Office of Student Financial Office of Student Financial AssistanceAssistance

Agenda – The FAFSA and Agenda – The FAFSA and BeyondBeyond

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How to file the FAFSA and get a PINTips for completing the FAFSAStudent Aid Report (SAR)CorrectionsIRS Data Retrieval ToolVerificationProfessional Judgment

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The FAFSAThe FAFSAFree Application for Federal Student AidFree Application for Federal Student Aid

How to file the FAFSAHow to file the FAFSA4

Online (preferred) FAFSA on the Web www.fafsa.gov

Paper Call Federal Student

Aid Information Center and request

800-4-FED-AID

How to get a PINHow to get a PIN5

Students and parents must both apply for a Personal Identification Number, or PIN, at www.pin.ed.gov

Tips For Completing a FASFATips For Completing a FASFA 6

Frequent FAFSA ErrorsParent and student Social Security NumbersStudent name invertedMarital statusIncome earned by parents/stepparentsU.S. Income Tax paidAssets (cash, savings, investments, business, real

estate etc.)Household sizeNumber of household members in collegeChild support paid out

Tips When Completing a FASFATips When Completing a FASFA 7

How to not make those mistakesTake your time and readUse the help box in FOTWType the SSN and names correctly Step-parent information must be

included if parent used on FAFSAis re-married

If estimating, report taxes paid as $0

Don’t include parents as in collegeDon’t report child support paid and

list recipient in household

SARSAR8

A Student Aid Report (SAR) is a list of everything reported on the FAFSA.

Paper or electronicShould be reviewed for

accuracy (unless initially estimated information)

Can be used to make corrections

CorrectionsCorrections9

Students should only correct information that was reported

incorrectly when he or she completed the FAFSA.

CorrectionsCorrections10

Many students in West

Virginia use estimates

when completing the FAFSA. They should

always make a correction

once the most current taxes

are filed.

Submitting CorrectionsSubmitting Corrections11

Updating and mailing paper SAR

Using FOTW Most common and efficient

Through financial aid offices Can get help making the

correction online Completing the standard

Verification process Once Verification is completed,

any future corrections must go through the financial aid office.

How to make corrections

Submitting Signature Submitting Signature CorrectionsCorrections

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Often families complete FOTW before applying for a PIN and cannot sign

Once a PIN has been authenticated, sign online using Corrections of the WebSign a paper SAR or print a signature page online and mail to address on formMarshall has an internal signature form, which allows the financial aid office

to make the signature correction The FAFSA Signature Page can be found at www.marshall.edu/sfa under the Forms & Applications

tab then under Verification

Correcting Estimated Tax InfoCorrecting Estimated Tax Info13

We encourage families to submit updated tax information by using

IRS Data Retrieval Tool

Not using this tool can make it more difficult to complete the Verification Process later

IRS Data RetrievalIRS Data Retrieval14

Was implemented in 2010-11Pulls tax data directly from IRS and,

therefore, is more accurateStudents completing 2013-14 FOTW

will be able to utilize this beginning Feb. 3, 2013.

IRS Data RetrievalIRS Data Retrieval15

FOTW includes logic to determine if applicant is eligible to use IRS Data Retrieval

Applicant’s response will take him or her to the IRS system or provide a message that the applicant should use own figures

Graphic provided by NASFAA 2011

IRS Data RetrievalIRS Data Retrieval

Reasons tool can’t be used:

Return was filed within 3 weeks electronically or 8 weeks by mail

Filing status was married filing separate

An amended tax return has been filed

A Puerto Rican or foreign tax return was filed

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According to IRS, 70% of applicantsare expected to be able to use this

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VerificationVerification

VerificationVerification18

Process by which the Department of Education (ED) through the financial aid office confirms that information

provided by students and families on the FAFSA is accurate

Students can be selected for this process by ED or the university

VerificationVerification19

Selection is part random and part targeted Pell eligible students

Not every student selected will have to submit the same documentation beginning 2013-14

Process is more tailored than in past May have to verify one item complete standard

Verification Each institution will have its own procedures and forms Should contact institution completing process with

concerning questions

VerificationVerification20

Items that could be verified include but not limited to:Number of people in household and in collegeIncome for tax filers and non-tax filers

IRS Data Retrieval or Tax Return Transcript

Certain untaxed income itemsEducation CreditsChild support paid outReceipt of Supplemental Nutrition Assistance Program

(SNAP)Identity/Statement of Educational PurposeHigh School Completion Status

VerificationVerification21

Documentation/forms that could be required by Marshall include, but not limited to:Verification worksheetIRS Tax Return TranscriptAsset FormChild Support FormReceipt of Supplemental Nutrition Assistance

Program (SNAP) documentsClarification of other information reported

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Professional Professional JudgmentJudgment

Professional JudgmentProfessional Judgment23

Specifically, changes in financial situation

Can appeal to change FAFSA data to more accurately reflect current financial circumstances

Complete Appeal for Income Reduction and provide documentation to support reason for appeal or next years tax return Form can be printed at www.marshall.edu/sfa under

Forms & Applications tab then click Appeal Forms Standard Verification process must be completed first

Professional JudgmentProfessional Judgment24

Reasons include:

Entire process can take minimum of 6 weeks fromsubmission of verification to processing of appeal.Additional aid can take at least another 2 weeks to pay in full.

Unemployment or loss of wagesLoss of untaxed income

Child support

Member of family is deceased, disabled or retired

Parent or student becomes separated or divorced

Student Financial Assistance Student Financial Assistance Contact Information Contact Information

Office Location:Old Main, Room 116

Phone: (304) 696-3162 Fax: (304) 696-3242

Email:sfa@marshall.edu

Website:www.marshall.edu/sfa

Office Location:Old Main, Room 116

Phone: (304) 696-3162 Fax: (304) 696-3242

Email:sfa@marshall.edu

Website:www.marshall.edu/sfa