11

Applying for Applying for Financial Aid Financial Aid

2006-20072006-2007

Presented by the Presented by the Minnesota State University, Mankato Minnesota State University, Mankato

Student Financial ServicesStudent Financial Services

22

What Will You Learn Today?What Will You Learn Today?

Sources and types of financial aidSources and types of financial aid

Required financial aid application formsRequired financial aid application forms

How to complete the Free Application for Federal How to complete the Free Application for Federal Student Aid (FAFSA)Student Aid (FAFSA)

Answers to your individual questionsAnswers to your individual questions

Application ProcessApplication Process

Submit the Free Application for Submit the Free Application for Federal Student Aid (FAFSA) Federal Student Aid (FAFSA) prior to your school’s deadlineprior to your school’s deadline

To ensure maximum To ensure maximum consideration for federal, state, consideration for federal, state, and institutional aid, check and institutional aid, check information from each school to information from each school to determine:determine:

Required application Required application materials materials

Application deadlinesApplication deadlines

Federal governmentFederal government

State governmentState government

Colleges and universitiesColleges and universities

Private agencies, companies, Private agencies, companies, foundations, and your parents’ foundations, and your parents’ employersemployers

Sources of Financial AidSources of Financial Aid

EXPECTED FAMILY CONTRIBUTION FOR EXPECTED FAMILY CONTRIBUTION FOR DEPENDENT STUDENTDEPENDENT STUDENT

Parent IncomeParent Income

Student IncomeStudent Income

Untaxed IncomeUntaxed Income

ExclusionsExclusions

AssetsAssets

Family SizeFamily Size

Number Attending Number Attending CollegeCollege

Types of AidTypes of Aid

Gift AidGift Aid - - Grants or scholarships Grants or scholarships that do not need to be that do not need to be repaid repaid

Work Work - Money earned by the - Money earned by the student as payment for a student as payment for a job on or off campusjob on or off campus

LoansLoans - - Borrowed money to be Borrowed money to be paid back, usually with paid back, usually with interestinterest

77

Need-Based GrantsNeed-Based Grants

Minnesota State GrantMinnesota State Grant

Maximum varies according to cost of schoolMaximum varies according to cost of school

May qualify with higher EFC than Pell GrantMay qualify with higher EFC than Pell Grant

Federal GrantsFederal GrantsPell GrantsPell Grants

- $4,050 maximum per year$4,050 maximum per year

Supplemental Educational Opportunity Grant (SEOG)Supplemental Educational Opportunity Grant (SEOG)

- $4,000 maximum per year$4,000 maximum per year

Types of Financial AidTypes of Financial Aid

Self Help AidSelf Help Aid

Loans & EmploymentLoans & Employment

Work-Study Work-Study Stafford LoansStafford Loans Direct LoanDirect Loan Perkins LoansPerkins Loans PLUS LoansPLUS Loans SELF LoansSELF Loans Alternative LoansAlternative Loans

Cost of Borrowing Cost of Borrowing Federal Stafford LoansFederal Stafford Loans

Variable Interest Rate capped at 8.25%Variable Interest Rate capped at 8.25%

Interest Rate for 7/1/2005-6/30/2006 is Interest Rate for 7/1/2005-6/30/2006 is 4.70% 4.70% (Unsubsidized Stafford, in-school rate)(Unsubsidized Stafford, in-school rate)

FAFSA Information & TipsFAFSA Information & Tips

File as soon as possible after January 1, File as soon as possible after January 1, 20062006

May use estimated 2005 income information May use estimated 2005 income information if taxes are not complete at time of FAFSA if taxes are not complete at time of FAFSA submissionsubmission

Student and at least one parent whose Student and at least one parent whose information is reported must complete and information is reported must complete and sign the FAFSAsign the FAFSA

Federal PIN Federal PIN PIN (Personal Identification Number) serves PIN (Personal Identification Number) serves as the electronic signature on ED documents as the electronic signature on ED documents

Both student and at least one parent need PINBoth student and at least one parent need PIN

May be used to:May be used to: Check on FAFSA statusCheck on FAFSA status Verify and correct FAFSA dataVerify and correct FAFSA data Add additional schools to receive FAFSA dataAdd additional schools to receive FAFSA data Change home and e-mail addressesChange home and e-mail addresses

