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FAFSA

Fundamentals

2020-2021

Start Here

FSA ID

Click Submit

Financial Aid

• Money used to help pay college expenses

• Grants, work-study, student loans, scholarships

• Almost every student is eligible for some type of financial aid

• Students must apply every year they will need aid for educational expenses

• A lot of schools require students to fill out the FAFSA before they can receive their scholarships. (UCO, student athletes)

Apply for Financial Aid

FAFSA

• Free Application for Federal Student Aid

• The first step in applying for financial aid

• Complete as soon as possible after October 1

• One application for most types of federal and state

financial aid

Apply for Financial Aid

• Always use

FAFSA.gov

• Never pay to file

the FAFSA

• Use FAFSA4caster

to estimate

eligibility

• Remember Oct. 1

FAFSA Online

• Faster processing time

• Save and return to your application at a later time

• Tool Tips are provided throughout the application

• Built-in error catcher means fewer delays

• Electronically sign using your FSA ID

FSA ID

• Federal Student Aid ID

• Username and password

• Student and one parent must each create their own

• Will be used every year to:• Electronically sign FAFSA

• Complete student loan paperwork

• Login to U.S. Department of Education websites

Using Your FSA ID

• FAFSA.gov• Electronically sign your

your (or your child’s) FAFSA

• Import tax information information from IRS

• NSLDS.ed.gov• View history of federal

student aid• Look up loan servicer

contact information

• StudentLoans.gov• Complete entrance and

exit counseling• Electronically sign MPN• Access Repayment

Estimator

• TEACH-ATS.ed.gov• Sign TEACH Grant

Agreement to Serve

Creating an FSA ID

• Visit fsaid.ed.gov

• Create your FSA ID before beginning the FAFSA

• Allow 7-10 minutes to set up each FSA ID

• Manage your FSA ID here as well

Creating an FSA ID

• Use an e-mail account that you can access easily

• Don’t use a school issued e-mail account

• Don’t use your name or date of birth in password

• Select Show Text to see what you’re typing

Creating an FSA ID

• Enter personal information

• First Name

• Middle Initial

• Last Name

• Date of Birth

• Social Security Number

• Be sure to accurately accurately enter your information

Creating an FSA ID

• Add e-mail address

• Provide phone numbers and mailing address

• Receive secure code via text message or e-mail to reset password, retrieve username, or unlock unlock account

Creating an FSA ID

• Challenge questions allow you to unlock your account or reset your username and password

• Select all questions from a dropdown menu

Creating an FSA ID

• Review and confirm information

• Make necessary changes now

• Review and agree to the terms and conditions of using your FSA ID

Creating an FSA ID

• Verify the e-mail account you provided

• Receive an e-mail with a secure code

• Subject line: Important: Your FSA ID E-mail Validation –Action

• Enter the secure code on this screen

Creating an FSA ID

• Verify the phone number you provided as well

• Receive a text message with a secure code

• Enter the secure code on this screen

360062

Creating an FSA ID

• Students can complete, sign and submit a new FAFSA

immediately

• Information matches take 1-3 days

• Cannot make FAFSA corrections or sign student loan

paperwork until information matches are complete

The

FAFSA

Process

FSA ID

Complete!

FAFSA.gov

Click Submit

Login Student

Demographics

FAFSA Sections

School

Selection

Dependency

Status

Parent

Demographics

Financial

Information

Sign &

Submit

Confirmation

FAFSA Login

FAFSA 2020-2021

START 2020-2021 FAFSA

FAFSA 2020-2021

START Student’s 2020-2021 FAFSA

Student Demographics

• List name exactly as it is on your Social Security card

• Remember to use a personal email address

• Tool Tips provide

additional information

?

Selective Service

• 18 year old males must register with Selective Service to receive financial aid

• Students may register through the FAFSA

High School Name

• Search by name or city and state

• If you have a high school diploma, you must list your high school

School Selection

• Enter state, then search by city or school name

• Enter six-digit school code

• Select schools and click Add

• Send FAFSA to up to 10 colleges

School Selection

• Click View College Info to

compare schools

School Comparison

• Compare

• Location

• Tuition and fees

• Graduation rates

• College websites

Housing Plans

• Select a housing plan for each school

• On campus

• Off campus

• With parent

Dependency Status

• List marital status as of the day you submit the FAFSA

• Dependent

must provide parental information

• Independent students aren’t

required to provide parental information

Special Circumstances

• Dependent students who are unable to provide their parent info due to special circumstances may choose ‘I am unable to information my parent(s)’


• It’s highly recommended that you speak to your college’s Financial Aid Office

• School procedures will vary

• May only qualify for an unsubsidized student loan


• Change in income

• Change in employment status

• Unusual medical expenses not covered by insurance

• Changes in parent marital status

• Unusual dependent care expenses

• Unable to obtain parent information

Who is the Parent?

