Robin L. Stimac

Student Financial Aid Manager

Metropolitan Community College – Maple Woods

FAFSA

Free Application for Federal Student Aid

A standard form that collects demographic and financial information

about the student

(and their family, if applicable)

Why fill out a FAFSA?

• Financial “need” is relative to college cost (You never know…)

• The FAFSA is also the Missouri student financial aid application

• Low interest rate student loan eligibility is based on the results of the FAFSA

FAFSA allows you to apply for…•Federal Pell Grant

•Federal SEOG Grant

•TEACH Grant

•Iraq and Afghanistan Service Grant

•Federal Work-Study

•Federal Perkins, Direct Stafford and PLUS Loans

and…

FAFSA information is also used for…

• Missouri Student Aid Programs

(April 1st Deadline)

• Access Missouri Grant

• Need-based grants from many colleges/universities

• Outside & Private Scholarships

www.fafsa.gov

Website: www.fafsa.gov2014-2015 FAFSA on the Web

Became available on January 1, 2014

FAFSA4casterIf you’re not quite ready to apply for federal student aid, please check out FAFSA4caster at:

http://studentaid.ed.gov/fafsa/estimate

•FAFSA4caster gives you an early estimate of your federal aid eligibility, which will give you better insight when making college choices•Your estimated federal student aid eligibility will help you better understand the types and approximate amount of federal student aid for which you may qualify •Remember that FAFSA4caster is not an application for aid; it’s just a planning tool. When you are ready to actually apply for financial aid, you must still file the FAFSA!

Applying for PIN Numbers• In order to be able to electronically sign the

FAFSA, both the student and a parent should first apply for a PIN Number. You may apply for a PIN Number at:

www.pin.ed.gov

• By entering your PIN Number to sign the FAFSA, the student and parent certify that all information is true and accurate as of the date the FAFSA is completed and that they agree that proof of the information reported will be submitted to the Financial Aid Office, if it is required (i.e., tax transcripts, court orders, verification worksheets, etc.)

Applying for PIN Numbers (cont.)

CAUTION!• Avoid being charged a fee to file the Free

Application for Federal Student Aid (FAFSA)

• Completion and processing of the FAFSA are FREE

• If filing via FAFSA on the Web, be sure to go directly to: www.fafsa.gov

• Contact your college’s financial aid office if you need special assistance in completing the FAFSA

Be sure to gather this information first…

• Social Security Number and Date of Birth for student (and parents, if applicable)

• Student Driver’s License Number• Student’s Alien Registration

Number (if they are not a U.S. citizen)

• 2013 Federal Income Tax Returns and W-2 Forms for the student (and for their spouse, if married or for their parents, if applicable)

• Savings, investments, business and farm asset information

You are now ready to get started!

Student Demographic Information, Eligibility & School Selection Summary

• Generic directory information• Citizenship• Marital Status• Selective Service Registration• Drug Conviction Eligibility• Parent(s) educational information• High School Completion status• Name, City & State of high school where you received your

diploma• Will the student have their first bachelor’s degree before July

1, 2014?• What will be your grade level in college in 2014-2015?• Interested in being considered for Federal Work-Study?

Student’s dependency status:

• If the student responds “No” to all questions, then the student is considered dependent and must provide parental information on their FAFSA

• If the student responds “Yes” to any question, then the student is considered independent and will not be required to provide parental information on their FAFSA

Dependency Determination

Dependency Determination (continued)

• Born before January 1, 1991• Married• Working on Master’s or Doctorate Program in 2014-2015• Have children who will receive more than half of their

support from you (the student) between July 1, 2014 and June 30, 2014

• Have dependents (the student) who live with you and will receive more than half of their support from you, now and through June 30, 2015

• Currently serving on active duty in the U.S. Armed Forces for purposes other than training

• Veteran of the U.S. Armed Forces

Dependency Determination(continued)

• Since you turned 13, both your parents were deceased, you were in foster care, or you were a dependent or ward of the court (does not include incarceration)

• As determined by a court in your state of legal residence, you (the student) were considered an “Emancipated Minor” immediately before you reached the age of being an adult in your state of legal residence and can provide a copy of the court’s decision

• As determined by a court in your state of legal residence, you are (or were) considered as being in “Legal Guardianship” (this does not include your parents) and can provide a copy of the court’s decision

Dependency Determination(continued)

• On or after July 1, 2013, you were homeless or at risk of being homeless

• On or after July 1, 2013, your high school or school district homeless liaison determined that you (the student) were an unaccompanied youth (not living in the physical custody of your parents or guardian) who was homeless (lacking fixed, regular and adequate housing, which includes living in shelters, motels or cars, or temporarily living with other people because you had nowhere else to go)

Dependency Determination(continued)

• On or after July 1, 2013, did the director of an emergency shelter or transitional housing program funded by HUD determine that you were an unaccompanied youth who was homeless?

• On or after July 1, 2013, did the director of a runaway or homeless youth basic shelter or transitional living program determine that you were an unaccompanied youth who was homeless or were self-supporting and at risk of being homeless?