If an e-mail address is provided, PIN will be e-If an e-mail address is provided, PIN will be e-mailed to the PIN applicant within hoursmailed to the PIN applicant within hours

Apply for student and parent PINs TODAY atApply for student and parent PINs TODAY at::

www.pin.ed.govwww.pin.ed.gov

Getting ReadyGetting ReadyBefore starting the FAFSA, gather:Before starting the FAFSA, gather: Student driver’s license Student driver’s license Student Alien Registration CardStudent Alien Registration Card Student and ParentStudent and Parent

Social Security cardsSocial Security cards

2005 W-2 Forms and other records of money earned2005 W-2 Forms and other records of money earned

2005 federal income tax form (even if not completed)2005 federal income tax form (even if not completed)

Records of untaxed incomeRecords of untaxed income

Current bank statementsCurrent bank statements

Business, farm and other real estate recordsBusiness, farm and other real estate records

Records of stocks, bonds and other investmentsRecords of stocks, bonds and other investments

Create a file for copies of all financial aid documents submittedCreate a file for copies of all financial aid documents submitted

Getting StartedGetting Started

Read all application instructionsRead all application instructions

If planning to submit the paper FAFSA:If planning to submit the paper FAFSA: Use pen with black ink Use pen with black ink

Print clearly in CAPITAL letters:Print clearly in CAPITAL letters:

Fill in ovals completely:Fill in ovals completely:

Do not leave blanks (unless directed by instructions)Do not leave blanks (unless directed by instructions)

Do not write comments or notes anywhere on formDo not write comments or notes anywhere on form

Do not use correction fluidDo not use correction fluid

1 5 E L M S T

TheThe FAFSA FAFSAA Seven-Step ProcessA Seven-Step Process

TheThe FAFSA FAFSAA Seven-Step ProcessA Seven-Step Process

Step OneStep One -- -- is about the studentis about the student

Step TwoStep Two -- -- asks for student income and assetsasks for student income and assets

Step ThreeStep Three -- -- determines student dependency statusdetermines student dependency status

Step FourStep Four -- -- requires parental information for requires parental information for

dependent studentsdependent students

Step FiveStep Five -- -- is for independent students onlyis for independent students only

Step SixStep Six -- -- allows the student to list up to six schoolsallows the student to list up to six schools

Step SevenStep Seven -- -- Certification Statement asks for signatures Certification Statement asks for signatures

and submission date of the FAFSAand submission date of the FAFSA

4 5 6 7 8 9– List the student’s name and Social Security number exactly as they appear on the Social Security card (both will be compared through a database match process)

#8 Social Security Number

S U S A N J O N E S L

#1-3 Name

8 7 0 2 0 9#9 Date of Birth

– Be careful not to write the current year for student’s date of birth

1 2 3

– Fill in the student e-mail address that will be valid at least until the student starts college

#13 E-mail Address

S J O N E S Y A H O O . C O M

#14 Citizenship Status#14 Citizenship Status

a.a. If U.S. citizen, status will be confirmed byIf U.S. citizen, status will be confirmed bySocial Security matchSocial Security match

b.b. If eligible non-citizen, status will be confirmed If eligible non-citizen, status will be confirmed by Department of Homeland Security (DHS) by Department of Homeland Security (DHS) match. This includes:match. This includes:

• U.S. permanent residents with I-551U.S. permanent residents with I-551• Conditional permanent residents with I-551CConditional permanent residents with I-551C• Eligible non-citizens with I-94Eligible non-citizens with I-94

c.c. If neither A nor B, student is ineligible forIf neither A nor B, student is ineligible forfederal/state aid, but might still be federal/state aid, but might still be

eligible for eligible for state or institutional fundsstate or institutional funds

If eligible non-citizen, write in the student’s eight- If eligible non-citizen, write in the student’s eight- or nine-digit Alien Registration Number (ARN)or nine-digit Alien Registration Number (ARN)

• Precede an eight digit ARN with a zeroPrecede an eight digit ARN with a zero

• Copy of Permanent Registration Card might be Copy of Permanent Registration Card might be requested by the financial aid officerequested by the financial aid office

