FAFSA Fundamentals. Your First Step Toward Financial Aid 2011-12. Photo provided by Northeastern State University. Going to College. No matter who you are, you CAN go to college Types of colleges and their costs vary greatly. Paying for College.
Your First Step Toward Financial Aid
Photo provided by Northeastern State University
No matter who you are, you CAN go to college
Types of colleges and their costs vary greatly
College is an investment in your future
Many forms of financial aid are available to help you pay for your education
Financial aid is money to help you
pay educational costs, such as:
Room and board
(Free Application for
Federal Student Aid)
The FAFSA is your first step
Used to apply for most types of federal and state aid
Online – Visit FAFSA.gov
Print a copy – Go to FAFSA.gov; click ‘FAFSA Filing Options’ to print a paper FAFSA
Request a paper copy –
Call 800-4-FED-AID or 800-730-8913 (TTY) to request copies in English or Spanish
Quicker processing time
u 2-3 days vs. 2-3 weeks for the
‘Help and Hints’ boxes provided with every question
Built-in error catcher means less delays
Save your application and return to it later
Yearly online renewal
Some fields can be pre-populated with previous FAFSA information
Saves time and helps you meet deadlines
‘Skip logic’ bypasses unnecessary questions based on answers you’ve already provided
Electronically sign the FAFSA using your Personal Identification Number (PIN)
Request a Personal Identification Number (PIN) at PIN.ed.gov
Student and one parent must each have a PIN
Use the same PIN when you:
Renew your FAFSA
Sign an online loan application
Check your loan status on the National Student Loan Data System (NSLDS.ed.gov)
Go to FAFSA.gov to print a FAFSA on the Web (FOTW) worksheet
Helps you gather information before completing the FAFSA
The worksheet is optional
On the homepage of FAFSA.gov, type FAFSA on the Web Worksheet in the Search box and click ‘Search.’
Social Security Number
u Student and spouse or parent(s)
Student’s driver’s license information
Income and W-2 figures
Student and parents’ e-mail addresses
Alien registration or permanent resident card number, if you’re not a citizen
Up to 10 college names and/or school codes of your choice
FAFSA – Check with your school’s Financial Aid office for priority deadlines
State Aid – State deadlines can be found at FAFSA.gov, or ask your school’s Financial Aid office
Scholarships – Review scholarship applications for important deadlines; keep copies of everything
Deadline for the
Oklahoma Tuition Aid Grant (OTAG) for the 2011-12 academic year
The FAFSA is divided into these sections:
u Student Demographics
u School Selection
u Dependency Status
u Parent Demographics
u Financial Information – Parent & Student
u Sign and Submit
‘Help & Hints’ boxes are located on each screen to assist you.
Use your full name as shown on your Social Security card. If your name and
SSN don’t match, your FAFSA will be rejected.
Be sure to enter your birth year, not the current year.
address is where you can always be contacted.
Enter your marital status as of the day you submit your FAFSA.
Eighteen year-old males who haven’t registered with Selective Service can’t receive financial aid. You can elect to register here on your FAFSA.
Applicants are now required to indicate the high school from which they graduated.
High school names will be
shown for you to select and confirm. If your school is not currently in the database, simply type in the name, city and state.
You can send your FAFSA information to 10 different schools.
If you don’t know the school code, you can search by School Name, City or State.
This shows a portion of the list that includes all schools with Oklahoma in their name.
Click here to find valuable information about each school you’ve selected, such as the average overall cost, graduation and retention rates.
Provide your housing plans for each school you’ve selected.
Your answers to these questions will determine your dependency status.
If you’re unable to answer YES to at least one question, you’ll be considered a dependent student.
Dependent students must provide parental information
Independent students aren’t required to show parental information unless requested by their school
To view the Dependency Status
Questionnaire, check out the
‘Resources’ tab at .
Indicate if you’re unable to provide parental information on the FAFSA. It’s recommended that you speak with a financial aid officer at your college for guidance.
