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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.

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FAFSA Fundamentals

Your First Step Toward Financial Aid

2011-12

Photo provided by Northeastern State University


Going to college
Going to College

No matter who you are, you CAN go to college

Types of colleges and their costs vary greatly


Paying for college
Paying for College

College is an investment in your future

Many forms of financial aid are available to help you pay for your education


What s financial aid
What’s Financial Aid?

Financial aid is money to help you

pay educational costs, such as:

Tuition

Fees

Books

Room and board

Transportation

Personal expenses


How do i apply
How Do I Apply?

FAFSA

(Free Application for

Federal Student Aid)

The FAFSA is your first step

Used to apply for most types of federal and state aid



Find the fafsa
Find the FAFSA

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

7



Why online
Why Online?

Quicker processing time

u 2-3 days vs. 2-3 weeks for the

paper FAFSA

‘Help and Hints’ boxes provided with every question

Built-in error catcher means less delays

Save your application and return to it later


Why online1
Why Online?

Yearly online renewal

Some fields can be pre-populated with previous FAFSA information

Saves time and helps you meet deadlines


Why online2
Why Online?

‘Skip logic’ bypasses unnecessary questions based on answers you’ve already provided

Electronically sign the FAFSA using your Personal Identification Number (PIN)


What s a pin
What’s a 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)


Fafsa on the web worksheet
FAFSA on the Web Worksheet

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


Fafsa on the web worksheet1
FAFSA on the Web Worksheet

On the homepage of FAFSA.gov, type FAFSA on the Web Worksheet in the Search box and click ‘Search.’



Requested information
Requested Information

Social Security Number

u Student and spouse or parent(s)

Student’s driver’s license information

Income and W-2 figures

Household size


Requested information1
Requested Information

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


Don t miss deadlines
Don’t Miss Deadlines

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

18


State deadlines
State Deadlines

Deadline for the

Oklahoma Tuition Aid Grant (OTAG) for the 2011-12 academic year

19



Fafsa sections
FAFSA Sections

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


Student demographics
Student Demographics

xxx-xx-xxxx

‘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.


Student demographics1
Student Demographics

xxx-xx-xxxx

Be sure to enter your birth year, not the current year.

Your permanent

address is where you can always be contacted.

Enter your marital status as of the day you submit your FAFSA.


Student demographics2
Student Demographics

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.


School selection
School Selection

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.


School selection1
School Selection

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.


School selection2
School Selection

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.


Dependent or independent
Dependent or Independent?

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.


Dependency status
Dependency Status

Dependent students must provide parental information

Independent students aren’t required to show parental information unless requested by their school


Dependency status1
Dependency Status

To view the Dependency Status

Questionnaire, check out the

‘Resources’ tab at .


Dependency status2
Dependency Status

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.


Parent information
Parent Information

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


Parent demographics
Parent Demographics

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.


Financial information parent
Financial Information -Parent

A dislocated worker is someone who may have been laid off or is unemployed due to current economic conditions.



Financial information parent2
Financial Information -Parent

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.


Financial information student
Financial Information -Student

Choose the type of tax return you filed, or will file, for 2010 and click here.

  • IRS 1040

  • IRS 1040A or 1040 EZ

  • Foreign tax return

  • A tax return with Puerto Rico, a U.S. territory or

  • Freely Associated State




Irs data retrieval2
IRS Data Retrieval

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’.

40


Sign submit
Sign & Submit

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.


Sign submit1
Sign & Submit

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’!


Confirmation
Confirmation

An estimated Expected Family Contribution (EFC) is provided. If you’re eligible for the Pell Grant and student loans, those amounts will be shown.




Student aid report sar
Student Aid Report (SAR)

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


Expected family contribution efc
Expected Family Contribution (EFC)

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


Cost of attendance coa
Cost of Attendance (COA)

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


Financial need
Financial Need

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

COA

- EFC

- Other Aid

Financial Need


Selected for verification
Selected for Verification?

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


Selected for verification1
Selected for Verification?

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


Award letter
Award Letter

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


Two types of aid
Two Types of Aid

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 financial aid
Federal Financial Aid

Federal Pell Grant

$5,550 annual maximum

Undergraduates without a bachelor’s degree

Need-based

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 financial aid1
Federal Financial Aid

Federal Work-Study (FWS)

Awarded by the institution

Offers campus-based or community employment for students

Need-based

Federal Perkins Loan

$5,500 annual maximum

5% loans with a 9 month grace period

Need-based


Federal financial aid2
Federal Financial Aid

Subsidized Loans

$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

Need-based


Federal financial aid3
Federal Financial Aid

Federal Unsubsidized Loans

  • Additional loans available to students who qualify

  • Interest starts to accrue after first disbursement

  • 6.8% interest rate

  • Non-need based

57


Federal financial aid4
Federal Financial Aid

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

Non-need based


State financial aid
State Financial Aid

Oklahoma Tuition Aid Grant (OTAG)

Apply through the FAFSA

Application deadline March 15, 2011, for the 2011-12 academic year

$1,000 annual maximum

Need-based


Things to remember
Things to Remember

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.


Scholarships
Scholarships

Are you looking for scholarships? Check out the tools found at .




Contact Us

Oklahoma State Regents for Higher Education

OCAP Outreach Team

405.234.4239

866.443.7420 (toll-free)

[email protected]


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