0 1 2 3 4 5 6 7 8

#15 Alien Registration Number

Residency relates to the student’s permanent home stateResidency relates to the student’s permanent home state if the student is dependent, the state of legal residence is usually the state if the student is dependent, the state of legal residence is usually the state

in which the custodial parents live in which the custodial parents live

State of legal residence is also usedState of legal residence is also used – in the need calculation to determine the appropriate allowance for state in the need calculation to determine the appropriate allowance for state

and other taxes paid by that state's residentsand other taxes paid by that state's residents– to determine eligibility for state grantsto determine eligibility for state grants

C A

##18-20 Student’s State of Legal 18-20 Student’s State of Legal ResidenceResidence

Male students who are 18 years of age or older Male students who are 18 years of age or older must be registered with Selective Service to must be registered with Selective Service to receive federal and state aidreceive federal and state aid

#21-22 Selective Service Registration#21-22 Selective Service Registration

#22

– Answer “yes” only if the student is male, aged 18-25, and has not yet registered. The student may also register by going to:

www.sss.gov

Indicate the student’s most immediate degree Indicate the student’s most immediate degree or certificate objective for 2006-2007or certificate objective for 2006-2007

1

#23 Degree Objective#23 Degree Objective

#24 Grade Level

0

– Indicate the student’s grade level beginning with the 2006-2007 school year

Requirement to receive Federal and State AidRequirement to receive Federal and State Aid Home schooling may fulfill requirementHome schooling may fulfill requirement

#25 High School Diploma or GED#25 High School Diploma or GED??

– If high school senior, the answer is ‘NO’

#26 First Bachelor’s Degree?

If the student is interested in either student loans If the student is interested in either student loans or student employment, mark “yes” to each or student employment, mark “yes” to each questionquestion

– Answering “yes” does not obligate the student Answering “yes” does not obligate the student either to borrow or to work, nor will it cause the either to borrow or to work, nor will it cause the student to lose grants and scholarshipsstudent to lose grants and scholarships

– Answering “no” may restrict some options for Answering “no” may restrict some options for limited loans and work-study fundslimited loans and work-study funds

#27-28 Student Loans and Work-Study#27-28 Student Loans and Work-Study

If the student is interested in either student loans If the student is interested in either student loans or student employment, mark “yes” to each or student employment, mark “yes” to each questionquestion

– Answering “yes” does not obligate the student Answering “yes” does not obligate the student either to borrow or to work, nor will it cause the either to borrow or to work, nor will it cause the student to lose grants and scholarshipsstudent to lose grants and scholarships

– Answering “no” may restrict some options for Answering “no” may restrict some options for limited loans and work-study fundslimited loans and work-study funds

#27-28 Student Loans and Work-Study#27-28 Student Loans and Work-Study

PAGE 3 – Step One

#29-30 Parents’ Educational Level#29-30 Parents’ Educational Level

Indicate highest level of schooling Indicate highest level of schooling completed completed by biological or adoptive parents (for state by biological or adoptive parents (for state award purposes only)award purposes only)

– Use birth parents or adoptive parents - Use birth parents or adoptive parents - notnot stepparents or foster parentsstepparents or foster parents

– This definition of parents is unique to these two This definition of parents is unique to these two questionsquestions

DO NOT SKIP THIS QUESTIONDO NOT SKIP THIS QUESTION

The student should:The student should: Answer “Answer “NONO” if:” if:

•Conviction was for alcohol or tobaccoConviction was for alcohol or tobacco•Conviction was removed from record or occurred Conviction was removed from record or occurred before age 18 (unless tried as an adult)before age 18 (unless tried as an adult)

Answer “Answer “YESYES” if the student has been ” if the student has been convicted of possessing or selling illegal convicted of possessing or selling illegal drugsdrugs

#31 Drug Conviction Question#31 Drug Conviction Question

#32-45#32-45Questions are identical to those we will cover in the parents’ Questions are identical to those we will cover in the parents’ income and asset section of Step Four. In Step Two:income and asset section of Step Four. In Step Two:

– Report the student’s 2005 income and current assetsReport the student’s 2005 income and current assets

– If student is single, ignore references to “spouse” If student is single, ignore references to “spouse”

– If student is married, report spouse’s income and assetsIf student is married, report spouse’s income and assets

– Complete Worksheets A, B, and C for the student on Page 8Complete Worksheets A, B, and C for the student on Page 8

