Financial Aid and FAFSA

Details and Reminders

• Do-it-yourself vs. private agencies• FAFSA vs. Dream Act• Your “voice” vs. Student’s on FAFSA

and other college stuff• The proper school year! (2014-15)• Be organized—this is a yearly process

• Cal Grant: March 2**• FAFSA as late as

summer• Private college

deadlines • May 1 and Intent to Enroll• Housing deadlines

Timelines and Deadlines1) 2013 Taxes2) FAFSA (IRS Data Transfer*)3) Weigh financial aid offers

from colleges accepting your child

4) Tax transcript requested*5) Accept and/or Deny aid

offers6) Complete loan promissory

notes (if chosen)7) CSS Profile (USC, Oxy)

CSS Profile

• Some colleges also require you to complete the CSS Profile to award their private scholarship financial aid

• The Profile is not free ($25*) and is only available at College Board.

• Observe the deadlines determined by the college financial aid department.

5

Cal Grant A

Low to middle income students who:

• Meet the income and asset ceilings• Have financial need

3.00 High School GPA minimum

• Used for tuition and/or fees only• Held in reserve while attending community college

AA and BA programs only

Maximum annual award amounts

CSU UC Independent

For Profit

$ 5,470/yr

$ 12192/yr

$ 9,084/yr $4,000/yr

6

Cal Grant B

Very low income students who:

• Meet the income and asset ceilings

2.00 GPA minimum

• $1473 stipend first year• Fees/Tuition plus $1473 in 2nd, 3rd, 4th yr• Available as Entitlement & Competitive Awards

AA, BA/BS and Certificate programs

Annual Awards

7

Cal Grant C

• Vocational courses, AA and certificate programs• Can be used for any related expenses

Automotive Service Technicians and Mechanics

Licensed Practical and Licensed Vocational Nurses

Carpenters Medical Secretaries

Computer Specialists, All Other Paralegals and Legal Assistants

Computer Support Specialists Police and Sheriff's Patrol Officers

Cooks, Restaurant Preschool Teachers, Except Special Education

Fire Fighters Registered Nurses

Fitness Trainers and Aerobics Instructors

 8

Cal Grant Income/Asset Ceilings

Dependent students

Independent Students

9

Family Size

Six or more 101,000 55,500

Five 93,700 51,400

Four 87,400 45,900

Three 80,400 41,300

Two 78,500 36,700

Single, No Dependents 32,000 32,000

Married, no other dependents

36,700 36,700

How do we apply for a Cal Grant?

• 1. FAFSA• 2. GPA Verification Form:

– We (Paraclete Counselors) have already gathered and submitted this form for ALL Seniors. You don’t need to do ANYTHING.

10

FAFSA Update & Overview

Application & Processing

www.fafsa.govwww.fafsa.gov

Worksheet:

2014-2015 Application ProcessingPersonal Identification Number (PIN)

Access the PIN Website

Why use a PIN?• Sign FAFSA

electronically• Access your FSA

records online• Make corrections

Who can apply?• Students• Parents

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

Using the PIN websiteRequirements: Allows the following PIN actions:

• Social Security number• Name• Date of birth• Address• Email address (encouraged)• Challenge question response

A PIN will be issued upon submitting the request.

Note: A PIN will be rejected if there is no Social Security Administration match.

• Apply for a PIN• Check PIN status• Request a duplicate PIN• Access/Update email address

and personal information• Change PIN• Disable, reestablish, activate

PIN

Note: Never ask for or give your PIN to anyone.

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

Student Aid Report (SAR)

•Received electronically or by mail,

•Summarizes FAFSA information

•Displays the EFC and DRN (upper right-hand portion on the SAR)

EFC- Expected Family Contribution; used to determine eligibility for federal aid

DRN- Data Release Number; used to send SAR to additional schools

1-800-4-FED-AID [1-800-433-3243])

Student Aid Report (SAR)

•Electronically within 3-5 days if submitted online with a valid email address

•Electronically within 2 weeks if a paper FAFSA was submitted with a valid email address

o online filers get an email from “Federal Student Aid” with subject “FAFSA Results…”

•Postal mail within 3 weeks if the FAFSA was submitted without a valid email address