Legal Parent

• Biological parent

• Adoptive parent

• Person the state has determined to be a student’s parent

Not a Legal Parent

• Grandparent

• Foster parent

• Legal guardian

• Older sibling

• Aunt or uncle

Reporting Parent Information

•If your parents are legally separated or divorced•List the parent you lived with the most during the last 12

months

•Lived with both parents equally; list the parent who provided the most financial support in the last 12 months

•Divorced parent is remarried•List parent and step-parent

•Parents are unmarried, but living together•List information for both parents

Parent Demographics

• Parent’s first initial and last name as on SS card

• Name and date of birth will be verified with Social Security Administration

Defining Household

• Included in household size

• Student

• Student’s parent(s) listed on FAFSA

• Other children supported by parent(s)

• Other people supported by parent(s)

• Use the Tool Tips to determine your Household Size

Parent Income

• Use 2018 tax information

• Select tax filing status

• Already completed

• Will file

• Not going to file

• If Already completed, Link IRS or enter tax

figures manually

For 2018, have your parent completed their IRS income tax return or another tax return?

IRS Data Retrieval Tool

• IRS sends tax data directly to FAFSA

• Participation is voluntary, but strongly recommended

• Reduces documents requested by financial aid office

and speeds up awarding process

• Due to increased security measures, transferred data

will not show on screen

• Financial aid office must make any changes to

transferred data


t

JAMES

Giraffe

Married-Filed Joint Return

05/14/1978

***-**-5555

19 G Wayne Street

19 G Wayne Street

Parent Income

• Adjusted gross income

• Income earned from work

• Federal benefit programs

Parent Income

• Education credits

• Child support paid

• Combat pay

• Untaxed income

• Child support received

• Housing, food, living allowances

• Tax exempt interest

• Payments to tax-deferred pension and retirement savings plans

• Veterans non-education benefits

Student Income

• Type of tax return filed

• Income earned

• Taxes paid

Review

• Review answers

• Make changes on the Summary page before submitting your FAFSA

2020-2021 FAFSA Summary

Sign & Submit

• Student and parent must enter FSA IDs to electronically sign

• Click Submit My FAFSA Now

Confirmation Page

• Expected Family Contribution (EFC) is provided

• See early estimate of

financial aid eligibility

2020-2021 Confirmation Page

FAFSA

Mobile

App

FSA ID

Complete!

FAFSA.gov

Complete!

myStudentAid

App

FAFSA Mobile App: myStudentAid

9:55 AM


Welcome to the 2020-2021 FAFSA ®!

Start the Student’s 2020-2021 FAFSA

What degree or certificate will you be

working on when beginning the 2020-

2021 school year?


Will you already have a bachelor’s

degree before beginning the 2020-2021

school year?


How many people in your household will be in

college in 2020-2021?


What type of 2018 income tax

return did your parents file?

What was your parents’ 2018 adjusted gross income?

This amount is found on IRS for 1040-line 7.


2020-2021 FAFSA Summary

Student ID: XXX-XX-4444 GG

I, Geoffrey Giraffe, agree to the terms

outlined above.

Congratulations, Geoffrey!

After

the

FAFSA

FAFSA.gov

Complete!

myStudentAid

App

What’s Next?

After FAFSA Submission

• Receive e-mail notification when FAFSA is processed

• FAFSA information is sent to school(s) listed

• School(s) use the FAFSA information to determine

financial aid eligibility

• School(s) will contact you if they need more

information or when they have determined the total

aid they can offer you

• Contact your school(s) with questions about your

financial aid award

Student Aid Report (SAR)

• Summarizes FAFSA information

• Available after FAFSA is processed

• Review for accuracy

• School(s) on FAFSA also receive a summary

2020-2021 Student Aid Report (SAR)

Making Corrections

• Corrections on the FAFSA may be made by

• Accessing your FAFSA online at FAFSA.gov

• Updating items on paper SAR and mailing to Federal Student Aid

(FSA)

• Submitting documentation to the college’s financial aid office

• Corrections to income information must be made through a

financial aid office if you used the IRS Data Retrieval Tool

Cost of Attendance (COA)

• Estimate of total

educational expenses

for specific

enrollment period

• May be different at

each school

Cost of

Attendance

includes

average

Tuition and

fees

Books and

supplies

Room and

board

Transportation

Miscellaneou

s expenses

Expected Family Contribution (EFC)