Step Two:Step Two:Student Income and Asset InformationStudent Income and Asset Information

If student is eligible for veterans’ education benefits, If student is eligible for veterans’ education benefits, report monthly amount expected. (If not applicable, report monthly amount expected. (If not applicable, answer zero)answer zero)

Number of months should equal number of months Number of months should equal number of months attending school. (If not applicable, answer zero) attending school. (If not applicable, answer zero)

For more information, contact the VA at:For more information, contact the VA at:

(800) 827-1000(800) 827-1000oror

www.va.govwww.va.gov

#46-47 Student Veterans’ Education Benefits 0 0

0

Step Three: #48-54 Determination of Dependency Status

– If the student answered “no” to all questions in this step, go to Step Four. For FAFSA filing purposes, the student is considered a dependent student and is required to provide parental information

– If the student answered “yes” to any question in this step, skip Step Four and go to Step Five. For FAFSA filing purposes, the student is considered an independent student

Step Four:Step Four:Parent InformationParent Information

See Page 7 of FAFSA instructions about See Page 7 of FAFSA instructions about who is considered a parentwho is considered a parent Biological or adoptive parent(s)Biological or adoptive parent(s) StepparentStepparent

•Regardless of any prenuptial agreementsRegardless of any prenuptial agreements

Step Four:Step Four:Parent Information (cont.)Parent Information (cont.)

Do Do notnot provide information on: provide information on: Foster parent(s)Foster parent(s)

Student is automatically considered an Student is automatically considered an independent studentindependent student

Legal guardian(s) or grandparent or other Legal guardian(s) or grandparent or other relativerelative• Must attempt to get biological parental Must attempt to get biological parental

information if guardianship ends at age 18information if guardianship ends at age 18• Colleges may use Professional Judgment to Colleges may use Professional Judgment to

allow the student to file as an independent allow the student to file as an independent studentstudent

#55 Parents’ Marital Status as of Today

#56 Month and year parents were married, separated, divorced, or widowed

M M Y Y Y Y

NOTE: This information should be provided for the parents who are required to give information for Step Four

#57-64 Father’s and Mother’s SSN, Last Name, #57-64 Father’s and Mother’s SSN, Last Name, First Initial, and Dates of Birth First Initial, and Dates of Birth

2 3 4 5 6 7 8 9 0 J O N E S

0 0 0 0 0 0 0 0 0 P A R K E R

P

M

5 9 0 5 0 3

6 0 0 7 1 9

Include in parents’ household:Include in parents’ household:• the student applying for financial aidthe student applying for financial aid

• the custodial parent(s)the custodial parent(s)

• parents’ other dependent children, if parents provide parents’ other dependent children, if parents provide more than half their support or the children could answer more than half their support or the children could answer “no” to every question in Step Three, regardless of “no” to every question in Step Three, regardless of where they livewhere they live

• other people, if they now live with the parents, other people, if they now live with the parents, andand if the if the parents provide more than half their support, parents provide more than half their support, andand will will continue to provide that level of support from 7/1/06 continue to provide that level of support from 7/1/06 through 6/30/07through 6/30/07

#65 Parent #65 Parent Household InformationHousehold Information

0 5

Always include the student even if he/she will attend Always include the student even if he/she will attend college less than half-time in 2006-2007college less than half-time in 2006-2007

Include other household members from #65 only if Include other household members from #65 only if they will attend at least half time in 2006-2007 in a they will attend at least half time in 2006-2007 in a program that leads to a college degree or certificate program that leads to a college degree or certificate

Always exclude parentsAlways exclude parents

NOTE:NOTE: Some financial aid offices will require proofSome financial aid offices will require proofthat other family members are attending collegethat other family members are attending college

#66 Family Members Attending College#66 Family Members Attending College

2

Question #67: Indicate the two-digit state Question #67: Indicate the two-digit state code for parents’ permanent address code for parents’ permanent address

If the answer to #68 is “no,” in Question If the answer to #68 is “no,” in Question #69, enter the month and year residency #69, enter the month and year residency began for the parent who has been a legal began for the parent who has been a legal resident of that state the longestresident of that state the longest

#67-69 Parents’ State of Legal Residence#67-69 Parents’ State of Legal Residence

C A

M YYM Y Y

Step Four:Step Four:Parent Income and Asset InformationParent Income and Asset Information

