FINANCIAL AID NIGHT FAFSA WORKSHOP

October 18, 2016

• Types and sources of financial aid• Other possible financial aid

application forms• How to complete the Free

Application for Federal Student Aid (FAFSA)

WHAT WILL YOU LEARN TODAY?

*Gift Aid – Grants or scholarships that do not need to be repaid (basically a discount on the sticker price) *Federal Work Study – Money earned by the student as payment for a job on or off campus (typically deposited directly into the student’s checking account). If your student does not have a checking account, set one up soon. *Loans – Borrowed money to be paid back, usually with interest (paid directly to the school)

TYPES OF FINANCIAL AID

• Federal government

• State government

• Colleges and universities

• Private agencies, companies, foundations, and parents’ employers

SOURCES OF FINANCIAL AID

*Cal Grant A Entitlement Awards – for high school seniors and recent high school grads with a recalculated GPA of at least 3.0, family income and assets below the state ceilings, who demonstrate financial need.

*Cal Grant B Entitlement Awards – for high school seniors and recent high school grads with a recalculated GPA of at least 2.0, who come from disadvantaged or low-income families, whose family income and assets are below the state ceilings, who demonstrate financial need.

*Cal Grant C Awards – for students from low-income families pursuing vocational programs of study.

CAL GRANTSCalifornia’s Aid Program

2017-2018 Cal Grant Awards Have NOT Been

Determined

Cal Grant A Entitlement Awards CSU=$5,472 UC=$12,294 Private=$9,084

(per year, 4 max)

Cal Grant B Entitlement Awards~First year $1,670 (includes CC)~Years 2, 3, and 4 continue to receive the $1,670 plus the Cal Grant A Award

Cal Grant C Awards $547 to $2,462 (per year for two years)

2016-2107 Cal Grant Awards

TO BE ELIGIBLE FOR A CAL GRANT, THE STUDENT MUST ALSO:

*be a U.S. citizen or eligible non-citizen

*be a California resident *attend an accredited California college or university for at least half-time in 2017-2018

ELIGIBILITY FOR CAL GRANTS

March 2, 2017 is the final date to complete and submit:

1. FAFSA

2. Cal Grant GPA Verification Form (unless you opt out, this is completed by CHAMPS)

PLEASE DO NOT WAIT UNTIL THE DEADLINE TO COMPLETE THE FAFSA!!

2017-2018 CAL GRANT APPLICATION REQUIREMENTS

*Other applications (IN ADDITION TO THE FAFSA) or forms that may be required by the college:

1. CSS PROFILE (for some private colleges)

2. Institutional Scholarship and/or Financial Aid Application

3. 2015 federal tax returns (along with all schedules and W-2s) or other income documentation

OTHER TYPES OF APPLICATIONS

Federal Application for Free Student Aid

This is the ONE document that is the base for determining any allocations of state and federal money. It is the most important financial aid document that you can file.

FAFSA

FOTW is an internet application used by students and parents to complete electronic FAFSA at: www.fafsa.gov

Why use the online version?

*Sophisticated online edits and skip logic so that errors are less likely to be made

*Online help is available for each question

FAFSA ON THE WEB (FOTW)

The FSA ID is a username and password used by students, parents, and borrowers~Login to U.S. Department of Education websites~Electronically sign documents

Multiple Uses~To apply for federal student aid at fafsa.gov~To receive a federal student loan~To perform important activities as a federal student loan borrower, such as choosing a repayment plan or applying for a deferment

FSA ID

~For dependent students, at least one custodial parent will need an FSA ID in order to sign the FAFSA electronically~Student and parent(s) must have different FSA IDs~Students must create their own FSA ID~Parent must create their own FSA ID~Cannot use the same email address for both parent and student FSA IDs

FSA ID website: fsaid.ed.gov

DO PARENTS NEED AN FSA ID?

www.fafsa.govClick on “Start a New FAFSA.”

Login

Step 1 – About the Student Step 2 – School Selection Step 3 – Determining Student Dependency Status Step 4 – Parental Information for Dependent StudentsStep 5 – Student Income and Assets Step 6 – Signatures and CertificationStep 7 - Confirmation

THE FOTW7-Step Process

Step 1 - STUDENT DEMOGRAPHICS~It is important to list the student’s name exactly as it is shown on the student’s Social Security card. ~Check for transposed numbers

Important Items:~ Citizenship status~High school graduation status~Grade Level~Question regarding foster youth status

High school diploma means the student has received or will receive a high school diploma before the first date of their enrollment in college.

