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Free Application for Federal Student Aid (FAFSA) 2011-2012 Mary Anne Hunter College Access Team CO Dept. of Higher Educa PowerPoint Presentation
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Free Application for Federal Student Aid (FAFSA) 2011-2012 Mary Anne Hunter College Access Team CO Dept. of Higher Education. College Access Team . The College Access Team helps families break down the financial barriers to college. Colorado Department of Higher Education

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Free Application for Federal Student Aid

(FAFSA)

2011-2012

Mary Anne Hunter

College Access Team

CO Dept. of Higher Education

college access team
College Access Team
  • The College Access Team helps families break down the financial barriers to college.
  • Colorado Department of Higher Education
  • Funded by a Federal College Access Challenge Grant
  • 700+ financial aid, scholarship, FAFSA and financial education workshops
  • FREE
dependent vs independent use parents income asset info
Dependent – vs – Independent…use parents income/asset info.

Can student answer “Yes” to any of the following….

  • Were you born before January 1, 1988?
  • As of today, are you married?
  • At the beginning of the 2011-2012 school year, will you be working on a master's or doctorate program?
  • Are you currently serving on active duty in the U.S. Armed Forces for purposes other than training?
  • Are you a veteran of the U.S. Armed Forces?
  • Do you have children who will receive more than half of their support from you between July 1, 2011, and June 30, 2012?
  • Do you have dependents (other than your children or spouse) who live with you and who receive more than half of their support from you, now and through June 30, 2012?
documents information needed
Documents/Information Needed

For the 2011-2012 school year you will need financial information from 2010. You will need to refer to:

  • Student’s & Parents’ Social Security Numbers. Be sure it is correct!
  • Student’s alien registration or permanent resident card (if you are not a U.S. citizen)
  • Student’s driver's license (if any)
  • Student’s & Parents’ 2010 W-2 Forms and other records of money earned
  • Student’s & Parents’ 2010 Federal Income Tax Return - IRS 1040, 1040A, 1040 EZ
  • Foreign Tax Return, or Tax Return for Puerto Rico, Guam, American Samoa, the U.S. Virgin Islands, the Marshall Islands, the Federal States of Micronesia, or Palau
  • Student’s & Parents’ 2010 untaxed income records
  • Veterans noneducation benefit records
  • Child support received
  • Worker's compensation
  • Student’s & Parents’ current bank statements
  • Student’s & Parents’ current business and investment mortgage information, business and farm records, stock, bond and other investment records
investments to include and exclude
Investments to Include and Exclude
  • INCLUDE
  •  Real estate (do not include the home
  • you live in)
  •  Trust funds
  • Uniform Gifts/Transfers to Minors Act
  • Accounts (UGMAs /UTMAs) – unless you are just the custodian, not the owner
  • Money market funds
  • Mutual funds
  • Certificates of deposit
  • Stocks, stock options, bonds & other
  • securities
  • Installment and land sale contracts
  • (including mortgages held)
  • Commodities
  • Qualified educational benefits or
  • education savings accounts (e.g.
  • Coverdell savings accounts, 529
  • college savings plans and the refund
  • value of 529 prepaid tuition plans)
  • EXCLUDE
  • - The home you live in
  • - Value of life insurance
  • - Retirement plans (401[k] plans, pension funds, annuities, non-education IRAs, Keogh plans, etc.)
  • - Cash, savings and checking accounts already reported
  • *Business value does not include the value
  • of a small business if your family owns
  • and controls more than 50 percent of
  • the business and the business has 100
  • or fewer full-time or full-time
  • equivalent employees.
  • Investment farm value does not include
  • the value of a family farm that you
  • live on and operate.
  • *Business and/or investment farm value includes:
  • the market value of land, buildings, machinery, equipment, inventory, etc. Business and/or investment farm debt means only those debts for which the business or investment farm was used as collateral.
frequent fafsa errors
Frequent FAFSA Errors
  • Social Security Numbers
  • Divorced/remarried parental information
  • Income earned by parents/stepparents
  • Untaxed income
  • U.S. income taxes paid
  • Household size
  • Number of household members in college
  • Assets & investment – realestate
  • FAFSA NOT SIGNED

Errors Cause Delays

fafsa processing results
FAFSA Processing Results
  • CPS notifies student of FAFSA processing results by:
    • E-mail notification containing a direct link to student’s electronic SAR if student’s e-mail was provided on paper or electronic FAFSA
  • Student with PIN may view SAR on-line at www.fafsa.gov
helpful tools
Helpful Tools
  • FAFSA
      • http://www.fafsa.ed.gov
  • FAFSA 4Caster
    • http://www.fafsa4caster.ed.gov
    • See what your EFC might look like
  • Types of federal financial aid & the process
  • http://studentaid.ed.gov
  • College In Colorado
    • http://www.collegeincolorado.org
  • CollegeInvest
    • http://www.collegeinvest.org
    • www.educationcents.org
  • Western Undergraduate Exchange Program (WUE)
    • www.wiche.edu/wue
fafsa recommended priority deadlines
FAFSA Recommended/Priority Deadlines
  • February 15
  • Colorado College
  • Fort Lewis College
  • March 1
  • Colorado Christian University
  • Colorado State University
  • Colorado State University-Pueblo
  • Front Range Community College
  • Johnson & Wales University
  • Mesa State College
  • Metropolitan State College of Denver
  • Naropa University
  • Northeastern Junior College
  • Regis University
  • College of Art & Design
  • University of Colorado Denver
  • University of Denver
  • University of Northern Colorado
  • March 15
  • Pueblo Community College
  • United States Air Force Academy

March 31

Colorado Mountain College

Red Rocks Community College

April 1

University of Colorado at Boulder

University of Colorado at Colorado Springs

Western State College of Colorado

Colorado School of Mines

Lamar Community College

Morgan Community College

April 15

Community College of Denver

May 1

Arapahoe Community College

Colorado Northwestern Community College

Community College of Aurora

June 30

Pikes Peak Community College

Trinidad State Junior College

financial need
Financial Need

Cost of Attendance (COA)

- Expected Family Contribution (EFC)

______________________________

= Financial Need

the financial aid process
The Financial Aid Process

FAFSA to Processor

FAFSA Data

Student Aid Report (SAR)

College(s) Financial Aid Office

STUDENT

Check if accepted

for Admission

Requested documents/

Accept Award Package

Financial Aid Award

the college access scholarship
TheCollege Access Scholarship

250 scholarships valued up to $2,500 each will be offered to eligible students to use toward their 2011-12 higher education expenses (more than $600,000)

Eligible recipients must:

  • Attend college at least part-time for the 2011-12 school year as a degree-seeking undergraduate student (eligible part-time students will receive up to $1,250)
  • Complete the 2011-12 Free Application for Federal Student Aid (FAFSA) atwww.fafsa.gov.
  • Qualify for the Federal Pell Grant - eligibility is based on the results of the FAFSA – students will be notified of eligibility on the FAFSA confirmation page and their Student Aid Report (SAR)
  • Complete all ten Education Cents financial education courses at www.educationcents.org
  • Complete The College Access Scholarship at www.educationcents.org
  • Submit their Student Aid Report (SAR) to verify the Expected Family Contribution (EFC)

Application Deadline is June 30, 2011. Potentially eligible students and alternates will be notified between July 15 and August 1, 2011.

  • Non-renewable (for 2011-12 school year only)
  • Non-transferable
  • Final eligibility will be determined by student’s college/university in partnership w/Colorado Department of Higher Education’s College Access Team