If the answer to any question is zero or the If the answer to any question is zero or the question does not apply, enter 0:question does not apply, enter 0:

Report whole dollar figures:Report whole dollar figures:

Recommendation: If parents have not filed Recommendation: If parents have not filed their 2005 federal tax return, use W-2 forms their 2005 federal tax return, use W-2 forms and/or other employment records to estimate and/or other employment records to estimate total income total income

PAGE 5 – Step Four

,$ 0

1 2 $ 3 5 6 (no cents),

Indicate parents’ current tax filing status for 2005Indicate parents’ current tax filing status for 2005

Which tax return did or will parent(s) file for 2005?Which tax return did or will parent(s) file for 2005?

Even if parent(s) did not file a 1040A or 1040EZ, read Even if parent(s) did not file a 1040A or 1040EZ, read the instructions to see if they would have been the instructions to see if they would have been eligible to do soeligible to do so

#70-72 Parent Tax Return Filing Status for #70-72 Parent Tax Return Filing Status for 20052005

#70

#71

#72

If parents have not yet filed their 2005 federal tax return information, it is okay to If parents have not yet filed their 2005 federal tax return information, it is okay to estimateestimate information for these questionsinformation for these questions

If parents have completed their 2005 federal tax return, use 2005 tax return information to fill out If parents have completed their 2005 federal tax return, use 2005 tax return information to fill out Questions #73-75. Pay attention to specific line-itemsQuestions #73-75. Pay attention to specific line-items

Reminder:Reminder: If the answer is zero or the question If the answer is zero or the question does not apply, enter 0does not apply, enter 0

#73-75 Parent Income and Tax Information#73-75 Parent Income and Tax Information

4 5 2 5 0

2 1 3 0

0 5

This figure is often different than the adjusted This figure is often different than the adjusted gross income figure on the parent tax return. gross income figure on the parent tax return. Use W-2 forms and other records to list all Use W-2 forms and other records to list all income in 2005 income in 2005 earned from workearned from work (including (including income earned from self-employment)income earned from self-employment)

#76-77 Money Earned from Work by Parent(s)#76-77 Money Earned from Work by Parent(s)

4 0 5 0 0

1 3 2 0 0

#78 Worksheet A: Untaxed Income & Benefits

– To answer, carefully complete the right column of Worksheet A (Page 8 of instructions)

NOTE: Students should keep a copy of the worksheet because the financial aid office may request a copy

1 2 5 0

1 2 5 0

#79 Worksheet B: Untaxed Income & Benefits

1 7 0 0

6 2 0 0

5 0 0

8 4 0 0

0

#80 Worksheet C: Exclusions to Income

1 2 5 0

8 4 0 0

0

Totals from Worksheets A, B, and C should be entered in Questions 78, 79, and 80 on Page 5 of the FAFSA

#81-83#81-83 List the net value of parent assets as of the day the FAFSA List the net value of parent assets as of the day the FAFSA

is completedis completed

If net worth is one million dollars or more, enter If net worth is one million dollars or more, enter

Step Four:Step Four:Parent Asset InformationParent Asset Information

,$ 9 9 9 9 9 9

– If net worth is zero, enter 0 (do not leave blank) ,$ 0

NOTE: Some financial aid offices may request supporting documentation for the answers to these questions

Report the current balance of cash, checking Report the current balance of cash, checking and/or savings accounts as of the day you and/or savings accounts as of the day you complete the FAFSAcomplete the FAFSA

#81 Parent Asset Information (cont.)

2 1 5 5

Net WorthNet Worth means current value minus debt means current value minus debt InvestmentsInvestments include:include:

real estate (other than parents’ home)real estate (other than parents’ home)

trust fundstrust funds

money market and mutual fundsmoney market and mutual funds

certificates of depositcertificates of deposit

stocks and stock optionsstocks and stock options

bonds and other securitiesbonds and other securities

Coverdell IRAs Coverdell IRAs

college savings plans including 529(c) plans for parents and all college savings plans including 529(c) plans for parents and all children including the student applicantchildren including the student applicant

installment and land sale contractsinstallment and land sale contracts

commodities, etc.commodities, etc.

