an overview of the fafsa process fafsa fundamentals

An Overview of the FAFSA Process

FAFSA Fundamentals

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What is Financial Aid?

Financial aid is money to help you pay for educational costs such as:

• Room & board

• Transportation

• Personal expenses

• Tuition

• Fees

• Books

Financial aid is money that’s awarded based on financial need.

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Other Types of Aid

Merit-based aid is awarded based on:

• Artistic ability

• Special talents

• Group affiliation

• Grades

• Athletics

• Hobbies

Merit-based aid isn’t dependent on financial need.

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The Free Application for Federal Student Aid is the first step in your financial aid application process!

What’s a FAFSA?

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What types of aid require completion of the FAFSA?

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Submit the FAFSA to apply for federal student aid, like Pell grants,

work-study and loans. Plus some scholarships and state and private aid programs require the FAFSA,

too.

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Eligibility Requirements

• Be a U.S. citizen or an eligible non-citizen

• Be registered with Selective Service if you’re a male between the ages of 18-25

• Not have been convicted for the possession or sale of illegal drugs while receiving federal student aid

– there are circumstances under which you may still be eligible. Contact your financial aid office for more information

In order to receive Title IV financial aid students must:

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Requested Information

• Student’s driver’s license information

• Income and W-2 figures

• Untaxed income and net worth

• Veteran’s education benefits

• Household size

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• You must complete the FAFSA every year that you’re requesting financial aid

• Never pay to complete the FAFSA application – the first letter in FAFSA stands for FREE

• www.fafsa.gov is the only Web site you need – it never charges you a fee to complete your application

• Be wary of any company that charges you money for financial aid searches or applications

Things To Remember

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3 Ways To Apply• Online – visit www.fafsa.gov to

complete forms electronically; this method is strongly recommended

• Print a PDF – visit www.studentaid.ed.gov to print the PDF FAFSA; complete and mail it in

• Request a paper copy – call 1-800-4-FED-AID (1-800-433-3243) or 1-319-337-5665; if you’re hearing impaired, please contact the TTY line at 1-800-730-8913

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Why Online? Step-by-step help

Online form allows you to bypass questions that don’t apply or have already been answered

Built-in edits that prevent costly errors

Save your application and return to it later

Electronically sign using your PIN

Quicker processing time; 2-3 days vs. 2-3 weeks

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Filling out the FAFSA:

One step at a time

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What’s Your Dependency Status?

Are you a dependent or independent student?

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Dependency Status Questions

1. As of today, are you at least 24 years old or will you be at least 24 years old during the academic year for which you are completing the FAFSA?

2. As of today, are you married?

3. At the beginning of the school year, will you be working on a master’s or doctorate program?

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4. Are you currently serving on active duty in the U.S. Armed Forces for purposes other than training?

5. Are you a veteran of the U.S. Armed Forces?

6. Do you have children who receive more than half of their support from you?


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7. Do you have dependents (other than a spouse or children) who live with you and will receive more than half of their support from you during the academic year in which you’re applying for financial aid?

8. At any time since you turned age 13, were both your parents deceased, were you in foster care or were you a dependent or ward of the court?


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9. Are you or were you an emancipated minor as determined by a court in your state of legal residence?

10. Are you or were you in legal guardianship as determined by a court in your state of legal residence?

11. At any time on or after July 1, 2008, did your high school or school district homeless liaison determine that you were an unaccompanied youth who was homeless?


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12. At any time on or after July 1, 2008, did the director of an emergency shelter or transitional housing program funded by the U.S. Department of Housing and Urban Development determine that you were an unaccompanied youth who was homeless?

13. At any time on or after July 1, 2008, did the director of a runaway or homeless youth basic center or transitional living program determine that you were an unaccompanied youth who was homeless or were self-supporting and at risk of becoming homeless?


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Complete the Dependency Status questionnaire

to record your answers to these questions.


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If you answered yes to any of the questions,you’re considered

independent.


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Independent studentsprovide their own income and

asset information. Parental information is usually not necessary.*

*Some private schools may require parental information regardless of dependency status; check with your financial aid office for more information.


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Next Steps Visit www.pin.ed.gov to request

a personal identification number (PIN) for both you and, if needed, a parent; a PIN allows you to electronically sign your FAFSA

Your parent only needs a PIN if you’re a dependent student

Gather the documents you need

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Things You’ll Need

Social Security number

Driver's license

Income tax returns and investment records

Bank statements

Your alien registration or permanent resident card (if you’re not a U.S. citizen)

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FAFSA on the Web Worksheet

Check out www.fafsa.gov to print and complete a “FAFSA on the Web” (FOTW) worksheet

This will help you organize your information before completing your application

For a comprehensive practice run, fill out a FOTW worksheet before completing your application online

• under step 1 - Before Beginning a FAFSA, click FAFSA on the Web Worksheet; then choose the appropriate academic year and print the form

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Estimating College Costs

• Good news…tuition at Oklahoma state colleges and universities is considerably lower than at similar schools in other states

• Visit the “Paying for College” section at www.OKcollegestart.org to view current tuition and estimated college costs by school

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Don’t Miss Deadlines!