If your biological parents are separated or divorced- Use information about the parent you lived with most during the last 12 months
If you lived with both parents equally - Use information for the parent who provided you the most support in the last 12 months
If your divorced parent is remarried - Use information for your parent and step-parent
You’ll be required to enter your parent(s)’ name, birth date, SSN, household size, income tax and assets.
Household size is defined here to assist you.
A dislocated worker is someone who may have been laid off or is unemployed due to current economic conditions.
Additional financial information and untaxed income are requested here.
Include child support paid and received.
‘Help and Hints’ provides the corresponding line numbers on your tax return to assist you in locating answers.
Choose the type of tax return you filed, or will file, for 2010 and click here.
This screen allows you to login to the IRS system and transfer your tax data. For detailed information on this process, click ‘How it Works’.
A preparer is anyone who charges a fee for helping you complete the FAFSA. High school counselors, financial aid administrators and others typically don’t charge a fee for assistance. Unless you’ve paid someone for their services, they aren’t considered a preparer.
Click here to review your FAFSA information for accuracy.
You and your parent must each have a PIN to sign the FAFSA electronically. If you don’t have one, click the link shown.
Don’t forget to hit ‘Submit’!
An estimated Expected Family Contribution (EFC) is provided. If you’re eligible for the Pell Grant and student loans, those amounts will be shown.
Summarizes the information on your FAFSA
Sent electronically or in paper form after your FAFSA is received
Review for accuracy and correct any errors as soon as possible
Will not list the amount of financial aid you’re eligible to receive
The schools listed on your FAFSA will also receive a summary
Important number appearing on your SAR; also shown on the ‘Confirmation’ page of your online FAFSA
Based on the information provided on your FAFSA, such as income, assets and family size
An estimate of the total educational expenses for a specific enrollment period
Includes average tuition, fees, books and supplies, room and board, transportation and miscellaneous expenses
The difference between the total Cost of Attendance (COA) and the Expected Family Contribution (EFC)
School determines financial need based on data from your SAR
Financial aid awards are based on your financial need
- Other Aid
If you see an asterisk next to your EFC on the SAR, you’ve been chosen for a process called verification
Applicants are selected for various reasons; no need to worry if you are (or aren’t) selected
Your financial aid office will request further documentation (tax return, W-2s)
You can’t receive federal financial aid until the verification process is complete
Sent out by schools that have accepted you
Lists types and amounts of aid you’re eligible for; you don’t have to accept everything offered
Submit any requested information to your school by the required deadline
Need-based aid – Based on your financial situation
Merit-based aid – Based onspecial abilities, accomplishments, career paths, grades, hobbies, etc. (not based on financial need)
Federal Pell Grant
$5,550 annual maximum
Undergraduates without a bachelor’s degree
Federal Supplemental Educational Opportunity Grant (FSEOG)
$4,000 annual maximum
Undergraduates without a bachelor’s degree
Priority given to Pell Grant recipients with high financial need
Federal Work-Study (FWS)
Awarded by the institution
Offers campus-based or community employment for students
Federal Perkins Loan
$5,500 annual maximum
5% loans with a 9 month grace period
$3,500/year maximum for Freshmen
Government pays interest while student is enrolled at least half-time and during grace period
3.4% interest rate
Federal Unsubsidized Loans
Parent Loan for Undergraduate Students (PLUS)
For parents of dependent students
Parent borrower must be credit-worthy
Interest starts to accrue after first disbursement
7.9% interest rate
Oklahoma Tuition Aid Grant (OTAG)
Apply through the FAFSA
Application deadline March 15, 2011, for the 2011-12 academic year
$1,000 annual maximum
You must complete the FAFSA every year financial aid is needed.
Never pay to complete the FAFSA application. The first letter in FAFSA stands for FREE!
FAFSA.gov is the only website you need. It never charges you a fee to complete your application.
Are you looking for scholarships? Check out the tools found at .