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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
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 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
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
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
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 online1
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
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
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
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
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
Introduction

The Introduction

Page provides

questions and

answers to assist

you in completing

the FAFSA

student demographics
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 demographics1
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
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
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 selection1
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
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
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
Dependency Status
  • Dependent students must provide parental information
  • Independent students aren’t required to show parental information unless requested by their school
special circumstances
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 circumstances1
Special Circumstances

Exceptions to the rule for parental information are shown here. Contact your Financial Aid office for more details.

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

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 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 income1
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
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 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 retrieval1
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 retrieval2
IRS Data Retrieval

Improved IRS Data Retrieval Tool Instructions

sign and submit
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 submit1
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
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 page1
Confirmation Page

This page will provide clarification on what you can expect to happen next with your FAFSA

confirmation page2
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).
student aid report sar
Student Aid Report (SAR)
  • Summarizes your FAFSA information
  • Sent electronically or in paper form after your FAFSA is processed
  • Review for accuracy and correct any errors as soon as possible
  • The schools listed on your FAFSA will also receive a summary
cost of attendance
Cost of Attendance
  • 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
  • COA may be different at each school
expected family contribution
Expected Family Contribution
  • The EFC is an important number appearing on your SAR; it’s 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
  • Same amount at every college
financial need
Financial Need
  • The difference between the 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
financial need1
Financial Need

Cost of Attendance

-Expected Family Contribution

- Other Aid

Financial Need

irs transcript
IRS Transcript
  • You may be asked to provide documentation to verify the income you reported on your FAFSA
  • If you didn’t use the IRS Data Retrieval tool, you must supply an IRS tax transcript
  • Visit IRS.gov, or call 1.800.908.9946
award letter
Award Letter
  • Sent by schools that have accepted you and received your financial aid paperwork; lists types and amounts of aid you’re eligible to receive
  • You don’t have to accept everything you’re offered- especially loans
  • Submit any requested information to your school by the required deadline
federal financial aid
Federal Financial Aid

Federal Pell Grant

  • $5,635 annual maximum for 2013-14
  • 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

Federal Subsidized Student Loan

  • $3,500/year maximum for Freshmen
  • Government pays interest while student is enrolled at least half-time
  • 3.4% interest rate during 2012-13
  • Need-based

Federal Unsubsidized Student Loan

  • Additional loans available to students who qualify
  • Interest starts to accrue after first disbursement
  • 6.8% interest rate
  • Non-need based
federal financial aid3
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 1
  • $1,000 annual maximum for public schools; $1,300 annual maximum for private schools
  • Need-based
state financial aid1
State Financial Aid

Oklahoma’s Promise

  • Students must graduate from high school
  • Students must complete the FAFSA
  • Second income check conducted for all freshmen
things to remember
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
contact us
Contact Us

Oklahoma State Regents for Higher Education

Oklahoma College Assistance Program

Outreach Department

405.234.4239

866.443.7420 (toll free)

UCanGo2@ocap.org