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FAFSA 2014-15 Update Ozarks Technical Community College 14 th Annual Counselors’ Financial Aid Workshop.

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Presentation on theme: "FAFSA 2014-15 Update Ozarks Technical Community College 14 th Annual Counselors’ Financial Aid Workshop."— Presentation transcript:

1 FAFSA Update Ozarks Technical Community College 14 th Annual Counselors’ Financial Aid Workshop

2 Pre-pop Functionality Ozarks Technical Community College 14 th Annual Counselors’ Financial Aid Workshop Issue A number of entities that interact with students have expressed interest in partnering with Federal Student Aid to further simplify the process of completing the FAFSA. Solution Approved partners will offer students the opportunity to pre-populate data collected by that partner (for example, a VITA site) into FAFSA on the Web.

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4 New Parent Marital Status Issue Information about both legal parents is currently included on a dependent student’s FAFSA only if the parents are married to each other, creating an inequity. Solution A new parent marital status option of “Unmarried, but both parents living together” will allow for the collection of data from both legal parents when the parents are not married to each other. Mother and Father labels will change to Parent 1 and Parent 2. Help text will be significantly enhanced to provide guidance for parents who file separate tax returns. Ozarks Technical Community College 14 th Annual Counselors’ Financial Aid Workshop

5 Change to Definition of “Married” Issue The Supreme Court’s recent decision in United States v. Windsor changed the federal definition of marriage. Solution Text that defines marriage will be updated. Mother and Father labels will change to Parent 1 Parent 2 Ozarks Technical Community College 14 th Annual Counselors’ Financial Aid Workshop

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7 Dependent applicants with same-sex married parents will be required to list the incomes and contributions of both of their parents as well as include in the household. Independent applicants with same-sex spouse (as recognized in a jurisdiction that allows same sex marriage) will be required to list their spouse as part of their household and list both incomes. Ozarks Technical Community College 14 th Annual Counselors’ Financial Aid Workshop

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9 Ozarks Technical Community College 14 th Annual Counselors’ Financial Aid Workshop

10 Conflicting Asset Information If a student or parent answers “yes” to the asset threshold question, FAFSA on the Web reviews financial data for a potential conflict and provides the student with an ‘error found’ box. Ozarks Technical Community College 14 th Annual Counselors’ Financial Aid Workshop

11 Tax Filing Status Students and parents will begin reporting their tax filing status on the FAFSA. The system will compare the tax filing status with the marital status to determine where potential discrepancies exist, and message accordingly. Ozarks Technical Community College 14 th Annual Counselors’ Financial Aid Workshop

12 Messaging for Corrections We’ll modify the messaging that displays when a user returns to FAFSA on the Web after: Transferring data from the IRS Adding a school code Other corrections An will be sent to students with a saved correction after seven days encouraging them to return to FAFSA on the Web and submit the corrections. Ozarks Technical Community College 14 th Annual Counselors’ Financial Aid Workshop

13 Important Dates January 1, 2014 FAFSA on the Web available to students January 3, CPS begins processing April 1, 2014 The State of Missouri Aid Deadline Ozarks Technical Community College 14 th Annual Counselors’ Financial Aid Workshop

14 Missouri College Advisory Corps College Advisors MU Graduates Best Fit for Career Interests College PlanningAdmissions Financing Parent Support Encouragement Ozarks Technical Community College 14 th Annual Counselors’ Financial Aid Workshop

15 MCAC Contact Information Beth Tankersley-Bankhead, PhD Executive Director Missouri College Advising Corps 46 Jesse Hall University of Missouri (MU) Columbia, MO phone Ozarks Technical Community College 14 th Annual Counselors’ Financial Aid Workshop

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