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FAFSA Fundamentals

FAFSA Fundamentals. 2014-2015. 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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FAFSA Fundamentals

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  1. FAFSA Fundamentals 2014-2015

  2. 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

  3. What’s Financial Aid? Financial aid is money to help you pay educational expenses, such as: • Tuition • Fees • Books • Room and board • Transportation • Personal costs

  4. How Do I Apply? Free Application for Federal Student Aid • The FAFSA is your first step • Use it to apply for most types of federal and state aid

  5. 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

  6. What Do You Think? What was the total amount of financial aid awarded by Oklahoma State University during the 2012-2013 academic year? This includes all grants, loans and scholarships in their undergraduate, graduate and veterinary programs. Over $280 Million

  7. FAFSA.gov

  8. FAFSA.gov

  9. Why Online? • Faster processing time • Save your application and return to it later • Built-in error catcher means fewer delays • Yearly online renewal • Help and Hints boxes provided with every question • Automatically transfer your tax information with the IRS Data Retrieval Tool • Electronically sign using your Personal Identification Number (PIN)

  10. What’s a PIN? • Request a Personal Identification Number (PIN) from FAFSA.gov • Typically sent via email within 24 hours after your request • Student and one parent must each have a PIN • Use the same PIN when you: • Renew your FAFSA the following year • Sign an online loan application

  11. Getting a PIN

  12. Requested FAFSA Information Social Security Numbers Tax, income and other financial information Marital status Citizenship status Assets Level of parents’ school completion Selective Service registration

  13. 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

  14. I won’t qualify for financial aid because my parents (or I) make too much money. • I don’t have good grades, so I won’t be eligible for financial aid. • I’m too old to qualify for financial aid. • The application is too hard to fill out! • I have to wait until my parents (or I) file my taxes. • I support myself, so I don’t have to include parent information. • I completed the FAFSA my freshman year, so I don’t have to complete it again. 7 Myths About the FAFSA

  15. FAFSA Process

  16. FAFSA Login

  17. FAFSA 2014-2015

  18. Set Your Password

  19. Help and Hints Help and Hints boxes are located on each screen to assist you

  20. Eighteen year old males must register with Selective Service in order to receive financial aid You can elect to register here on your FAFSA Selective Service Registration

  21. School Comparison

  22. Dependency Status • Dependent students must provide parental information on the FAFSA • Independent students aren’t required to show parental information unless requested by their school

  23. Special Circumstances Change in employment status Unusual medical expenses not covered by insurance Change in parent marital status Unusual dependent care expenses

  24. Parent Information • Parent(s)/guardian(s) information may be required on the FAFSA • Marital status, income, living arrangements, citizenship, etc. may influence the application • Use the “Help and Hints” tool

  25. IRS Data Retrieval IRS can send tax data online directly to your FAFSA Available in early February for the 2014-2015 FAFSA processing cycle Participation is voluntary Reduces documents requested by financial aid office

  26. IRS Data Retrieval Electronically filed tax information will be available 2-3 weeks after the return has been accepted by the IRS Data from paper tax returns will be available on the IRS website in approximately 8-11 weeks after the IRS receives the return

  27. Review your data before you submit You can still request a PIN here if necessary Sign and Submit

  28. 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

  29. After the FAFSA

  30. After FAFSA Submission • You will be notified when your FAFSA is processed • Your FAFSA information will be made available to your school(s) to determine the aid you may be eligible to receive • If you have questions about your financial aid package, contact your school(s)

  31. Student Aid Report (SAR) Summarizes your FAFSA information Sent to student electronically or in paper form after your FAFSA is processed Review the SAR for accuracy The schools listed on your FAFSA will also receive a summary

  32. Making Corrections If necessary, corrections to FAFSA data may be made by: Using FAFSA on the WEB (www.FAFSA.gov) if student has a PIN; Requesting changes through the Financial Aid office with the use of your DRN (Data Release Number) Submitting documentation to the college’s Financial Aid office

  33. Financial Need Cost of Attendance - Expected Family Contribution - Other Aid Financial Need

  34. Award Letter Lists types and amounts of financial aid you’re eligible to receive You don’t have to accept everything you’re offered in the award letter Submit any requested information to your school by the required deadline

  35. Federal Financial Aid Federal Pell Grant Federal Supplemental Educational Opportunity Grant (FSEOG) Teacher Education Assistance for College and Higher Education Grant (TEACH) Iraq and Afghanistan Service Grant Federal Work-Study (FWS) Federal Perkins Loan Federal Subsidized Student Loan Federal Unsubsidized Student Loan Parent Loan for Undergraduate Students (PLUS) StudentAid.gov

  36. State Financial Aid Oklahoma Tuition Aid Grant (OTAG) Apply through the FAFSA Need-based Oklahoma’s Promise Students receive free tuition at Oklahoma public two-year colleges and four-year universities Partial tuition provided at approved Oklahoma private colleges and public technology centers FAFSA completion required

  37. Things to Remember Complete the FAFSA every year you need financial aid for college Complete the FAFSA as soon after January 1st as possible to meet deadlines Fill out the form online, if possible Sign electronically with a Personal Identification Number (PIN) Never pay to complete this form; it’s a FREE application

  38. Resources

  39. Scholarships

  40. Oklahoma State Regents for Higher EducationOklahoma College Assistance ProgramOutreach Department 405.234.4239 866.443.7420 (toll free) UCanGo2@ocap.org

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