2010 Annual Statewide Financial Aid Conference for High School Counselors - PowerPoint PPT Presentation

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2010 Annual Statewide Financial Aid Conference for High School Counselors
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2010 Annual Statewide Financial Aid Conference for High School Counselors

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  1. 2010Annual Statewide Financial Aid Conference for High School Counselors • November 9, 2010

  2. Conference Agenda • PowerPoint presentation • Break • Financial aid administrator panel Q & A session

  3. THANKS TO SPONSORS!!! Great Lakes Higher Education Guaranty Corporation • Minnesota Association of Financial Aid Administrators (MAFAA)

  4. Presentation Overview • Application Process & FAFSA • Post-application Process • Sources of Financial Aid • Higher Education Tax & Savings Incentives • Additional Resources for Counselors

  5. Application Process & FAFSA

  6. Free Application for Federal Student Aid - FAFSA • Apply on-line at: www.fafsa.gov • Watch out for www.fafsa.com • Commercial site with fee for service • If family prefers paper FAFSA form • Can download from: www.studentaid.ed.gov • High schools can download and make copies • Can order by phone: 1-800-4FEDAID

  7. Applying for 2011-2012 • Submit FAFSA after January 1, 2011 • The earlier, the better • Can complete with estimated tax figures and make corrections later • College financial aid deadlines vary, some early • Posted on school web site or OHE Counselor’s Guide • Carleton, Macalester, St. Olaf, Gustavus Adolphus (and many east coast colleges) require CSS Profile form in addition to FAFSA • https://profileonline.collegeboard.com

  8. FAFSA on the WebWorksheet • 2011-2012 FOTW Worksheet (#6 in packet) • Helps student determine answers prior to entering data on-line • Question order follows FAFSA on the Web, so different from paper FAFSA • Student can download from www.fafsa.gov • Fall 2010: Limited supply of 2011-2012 FAFSA on the Web (FOW) Worksheets automatically mailed to schools by U.S. Department of Education • Also available in PDF at: www.fafsa.gov • Order additional supply at: www.FSAPubs.org

  9. FAFSA on the Web www.fafsa.gov New homepage redesign for 2011-2012! • Apply • Retrieve IRS data • Reapply • Apply for PIN • Find college codes • Check status of FAFSA • Make corrections • Add additional colleges • Print SARs

  10. FAFSA on the Web 2011-2012 www.fafsa.gov • Streamlined log-in page for new and returning applicants

  11. FAFSA on the Web 2011-2012 www.fafsa.gov • What new applicant will see after logging in on the main page • Note PIN status at bottom • Allows student to apply for PIN upfront

  12. Applying for PIN Number • Apply for PIN in real-time while completing FOTW • Make sure name/dob on FAFSA matches name/dob on file at Social Security Admin • Applies to both student and parent signing form • If no match with SSA, PIN disabled 3 days later • PIN can be used: • As electronic signature on FAFSA on Web • Check application status • Make corrections • Sign master promissory note for federal loans • Look up student’s student loan and grant history

  13. FAFSA on the Web 2011-2012 www.fafsa.gov • What returning applicant will see after logging in on the main page • Populate 2011-2012 FAFSA with info from 2010-2011 FAFSA • Note PIN status at bottom • Allows student to access PIN if student can’t remember PIN

  14. Changes to FAFSAQuestions for 2011-2012 • New question #27 “What is the name of the high school where you received or will receive your high school diploma?” • Will appear if student indicates high school diploma in Question #26 • Student selects high school from drop-down box of high schools approved by U.S. Dept of Ed • Added due to proliferation of high school diploma mills • FAFSA output document will assist college in determining if student has legitimate high school diploma

  15. Changes to FAFSAQuestions for 2011-2012 • Revised Question #31 • Old wording had student indicate interest in work study, student loans, neither or both • New wording “Are you interested in being considered for work-study?” • Changes based on input from financial aid administrators to U.S. Dept of Ed

  16. Changes to FAFSAQuestions for 2011-2012 • Eliminated former question asking for student’s planned enrollment level • Most schools package financial aid on full-time enrollment or student’s actual registration load, if known • Eliminated former question used for TEACH Grant • Colleges can determine student’s program of study using their own records

  17. Changes to FAFSAQuestions for 2011-2012 • Eliminated FAFSA on the Web questions regarding the Academic Competitiveness Grant (ACG) • Used to ask student if s/he took rigorous course of study during high school • ACG program eliminated effective 2011-2012