STUDENT ELIGIBILITY

Step 2 - School Selection

• FAFSA on the Web allows the student to list up to 10 colleges/universities that will receive his/her student and parent information.

• While in the School Selection Section, the student will be asked to enter the location and name or the federal school code for each school to which he/she wants FOTW information sent.

• If the student does not know the federal school code, enter the state in which the college/university is located and search for the federal school code by the college/university name.

• The student should list first the California school he/she is most likely to attend.

• Then list other schools to which the student is applying for admission. • The student may re-order his/her school choices.

STEP 2 – SCHOOL SELECTION

Strategies for Listing Colleges: - List a California college or university first (for Cal Grant consideration). Consider this, even if you don’t intend to apply to a school in California.

- Then list those schools with the earliest financial aid deadlines, regardless of whether they are in-state or out-of-state- If the student is applying to more than ten schools, wait for the processed Student Aid Report (SAR) and add additional schools

NOTE: Each UC and CSU campus must be listed separately

STEP 2 – SCHOOL SELECTION

Always opt for on-campus housing (unless you are 100% sure you will be living with your parents), because it is always easier to reduce a financial aid package versus adding to

it later. Please note that selecting the On Campus housing option is not an application for on-campus housing. Ask each college or

university about its application process for on-campus housing.

NO to all questions: ~Makes the student “dependent”~Must submit parent information

If you cannot enter NO for all questions, you are independent. Be prepared to provide any required documentation for proof.

STEP 3 – DEPENDENCY DETERMINATION

• Do NOT provide information on: - Foster parents or legal guardians – if the student is in foster care or has a legal guardian, he/she is automatically considered an independent student.

• Grandparents or other relatives are not considered parents unless they have adopted the student. - In this case, the student must attempt to get biological parental info- Colleges may use professional judgment to allow the student to file as an independent student

WHO IS NOT A PARENT

Marital status will determine what questions are asked of parent(s)

Who is considered a parent?- Biological or adoptive parent(s)- In case of divorce or separation, provide information about the

parent(s) with whom the student lived with the most in the last 12 months, if equal time then who provided the most financial support. This is the custodial parent.

- If parents are separated/divorced, but living in the same household, you must include both parents on the FAFSA

- If the custodial parent is remarried, you must include the step-parent’s information regardless of any agreement of “nonsupport” or prenuptial agreements.

Step 4 – PARENTAL INFORMATION FOR DEPENDENT STUDENTS

IRS Data Retrieval Tool (DRT)~Transfers information directly from the IRS

- requires FSA ID- Available after filing 2015 federal tax return

- 3 weeks after electronic filing- 11 weeks after paper filing

PARENT INCOME INFORMATION

*Some parents may be asked to report the current balances of their cash, savings, and checking accounts as of the day they complete the FAFSA.

*They may also be asked to provide information about the net value of their investments such as real estate, rental property, money market and mutual funds, stocks, bonds and other securities.

*Additionally, they may be asked questions about the net value of their businesses and investment farms.

*They should not include the home in which they live, the value of life insurance and retirement plans, or the value of a family-owned and controlled small business.

PARENT ASSETS

~ Same questions as asked of parents

~ If student did not file a tax return, they may still be asked :

- Amount earned from work- Asset information

Step 5 - STUDENT INCOME AND ASSETS

Sign and Submit (Student)-Sign with the FSA ID-Complete the Terms of Agreement

Sign and Submit (Parent)-Sign with FSA ID or printed signature page (if

parent is undocumented)

-Complete the Terms of Agreement

Click SUBMIT MY FAFSA NOW

Step 6 - SIGNATURES AND CERTIFICATION

Confirmation Page-Confirmation number-Data Release Number (DRN)-Optional feature: transfer FAFSA data-Estimated Family Contribution (EFC)

-Eligibility information (estimated) for grants and federal loans

-College information-Next steps

Step 7 - CONFIRMATION

CONFIRMATION PAGE

● After the student and custodial parent sign the online FAFSA, the website will display a Confirmation Page. Print a copy of the Confirmation Page, as it represents proof of the date the FAFSA was filed. The confirmation page will also show the student’s Expected Family Contribution (EFC), estimated Federal Pell Grant and Federal Stafford Loan eligibility, as well as the list of schools scheduled to receive FAFSA data.

● The Confirmation Page may also be used to transfer the FAFSA information into a state’s financial aid application form (Cal Grant).

● The Confirmation Page may also be used to transfer the parent’s information into the FAFSA of the student’s siblings, saving the parent some time.