#81-83 Parent Asset Information (cont.)

5 0 0 0

0

7 9 0 0

Business/Investment FarmBusiness/Investment Farm includes: includes:

market value of land, buildings, machinery, equipment, and market value of land, buildings, machinery, equipment, and inventory. Debt means only those debts for which the inventory. Debt means only those debts for which the business was used as collateralbusiness was used as collateral

#81-83 Parent Asset Information (cont.)

NOTE: DO NOT include the home you live in, the value of life insurance and parent retirement plans (pension funds, annuities, non-education IRAs, Keogh plans, etc), or the value of any prepaid tuition plans

5 0 0 0

0

7 9 0 0

#84#84 Complete this step only if the student Complete this step only if the student

answered “yes” to any question in Step Three answered “yes” to any question in Step Three (Questions 48-54)(Questions 48-54)

Include in the student household:Include in the student household:the student (and spouse if there is one)the student (and spouse if there is one)

student’s children, if the student will provide more than half student’s children, if the student will provide more than half their supporttheir support

other people, if they now live with the student and the student other people, if they now live with the student and the student provides more than half their support, and will continue to provides more than half their support, and will continue to provide that level of support from 7/1/06 through 6/30/07provide that level of support from 7/1/06 through 6/30/07

Step Five: (Independent Students)Step Five: (Independent Students)Household InformationHousehold Information

#85#85 Count the student even if he/she will attend Count the student even if he/she will attend

college less that half-time in 2006-2007college less that half-time in 2006-2007

Include others counted in #84 only if they will Include others counted in #84 only if they will attend at least half-time in 2006-2007 in a attend at least half-time in 2006-2007 in a program that leads to a college degree or program that leads to a college degree or certificatecertificate

Step Five: (Independent Students)Step Five: (Independent Students) Family Members Attending CollegeFamily Members Attending College

0 0 1 1 1 7 P A INDEPENDENT UNIVERSITY

COMMUNITY COLLEGE ABC

STATE UNIVERSITY

UNIVERSITY IN ARIZONA

M A

L A

A Z

0 1 2 3 4 5

0 2 3 4 5 6

0 3 4 5 6 7

Step Six:#86-97 School Information

Step Six:Step Six:School Information (cont.)School Information (cont.)

#86-97#86-97 List up to six schools to which the student is applyingList up to six schools to which the student is applying

For faster and more accurate processing, write in For faster and more accurate processing, write in both the Title IV school code and the school nameboth the Title IV school code and the school name

Check with each college’s financial aid office, the Check with each college’s financial aid office, the student’s high school counselor, or the U.S. Department student’s high school counselor, or the U.S. Department of Education’s website ( of Education’s website (www.fafsa.ed.govwww.fafsa.ed.gov) for a listing of ) for a listing of

federal school codes of the colleges to which the student federal school codes of the colleges to which the student is applying is applying

Select the housing plan that best describes the type Select the housing plan that best describes the type of housing the student expects to live in while of housing the student expects to live in while attending each listed schoolattending each listed school

Step Six:Step Six:

In Questions #88–97, list those schools with In Questions #88–97, list those schools with the earliest financial aid deadlinesthe earliest financial aid deadlines

If the student is applying to more than six If the student is applying to more than six schools, wait for the processed Student Aid schools, wait for the processed Student Aid Report (SAR) and add additional schools via Report (SAR) and add additional schools via the Web or by phone the Web or by phone

Strategies for Listing Colleges

School Information (cont.)

#98 Expected Enrollment Status at the #98 Expected Enrollment Status at the start of 2006-07 academic yearstart of 2006-07 academic year

Provide information about the college the student Provide information about the college the student is most likely to attendis most likely to attend

• If in doubt, report “Full-time”If in doubt, report “Full-time”

– Read the statement in Step Seven before submitting the FAFSA– Fill in the date the student and parent completed the FAFSA

– Student and at least one parent must sign the FAFSA – If submitting FAFSA on the Web, the student and at least one parent

must provide their own individual PINs

– Be cautious about paying someone to complete the FAFSA– You can do it!