Parent Demographic Information

Who is a PARENT for FAFSA purposes?• Biological/adoptive parents (grandparents, foster parents, legal

guardians, older siblings, aunts or uncles are not considered parents on the FAFSA unless they have legally adopted the student). If the student’s legal parents are living & married to each other, answer the questions about both of them. NEW: If the student’s legal parents are not married and live together, answer the questions about both of them.

• If the student’s parent is widowed or single, only answer the questions about that parent. But if the widowed parent has remarried, answer the questions about that parent and the stepparent..

In cases of separation or divorce, who is the PARENT?

• Only the custodial parent’s financial information is used on the FAFSA. If the parents are divorced or separated, answer the questions about the parent that the student lived with more during the last 12 months or during the most recent year the student received support. If the student did not live with one parent more than the other, provide information about the parent who provided more financial support during the past 12 months. If that parent has remarried, his/her spouse’s (student’s stepparent) information must also be provided.

Parent Demographic Information(continued)

Parent Demographics Information(continued)

• Parents’ marital status

• Date of parents’ marital status

• E-mail address (optional)

• Parent(s) Social Security Number

• Parent(s) Last Name, First Name

• Parent(s) Date of Birth

Parent Demographic Information and Parent Tax

Information• Number of Family Members in 2014-2015• Number of College Students in the household in

2014-2015 (do not include your parents)• Did parent(s) file or will they file a 2013 income

tax return?• Select IRS Data Retrieval Tool if you have

already filed your taxes

IRS Data Retrieval Tool• The IRS Data Retrieval Tool allows students and parents to

access the IRS tax return information needed to complete the Free Application for Federal Student Aid (FAFSA) and transfer the data directly into their FAFSA from the IRS Web site

• Due to the 16-day federal government closure in October, the IRS did not open the 2014 tax filing season and begin processing individual income tax returns until January 31st

• Therefore, availability to use the IRS Data Retrieval may be delayed until mid February since the system cannot access your information until three weeks after you file your return electronically (or eight weeks after you submit a paper return)

IRS Data Retrieval Tool (continued)

• Unfortunately, not all FAFSA filers will be able to use the IRS Data Retrieval Tool. Examples of cases where the IRS DRT cannot be used include:

Student or parent are married but filed separately

Student or parent filed as Head of Household

Filed an amended tax return

Filed a Puerto Rican or foreign return

No SSN was entered on FAFSA

Students parents are not married to each other but are living together

IRS Data Retrieval Tool (continued)

• But, if you are eligible to use the IRS Data Retrieval Tool, I highly recommend you do so for several reasons:

It’s the easiest way to provide your tax data It’s the best way of ensuring that your FAFSA

has accurate tax information Utilizing the process reduces documents requested by the financial office for verification purposes

Parent Financial Information• As of today, are either of your parents a “dislocated

worker” (receiving unemployment benefits due to being laid off or losing a job and is unlikely to return to that occupation; has been laid off or received a lay-off notice from a job; was self-employed but is now unemployed due to economic conditions or a natural disaster) or a “displaced homemaker” (a person who previously provided unpaid services to the family such as a stay at home mom or dad; is no longer supported by their husband or wife, is unemployed or underemployed and is having trouble finding a job)? NOTE: If a person quits work, generally he or she is not considered a dislocated worker even if, for example, the person is receiving unemployment benefits.

Parent Financial Information (continued)

• Parent(s) Adjusted Gross Income for 2013• Amount that your parent(s) earned from working

in 2013• Parent(s) income tax for 2013• Parent(s) exemptions for 2013

Parent Financial Information (continued)

• In 2012 or 2013, did anyone in your parents’ household receive: (Check all that apply)

• Supplemental Security Income – (SSI)• Supplemental Nutrition Assistance Program – (SNAP)• Free or Reduced Price School Lunch• Temporary Assistance for Needy Families – (TANF)• Special Supplemental Nutrition Program for Women, Infants

and Children – (WIC)

Parent Financial Information (continued)

• Questions about Additional Financial Information: Education Credits -- American Opportunity or Lifetime Learning Tax Credits Child Support Paid because of a divorce or separation or as a result of a legal requirement (don’t include support for children that you previously reported in your household) Taxable earnings from need-based employment programs,

such as work-study and need-based employment portions of fellowships and assistantships

Parent Financial Information

(continued)• Questions about Additional Financial Information (cont.): * Taxable grant and scholarship aid reported to the IRS in your adjusted gross income. Includes AmeriCorps benefits (awards, living allowances and interest accrual payments) as well as grant and scholarship portions of fellowships and assistantships. * Combat pay or special combat pay (only enter the amount that was taxable and included in your adjusted gross income). Do not include untaxed combat pay. * Cooperative Education Program Earnings offered by a college.

