Download - FAFSA Line by Line Tips and Reminders to Keep You From Getting Lines November, 2014.

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Page 1: FAFSA Line by Line Tips and Reminders to Keep You From Getting Lines November, 2014.

FAFSA Line by Line

Tips and Reminders to Keep YouFrom Getting LinesNovember, 2014

Page 2: FAFSA Line by Line Tips and Reminders to Keep You From Getting Lines November, 2014.

What is FAFSA?

• Free Application for Federal Student Aid• Online form maintained by the U.S.

Department of Education to help measure family’s need for financial aid

• Available January 1st each year for seniors• Must be filled out each year the student is in

post-secondary education

Page 3: FAFSA Line by Line Tips and Reminders to Keep You From Getting Lines November, 2014.

Today

• Screen shots in today’s presentation are from last year’s FAFSA

• No significant changes from last year

Page 4: FAFSA Line by Line Tips and Reminders to Keep You From Getting Lines November, 2014.
Page 5: FAFSA Line by Line Tips and Reminders to Keep You From Getting Lines November, 2014.

The Starting Point

• This is what you should see• FAFSA starts with “free” – if you see a fee

request, go to www.fafsa.gov

Page 6: FAFSA Line by Line Tips and Reminders to Keep You From Getting Lines November, 2014.

Login:

(Student’s Info)

First NameLast NameSSNDate of Birth

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Identifying information

• Notice the word “STUDENT” on the left: that tells whose information belongs on this screen. Later, see “PARENT”

• Of course you know your name, but …• Copy it directly from your Social Security card– Names, especially foreign or hyphenated names,

can be confusing

Page 8: FAFSA Line by Line Tips and Reminders to Keep You From Getting Lines November, 2014.

Dependent or Independent Student?

• Most students are “dependent” for FAFSA purposes:– Under 24– At least one parent alive– Not married• Not a parent

– No military service experience– Not under legal guardianship

Page 9: FAFSA Line by Line Tips and Reminders to Keep You From Getting Lines November, 2014.
Page 10: FAFSA Line by Line Tips and Reminders to Keep You From Getting Lines November, 2014.
Page 11: FAFSA Line by Line Tips and Reminders to Keep You From Getting Lines November, 2014.

Citizenship Status

• Checked with Department of Homeland Security and Social Security Administration

• Choices: Citizen, Eligible non-citizen, Non-citizen– Some visa classes are eligible– Some refugees and asylees

• Eligible non-citizens need green card number or immigration document number

Page 12: FAFSA Line by Line Tips and Reminders to Keep You From Getting Lines November, 2014.

School Status

• Males: you must register with Selective Service even though there is no draft

• Remember to answer from the perspective of next year – usually “1st year, never attended college”

Page 13: FAFSA Line by Line Tips and Reminders to Keep You From Getting Lines November, 2014.

Kansas

Best School In Kansas

Page 14: FAFSA Line by Line Tips and Reminders to Keep You From Getting Lines November, 2014.

Selecting Schools

• If more than a few schools, enter state and pull down list of schools in that state

• If just one or two schools, enter name of school or location within state

• The next slide will ask where you expect to live – “on campus”, “off campus”, “with parents”

Page 15: FAFSA Line by Line Tips and Reminders to Keep You From Getting Lines November, 2014.
Page 16: FAFSA Line by Line Tips and Reminders to Keep You From Getting Lines November, 2014.

Income Taxes

• Plan to get taxes prepared not later than first 10 days of February

• IRS Data Retrieval Tool – Three weeks after taxes filed electronically – see next slide

Page 17: FAFSA Line by Line Tips and Reminders to Keep You From Getting Lines November, 2014.
Page 18: FAFSA Line by Line Tips and Reminders to Keep You From Getting Lines November, 2014.

• The PIN number here is the PIN number for FAFSA

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Page 20: FAFSA Line by Line Tips and Reminders to Keep You From Getting Lines November, 2014.

• This slide merely notifies you that you are going to the IRS web site

• Normally, just click “OK”

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***-**-2223

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IRS Data Retrieval Tool

• Enter information from tax return, which may not be the same as current information

• Entries must be the same as the tax return, or IRS will not find the information

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Dad & Mom Student***-**-2223

$59,656$1,843

$778

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IRS Data Retrieval Tool (cont’d.)

• Slide shows information that will be transferred from IRS to FAFSA

• On FAFSA, the information will show “Transferred from IRS”

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Page 26: FAFSA Line by Line Tips and Reminders to Keep You From Getting Lines November, 2014.

Other Income Items

• “Income tax” is the tax on the taxable income. FAFSA provides a line number reference to the tax forms

• Some but not all items from tax return• Most “Untaxed Income” has line number

references to tax forms in the “help” box on the right

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Investments - Tricky

• Do not include information about principal residence (where you live) or about retirement savings (e.g., IRA, 401(k), 403(b))

• UGMA/UTMA accounts– Include them as student investments

• 529 plans, owned by student or parent, are listed as parent investments

Page 28: FAFSA Line by Line Tips and Reminders to Keep You From Getting Lines November, 2014.

Investments – Trusts

• Ask for help• Generally, trusts are included as investments• Including trusts often results in a puzzling or

counterintuitive impact

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Page 30: FAFSA Line by Line Tips and Reminders to Keep You From Getting Lines November, 2014.

Submission Screen

• Enter PIN numbers• Be sure to agree to conditions

• After submission, a confirmation screen• You will have the option of copying

information to another FAFSA if you have another child going to college

Page 31: FAFSA Line by Line Tips and Reminders to Keep You From Getting Lines November, 2014.

FAFSA Follow-up

• In 3-5 business days an e-mail should tell you that your Student Aid Report (SAR) is available, probably with a link

• Expected Family Contribution (EFC) is on the SAR

• Data entered on the FAFSA are also reprinted

Page 32: FAFSA Line by Line Tips and Reminders to Keep You From Getting Lines November, 2014.

Verification

• Congress requires verification of 30% of FAFSAs submitted

• Usually a one-page form that calls for:– Information on family – names, ages, college

attendance– Income tax information – either use IRS Data

Retrieval Tool or specify whether tax return will be filed

• Respond promptly

Page 33: FAFSA Line by Line Tips and Reminders to Keep You From Getting Lines November, 2014.

Questions?