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FAFSA F UNDAMENTALS 2014-2015. Paying for College No matter who you are, you CAN go to college College is an investment in your future Many forms of financial.

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Presentation on theme: "FAFSA F UNDAMENTALS 2014-2015. Paying for College No matter who you are, you CAN go to college College is an investment in your future Many forms of financial."— Presentation transcript:

1 FAFSA F UNDAMENTALS

2 Paying for College No matter who you are, you CAN go to college College is an investment in your future Many forms of financial aid are available to help you pay for your education

3 What’s Financial Aid? Financial aid is money to help you pay educational expenses, such as: Tuition Fees Books Room and board Transportation Personal costs

4 Find the FAFSA Online – Visit FAFSA.gov Print a copy – Go to FAFSA.gov; click FAFSA Filing Options to print a paper FAFSA Request a paper copy – Call FED.AID or (TTY) to request copies in English or Spanish

5 What Do You Think? What was the total amount of financial aid awarded by Oklahoma State University during the academic year? This includes all grants, loans and scholarships in their undergraduate, graduate and veterinary programs. Over $280 Million

6 How Do I Apply? Free Application for Federal Student Aid The FAFSA is your first step Use it to apply for most types of federal and state aid

7 FAFSA.gov

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9 Why Online? Faster processing time Save your application and return to it later Built-in error catcher means fewer delays Yearly online renewal Help and Hints boxes provided with every question Electronically sign using your Personal Identification Number (PIN) Automatically transfer your tax information with the IRS Data Retrieval Tool

10 What’s a PIN? Request a Personal Identification Number (PIN) from FAFSA.gov Typically sent via within 24 hours after your request Student and one parent must each have a PIN Use the same PIN when you: Renew your FAFSA the following year Sign an online loan application

11 Getting a PIN

12 Requested FAFSA Information Social Security Numbers Tax, income and other financial information Marital status Citizenship status Assets Level of parents’ school completion Selective Service registration

13 Don’t Miss Deadlines FAFSA – Check with your school’s Financial Aid office for any priority deadlines State Aid – State deadlines can be found at FAFSA.gov  Oklahoma’s deadline for the Oklahoma Tuition Aid Grant (OTAG) is March 1

14 7 Myths About the FAFSA 1.I won’t qualify for financial aid because my parents (or I) make too much money. 2.I don’t have good grades, so I won’t be eligible for financial aid. 3.I’m too old to qualify for financial aid. 4.The application is too hard to fill out! 5.I have to wait until my parents (or I) file my taxes. 6.I support myself, so I don’t have to include parent information. 7.I completed the FAFSA my freshman year, so I don’t have to complete it again.

15 FAFSA P ROCESS

16 FAFSA Login

17 FAFSA

18 Set Your Password

19 Student Demographics Use your full name as shown on your Social Security card Be accurate when entering your birthdate Enter your marital status as of the day you submit your FAFSA Help and Hints boxes are located on each screen to assist you

20 Selective Service Registration Eighteen year old males must register with Selective Service in order to receive financial aid You can elect to register here on your FAFSA

21 High School Name Search for high schools by name, city or state If you have a high school diploma, you must include the school from which you graduated

22 School Selection You can send your FAFSA to 10 different colleges You can search colleges by name, city or state A search was done here on Rose State College

23 School Selection A search done on colleges in Stillwater found 3 schools Two were added and they will receive your FAFSA results Click View Selected School Information to get a comparison of your choices

24 School Comparison

25 Housing Plans Provide Housing Plans for each school you’ve chosen to receive your FAFSA results Your options: On campus Off campus With parents

26 Dependent or Independent? Your answers to these questions will determine your dependency status If you’re unable to answer YES to one of these questions, you’ll be considered a Dependent Student

27 Dependency Questionnaire

28 Dependency Status Dependent students must provide parental information on the FAFSADependent students must provide parental information on the FAFSA Independent students aren’t required to show parental information unless requested by their scho olIndependent students aren’t required to show parental information unless requested by their scho ol

29 Special Circumstances Dependent students who can’t provide parental information can state that here. Ask someone in your Financial Aid office what to do next.

30 Special Circumstances Exceptions to the rule for parental information are shown here Contact your Financial Aid office for more details

31 Special Circumstances Change in employment status Unusual medical expenses not covered by insurance Change in parent marital status Unusual dependent care expenses

32 Parent Information If your LEGAL parents (biological and/or adoptive) are separated or divorced – Use information about the parent you lived with most during the last 12 months If you lived with both parents equally – Use information for the parent who provided you the most support in the last 12 months If your divorced parent is remarried – Use information for your parent and step-parent

33 Parent Information

34 Parent Demographics Parent will enter first initial and last name as shown on their Social Security card. Name and date of birth will be verified with the Social Security Administration.

35 Parent Demographics Household size will include those living with your parent(s) who receive more than half of their support from them and will continue to receive this support through June 30, 2015

36 Parent Income Parent can choose a tax filing status: -Already completed -Will file -Not going to file If parent ‘will file’, they’re given the option to use an Income Estimator or their prior year’s tax figures They will be instructed to enter final tax data when available and use the IRS Data Retrieval Tool

37 IRS Data Retrieval IRS can send tax data online directly to your FAFSA Available in early February for the FAFSA processing cycle Participation is voluntary Reduces documents requested by financial aid office

38 IRS Data Retrieval Electronically filed tax information will be available 2-3 weeks after the return has been accepted by the IRS Data from paper tax returns will be available on the IRS website in approximately 8-11 weeks after the IRS receives the return

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41 Parent Income If the IRS Data Retrieval tool is not used, parent will enter income figures directly from the current year’s tax return

42 Parent Income Parents will enter additional financial information here

43 Student Income Students are also asked to provide the type of tax return they filed as well as their income earned and taxes paid.