• FAFSA – Check with your school’s financial aid office for their priority deadlines for receipt of your processed FAFSA data

• State Aid – Check www.fafsa.gov for state deadlines, which can be as early as April 15

• Other Grants and Scholarships – Keep and review your grant and scholarship paperwork for important deadlines

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FAFSA Section 1: Info About You (The

Student) Demographic data

Citizenship

Educational background

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•Make sure your SSN is correct; if your name and SSN don’t match, your FAFSA will be rejected

•Use your full legal name, even if you go by your middle name or a nickname

FAFSA Section 1

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Some of the information you enter will carry

over from page to page

FAFSA Section 1

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Your permanent address is

where you can always be contacted

FAFSA Section 1

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Some scholarships are

granted based on your responses to these questions

FAFSA Section 1

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The best option is to choose both work-study and student loans

FAFSA Section 1

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You must answer this question so be sure to read it carefully

FAFSA Section 1

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Determines if you’ll need to provide

parental information

FAFSA Section 2: Your Dependency

Status

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Your answers to these questions determine your dependency status - refer back to your

questionnaire to review your results

FAFSA Section 2

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• If you answer yes to any of the dependency questions you’ll be considered an independent student

• The FAFSA will ask if you want to enter your parents’ information, even if you’re independent

• Some schools may require parental information regardless of your status

FAFSA Section 2

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FAFSA Section 3: Your Parents’ Information

Marital status

Household size

Income

Net worth

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If you’re a dependent student, your parent(s) must provide:

– full names and Social Security numbers

– information from tax documents for the year required by the FAFSA

Your parent(s) will need to complete the FAFSA forms

FAFSA Section 3

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FAFSA Section 4: Your Finances

Income

Net worth

Veteran’s education benefits

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This section asks the same

questions as the last section, but concerning the student’s tax

information this time

FAFSA Section 4

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FAFSA Section 5: Schools To Receive

Your Results

Federal School Codes

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This is where you’ll choose the schools that will receive your

FAFSA information

FAFSA Section 5

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• Follow directions carefully. Some sections require a response to every question, even if the answer is zero or the question doesn’t apply to you. Requirements vary by section.

• Enter the correct marital status. In order to file as married, you must be married on or before the date you complete your FAFSA.

• Apply on time. Priority is often given to students who apply as soon after January 1 as possible.

Avoid Common Errors

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• Be sure to completely read the instructions

• If you have questions during the application process, click the help link located on the bottom of each FAFSA screen

• Carefully review your FAFSA before submitting your application

• Don’t forget to sign your FAFSA

Don’t Forget

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I’ve submitted my FAFSA!

Now what?

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What Happens Next?

Student Aid Report (SAR)

you’ll get this, and the schools you listed on your FAFSA will receive something similar

this will not list the amount of financial aid you’re eligible to receive

review this form and correct any errors as soon as possible

some schools may prefer to make certain changes to your FAFSA data; check with the school for direction

Keep an eye out for any and all correspondence from the financial aid offices you submitted the FAFSA to

Remember to watch for correspondence from the admission office, too

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Expected Family Contribution

(EFC)• Your SAR will also contain an

amount called the Expected Family Contribution

• The EFC is the amount of money your family may be expected to contribute toward the cost of your education for the academic term

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Cost Of Attendance

(COA)• The COA is an estimate of a student’s educational expenses for a specific period of enrollment

• COA will include tuition, fees, books and supplies, room and board, transportation and miscellaneous expenses

• Visit www.act.org/fane to estimate costs and calculate your family’s expected financial contribution

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Financial Need• Financial need is the gap between

the COA and the student's resources

• The student’s resources include the EFC and Other Aid

• Financial aid packages are based on the amount of financial need

Cost of AttendanceEFC

-Financial Need

Other Aid

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Now What? You’ll receive a notification letter

from the schools you’ve been accepted to, either in the mail or electronically

If you receive an award letter, make sure you understand each award offered – and remember, you don’t have to accept everything offered

Go for free money first – use grants & scholarships before anything else

Next, tap into any available college savings

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Now What? If grants, scholarships and the EFC

aren’t enough to cover your school expenses, consider federal student loans

borrow only what you need to pay for school - student loans must be paid back with interest

Exhaust all federal loan options before considering “private” or “alternative” loans, which can have higher interest rates and fewer flexible repayment options

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Now What? Read everything that comes with

your award letter

Some types of financial aid require more paperwork

Be aware of requirements you need to meet to receive your financial aid

Respond to any new requests for information by the deadlines set by your school

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Q. When should I fill out the FAFSA?

A. As soon as possible after January 1

of each year you’re requesting aid.

Q. Do I have to pay for the application?

A. No! The first letter in FAFSA stands for FREE!

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Q. Is my personal information safe when I apply online?

A. Yes, www.fafsa.gov is a secure site and your information is encrypted for privacy.

Q. Whose income do I report if my parents are divorced?

A. The parent you lived with the most during the last 12 months.

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Q. How often do I complete the FAFSA?

A. Every year you need financial aid. You’ll only have to complete the full application once. After that you’ll complete a renewal application.

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The pieces are together…all we need is you.

Success!

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