  18. Questions Related to Being Homeless • Effective 2009-2010, definition of independent student was expanded to include: • Homeless unaccompanied youths (Questions 55 & 56 Step 3) • Determination must be made by: • high school or district homeless liaison; or • director of HUD emergency shelter program; or • director of runaway or homeless youth basic center or transitional living program • Youths at risk of homelessness (Question 59 Step 3) • Determination must be made by: • director of runaway or homeless youth basic center or transitional living program

  19. FAFSA on the WebHomeless Question • Identifying Homeless Students • First question asks applicants if they are homeless or at risk of being homeless • The three homeless determination questions (# 55, 56, 57) will only be presented if student is 21 or younger and answers “Yes” to the homeless screening question • If student answers “Yes” to homeless screening question, but is older than 21 or answers “No” to all three homeless questions, the student will be- • Taken down an alternate path to allow submission of FAFSA without parental data, and • Directed to follow-up with their financial aid office

  20. Verifying Student is Homelessor Emancipated • Financial aid office may request documentation of homeless unaccompanied youth status • List of district or high school homeless liaisons is in packet (#7) • List of shelters and transitional housing programs in packet (#8) • Must be funded by HUD (shown on listing) • If third party documentation not possible, financial aid administrator can verify based on documented interview with student • Financial aid office likely to request documentation of emancipated status (#53 Step 3) • Emancipation in MN limited to cases of legal marriages and parental consent

  21. Providing Parents’ Information on FAFSA • Parents’ information • Grandparents, foster parents, other relatives and legal guardians are NOT considered parents on the FAFSA unless they legally adopted student • Do NOT substitute information about above parties in parent section on FAFSA • In many cases, these applicants will be able to apply as independent via: • Meeting one of the independent criteria in Step Three; or • Dependency override

  22. Providing Parents’ Information on FAFSA • If biological/adoptive parents married, report information for both parents • If biological/adoptive parents are divorced or separated, provide information for parent: • Student lived with the most in last year • Or, if lived equal periods with each parent, parent who provided the most financial support in last year or most recent year support provided • If that parent remarried, include stepparent’s information, even if stepparent did not adopt student • Note: Unlike FAFSA, CSS Profile form will require information for non-custodial parent

  23. Providing Parents’ Information on FAFSA • If student’s biological/adoptive parents are living together but not married, provide information for parent who provided the most financial support in the previous year or most recent year support was provided • Generally, this is parent with highest income • If biological/adoptive parent is single or widowed, provide information about surviving parent • If surviving parent remarried, include stepparent’s information, even if stepparent did not adopt student

  24. FAFSA on the Web 2011-2012 IRS Interface • FAFSA on the Web users allowed to access tax data from IRS to populate FAFSA • Will be operational for 2011-2012 FAFSA on the Web on January 30, 2011 • Optional – family can always choose to enter data directly on FAFSA on the Web • However, populating FAFSA with data from IRS (either originally or via correction) may avoid college having to request tax forms to perform verification at a later date

  25. FAFSA on the Web 2011-2012 IRS Interface • Can access IRS tax data if select “Already Completed” for FAFSA tax status question and tax forms have been filed (Screenshot from 2010-2011 FOTW)

  26. FAFSA on the Web 2011-2012 IRS Interface • IRS data retrieval screen

  27. FAFSA on the Web 2011-2012 IRS Interface • IRS data retrieval screen showing tax figures pulled from IRS

  28. FAFSA on the Web 2011-2012 IRS Interface • FAFSA on the Web screen showing tax data retrieved from IRS system • Will still need to enter earnings from employment on FAFSA screen (Screenshot from 2010-2011 FOTW)

  29. FAFSA on the Web 2011-2012 College Choices • When selecting colleges on FAFSA, will provide link to additional school info

  30. FAFSA on the Web 2011-2012 College Choices • Link to college web site • Tuition and fees • Graduation rate • Retention rate • Transfer rate

  31. FAFSA on the Web 2011-2012 Signature Page • Signature page gives student and parents options for signature • Sign electronically with Pin • Print and mail signature page • Submit without signature • Will result in rejected SAR until signatures submitted

  32. FAFSA on the Web 2011-2012 Confirmation Page • Confirmation page • Transfer parents’ data to sibling’s FAFSA • Link to state application (used only for New York) • Estimated Pell Grant and Loans • Information on colleges selected • Next steps