● Each time a student makes FAFSA on the Web corrections, a new Confirmation Page will be available which will reflect the changes.

-Sent electronically, if valid email was provided by student

-Summarizes FAFSA information

-Displays EFC and DRN-EFC is used to determine eligibility for federal aid-DRN is used to send SAR to additional schools

Student Aid Report (SAR) and Acknowledgement

1. Students and the colleges the student listed receive Student Aid Report (SAR) from federal processor. 2. Students who complete FAFSA and Cal Grant GPA Verification Form

receive California Aid Report (CAR). 3. Students and families review SAR and CAR for important information and

accuracy of data. 4. Colleges match admission records with FAFSA and other required financial

aid forms to determine aid eligibility. 5. Colleges provide notices of financial aid eligibility to admitted students who have completed all required financial aid forms.

WHAT HAPPENS NEXT?

Some students may be required to verify the information reported on the FAFSA. *If selected for verification, the tax information of federal tax filers will be verified through submission of tax documents*Non-tax filers selected for verification may be asked to provide:

-Signed statements confirming that they did not file a 2015 federal tax return and were not required by IRS to do so

- Copies of W-2s or other income documentation from each employer, if any income was earned from work*All selected aid applicants will also be asked to verify certain demographic data listed, such as:

- Household size and number in college - Child support paid and SNAP, if reported on the FAFSA

FEDERAL VERIFICATION

• Submit all required forms by each college’s published deadlines.• Review paper SAR or SAR Acknowledgement.• Submit CSS Financial Aid PROFILE (if required).• Submit 2015 Federal Tax Returns (including W-2s and all schedules and

attachments) only if requested by schools.• Watch for financial aid award notification from colleges after admission decision.

REMINDER – Be sure to reapply for financial aid each year by your school’s deadlines for that year.

SUMMARY OF THE FINANCIAL AID PROCESS

-Allow ample time to complete the online FOTW application for submission by the deadline. -Check the FOTW for accuracy prior to submission-Save all work periodically-Sign the application using student’s and one custodial parent’s FSA IDs-Print out a copy of the FAFSA before submitting data -Keep a copy of the Submission Confirmation page

APPLICATION FILING TIPS – FAFSA ON THE WEB

*Male students who are between the ages of 18 and 25 years must be registered with Selective Service to receive federal and state aid.

*Answer “Register me” only if you are male, aged 18-25, and have not yet registered.

*The student may also register by going to: www.sss.gov

TIP - SELECTIVE SERVICE REGISTRATION

High School Completion Status – When the student begins college in the 2017-2018 school year, what will be the student’s high school completion status: • Student will be a first-time college student, regardless

of whether you took college classes as a high school student.

TIP – HIGH SCHOOL COMPLETION STATUS

High School Question: - Enter the name, city and state location of the school the student

attends (CHAMPS appears as “CHAMPS-Charter HS of Arts-Multimedia & Pe” in Van Nuys or use the school code

054046- Mark “Confirm” to retrieve the high school information- The student will select the school attended from the list provided

TIP – HIGH SCHOOL QUESTION

- Some parents may be asked to report the current balances of their cash, savings, and checking accounts as of the day they complete the FAFSA.

- They may also be asked to provide information about the net value of their investments such as real estate, rental property, money market and mutual funds, stocks, bonds and other securities.

- Additionally, they may be asked questions about the net value of their businesses and investment farms.

- They should not include the home in which they live, the value of life insurance and retirement plans, or the value of a family-owned and controlled small business.

TIP – PARENT CASH, SAVINGS AND CHECKING

Very Important! Contact the Financial Aid Office if there are circumstances which affect a family’s ability to pay for college such as: - Loss or reduction in parent or student income or assets- Death or serious illness - Natural disasters affecting parent income or assets such as the California wild fires,

floods or mudslides. - Unusual medical or dental expenses not covered by insurance. - Reduction in child support, Social Security benefits or other untaxed benefit. - Financial responsibility for elderly grandparents, or - Any other unusual circumstances that affect a family’s ability to contribute to higher

education.

TIP - SPECIAL CIRCUMSTANCES

• FAFSA ON THE WEB – Live Help • Phone 1-800-4-FED-AID (1-800-433-3243)

• Email the U.S. Department of Education at:

FederalStudentAidCustomerService@ed.gov

IF YOU NEED ADDITIONAL HELP

Don’t forget! You can also call the financial aid offices of your various colleges and universities.

DON’T CALL US - PLEASE! Call FAFSA. CALL YOUR COLLEGES. CALL YOUR ACCOUNTANT.

Good luck!

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