• Calculated from information provided on FAFSA

• Includes income, assets and family size

• Comprised of two components

• Parent contribution

• Student contribution

• Same amount at every college

Financial Need

• Cost of Attendance varies at each institution

• Expected Family Contribution is determined by

FAFSA and will be the same at every school

• Financial Need is calculated by the Financial Aid

Office

Cost of

Attendance– Expected Family

Contribution= Financial Need

Financial Need

• This student may receive up to $15,000 in need-based aid

• This student may receive no more than $20,000 in total

financial aid

$20,000

(COA)– $5,000 (EFC) =

$15,000

(Need)

OCAP University’s Cost of Attendance: $20,000

Student’s Expected Family Contribution: $5,000

Financial Aid Offer

• Sent electronically or in the mail

• Outlines financial aid eligibility

• Read carefully!• Accept or decline aid by

specified deadline

Federal Financial Aid

• Federal Pell Grant• $6,195 annual maximum for 2020-2021

• Federal Supplemental Educational Opportunity Grant • Up to $4,000 annual maximum

• Teacher Education Assistance for College & Higher Grant (TEACH)• $3,764 annual maximum

• Iraq & Afghanistan Service Grant• Amount varies


• Federal Work-Study (FWS)

• Allows student to earn money while working

• On-campus or community employment opportunities

• Gain work experience while in college


• Federal Subsidized Student Loan• Based on financial need• $3,500 per year maximum for freshmen• Government pays interest while student is enrolled at least

half-time• 4.53% fixed interest rate during 2019-2020

• Federal Unsubsidized Student Loan• Additional loans available to students who qualify• Interest begins to accrue after first disbursement• 4.53% fixed interest rate during 2019-2020


• Parent Loan for Undergraduate Students (PLUS)

• Parent of dependent students

• Parent borrower must be credit-worthy

• Interest begins to accrue after first disbursement

• 7.08% fixed interest rate for 2019-2020

State Financial Aid

• Oklahoma Tuition Aid Grant (OTAG)

• FAFSA is the application for OTAG

• Complete FAFSA as soon as possible after October 1

• FAFSA filing deadline is typically December 1

• $1,000 per year

• Oklahoma’s Promise

• Must complete FAFSA every year

• Pays tuition at Oklahoma schools for students who meet

high school requirements

FAFSA Resources

Scholarships

& Other

Information

myStudentAid

App

What’s Next?

Additional

Info

Scholarships

• Money that does not

have to be paid back

• Seniors: apply for 2-3

per week

• Juniors: apply for 1-2

per week

• Awarded based on

merit, need, skill,

hobbies, family history,

athletics, writing ability

•Find scholarships

•UCanGo2.org

•UCanGo2 on Facebook

•OKcollegestart.org

•Colleges

•Books

•Local Organizations

•Churches

•Family employers

•School Webpage

•Scholarship are emailed

to seniors, and to the

teachers.

Scholarship Success Guide

Institutional Scholarships

• Specific to the college

• Application may or may not be included in admission application

• Find scholarship page on college’s website

• Watch carefully for scholarship deadlines

• Institutional scholarships exist for returning students also, not just freshmen

UCanGo2.org

• Each section offers information for

• High School Students

• Middle School Students

• Parents

• Adult Learners

• Elementary School Students Coming Soon!

UCanGo2.org

Plan for College

• What is College?

• Why Should I Go?

• Addressing Concerns

• Exploring Careers

Prepare for College

• Study Habits• Classes to Take• ACT/SAT• Extracurricular

Activities• Choosing a College• Admission

Requirements• Campus Visits• Applying for

College• The Transition to

College

Pay for College

• Savings

• FAFSA

• Grants/Scholarships

• State Aid

• Work-Study

• Student Loans

Scholarship of the Week

• UCanGo2.org highlights a new scholarship each week

• Scholarships are organized by Deadline or Category

Scholarships by Deadline

• Scholarships are organized by monthly deadline

• Detailed description of ten scholarships

• Additional scholarships with monthly deadlines

• Ongoing scholarships awarded monthly, quarterly, etc.

Additional Scholarships

Additional scholarships are listed for each

month

Scholarship by Category

• Adult Learners

• The Arts

• Ethnicity

• LGBTQ

• Middle School

• Military

• Special Needs

• STEM

• Study Abroad

UCanGo2 on Facebook

• Weekly scholarships

• Tips for college planning

• Valuable college preparation information

OKcollegestart.org

OKcollegestart.org

• Financial Aid Planning

• Financial Aid 101

• Financial Aid Calculators

• Scholarships

• Financial Fitness

OKcollegestart.org

• Find Scholarships

• Create a profile

• Find matching scholarships

• Save scholarships

• Receive reminders

https://memorial.edmondschools.net/counseling-center/money-for-college/

https://memorial.edmondschools.net/counseling-center/money-for-college/

Questions

Contact Us

Oklahoma State Regents for Higher EducationOklahoma College Assistance Program

Outreach Department

(405)234-4239(866) 443-7420 (Toll Free)

[email protected]

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