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FAFSA F UNDAMENTALS 2015-16. What’s Financial Aid? What’s Financial Aid? Money used to help you pay for college Money used to help you pay for college.

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Presentation on theme: "FAFSA F UNDAMENTALS 2015-16. What’s Financial Aid? What’s Financial Aid? Money used to help you pay for college Money used to help you pay for college."— Presentation transcript:

1 FAFSA F UNDAMENTALS

2 What’s Financial Aid? What’s Financial Aid? Money used to help you pay for college Money used to help you pay for college Comes in the form of grants, scholarships, work programs and student loans Comes in the form of grants, scholarships, work programs and student loans All students are eligible for some type of financial assistance for college All students are eligible for some type of financial assistance for college Apply for this money after January 1 of your senior year and each year you’re requesting aid for college Apply for this money after January 1 of your senior year and each year you’re requesting aid for college

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

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

5 FAFSA.gov FAFSA.gov

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7 Why Online? Why Online? Faster processing time Faster processing time Save your application and return to it later Save your application and return to it later Built-in error catcher means fewer delays Built-in error catcher means fewer delays Help and Hints boxes provided with every question Help and Hints boxes provided with every question Electronically sign using your Personal Identification Number (PIN) Electronically sign using your Personal Identification Number (PIN)

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

9 Getting a PIN Getting a PIN

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

12 FAFSA P ROCESS

13 FAFSA Login

14 FAFSA FAFSA

15 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

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

17 High School Name 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

18 College Selection College 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

19 College Selection A search done on colleges in Lawton found 5 schools Two were added and they will receive your FAFSA results Click View Selected School Information to get a comparison of your choices

20 School Comparison School Comparison

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

22 Dependent or Independent? 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

23 Dependency Status Dependency Status Dependent students must provide parental information on the FAFSA Dependent students must provide parental information on the FAFSA Independent students aren’t required to show parental information unless requested by their school Independent students aren’t required to show parental information unless requested by their school

24 Special Circumstances Special Circumstances If you’re a dependent student and unable to provide parental information, indicate that here. It’s highly recommended that you speak to the Financial Aid office at the college(s) you’ll attend however. Most schools have specific procedures they follow to handle this question.

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

26 Special Circumstances Special Circumstances Change in employment status Change in employment status Unusual medical expenses not covered by insurance Unusual medical expenses not covered by insurance Change in parent marital status Change in parent marital status Unusual dependent care expenses Unusual dependent care expenses Unable to obtain parental information Unable to obtain parental information

27 Parent Information 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 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 financial support in the last 12 months If you lived with both parents equally – Use information for the parent who provided you the most financial support in the last 12 months If your divorced parent is remarried – Use information for your parent and step-parent If your divorced parent is remarried – Use information for your parent and step-parent

28 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.

29 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, 2016

30 Parent can choose a tax filing status: -Already completed -Already completed -Will file -Will file -Not going to 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 Income Estimator

31 Parent can choose a tax filing status: -Already completed -Already completed -Will file -Will file -Not going to file -Not going to file If parent ‘Already completed’ their taxes, they’re given the option to manually enter their tax figures or download the info from the IRS. This feature is not available until the first week of February. Parent Income

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

33 IRS Data Retrieval Electronically filed tax information will be available 2-3 weeks after the return has been accepted by the IRS 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 Data from paper tax returns will be available on the IRS website in approximately 8-11 weeks after the IRS receives the return Balance due or amended returns will take considerably longer Balance due or amended returns will take considerably longer

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36 Parent Income Parent will enter any information on untaxed income, current value of cash, savings and checking accounts, and net worth of current investments and businesses

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

38 Student Income Applicant will enter their income here

39 Sign and Submit Sign and Submit Review or print a copy of your FAFSA answers here. Make necessary changes now before submitting your application. Enter your PIN number here to electronically sign your FAFSA. If you’ve still not requested a PIN, you may do so here.

