Financial Aid Checklist

• Financial Aid Award Letter (FAAL): The total amount of monetary assistance a school is offering you.

• Grants: Free money from the school, state, or federal government that you do not have to repay

• Scholarships: Free money that is merit based

• Work Study: Part time jobs for students with financial need

• Loans: Federal, institutional, or private money that you have repay

• Subsidized: The loan interest is paid while you are in school so no interest is accrued

• Unsubsidized: The loan interest begins accruing immediately after you take out the loan

• Student Aid Report (SAR): A paper or electronic document that gives you some basic information about your eligibility for student aid.

• California Aid Report (CAR): An electronic document that shows an estimated Cal Grant award.

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Financial Aid Terms

Financial Aid Verification

• Definition: The process your school uses to confirm that the data you provided on your financial aid form is accurate

• Where to find if you have been tagged for verification?

• Your Student Aid Report

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Check Your School Portal

• Even if you were not tagged for verification on your SAR, you may still have to submit certain documents

• Holds and To do List

• Crucial items that you need to deal with immediately in order to register for class or other time sensitive actions.

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Most Common Holds

• Dependent Verification Worksheet

• IRS Tax Transcript

• Parent and Student

• W-2 Needed

• Proof of Non-Filing

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Dependent Verification Worksheet

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IRS Tax Transcripts

• Due to Covid-19 all transcripts must be requested online

• https://www.irs.gov/individuals/get-transcript

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IRS Tax Transcripts

• If you cannot request online, most schools are accepting copies of taxes

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W-2 Forms

• If your parents are employed by an organization or company they should receive a W-2 form from their employer.

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Request for Non-Filing (4506-T)

• Complete and mail or fax this form to the IRS.

• https://www.irs.gov/pub/irs-pdf/f4506t.pdf

• Fax

855-800-8105

• MailInternal Revenue ServiceRAIVS TeamStop 37106Fresno, CA 93888

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Accept/Decline your Awards

• All grants are automatically accepted

• You have to decide to accept/decline your loans

• Federal Direct Loan Interest Rate: 2.75%

• You can choose to accept a partial loan

• Only take out the amount that you need

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Steps to Borrow Loans

• Entrance Counseling

• If you have not previously received a loan, the Federal Government requires you to complete entrance counseling to ensure that you understand the responsibilities and obligations you are assuming. 1

https://studentaid.gov/app/counselingInstructions.action?counselingType=entrance

• How to repay, interest rates, important terms

1 Studentaid.gov

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Steps to Borrow Loans

• Master Promissory Note (MPN)

• A legal document that contains the Borrower’s Rights and Responsibilities and Terms and Conditions for repayment. 2

https://studentaid.gov/mpn/

• What Information is Needed

• Contact Information

• School Information

• References

• Terms and Conditions

2 Studentaid.gov

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Webgrants4Students

• Confirm High School Graduation

• https://mygrantinfo.csac.ca.gov/

• Confirm College Attending

• Put your Cal Grant on Hold (Leave of Absence)

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• https://www.edvisors.com/blog/financial-aid-award-letter/

• https://studentaid.gov/apply-for-aid/fafsa/review-and-correct/review#:~:text=Your%20Student%20Aid%20Report%20(SAR,to%20the%20FAFSA%C2%AE%20questions.

• https://studentaid.gov/understand-aid/types/work-study

• https://studentaid.gov/apply-for-aid/fafsa/review-and-correct#verification

• https://www.csulb.edu/enrollment-services/holds-and-do-lists

• https://www.chapman.edu/students/tuition-and-aid/financial-aid-backup/undergraduate/_files/20-21-forms/20-21-dvw.pdf

• https://www.irs.gov/individuals/get-transcript

• https://studentaid.gov/app/counselingInstructions.action?counselingType=entrance

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References

• https://financialaid.stanford.edu/loans/direct/entrance.html

• https://studentaid.gov/help-center/answers/article/master-promissory-note

• https://mygrantinfo.csac.ca.gov/

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References