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Michigan High School Counselor Videoconference

Michigan High School Counselor Videoconference. Federal Update November 19, 2004 Judy Florian, Presenter. Before we begin…. Thank you for turning off your cell phone and/or pager. What is Federal Financial Aid?. Federal Pell Grant Federal Supplemental Educational Opportunity Grant (SEOG)

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Michigan High School Counselor Videoconference

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  1. Michigan High School Counselor Videoconference Federal Update November 19, 2004 Judy Florian, Presenter

  2. Before we begin….. Thank you for turning off your cell phone and/or pager

  3. What is Federal Financial Aid? • Federal Pell Grant • Federal Supplemental Educational Opportunity Grant (SEOG) • Federal Work-Study • Federal Perkins Loan • Federal Family Education Loan • Federal Direct Loans

  4. How to Apply • Free Application for Federal Student Aid (FAFSA) • Paper application • Web-based application

  5. Free Application for Federal Student Aid (FAFSA) • Initial step in the application process • Core document to apply for financial aid • Used to calculate an expected family contribution (EFC) • Confirms certain eligibility requirements

  6. Free Application for Federal Student Aid (FAFSA) • Step One: Student demographic information • Step Two: Student financial information • Step Three: Dependency status questions • Step Four: Parent financial information • Step Five: Independent student household information • Step Six: List of schools to receive results • Step Seven: Signatures and certifications

  7. How Is The Data Used? • In a statutory formula called the Federal Methodology • Looks at income, assets and size of family to determine family’s ability to pay for education • Result is called the Expected Family Contribution (EFC)

  8. The Paper FAFSA • Color of the FAFSA • Green for students (Pantone 344U) • Purple for parents (Pantone 263U) • Questions follow same order as last year • Will be sent to high schools in November • Counselors may request additional forms by calling 1-877-4EDSPUBS or http://www.edpubs.org

  9. 2005-06 Changes • Added sentence to Certification Statement warning students not to disclose PIN to anyone • Added gray-shaded “MMDD” or “MMDDYY” in all date fields to help students and parents complete correctly • Encourages families to correct estimated tax return data after tax return for 2004 is completed

  10. FAFSA on the Webwww.fafsa.ed.gov • Most popular and recommended method of filing • Netscape 6.2 or higher or Internet Explorer 5.0 or higher • Transmitted directly to Central Processing System (CPS)

  11. FAFSA on the Web • Apply • Reapply • Go to PIN web site • Check status of FAFSA • View SAR information • Make corrections

  12. FAFSA on the Web • Certification page will require students to agree not to disclose their PIN to anyone • Parents with multiple children in college will be able to transfer their information to other children’s applications

  13. Spanish FAFSA on the Web • Spanish version will include: • Pre-application worksheet • Worksheets A, B and C • Income Estimator Worksheet • Drug Conviction Worksheet

  14. Demonstration SiteFAFSA on the Web • Available December 5, 2004 • To access, go to www.fafsademo.test.ed.gov • Enter • User name: eddemo • Password: fafsatest

  15. PIN Web Site • Serves as electronic signature on ED documents, including electronic promissory notes • Used to gain access to ED systems, including • Corrections on the Web • NSLDS • Direct Loan Origination • Direct Loan Servicing • Loan Consolidation

  16. PIN Web Site • For added security • PIN applicants and holders will be required to select and answer a Challenge Question • On a regular basis, FSA will match records in PIN database with SSA’s Master Death File • New audit system will track PIN user activity

  17. Electronic Signatures • If both the dependent student and parent(s) have a federal PIN it is not necessary to sign and mail a signature page • Dependent students who have a PIN but whose parent(s) does not have a PIN, must still provide a signature page for the parent(s) signature and mail it

  18. Without Electronic Signature • Print signature page and submit within 14 days • If signature page not received by Central Processing System (CPS) within 14 days, student receives rejected Student Aid Report (SAR) • Rejected SAR must be signed and submitted to CPS

  19. Student Aid Report (SAR) • Paper SARs will be printed on green paper • Only last 4 digits of parent’s SSN will display on paper and electronic SARs • Displays official EFC • Submit to college only if requested

  20. Student Aid Report (SAR) • Paper application without student’s e-mail address will result in paper Student Aid Report (SAR) • Paper application with student’s e-mail address will result in e-mail with web site for “SAR on the Web”

  21. Corrections on the Web • Student’s PIN required to access • PIN serves as student’s signature • COTW with paper or electronic application • Parents must have PIN to correct parent information • Pop-up message will appear when student tries to correct transaction already corrected by a school

  22. CPS Database Matches • Social Security Administration (SSA) • Bureau of Citizenship and Immigration Services (BCIS)-formerly Immigration and Naturalization Services (INS) • Selective Service • Veterans Administration • National Student Loan Data System (NSLDS)

  23. Avoid Errors! • Errors on the FAFSA or supplemental forms may delay application processing and result in the loss of financial aid funds. • Encourage students/parents to read the instructions and complete the forms carefully!

  24. Independent Student Criteria • Born before January 1, 1982 • Working on a master’s or doctorate program • Married • Has child(ren)/dependents for whom he/she provides more than half the support • Both parents are deceased • Is/was a ward of the court until age 18 • Veteran of the U.S. Armed Forces

  25. Supplemental Forms • Institutional application • CSS Financial Aid PROFILE • Stafford loan application (bank-funded)

  26. Counselor Resources • National Association of Student Financial Aid Administrators (www.nasfaa.org) • Counseling Tools • Student Aid on the Web www.studentaid.ed.gov • FSA for Counselors www.ifap.ed.gov/FSACounselors/index.html • Online information for middle school, high school and TRIO counselors

  27. Additional Resources • Michigan Student Financial Aid Association (MSFAA) Speakers Bureau • Financial aid speakers “for hire” • Experienced aid professionals will do financial aid presentations free of charge • Contact Jim Owens, 517.483.1301; owensj@lcc.edu

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