Presentation on theme: "Free Application for Federal Student Aid (FAFSA) 2011-2012 Mary Anne Hunter College Access Team CO Dept. of Higher Education."— Presentation transcript:
Free Application for Federal Student Aid (FAFSA) Mary Anne Hunter College Access Team CO Dept. of Higher Education
College Access Team The College Access Team helps families break down the financial barriers to college. Colorado Department of Higher Education Funded by a Federal College Access Challenge Grant 700+ financial aid, scholarship, FAFSA and financial education workshops FREE
Disclaimer The information presented is informational only. All program information is general in nature and is not necessarily all inclusive. The Colorado Department of Higher Education (CDHE) makes no representation regarding suitability of the information presented. The reference to websites external to CDHE have been provided for convenience and should not be construed to indicate endorsement. Rules and regulations governing financial aid programs may be subject to change without notice.
Dependent – vs – Independent …use parents income/asset info. Can student answer “Yes” to any of the following…. Were you born before January 1, 1988? As of today, are you married? At the beginning of the school year, will you be working on a master's or doctorate program? Are you currently serving on active duty in the U.S. Armed Forces for purposes other than training? Are you a veteran of the U.S. Armed Forces? Do you have children who will receive more than half of their support from you between July 1, 2011, and June 30, 2012? Do you have dependents (other than your children or spouse) who live with you and who receive more than half of their support from you, now and through June 30, 2012?
Special Population Independence
By Choice - Special Circumstance
Documents/Information Needed For the school year you will need financial information from You will need to refer to: Student’s & Parents’ Social Security Numbers. Be sure it is correct! Student’s alien registration or permanent resident card (if you are not a U.S. citizen) Student’s driver's license (if any) Student’s & Parents’ 2010 W-2 Forms and other records of money earned Student’s & Parents’ 2010 Federal Income Tax Return - IRS 1040, 1040A, 1040 EZ Foreign Tax Return, or Tax Return for Puerto Rico, Guam, American Samoa, the U.S. Virgin Islands, the Marshall Islands, the Federal States of Micronesia, or Palau Student’s & Parents’ 2010 untaxed income records Veterans noneducation benefit records Child support received Worker's compensation Student’s & Parents’ current bank statements Student’s & Parents’ current business and investment mortgage information, business and farm records, stock, bond and other investment records
Taxes & Untaxed Income
NEW – IRS Matching Option
Merging Tax info verification
Merged Tax info to FAFSA
Savings & Investments
Investments to Include and Exclude INCLUDE Real estate (do not include the home you live in) Trust funds Uniform Gifts/Transfers to Minors Act Accounts (UGMAs /UTMAs) – unless you are just the custodian, not the owner Money market funds Mutual funds Certificates of deposit Stocks, stock options, bonds & other securities Installment and land sale contracts (including mortgages held) Commodities Qualified educational benefits or education savings accounts (e.g. Coverdell savings accounts, 529 college savings plans and the refund value of 529 prepaid tuition plans) EXCLUDE - The home you live in - Value of life insurance - Retirement plans (401[k] plans, pension funds, annuities, non-education IRAs, Keogh plans, etc.) - Cash, savings and checking accounts already reported - *Business value does not include the value of a small business if your family owns and controls more than 50 percent of the business and the business has 100 or fewer full-time or full-time equivalent employees. - Investment farm value does not include the value of a family farm that you live on and operate. *Business and/or investment farm value includes: the market value of land, buildings, machinery, equipment, inventory, etc. Business and/or investment farm debt means only those debts for which the business or investment farm was used as collateral.
Frequent FAFSA Errors
FAFSA Processing Results CPS notifies student of FAFSA processing results by: – notification containing a direct link to student’s electronic SAR if student’s was provided on paper or electronic FAFSA Student with PIN may view SAR on-line at
Sample Student Aid Report (SAR)
Helpful Tools FAFSA FAFSA 4Caster See what your EFC might look like Types of federal financial aid & the process College In Colorado CollegeInvest Western Undergraduate Exchange Program (WUE)
Net Price calculator Tool to help families determine the out-of- pocket price for the student to attend the institution. Types of federal, state, and institutional financial aid. Federal calculator- not customized for unique situations. Every college must have a calculator available online by October 29, 2011.
Create a Password
FAFSA Recommended/Priority Deadlines February 15 Colorado College Fort Lewis College March 1 Colorado Christian University Colorado State University Colorado State University-Pueblo Front Range Community College Johnson & Wales University Mesa State College Metropolitan State College of Denver Naropa University Northeastern Junior College Regis University College of Art & Design University of Colorado Denver University of Denver University of Northern Colorado March 15 Pueblo Community College United States Air Force Academy March 31 Colorado Mountain College Red Rocks Community College April 1 University of Colorado at Boulder University of Colorado at Colorado Springs Western State College of Colorado Colorado School of Mines Lamar Community College Morgan Community College April 15 Community College of Denver May 1 Arapahoe Community College Colorado Northwestern Community College Community College of Aurora June 30 Pikes Peak Community College Trinidad State Junior College
Financial Need Cost of Attendance (COA) - Expected Family Contribution (EFC) ______________________________ = Financial Need
EFC Remains Constant Community College Four Year Public Four Year Private COA (variable)$17,700$24,600$55,000 EFC (fixed)$1,000 Need (variable)$16,700$23,600$54,000
The Financial Aid Process FAFSA to Processor FAFSA Data Check if accepted for Admission Financial Aid Award Requested documents/ Accept Award Package Student Aid Report (SAR) College(s) Financial Aid Office STUDENT
The College Access Scholarship 250 scholarships valued up to $2,500 each will be offered to eligible students to use toward their higher education expenses (more than $600,000) Eligible recipients must: Attend college at least part-time for the school year as a degree-seeking undergraduate student (eligible part-time students will receive up to $1,250) Complete the Free Application for Federal Student Aid (FAFSA) at Qualify for the Federal Pell Grant - eligibility is based on the results of the FAFSA – students will be notified of eligibility on the FAFSA confirmation page and their Student Aid Report (SAR) Complete all ten Education Cents financial education courses at Complete The College Access Scholarship at Submit their Student Aid Report (SAR) to verify the Expected Family Contribution (EFC) Application Deadline is June 30, Potentially eligible students and alternates will be notified between July 15 and August 1, Non-renewable (for school year only) Non-transferable Final eligibility will be determined by student’s college/university in partnership w/Colorado Department of Higher Education’s College Access Team