fafsa 101 for the 2014-2015 academic year raul hinojosa jr. director, community engagement the...
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FAFSA 101 for the 2014-2015 Academic Year
Raul Hinojosa Jr. Director, Community Engagement
The University of Texas at Dallas
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Agenda1 Introduction to FAFSA
2 Applying Online
3 After Completing the FAFSA
4 Applying for State Financial Aid
5 Q & A
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What is FAFSA?
Apply for most types of federal
and state aid
Collects information to
calculate student’s EFC
Available in English & Spanish
Online, Paper and PDF
Produced by U.S. Department of
Education
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If you might need money for college you should apply for financial aid
Why Apply for FAFSA?
No cost to apply States and schools rely on the FAFSA
for awards
Change in family financial
circumstances might
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Am I Eligible?
U.S. citizen, U.S. national or an
eligible non-citizen
Social Security Number
High school diploma or GED
Registered with U.S. Selective Service
(male aged 18-25)
Use federal aid for educational
purposes
Not owe refunds on any federal student
grants
Not defaulted in any student loans
Not guilty of sale or possession of illegal drugs –federal aid
was received
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Applying Onlinewww.fafsa.gov
The 2014-2015 FAFSA on the web will be available January 1, 2014.
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There are several benefits to applying electronically:• Built-in edits to help prevent costly errors• Simplification: Skip-logic allows student and/or parent
to skip unnecessary questions • Immediate submission of original application and any
necessary corrections • More detailed instructions than space allows on the
paper • FAFSA Ability to check application status on-line• Simplified application process in subsequent years
FAFSA on the Web
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Complete the FAFSA in 5 Steps
1. Gather Materials2. Get a PIN3. Fill It Out4. Sign & Submit5. Follow Up
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Gather Materials
• Social Security Card• Driver’s license• W2 forms and tax returns • Bank statements• Parent’s information (if you are
dependent student)
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• You and one parent can register for a Personal Identification Number (PIN) at www.pin.ed.gov
• Not required but speeds processing
• May be used by students and parents throughout aid process and in future years
Get a PIN
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Fill It Out
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Section 1 collects general information • Social Security Number• Citizenship status• Drug convictions• Selective Service registration (for males only)• Additional Information Requested
College and housing information
FAFSA on the Web (FOTW) Worksheet
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• Section 2 collects information to Determine dependency status
FAFSA on the Web (FOTW) Worksheet
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• Section 3 collects parental information Tax, income, and
other financial information
Dislocated worker status
Assets
FAFSA on the Web (FOTW) Worksheet
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• Students completing a 2014–15 FOTW will be able to utilize IRS Data Retrieval beginning February 2014
• Participation is voluntary• Reduces documents requested by financial aid office• Data available in English and Spanish• IRS data available within several days for electronic filers or
several weeks for paper tax filers
IRS Data Retrieval
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IRS Data Retrieval
ManuallyEntering
IRSData
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Section 4 collects student information • Tax, income, and other financial
information• Dislocated worker status• Assets
FAFSA on the Web (FOTW) Worksheet
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FAFSA on the Web (FOTW) Confirmation Page
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• Parent and student 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• Real estate and investment net worth
Common FAFSA Mistakes
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• Print a copy of your answers from the Sign and Submit page
• Review for errors• Enter your PIN to serve as your electronic signature• Click Submit• Review information about the schools you’ve selected
and a possible estimate of your financial aid and eligibility
Sign & Submit
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Follow Up
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• Summarizes the information on your FAFSA• Sent electronically or in paper form after your FAFSA is
received• Review for accuracy and correct any errors as soon as
possible• Will not list the amount of financial aid you’re eligible
to receive• The schools listed on your FAFSA will also receive a
summary
Student Aid Report (SAR)
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• Your financial aid office will request further documentation if you’re selected
• Students will be asked to provide an IRS Transcript to verify their income tax information
• Visit IRS.gov and Search on tax transcript or call 800.908.9946 to request an IRS transcript
• Complete Form 4506-T to have a tax transcript sent to a school or a different address
Verification
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• Expected Family Contribution (EFC) Will appear on SAR Based on the information provided on your FAFSA, such as
income, assets and family size Same amount at every college
• Cost of Attendance (COA) An estimate of the total educational expenses for a specific
enrollment period Includes average tuition, fees, books and supplies, room
and board, transportation and miscellaneous expenses COA may be different at each school
EFC and COA
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• The difference between the Cost of Attendance (COA) and the Expected Family Contribution (EFC)
• School determines financial need based on data from your SAR• Financial aid awards are based on your financial need
Financial Need
Cost of Attendance-Expected Family Contribution
- Other AidFinancial Need
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Need-based aid• Based on your financial situationMerit-based aid• Based on special abilities, accomplishments,
career paths, grades, hobbies, etc. (not based on financial need)
Aid Types
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Based on the Need, a student will receive a Financial Aid Package consisting ofdifferent forms of assistance
Gift (Free) Aid– Grants– Scholarships
Self-Help Aid– Work Study– Loans
Aid Types
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Example:
COA – EFC = Need$14,000 - $5,000 = $9,000 Need
Sample Financial Aid PackageInstitution scholarship $1,500State grant $3,500Work study $2,500Federal Loan $1,500
Total: $9,000
Students DO NOT have to accept the entire financial aid package. They canselect the types of aid they want and seek additional funding elsewhere.
Aid Types
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• Sent by schools that have accepted you and received your financial aid paperwork• Lists types and amounts of aid you’re eligible
for; you don’t have to accept everything offered• Submit any requested information to your
school by the required deadline
Award Letter
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Applying for State Financial Aid
(For students who are not eligible to complete a FAFSA due to citizenship status)
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• Some states allow undocumented students to receive in-state tuition and some allow students to receive state financial aid.
• Other states are more restrictive to students in this situation.
• Students should check to see what the law is in their state by checking with their university or college.
• Students should not complete a FAFSA if they do not qualify. Students who have a SSN because of deferred action status are not eligible for federal aid but may qualify for state financial aid.
Eligibility for State Financial Aid
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Contact Us
SHPE Foundation1444 Duke St.Alexandria, VA 22314
Danielle Carneiro Program [email protected] ext. 202
Stacie FreasierProgram [email protected] 703-373-7930 ext. 204
Ariadna Mahon-SantosProgram [email protected] ext. 203