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Financial Aid and FAFSA Details and Reminders Do-it-yourself vs. private agencies FAFSA vs. Dream Act Your voice vs. Students on FAFSA and other college.

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Presentation on theme: "Financial Aid and FAFSA Details and Reminders Do-it-yourself vs. private agencies FAFSA vs. Dream Act Your voice vs. Students on FAFSA and other college."— Presentation transcript:

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2 Financial Aid and FAFSA

3 Details and Reminders Do-it-yourself vs. private agencies FAFSA vs. Dream Act Your voice vs. Students on FAFSA and other college stuff The proper school year! ( ) Be organizedthis is a yearly process

4 Cal Grant: March 2** FAFSA as late as summer Private college deadlines May 1 and Intent to Enroll Housing deadlines Timelines and Deadlines 1)2013 Taxes 2)FAFSA (IRS Data Transfer*) 3)Weigh financial aid offers from colleges accepting your child 4)Tax transcript requested* 5)Accept and/or Deny aid offers 6)Complete loan promissory notes (if chosen) 7)CSS Profile (USC, Oxy)

5 CSS Profile Some colleges also require you to complete the CSS Profile to award their private scholarship financial aid The Profile is not free ($25*) and is only available at College Board. Observe the deadlines determined by the college financial aid department. 5

6 Cal Grant A Low to middle income students who: Meet the income and asset ceilings Have financial need 3.00 High School GPA minimumAA and BA programs onlyMaximum annual award amounts Used for tuition and/or fees only Held in reserve while attending community college CSUUC IndependentFor Profit $ 5,470/yr$ 12192/yr$ 9,084/yr$4,000/yr 6

7 Cal Grant B Very low income students who: Meet the income and asset ceilings 2.00 GPA minimumAA, BA/BS and Certificate programsAnnual Awards $1473 stipend first year Fees/Tuition plus $1473 in 2 nd, 3 rd, 4 th yr Available as Entitlement & Competitive Awards 7

8 Cal Grant C Vocational courses, AA and certificate programs Can be used for any related expenses Automotive Service Technicians and Mechanics Licensed Practical and Licensed Vocational Nurses CarpentersMedical Secretaries Computer Specialists, All OtherParalegals and Legal Assistants Computer Support SpecialistsPolice and Sheriff's Patrol Officers Cooks, RestaurantPreschool Teachers, Except Special Education Fire FightersRegistered Nurses Fitness Trainers and Aerobics Instructors 8

9 Cal Grant Income/Asset Ceilings Dependent students Independent Students 9 Family Size Six or more101,00055,500 Five93,70051,400 Four87,40045,900 Three80,40041,300 Two78,50036,700 Single, No Dependents32,000 Married, no other dependents 36,700

10 How do we apply for a Cal Grant? 1. FAFSA 2. GPA Verification Form: –We (Paraclete Counselors) have already gathered and submitted this form for ALL Seniors. You dont need to do ANYTHING. 10

11 FAFSA Update & Overview

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13 Application & Processing Worksheet:

14 Application Processing Personal Identification Number (PIN) Access the PIN Website Why use a PIN? Sign FAFSA electronically Access your FSA records online Make corrections Who can apply? Students Parents

15 Using the PIN website Requirements: Allows the following PIN actions: Social Security number Name Date of birth Address address (encouraged) Challenge question response A PIN will be issued upon submitting the request. Note: A PIN will be rejected if there is no Social Security Administration match. Apply for a PIN Check PIN status Request a duplicate PIN Access/Update address and personal information Change PIN Disable, reestablish, activate PIN Note: Never ask for or give your PIN to anyone.