44 Student Income Student will enter their income here

45 Sign and Submit Click here to review all your data before you submit You can still request a PIN here if necessary

46 Sign and Submit Hit Submit My FAFSA Now to send your results to the school(s) you’ve chosen

47 Confirmation Page A Confirmation Page is shown after your FAFSA has been submitted It includes an estimate of your Expected Family Contribution (EFC) and estimated eligibility for the Pell Grant and Federal student loans

48 A FTER THE FAFSA

49 After FAFSA Submission You will be notified when your FAFSA is processed Your FAFSA information will be made available to your school(s) to determine the aid you may be eligible to receive If you have questions about your financial aid package, contact your school(s)

50 Student Aid Report (SAR) Summarizes your FAFSA information Sent to student electronically or in paper form after your FAFSA is processed Review the SAR for accuracy The schools listed on your FAFSA will also receive a summary

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52 Making Corrections If necessary, corrections to FAFSA data may be made by: Using FAFSA on the WEB (www.FAFSA.gov) if student has a PIN; Requesting changes through the Financial Aid office with the use of your DRN (Data Release Number) Submitting documentation to the college’s Financial Aid office

53 Frequent FAFSA Errors Social Security Numbers Divorced/remarried parental information Income earned by parents/stepparents Untaxed income U.S. income taxes paid Household size Number of household members in college Real estate and investment net worth Submit button

54 Financial Need Cost of Attendance - Expected Family Contribution - Other Aid Financial Need

55 IRS Tax Transcript You may be asked to provide documentation to verify the income you reported on your FAFSA If you didn’t use the IRS Data Retrieval tool, you must supply an IRS Tax Transcript (Form 4506-T) To obtain a copy  Call (takes 5-10 days)  Download the IRS2Go mobile app (takes 5-10 days)  Visit Transcript (takes 5-10 days)  Complete Form 4506-T (up to 10 days)

56 Get Transcript Get Transcript is a new IRS online service that will provide an electronic PDF version of official IRS Tax Transcripts, launching early in the filing season 2014 Users can immediately view, print, and save the file

57 IRS Tax Return Transcript Basic information from tax return Line by line presentation of tax return

58 Award Letter Lists types and amounts of financial aid you’re eligible to receive You don’t have to accept everything you’re offered in the award letter Submit any requested information to your school by the required deadline

59 Federal Financial Aid Federal Pell Grant $5,645 annual maximum for Undergraduates without a bachelor’s degree Need-based Federal Supplemental Educational Opportunity Grant (FSEOG) $4,000 annual maximum for Undergraduates without a bachelor’s degree Priority given to Pell Grant recipients with high financial need

60 Federal Financial Aid Teacher Education Assistance for College and Higher Education Grant (TEACH) $4,000 annual maximum for Undergraduate and graduate students Fulfill teaching service in a high-need field, low-income school or educational service agency Iraq and Afghanistan Service Grant Awarded to a student whose parent or guardian was in the U.S. Armed Forces and died in Iraq or Afghanistan after 9/11 Undergraduate under 24 years of age or enrolled in college part-time at the time of parent or guardian’s death Recipient cannot be Pell Grant eligible

61 Federal Financial Aid Federal Work-Study (FWS) Allows student to earn money to help pay educational expenses Offers campus-based or community employment opportunities Need-based Federal Perkins Loan $5,500 annual maximum in % loans with a 9 month grace period Need-based

62 Federal Financial Aid Federal Subsidized Student Loan $3,500/year maximum for Freshmen Government pays interest while student is enrolled at least half-time 3.86% interest rate during Need-based Federal Unsubsidized Student Loan Additional loans available to students who qualify Interest starts to accrue after first disbursement 3.86% interest rate during Non-need based

63 Federal Financial Aid Parent Loan for Undergraduate Students (PLUS) For parents of dependent students Parent borrower must be credit-worthy Interest starts to accrue after first disbursement 6.41% interest rate during Non-need based

64 State Financial Aid Oklahoma Tuition Aid Grant (OTAG) Apply through the FAFSA Application deadline March 1, 2014 $1,000 annual maximum for public schools; $1,300 annual maximum for private schools Maximums shown for Need-based

65 State Financial Aid Oklahoma’s Promise Students receive free tuition at Oklahoma public two-year colleges and four-year universities Partial tuition provided at approved Oklahoma private colleges and public technology centers Students must complete the FAFSA to receive their funds

66 Things to Remember Complete the FAFSA every year you need financial aid for college Complete the FAFSA as soon after January 1 st as possible to meet deadlines Fill out the form online, if possible Sign electronically with a Personal Identification Number (PIN) Never pay to complete this form; it’s a FREE application

67 FAFSA.com At FAFSA.com, a new client is required to pay $ Never pay to complete the FAFSA! Always use FAFSA.gov.

68 R ESOURCES

69 StartWithFAFSA.org

70 Scholarships

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72 Facebook.com/UCanGo2

73 Oklahoma State Regents for Higher Education Oklahoma College Assistance Program Outreach Department (toll free)


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