Parent Financial Information(continued)

• Questions about Untaxed Income * Payments to tax-deferred pension and savings

plans (paid directly or withheld from earnings) * IRA deductions and payments to self employed SEP, SIMPLE and Keogh plans * Child support received for any of your children (do

not include foster care or adoption payments) * Tax exempt interest income

* Untaxed portions of IRA distributions (exclude rollovers)* Untaxed portions of pension distributions (exclude

rollovers)

Parent Financial Information (continued)

** Housing, food and other living allowances paid to

members of the military, clergy and others (including cash payments and cash value of benefits). Do not include the value of on-base military housing or the value of a basic military allowance for housing)

* Veterans non-education benefits (such as Disability, Death Pension, Dependency & Indemnity Compensation or VA Educational Work-Study allowances

* Other untaxed income not reported such as Workers’ Compensation. Disability, Black Lung Benefits

or untaxed portion of Railroad Retirement Benefits

Parent Financial Information (continued)

* Do NOT include: Student Aid, Earned Income Credit, Additional Child Tax Credit, welfare payments, untaxed Social Security Benefits, Supplemental Security Income, Workforce Investment Act educational benefits, on-base military housing or a military housing allowance, combat pay, benefits from flexible spending arrangements (e.g., cafeteria plans), foreign income exclusions or credit for federal tax paid on special fuels * Money received, or paid on your behalf (e.g., bills) not reported elsewhere

Parent Financial Information (continued)

• Total current balance of cash, savings and checking accounts • Net worth of your investments (i.e., the amount left over

after deducting the debt from the value of the investment) Investments INCLUDE:Real estate (other than the home you live in), trust funds, UGMA and UTMA accounts, money market funds, mutual funds, certificates of deposit, stocks, stock options, bonds, other securities, installment and land sale contracts (including mortgages held), commodities, etc.

Parent Financial Information (continued)

Investments also INCLUDE:Qualified educational benefits or education savings accounts (e.g., Coverdell savings accounts, 529 college savings plans and the refund value of 529 prepaid tuition plans). Please NOTE: For a student who must report parental information, the accounts are reported as parental investments, including all accounts owned by the student and all accounts owned by the parents for any member in the household. For a student who does not report parental information, the accounts owned by the student (and/or the student’s spouse) are reported as student investments.

Parent Financial Information(continued)

• Investments DO NOT INCLUDE: The home you live in, the value of life insurance, retirement plans (401[k] plans, pension funds, annuities, non-education IRAs, Keogh plans, etc.), or UGMA and UTMA accounts for which you are the custodian, but not the owner, or any cash, savings or checking accounts previously reported.

Parent Financial Information (continued)

• Net worth of your businesses and/or investment farms includes the market value of land, buildings, machinery, equipment, inventory, etc. minus any debts for which the business or investment farm was used as collateral). Do not include information for a small business if your family owns and controls more than 50% of the business and the business has 100 or fewer full-time or full-time equivalent employees Do not include information for a family farm that you live on and operate

All of the questions will be exactly the same as the ones that were

asked for parents!

Student Tax and Financial Information

FAFSA on the Web• Check to make sure that you have entered all

requested information correctly, including both the student’s (and parents’) PIN Numbers, then submit your application to Federal Student Aid Programs. Be sure to print the Confirmation Page and retain it for your records. NOTE: This is not your last step in applying for financial aid!

• Typically, you will receive the results of the federal needs analysis – your Student Aid Report (SAR) – by e-mail which will contain a direct link to the student’s online Student Aid Report (SAR) acknowledgement (or by regular mail if you do not provide your e-mail address when submitting your application) within 10 business days. Your school(s) will receive your results within 14 working days. Students with PIN Numbers may view their SAR online at www.fafsa.gov

Unusual or Special Circumstances

• After you have received your official Student Aid Report (SAR) from the Department of Education, you should discuss any unusual or special circumstances that affect your financial situation with your college’s Financial Aid Office

• Loss of income or benefits• Loss of employment or change in employment status• Divorce/Separation or death of a parent or spouse• Excessive medical bills paid out of pocket• Victim of a natural disaster• One-time lump sum distribution or income

Expected Family Contribution

• Calculated from information you provide on the FAFSA using a federal formula

• Represents the amount a student (or their family) can reasonably be expected to contribute as determined by the Department of Education, but is not what the family will actually pay to the college

Financial “Need” Formula

Cost of Attendance

- Expected Family Contribution

Gross Financial Need

Some things to REMEMBER...• Apply as early as possible but be sure to have your

FAFSA submitted before April 1st • Receive and “READ” the results of your federal

needs analysis – Student Aid Report Acknowledgment which will come via e-mail. Check to see if there are any comments or issues that need your immediate attention or that might affect your eligibility to receive financial aid .

• Completing the FASFA is just Step One in applying for financial aid!

• Contact or visit the financial aid office to see if they received your information and, if so, what you need to do next

…other things to REMEMBER• Request that your final high school transcript be

sent to your college as soon as possible after graduation

• Request that final transcripts for all college credit taken while you attended high school (i.e., course work taken for dual credit) be sent to your college as soon as possible after graduation

• Be sure to meet your school’s Satisfactory Academic Progress requirements in order to maintain financial aid eligibility

• And don’t forget…It is your responsibility to complete a “Renewal” FAFSA each year!

Please do not hesitate to contact me:

Robin L. Stimac

Student Financial Aid Manager

Metropolitan Community College-Maple Woods

Phone: (816) 604-3068

E-Mail: Robin.Stimac@mcckc.edu