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FAFSA F undamentals 2013-2014. Paying for College. No matter who you are, you CAN go to 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?.
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Paying for College • No matter who you are, you CAN go to 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? Financial aid is money to help you pay educational costs, such as: • Tuition • Fees • Books • Room and board • Transportation • Personal expenses
What Do You Think? What was the total amount of financial aid awarded by Oklahoma State University during the 2011-2012 academic year? This includes all grants, loans and scholarships in their undergraduate, graduate and veterinary programs. Over $260 Million
How Do I Apply? 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 • Online – Visit FAFSA.gov • Print a copy – Go to FAFSA.gov; click FAFSA Filing Optionsto 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
Why Online? • Faster processing time • 3-5 days vs. 7-10 days for a paper FAFSA • Help and Hints boxes provided with every question • Built-in error catcher means fewer delays • Save your application and return to it later
Why Online? • Saves time and helps you meet deadlines • Yearly online renewal • Electronically sign the FAFSA using your Personal Identification Number (PIN)
What’s a PIN? • Request a Personal Identification Number (PIN) from FAFSA.govor visit PIN.ed.gov • Sent via email within approximately 24 hours after your request • Student and one parent must each have a PIN • Use the same PIN when you: • Renew your FAFSA • Sign an online loan application
Requested FAFSA Information • Social Security Number • Student and spouse or parent • Income and W-2 figures • Student and parent email addresses • Up to 10 college names and/or school codes of your choice • Household size
Don’t Miss Deadlines • FAFSA – Check with your school’s Financial Aid office for any priority deadlines • State Aid – State deadlines can be found at FAFSA.gov; Oklahoma’s deadline for the Oklahoma Tuition Aid Grant (OTAG) is March 1
FAFSA Sections The FAFSA is divided into these sections: • Login and Password • Student Demographics • School Selection • Dependency Status • Parent Demographics • Financial Information • Sign and Submit • Confirmation
Introduction The Introduction Page provides questions and answers to assist you in completing the FAFSA
Student Demographics Use your full name as shown on your Social Security card Be accurate when entering your birthdate Enter your marital status as of the day you submit your FAFSA Help and Hints boxes are located on each screen to assist you
Student Demographics Eighteen year old males must register with Selective Service in order to receive financial aid You can elect to register here on your FAFSA
High School Information Search for high schools by name, city or state If you have a high school diploma, you must include the school from which you graduated
School Selection You can send your FAFSA to 10 different colleges You can search colleges by name, city or state A search was done on Northwestern Oklahoma State
School Selection A search done on colleges in Stillwater found 3 schools Two were added and they will receive your FAFSA results Click View Selected School Information to get a comparison of your choices
Housing Options • Provide Housing • Plans for each • school you’ve • chosen to receive • your FAFSA results • Your options: • On campus • Off campus • With parents
Dependent or Independent? Your answers to these questions will determine your dependency status If you’re unable to answer YES to one of these questions, you’ll be considered a Dependent Student
Dependency Status • Dependent students must provide parental information • Independent students aren’t required to show parental information unless requested by their school
Special Circumstances If you’re dependent and unable to provide parental information, indicate that here. It’s highly recommended that you speak to the Financial Aid office at the college(s) you’ll attend however. Most schools have specific procedures they follow to handle this question.
Special Circumstances Exceptions to the rule for parental information are shown here. Contact your Financial Aid office for more details.
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 Enter full name (or first initial) as shown on Social Security card. The date of birth will also be verified with the SS Administration Household size will include those living with your parent(s) who receive more than half of their support from them and will continue to receive this support through June 30, 2014 Only family members in college pursuing a degree or certification can be shown here; parents cannot be included
Parent Income • Parent can choose: • Already completed • Will file • Not going to file • If parent ‘will file’, they are • given the option to use • an Income Estimator. This • will assist them in entering • figures that are close • to their actual tax data. • They will also be instructed • to go back in, once taxes • are complete, and use the • IRS Data Retrieval Tool, to • enter the final figures.
Parent Income Parent(s) will indicate untaxed income, child support paid or received, housing allowances paid to military or clergy, etc. Parent(s) will also show the value of assets and current cash, checking and savings accounts
Student Income Students are asked to provide the type of tax return they filed as well as their income earned and taxes paid
IRS Data Retrieval • IRS can send tax data online directly to your FAFSA • Available February 3rd for the 2013-14 FAFSA processing cycle • Participation is voluntary • Reduces documents requested by financial aid office
IRS Data Retrieval • Electronically filed tax return information will be available from the IRS 1-2 weeks after you file • Data from paper tax returns will be available on the IRS website in approximately 6-8 weeks
IRS Data Retrieval Improved IRS Data Retrieval Tool Instructions
Sign and Submit Review or print a copy of your FAFSA answers here. Make necessary changes now before submitting your application. Enter your PIN number here to electronically sign your FAFSA. If you’ve still not requested a PIN, you can do that here. Hit Submit My FAFSA Now to send your results to the school(s) you’ve chosen.
Sign and Submit Using a PIN is now the default signature option Information is provided to explain the benefits of using a PIN Applicants are instructed how to print a signature page, if necessary
Confirmation Page 2013-14 Confirmation Page A Confirmation Page is shown after your FAFSA has been submitted. It includes an estimate of your Expected Family Contribution (EFC) and estimated eligibility for the Pell Grant and Federal student loans.
Confirmation Page This page will provide clarification on what you can expect to happen next with your FAFSA
Confirmation Page • You will be notified when your FAFSA is processed. • Your FAFSA information will be made available to your school(s), and they will use it to determine the aid you may be eligible to receive. • Your school(s) will contact you if they need more information or when they are ready to discuss your financial aid award. • If you have questions about your financial aid package, contact your school(s).
