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FAFSA Fundamentals 2019–2020

FAFSA Fundamentals 2019–2020. FAFSA Fundamentals 2019–2020. Financial Aid. Money used to help pay for college expenses Grants, work-study, student loans, scholarships Almost every student is eligible for some type of financial aid

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FAFSA Fundamentals 2019–2020

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  1. FAFSAFundamentals2019–2020 FAFSAFundamentals 2019–2020

  2. Financial Aid • Money used to help pay for 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

  3. 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

  4. FAFSA.gov • Always use FAFSA.gov • Never pay to file the FAFSA • Use FAFSA4caster to estimate eligibility • Remember Oct.1

  5. Creating an FSA ID • Enter personal information • Social Security number • Date of Birth • First Name • Middle Initial • Last Name • Be sure to accurately enter your information

  6. 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

  7. FAFSA Process FAFSA Process

  8. FAFSA Login

  9. FAFSA Login

  10. FAFSA Login

  11. FAFSA 2019–2020 START 2019–2020 FAFSA

  12. FAFSA 2019–2020 Start Student’s 2019–2020 FAFSA

  13. Student Demographics • Fewer questions appear at a time • List name exactly as it is on your Social Security card • Marital status as of the day you submit the FAFSA • Tool Tips provide additional information

  14. Selective Service • 18 year old males must register with Selective Service to receive financial aid • Students may register through the FAFSA

  15. Home Schooled • High School completion status • High school diploma • GED or high school equivalent • Home schooled • None of the above What will your high school completion status be when you begin the 2019–2020 school year? What will your college grade level be when you begin the 2019–2020 school year? What degree or certificate will you be working on when you begin the 2019–2020 school year? Will you have your first bachelor’s degree before you begin the 2019–2020 school year?

  16. High School Name • Search by name or city and state • If you have a high school diploma, you must list your high school

  17. 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

  18. School Selection • Click View Selected School Informationto compare schools

  19. School Comparison • Compare • Location • Tuition and fees • Graduation rates • College websites

  20. Housing Plans • Select housing plan for each school • On campus • Off campus • With parent

  21. Dependency Status • Dependent students must provide parental information • Independent students aren’t required to provide parental information

  22. Special Circumstances • Dependent students who are unable to provide their parent info due to special circumstances may choose I am unable to provide parental information.

  23. Special Circumstances • Highly recommended that you speak to college’s Financial Aid Office • School procedures will vary

  24. Special Circumstances • Students who do not have a special circumstance but are still unable to provide parental information typically qualify for only an unsubsidized student loan

  25. 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

  26. 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

  27. Reporting Parent Information • If your parents are legally separated or divorced • List the parent you lived with most during the last 12 months • Lived with both parents equally: List the parent who provided the most financial support in last 12 months • Divorced parent is remarried • List parent and step-parent • Parents are unmarried, but living together • List information for both parents

  28. Parent Demographics • Parent first initial and last name as on Social Security card • Name and date of birth will be verified with Social Security Administration

  29. 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

  30. Parent Income • Use 2017 tax information • Select tax filing status • Already completed • Will file • Not going to file • If Already completed, Link to IRS or enter tax figures manually For 2017, have your parents completed their IRS income tax return or another tax return? For 2017, what is your parents’ tax filing status according to their tax return? Did your parents file a Puerto Rican or foreign tax return for 2017?

  31. 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

  32. IRS Data Retrieval Tool

  33. IRS Data Retrieval Tool Enter the following information from your 2017 Federal Income Tax Return. Address – Must match your 2017 Federal Income Tax Return

  34. IRS Data Retrieval Tool 2017 Federal Income Tax Information

  35. Parent Income • Adjusted gross income • Income earned from work • Federal benefits programs Did your parents have any of the following items in 2017? Enter amounts for all that apply.

  36. 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 Did your parents have any of the following items in 2017? Enter amounts for all that apply.

  37. StudentIncome • Type of tax return filed • Income earned • Taxes paid For 2017, have you completed your IRS income tax return or another tax return? For 2017, what is your tax filing status according to your return? Did you file a Puerto Rican or foreign tax return for 2017?

  38. Sign & Submit • Review answers • Make changes before submitting your FAFSA • Student and parent enter FSA IDs to electronically sign • Click Submit My FAFSA Now

  39. Confirmation Page • Expected Family Contribution (EFC) is provided • See early estimate of financial aid eligibility 2019–2020 Confirmation Page

  40. FAFSA Mobile App FAFSA Mobile App

  41. FAFSA Mobile App: myStudentAid

  42. After the FAFSA After the FAFSA

  43. After FAFSA Submission • Receive e-mail notification when FAFSA is processed • FAFSA information is sent to school(s) listed • School(s) use 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

  44. Student Aid Report (SAR) • Summarizes FAFSA information • Available after FAFSA is processed • Review for accuracy • School(s) on FAFSA also receive a summary 2019–2020 Student Aid Report (SAR)

  45. 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

  46. Cost of Attendance • Estimate of total educational expenses for a specific enrollment period • May be different at each school • Includes average • Tuition • Fees • Books and supplies • Room and board • Transportation • Miscellaneous expenses

  47. Expected Family Contribution • 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

  48. 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

  49. Financial Need • OCAP University’s Cost of Attendance: $20,000 • Student’s Expected Family Contribution: $5,000 • 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)

  50. Award Letter • Sent electronically or in the mail • Outlines financial aid eligibility • Read carefully! • Accept or decline aid by specified deadline

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