#99-100 Read, Sign, and Date

0 2 1 5

Student Signature

Parent Signature

TYPES OF FAFSAsTYPES OF FAFSAsTYPES OF FAFSAsTYPES OF FAFSAs

FAFSA on the WebFAFSA on the Web

Paper FAFSA

FAFSA ON THE WEBFAFSA ON THE WEB

Internet application used by students and Internet application used by students and parents to complete electronic FAFSA at parents to complete electronic FAFSA at

www.fafsa.ed.govwww.fafsa.ed.gov

Processed more quickly than paper versionProcessed more quickly than paper version

Sophisticated on-line edits so that errors are Sophisticated on-line edits so that errors are less likely to be madeless likely to be made

Student and at least one custodial parent should Student and at least one custodial parent should get a federal PIN at get a federal PIN at www.pin.ed.govwww.pin.ed.gov

5757

Application Filing TipsApplication Filing Tips FAFSA on The WebFAFSA on The Web

Gather necessary documents ahead of timeGather necessary documents ahead of time

Complete a FAFSA on the Web Worksheet available at Complete a FAFSA on the Web Worksheet available at www.fafsa.ed.govwww.fafsa.ed.gov

Allow ample time to complete form for submission by deadlineAllow ample time to complete form for submission by deadline

Check the FAFSA for accuracy prior to submissionCheck the FAFSA for accuracy prior to submission

Save all work periodicallySave all work periodically

Sign the application using student and at least one parent’s PINSign the application using student and at least one parent’s PIN

Print out a copy of the FAFSA before submitting data Print out a copy of the FAFSA before submitting data

Student Aid Report (SAR)Student Aid Report (SAR)

Regardless of whether student uses FAFSA on the Regardless of whether student uses FAFSA on the Web or submits a paper FAFSA, a SAR will be sent to Web or submits a paper FAFSA, a SAR will be sent to the student the student

– An electronic SAR will be sent if student provides an email An electronic SAR will be sent if student provides an email addressaddress

– A paper SAR will be mailed if no student e-mail address is A paper SAR will be mailed if no student e-mail address is provided provided

An electronic copy will be sent to each college or An electronic copy will be sent to each college or university listed by the student in Questions 86-97university listed by the student in Questions 86-97

5959

What Happens Next?What Happens Next? Students Students andand colleges receive Student Aid Report colleges receive Student Aid Report

(SAR) from federal processor(SAR) from federal processor

Students and families review SAR for important Students and families review SAR for important information and accuracy of datainformation and accuracy of data

Colleges match admission records with financial Colleges match admission records with financial

aid applications and determine aid eligibilityaid applications and determine aid eligibility

Colleges mail notices of financial aid eligibility to Colleges mail notices of financial aid eligibility to

admitted students who have completed all admitted students who have completed all required financial aid formsrequired financial aid forms

6060

Special CircumstancesSpecial Circumstances

Contact the Financial Aid Office if there is:Contact the Financial Aid Office if there is: Loss or reduction in parent or student income or Loss or reduction in parent or student income or

assetsassets Death or serious illnessDeath or serious illness Unusual medical or dental expenses not covered by Unusual medical or dental expenses not covered by

insuranceinsurance Reduction in child support, social security benefits or Reduction in child support, social security benefits or

other untaxed benefitother untaxed benefit Financial responsibility for elderly grandparentsFinancial responsibility for elderly grandparents Any other unusual circumstances that affect a Any other unusual circumstances that affect a

family’s ability to contribute to higher educationfamily’s ability to contribute to higher education

Summary of the Summary of the Financial Aid ProcessFinancial Aid Process

Submit all required forms, including FAFSA, by each college’s Submit all required forms, including FAFSA, by each college’s published deadlines published deadlines

(insert any special state deadlines)(insert any special state deadlines)

Keep a copy of all forms submittedKeep a copy of all forms submitted

Review the electronic Student Aid Report (SAR) Review the electronic Student Aid Report (SAR) Acknowledgement or the paper SAR sent to the studentAcknowledgement or the paper SAR sent to the student

Watch for financial aid award notifications from colleges to which Watch for financial aid award notifications from colleges to which the student has been admittedthe student has been admitted

Be sure to apply for financial aid this year and every year as Be sure to apply for financial aid this year and every year as soon as possible after January 1 to receive the best financial aid soon as possible after January 1 to receive the best financial aid award possibleaward possible

ASK QUESTIONS!ASK QUESTIONS!

Questions and Answers