Financial Information

• AGI: Total of all taxable income on the federal income tax form. Includes wages, interest & dividend income, business & rental property income, and taxable portion of pensions and Social Security benefits.

• Income earned from working: Use W-2 forms and other records (including record of business income earned from self-employment) to calculate

www.FAFSADAY.org

What is a Dislocated Worker?

• An individual who:

• is receiving unemployment benefits due to losing a job and is unlikely to return to a previous job

• has been laid off or received a lay-off notice

• was self-employed but is now unemployed due to economic conditions or natural disaster

• is a displaced homemaker

www.FAFSADAY.org

Household Benefits• You may be asked to report if your household received in 2012 or 2013:

• Supplemental Security Income (SSI)• Supplemental Nutrition Assistance Program (SNAP)• Free or Reduced Price Lunch• Temporary Assistance for Needy Families (TANF)• Special Supplemental Nutrition Program for Women, Infants, and Children (WIC)

• Indicate if anyone in the household received these benefits

www.FAFSADAY.org

Cont’d Parent Financial Info

www.FAFSADAY.org

Cont’d Parent Financial Info• Parents’ Income Tax: • Found on the federal income tax return• Not the amount withheld from parents’ paychecks

• Additional Financial Information: Indicate if received in 2013 and specific amounts:• American Opportunity Tax Credit or Lifetime Learning Tax Credit• Child support paid• Taxable earnings from Work-study, Assistantships or Fellowships• Grant and scholarship aid reported to the IRS• Combat pay or special combat pay• Cooperative education program earnings

www.FAFSADAY.org

Untaxed Income

• Check all answers that apply

• Report specific amount for each answer selected

• Some colleges and universities may ask for information about other untaxed income

www.FAFSADAY.org

Parent Assets

Parents may be asked to report:

• Current balance of cash, savings and checking accounts

• Net value of investments such as real estate, rental properties, money market and mutual funds, stocks, bonds, college savings and other securities

• Net value of businesses and investment farms

Do not include your primary residence, life insurance, retirement accounts and small family businesses

www.FAFSADAY.org

Student Information

• Student will be asked same income and asset questions as parents

• Student should report all income earned in 2013 even if he/she did not file taxes

www.FAFSADAY.org

Submitting the FAFSA

• Student and parent sign with PIN or print the signature page

www.FAFSADAY.org

Confirmation Page

• Print or email Confirmation Page for your records

www.FAFSADAY.org

Special CircumstancesContact the Financial Aid Office if there are circumstances that affect a family’s ability to pay for college such as:

• Loss or reduction in parent/student income or assets• Death or serious illness• Natural disasters affecting parent income or assets• Medical or dental expenses not covered by insurance• Financial responsibility for elderly grandparents

www.FAFSADAY.org

What Happens Next• Colleges and state receive data electronically

• You will receive a Student Aid Report (SAR) (electronically or by mail)

• Colleges may request additional documentation/information, such as tax data, through a process called Verification

• Colleges send notices of financial aid eligibility to admitted students who have completed all required financial aid forms

www.FAFSADAY.org

Thank You

QUESTIONS?Please remember to complete the FAFSA Day Survey before you leave!

You can also share feedback with us at ww.facebook.com/FAFSADayMA or www.twitter.com/FAFSADayMA