FAFSA Tips for Completing the Application

1. Carol Handlan chandlan@pheaa.org 717.514.9038

2. FAFSA Tips • Don’t mix answers for student and parent information • Ensure SSN accuracy • Gender question is optional – answer it! • Have federal income tax and other related information as references • If you have yet to file your federal income taxes, you can estimate income information and update/correct later with the IRS Data Retrieval Tool • Remember to complete the PA State Grant form from the confirmation page • Don’t delay – know your school deadlines and try to meet them!

3. Documents Needed to Complete the FAFSA • Applicants may need the following items: • Social security numbers • Drivers license (student only; this information is optional) • Federal income tax returns (1040, 1040A or 1040EZ) • W-2 forms from all employers • Current bank statements (checking and savings) • Current business and farm records • Records of any stocks, bonds and other investments, including 529 accounts • Additional untaxed income tax records may be needed such as: Veteran’s non educational benefits, child support paid/received and workers compensation. • Alien registration or permanent resident card (if not a US citizen) • **These are also listed on the FAFSA Tipsheet and in the FAFSA Reference Guide.

4. FSA ID • Get your FSA ID PRIOR to sitting down to complete the FAFSA • Sign the FAFSA Electronically • The student and 1 parent will need an FSA ID • Do NOT lose it; write it down and store in a safe place (write down the challenge question answers, too) • Do NOT share it with anyone • You will need your FSA ID every year you file a FAFSA and to log in to sign loan paperwork

5. FAFSA.gov Click here for saved applications, corrections or renewal FAFSA Click here for initial FAFSA

6. Login Review Help and Hints sections to answer questions Where you see the student bar, only enter student information

7. Enter FSA ID

8. Select the correct FAFSA year

9. Save Key Can be anything – just so you can get back into the application i.e. the family dog’s name, your favorite color, etc.:

10. More Help Information

11. Student Demographics Use the previous and next buttons within the application

12. Student Eligibility • Male students get the selective service question; • Answer “yes” to the work-study question; • Have you received FSA? (most freshman will answer “no”)

13. Must list and confirm your high school

14. Postsecondary School Selection • List up to 10 schools • List the school you’re most likely to attend first • Enter school code or look them up

15. Postsecondary school selection Click and add them to your list

16. Housing Selection Can change the order (remember to list the school most likely to attend first) Select Housing Status

17. Dependency All “no” answers = dependent student “Yes” answers = additional questions to determine independent status

18. FAFSA Tips Dependent students must provide parent data Note: If unable to provide parent data, it will be a special circumstance that will be up to the school and PHEAA to determine status

19. Parent Demographics Marital status (stepparent info is required) Determine household size and number in college Note: Parent’s last names must match SSN

20. Financial Information Bar changes to Parent – only answer information for the parent here Can answer “will file” and estimate tax information “Have filed” opens up the IRS Data Retrieval window

21. Click OK to go to IRS site, then click OK again If you estimate initially, you can go back and submit a correction by changing your “will file” answer to “have filed” and then complete this process.

22. These fields are pre-filled based on FAFSA responses Complete the address information as it appears on your tax return

23. Click “Transfer Now”

24. It will tell you it’s been successful List parent(s) income from work (2015) Dislocated worker means laid off or unemployed

25. Financial Information • Credits • Education credits • Child support paid • Untaxed income • (payments to tax-deferred pensions listed on W-2 forms, box 12) • Child support received

26. Financial Information Other untaxed income not reported elsewhere – click on the untaxed income button to see what counts

27. Student Financial Information Bar switches back to student Use IRS DRT or you can estimate information If student did not file or wasn’t required to file, answer appropriately (you would still report any income earned or untaxed income paid to the student)

28. Student Info Students list their cash, savings and investment values as of the date they file the FAFSA

29. Sign and Submit Student You are not a preparer (that is if you paid someone to do this for you) Agree to the statement and click “Sign”

30. Sign and Submit Parent Select which parent has the FSA ID Agree to the statement Type in their FSA ID Click “Sign” Click “Submit My FAFSA Now”

31. Confirmation Print this page for your records If more than one student in postsecondary at same time, parent can use link to transfer data

32. State Grant Form Click on “Start Your State Application” to complete the SGF First-time filers only

34. Print & Mail

35. What Happens Next Student receives an email from FSA

36. What Happens Next Student can check state grant status on their Account Access at PHEAA.org

37. Things to Remember • Get your FSA IDs PRIOR to completing the FAFSA (FAFSA.gov or FSAID.ed.gov) • File your 2016-17 FAFSA at FAFSA.gov • Estimate and correct using the IRS DRT or use the IRS DRT if you have already filed • Complete your FAFSA and State Grant Form at the same time • Meet your school’s priority filing DEADLINES • State Grant Deadline is May 1, 2016 • School Deadlines may be earlier! • Research costs: mysmartborrowing.org

38. Award Package/Letter Schools/colleges receive financial aid information and calculate financial need - Cost less EFC • Financial Aid Office (FAO) “packages” student based on financial need and available funding (varies from school to school) • Financial aid award letter sent to student

39. Financial Aid Award Letter • Official notification from school about financial aid, terms and conditions • Lists the type and amount of each award to be received • Describes what must be done to accept or reject any award • Discloses students rights, responsibilities and academic requirements

40. Financial Need • Your financial aid package may not meet all of your calculated financial need. • Be sure to determine how much will be required of you in out-of-pocket costs and loans.

41. Reviewing the Financial Aid Package • After reviewing their packages, students should be sure they know and understand the following: • How much of the financial aid is free money? • Which awards are based on need, and which are based on merit? • Are there any conditions on the free money; in particular, is there a GPA requirement? • Will awards change from year to year? • Will institutional awards increase as tuition increases? • Will loans be needed? If so, how much?

43. How to Cover Unmet Need • Savings – Family • 529 Plans – Family • Scholarships – Various Sources • Grants – Federal and State • Tuition Payment Plans – School • Federal Student Loans – Department of Education • Institutional Loans – School • Private Education Loans – Bank • Home Equity Loans – Bank

44. Keeping Debt at a Minimum • Estimate your full cost of school • Borrow only what you need • Research your earning potential • Don’t borrow more to get your education than you believe you can earn your first year in the workforce • Think long-term • Keep a healthy mindset about debt • Finish on time!!

45. Resources for filing the FAFSA and SGF • PHEAA – 800-692-7392 • Federal Student Aid – 800-433-3243 (800-4-FED-AID) • Carol Handlan • Higher Education Access Partner • chandlan@pheaa.org • 717.514.9038

46. QUESTIONS?