Review: EFC and college costs

*College costs – EFC = financial aid need

Example

UC: $30K – 10K = 20 K financial aid packageCSU: $18K – 10K = 8 K financial aid packagePrivate: $40K – 10K = 30 K financial aid package

financial aid package: scholarships, grants, loans

*as estimated by the college

Financial aid packages•You can accept or reject any offers of aid

(loans)•You don’t have to accept loans immediately

at time of “intent to register”•See Funding Future resource for

descriptions of loans and grants, etc.•College Cost Estimates are all-inclusive and

on the high side•See the Net Price Calculator for each

school

Scholarships

•Must be reported to the university, which may reduce the institutional aid by the same amount

• Fastweb.com• Scholarships.com

FAFSA On The Web (FOTW)

FAFSA on the Web (FOTW)

Using FOTW•Ask Questions•Browse Help •Deadlines•Announcements

…and more

www.fafsa.govwww.fafsa.gov

FAFSA on the Web (FOTW)

Contact Us•Live “chat”

•(800) 433-3243

• federalstudentaidcustomerservice@ed.gov

FAFSA on the Web (FOTW)

Getting Started:

•Guidance

•PIN Status

2013-20142013 2014

Step 1:Is About the Student

Student Demographics

Check for:• Name matches student

social security card• Transposed numbers• Incorrect data on

numeric fields

Tip: Use the Help & Hints section on each page.

Simple mistakes can delay determining eligibility for aid

27

Student Demographics

Students with a high school diploma and who have never attended college must:

• Identify their high school

• Select Confirm to find a match.

• Select the school from the list or select Next to continue.

Step 2: School Selection

School Selection

Add a School• Federal School Code• Search by:

o State o Cityo Name

Housing Plans• On campus• With parent• Off campus

Step 3: Determines Student’s Dependency Status

Dependency Determination

“No” to all questions:

•makes the student “dependent”

•Must submit parent information

Note: child must be supported financially—more than 50%

Step 4: Parent Information Required for Dependent Students

Divorced or Separated

•Provide parent’s information for the parent(s) with whom the student lived with most during the last 12 months

•If the student spent equal time with both parents, use the information for the parent who provided the greatest amount of financial support for the student

Remarried Parent

Provide information about the parent and stepparent regardless of:

•Agreement of “nonsupport”•Prenuptial agreement•Divorce decree designating tax filing exemptions

Note: parent claiming the student on the tax return need not be the parent required to provide data on the FAFSA

(FAFSA dependency does not have to match taxes either)

Parent Information

Do not provide parent information for•Foster parent(s)oStudent is automatically considered an independent

student

•Grandparents, other relatives or legal guardian(s)oColleges may use professional judgment to allow

the student to file as an independent student

Parent Information

For upcoming year

•Household Size: Parent provides more than 50% financial support

•Number in College: Student enrolled at least half-time

Parent Information

Dislocated Worker

• Lost job

• Laid off

• Self-employed/ unemployed or underemployed

• Displaced homemaker

Parent Income and Asset Information

• Same questions asked of students

• Selecting a box displays additional fields to complete

Note: Asset filtering question

Step 5: Student Income and Assets

Student 2013 Income and Assets

IRS Data Transfer

•Transfer information directly from the IRS

oRequires PIN

oAvailable Feb 2nd

oAfter filing tax return

For 2012

Income Reporting and Verification

Selected students and parents must submit income and asset documentation

•Using IRS Data Transfer (unchanged) meets verification requirements for some income information

•Otherwise only an IRS Tax Return Transcript will meet verification requirements

• ID Theft updates

Student Financial Information

Students are askedthe same questionsas parents.

2011

Step 6:Signatures and Certification

Student Sign and SubmitSelect Signature Method• PIN or printed signature

page

Terms of Agreement• $$$ for education expenses

only

• Not in default on a federal student loan

• Not owe money

• Receive one Pell Grant from one college at a time

Parent Sign and SubmitSelect Signature Method• PIN or printed signature

page

Terms of Agreement• Provide documents to verify

accuracy of information

• IRS verification

Step 7:Confirmation

Confirmation Page• Confirmation #

• DRN

• Optional feature: transfer FAFSA data

• Eligibility information

• College information

• Next steps

2012-2013