16 Student Aid Report (SAR) Received electronically or by mail, Summarizes FAFSA information Displays the EFC and DRN (upper right-hand portion on the SAR) EFC- Expected Family Contribution; used to determine eligibility for federal aid DRN- Data Release Number; used to send SAR to additional schools FED-AID [ ])

17 Student Aid Report (SAR) Electronically within 3-5 days if submitted online with a valid address Electronically within 2 weeks if a paper FAFSA was submitted with a valid address o online filers get an from Federal Student Aid with subject FAFSA Results… Postal mail within 3 weeks if the FAFSA was submitted without a valid address

18 Review: EFC and college costs *College costs – EFC = financial aid need Example UC: $30K – 10K = 20 K financial aid package CSU: $18K – 10K = 8 K financial aid package Private: $40K – 10K = 30 K financial aid package financial aid package: scholarships, grants, loans *as estimated by the college

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20 Financial aid packages You can accept or reject any offers of aid (loans) You dont have to accept loans immediately at time of intent to register See Funding Future resource for descriptions of loans and grants, etc. College Cost Estimates are all-inclusive and on the high side See the Net Price Calculator for each school

21 Scholarships Must be reported to the university, which may reduce the institutional aid by the same amount Fastweb.com Scholarships.com

22 FAFSA On The Web (FOTW)

23 FAFSA on the Web (FOTW) Using FOTW Ask Questions Browse Help Deadlines Announcements …and more

24 FAFSA on the Web (FOTW) Contact Us Live chat (800) federalstudentaidc ed.gov

25 FAFSA on the Web (FOTW) Getting Started: Guidance PIN Status

26 Step 1: Is About the Student

27 Student Demographics Check for: Name matches student social security card Transposed numbers Incorrect data on numeric fields Tip: Use the Help & Hints section on each page. Simple mistakes can delay determining eligibility for aid 27

28 Student Demographics Students with a high school diploma and who have never attended college must: Identify their high school Select Confirm to find a match. Select the school from the list or select Next to continue.

29 Step 2: School Selection

30 School Selection Add a School Federal School Code Search by: o State o City o Name Housing Plans On campus With parent Off campus

31 Step 3: Determines Students Dependency Status

32 Dependency Determination No to all questions: makes the student dependent Must submit parent information Note: child must be supported financially more than 50%

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34 Step 4: Parent Information Required for Dependent Students

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36 Divorced or Separated Provide parents information for the parent(s) with whom the student lived with most during the last 12 months If the student spent equal time with both parents, use the information for the parent who provided the greatest amount of financial support for the student

37 Remarried Parent Provide information about the parent and stepparent regardless of: Agreement of nonsupport Prenuptial agreement Divorce decree designating tax filing exemptions Note: parent claiming the student on the tax return need not be the parent required to provide data on the FAFSA (FAFSA dependency does not have to match taxes either)

38 Parent Information Do not provide parent information for Foster parent(s) o Student is automatically considered an independent student Grandparents, other relatives or legal guardian(s) o Colleges may use professional judgment to allow the student to file as an independent student

39 Parent Information For upcoming year Household Size: Parent provides more than 50% financial support Number in College: Student enrolled at least half-time

40 Parent Information Dislocated Worker Lost job Laid off Self-employed/ unemployed or underemployed Displaced homemaker

41 Parent Income and Asset Information Same questions asked of students Selecting a box displays additional fields to complete Note: Asset filtering question

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44 Step 5: Student Income and Assets

45 Student 2013 Income and Assets IRS Data Transfer Transfer information directly from the IRS o Requires PIN o Available Feb 2nd o After filing tax return For 2012

46 Income Reporting and Verification Selected students and parents must submit income and asset documentation Using IRS Data Transfer (unchanged) meets verification requirements for some income information Otherwise only an IRS Tax Return Transcript will meet verification requirements ID Theft updates

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48 Student Financial Information Students are asked the same questions as parents. 2011

49 Step 6: Signatures and Certification

50 Student Sign and Submit Select Signature Method PIN or printed signature page Terms of Agreement $$$ for education expenses only Not in default on a federal student loan Not owe money Receive one Pell Grant from one college at a time

51 Parent Sign and Submit Select Signature Method PIN or printed signature page Terms of Agreement Provide documents to verify accuracy of information IRS verification

52 Step 7: Confirmation

53 Confirmation Page Confirmation # DRN Optional feature: transfer FAFSA data Eligibility information College information Next steps


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