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FAFSA Line by Line
Tips and Reminders to Keep YouFrom Getting LinesNovember, 2014
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What is FAFSA?
• Free Application for Federal Student Aid• Online form maintained by the U.S.
Department of Education to help measure family’s need for financial aid
• Available January 1st each year for seniors• Must be filled out each year the student is in
post-secondary education
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Today
• Screen shots in today’s presentation are from last year’s FAFSA
• No significant changes from last year
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The Starting Point
• This is what you should see• FAFSA starts with “free” – if you see a fee
request, go to www.fafsa.gov
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Login:
(Student’s Info)
First NameLast NameSSNDate of Birth
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Identifying information
• Notice the word “STUDENT” on the left: that tells whose information belongs on this screen. Later, see “PARENT”
• Of course you know your name, but …• Copy it directly from your Social Security card– Names, especially foreign or hyphenated names,
can be confusing
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Dependent or Independent Student?
• Most students are “dependent” for FAFSA purposes:– Under 24– At least one parent alive– Not married• Not a parent
– No military service experience– Not under legal guardianship
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Citizenship Status
• Checked with Department of Homeland Security and Social Security Administration
• Choices: Citizen, Eligible non-citizen, Non-citizen– Some visa classes are eligible– Some refugees and asylees
• Eligible non-citizens need green card number or immigration document number
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School Status
• Males: you must register with Selective Service even though there is no draft
• Remember to answer from the perspective of next year – usually “1st year, never attended college”
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Kansas
Best School In Kansas
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Selecting Schools
• If more than a few schools, enter state and pull down list of schools in that state
• If just one or two schools, enter name of school or location within state
• The next slide will ask where you expect to live – “on campus”, “off campus”, “with parents”
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Income Taxes
• Plan to get taxes prepared not later than first 10 days of February
• IRS Data Retrieval Tool – Three weeks after taxes filed electronically – see next slide
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• The PIN number here is the PIN number for FAFSA
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• This slide merely notifies you that you are going to the IRS web site
• Normally, just click “OK”
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***-**-2223
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IRS Data Retrieval Tool
• Enter information from tax return, which may not be the same as current information
• Entries must be the same as the tax return, or IRS will not find the information
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Dad & Mom Student***-**-2223
$59,656$1,843
$778
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IRS Data Retrieval Tool (cont’d.)
• Slide shows information that will be transferred from IRS to FAFSA
• On FAFSA, the information will show “Transferred from IRS”
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Other Income Items
• “Income tax” is the tax on the taxable income. FAFSA provides a line number reference to the tax forms
• Some but not all items from tax return• Most “Untaxed Income” has line number
references to tax forms in the “help” box on the right
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Investments - Tricky
• Do not include information about principal residence (where you live) or about retirement savings (e.g., IRA, 401(k), 403(b))
• UGMA/UTMA accounts– Include them as student investments
• 529 plans, owned by student or parent, are listed as parent investments
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Investments – Trusts
• Ask for help• Generally, trusts are included as investments• Including trusts often results in a puzzling or
counterintuitive impact
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Submission Screen
• Enter PIN numbers• Be sure to agree to conditions
• After submission, a confirmation screen• You will have the option of copying
information to another FAFSA if you have another child going to college
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FAFSA Follow-up
• In 3-5 business days an e-mail should tell you that your Student Aid Report (SAR) is available, probably with a link
• Expected Family Contribution (EFC) is on the SAR
• Data entered on the FAFSA are also reprinted
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Verification
• Congress requires verification of 30% of FAFSAs submitted
• Usually a one-page form that calls for:– Information on family – names, ages, college
attendance– Income tax information – either use IRS Data
Retrieval Tool or specify whether tax return will be filed
• Respond promptly
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Questions?