  33. FAFSA Handouts for Students • Tips for Completing the 2011-2012 FAFSA (#9 in packet) • Completing the FAFSA: Special Guidance Related to Dependency Status and Providing Parental Information (#10 in packet) • Completing the FAFSA Flowchart (#11 in packet)

  34. Post-ApplicationProcess

  35. FAFSA Results • Student notified of FAFSA processing results by: • E-mail notification with link to student’s SAR online if student’s e-mail address provided on: • Paper FAFSA (takes 2 weeks) • FAFSA on the Web (takes 1-2 days if electronically signed with PIN; 2 weeks if mailed in signature page) • Make sure student adds federal email address to address book to avoid delivery problems FederalStudentAidFAFSA@cpsemail.ed.gov • If student has a PIN, can view SAR online at www.fafsa.gov • Draft 2011-2012 SAR #12 in packet

  36. FAFSA on the Web www.fafsa.gov Screen student sees when checking status of FAFSA In this case, FAFSA is still in process

  37. FAFSA on the Web www.fafsa.gov In this case, FAFSA has been successfully processed Note dates of original application and revisions Student can view or print SAR/results

  38. Corrections • If a correction to applicant data is needed, the correction may be made: • On the paper SAR; • Using Corrections on the Web if student has a PIN (www.fafsa.gov); or • By the school, using software or web-access system provided by the U.S. Dept of Ed

  39. FAFSA on the Web Corrections • Corrections page will note any obvious errors • Many students will use this feature to revise estimated tax figures once taxes are filed

  40. FAFSA on the Web Corrections • Can also be used to add or delete college choices • Corrections will require signatures just like original FAFSA • Most sign electronically with PIN

  41. Verification • Certain applications are selected for verification • Family must complete verification worksheet sent by financial aid office • Must attach tax returns, W2 statements and other supporting documentation • Don’t make corrections after verification without consulting financial aid administrator!!

  42. Professional Judgment • Normally, a family’s Expected Family Contribution (EFC) is based on income for the previous tax year • For 2011-2012 academic year, tax year 2010 • Federal and state financial aid laws allow financial aid administrators to use their “professional judgment” to alter data on the FAFSA for special circumstances • Adjustments are typically performed as corrections after the original FAFSA is submitted

  43. Professional Judgment • Common examples include: • Significant change in income from past tax year based on unemployment, underemployment, death, divorce, military service or natural disaster • Unusually high medical expenses • Nursing home expenses • Elementary or secondary school tuition • Significant college costs for dependent student’s parent attending college • Dependency override • Family should contact financial aid administrator to discuss unusual circumstances

  44. What is a Dependency Override? • Gives financial aid administrator authority to allow otherwise dependent applicant to apply as independent applicant due to unusual circumstances • Parental abuse, abandonment, incarceration, etc. • Not used simply because student lives outside parent household after age 18 or parents object to providing data • Must be supported by documentation, preferably by someone outside immediate family • Student should contact financial aid office for instructions after submitting FOTW without parental data

  45. Completing FAFSA Without Parental Information • For students who don’t qualify for a dependency override but can’t provide parental information: • Will have the option to submit the FAFSA for an unsubsidized loan only • FAFSA on the Web will present a path that allows the applicant to indicate that he or she will not provide parental data on the form and will allow the applicant to submit the FAFSA • School will later require statement from one parent that parents refuse to complete the FAFSA and do/will not provide financial support to the student

  46. Award Notification • Student should receive award notice from each college listed on the FAFSA once admitted to college • Important that student identifiers on FAFSA match identifiers used in admissions process • Financial aid varies depending on the cost and mix/composition of financial aid available • Compare: • Ratio of grants to loans/work-study • Remaining unmet need • OHE financial aid comparison worksheet in packet • #26 on left side of packet

  47. Sources of Financial Aid

  48. Need Varies Based on Cost

  49. EFC Calculation • Federal Methodology is formula created by Congress to calculate the Expected Family Contribution (EFC) • Sample calculation in packet for future reference • #13 left side of packet • EFC Formula Book available at www.ifap.ed.gov • Check out Office of Higher Education’s on-line estimator for EFC, Pell Grant, State Grant and tax credits at: www.getreadyforcollege.org

  50. EFC Calculation • No significant changes in EFC formula for 2011-2012 • Certain tables and offsets adjusted for economic variables (e.g., CPI) • Income threshold used for automatic zero EFC increased from $30,000 to $31,000