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JIM ANDERSON DIRECTOR OF FINANCIAL AID MONTCLAIR STATE UNIVERSITY Completing the Free Application for Federal Student Aid (FAFSA)

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Presentation on theme: "JIM ANDERSON DIRECTOR OF FINANCIAL AID MONTCLAIR STATE UNIVERSITY Completing the Free Application for Federal Student Aid (FAFSA)"— Presentation transcript:

1 JIM ANDERSON DIRECTOR OF FINANCIAL AID MONTCLAIR STATE UNIVERSITY Completing the Free Application for Federal Student Aid (FAFSA)

2 What We Will Cover This Evening Who Must Complete the FAFSA How and When the FAFSA Should Be Filed Using Estimated Information IRS Data Retrieval Tool Avoiding Common Errors NJ HESAA Supplemental Questions Review of the Form

3 Who Must Complete the FAFSA All students wishing to apply for funding from Federal, State, and most often institutional financial aid programs Often required even for students offered academic merit awards Must be filed each year for each student in the family

4 When To File Forms can be filed at any time on or after January 1 st for the academic year that follows (after January 1, 2014 for the academic year) Review the filing deadlines for all schools File the form by the deadline of the school with the earliest deadline Meet state program deadlines (June 1 for renewal applications)

5 Using Estimated Information If you must file prior to completing taxes, use care to estimate as accurately as possible Use prior year tax return as a guide along with last pay stub or W2s Estimated Award Letters/Award Adjustments Verification – Federal, State, Institutional

6 IRS Data Retrieval Tool Should utilize if available Can be used if return was filed electronically three weeks prior or if filed manually, eight weeks prior Cannot be used if: Married Filing Separately Married, Filed Head of Household If an amended return has been filed If a Puerto Rican or foreign return was filed

7 IRS Data Retrieval Tool Benefits of using – Verification You can update the FAFSA after initial filing

8 Avoiding Common Errors Reporting parent information in the student section Listing parental marital status incorrectly Listing incorrect Social Security Number or driver’s license number Leaving any question blank (unlikely to happen when filing on-line) Entering the incorrect address (permanent, home address should be listed) Forgetting to list colleges Forgetting to sign the application

9 NJ HESAA (Higher Education Student Assistance Authority) Supplemental Questions Link is provided at the end of the FAFSA process, easy to miss What if you miss it? Tuition Aid Grant (TAG) Program Available only if you attend a NJ school List a NJ School first on the FAFSA

10 Review of the Form NOT Paid consultants???

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23 Resources - Links To apply for a PIN: To file the FAFSA on-line: To calculate your EFC: https://bigfuture.collegeboard.org/pay-for-college/paying-your-share/expected-family- contribution-calculator# https://bigfuture.collegeboard.org/pay-for-college/paying-your-share/expected-family- contribution-calculator# EFC Formula FAFSA on the Web Worksheet https://fafsa.ed.gov/fotw1415/pdf/fafsaws14c.pdf FAFSA Completion Video FAFSA.cfm

24 Questions?????


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