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

41 Confirmation Page 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 Direct student loans

42 A FTER THE FAFSA

43 After FAFSA Submission You will be notified when your FAFSA is processed You will be notified when your FAFSA is processed Your FAFSA information will be made available to your school(s), and they will use it to determine the aid you may be eligible to receive Your FAFSA information will be made available to your school(s), and they will use it to determine the aid you may be eligible to receive Your school(s) will contact you if they need more information or when they are ready to discuss your financial aid award Your school(s) will contact you if they need more information or when they are ready to discuss your financial aid award If you have questions about your financial aid package, contact your school(s) If you have questions about your financial aid package, contact your school(s)

44 Student Aid Report (SAR) Summarizes your FAFSA information Summarizes your FAFSA information Available to you after your FAFSA is processed Available to you after your FAFSA is processed Review the SAR for accuracy Review the SAR for accuracy The schools listed on your FAFSA will also receive a summary The schools listed on your FAFSA will also receive a summary

45 Making Corrections If necessary, corrections to FAFSA data may be made by: Using FAFSA on the WEB ( ) if student has a PIN; Using FAFSA on the WEB ( ) if student has a PIN; Updating items on the paper SAR; or Updating items on the paper SAR; or Submitting documentation to the college’s Financial Aid office Submitting documentation to the college’s Financial Aid office

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

47 Cost of Attendance An estimate of the total educational expenses for a specific enrollment period An estimate of the total educational expenses for a specific enrollment period Includes average tuition, fees, books and supplies, room and board, transportation and miscellaneous expenses at an individual school Includes average tuition, fees, books and supplies, room and board, transportation and miscellaneous expenses at an individual school Cost of Attendance (COA) may be different at each school Cost of Attendance (COA) may be different at each school

48 Expected Family Contribution The Expected Family Contribution, or EFC, is calculated from the information provided on your FAFSA, such as income, assets and family size The Expected Family Contribution, or EFC, is calculated from the information provided on your FAFSA, such as income, assets and family size Comprised of two components Comprised of two components  Parent contribution  Student contribution Same amount at every college Same amount at every college

49 Financial Need The difference between the Cost of Attendance (COA) and the Expected Family Contribution (EFC) The difference between the Cost of Attendance (COA) and the Expected Family Contribution (EFC) School determines financial need based on data from your FAFSA School determines financial need based on data from your FAFSA Financial aid awards are based on your financial need Financial aid awards are based on your financial need

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

51 Award Letter Sent by schools that have accepted you and received your financial aid paperwork; lists types and amounts of aid you’re eligible to receive Sent by schools that have accepted you and received your financial aid paperwork; lists types and amounts of aid you’re eligible to receive You don’t have to accept everything you’re offered in the award letter 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 Submit any requested information to your school by the required deadline

52 Federal Financial Aid Federal Pell Grant $5,730 annual maximum for $5,730 annual maximum for Undergraduates without a bachelor’s degree Undergraduates without a bachelor’s degree Need-based Need-based Federal Supplemental Educational Opportunity Grant (FSEOG) $4,000 annual maximum for $4,000 annual maximum for Undergraduates without a bachelor’s degree Undergraduates without a bachelor’s degree Priority given to Pell Grant recipients with high financial need Priority given to Pell Grant recipients with high financial need

53 Federal Financial Aid Teacher Education Assistance for College and Higher Education Grant (TEACH) $4,000 annual maximum for $4,000 annual maximum for Undergraduate and graduate students Undergraduate and graduate students Fulfill teaching service in a high-need field, low-income school or educational service agency 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 9/11/2001 Awarded to a student whose parent or guardian was in the U.S. Armed Forces and died in Iraq or Afghanistan after 9/11/2001 Undergraduate under 24 years of age or enrolled in college part-time at the time of parent or guardian’s death 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 Recipient cannot be Pell Grant eligible

54 Federal Financial Aid Federal Work-Study (FWS) Allows student to earn money to help pay educational expenses Allows student to earn money to help pay educational expenses Offers campus-based or community employment opportunities Offers campus-based or community employment opportunities Need-based Need-based

55 Federal Financial Aid Federal Subsidized Student Loan $3,500/year maximum for Freshmen $3,500/year maximum for Freshmen Government pays interest while student is enrolled at least half-time Government pays interest while student is enrolled at least half-time 4.66% interest rate during % interest rate during Need-based Need-based Federal Unsubsidized Student Loan Additional loans available to students who qualify Additional loans available to students who qualify Interest starts to accrue after first disbursement Interest starts to accrue after first disbursement 4.66% interest rate during % interest rate during Non-need based Non-need based

56 Federal Financial Aid Parent Loan for Undergraduate Students (PLUS) For parents of dependent students For parents of dependent students Parent borrower must be credit-worthy Parent borrower must be credit-worthy Interest starts to accrue after first disbursement Interest starts to accrue after first disbursement 7.21% interest rate during % interest rate during Non-need based Non-need based

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

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

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

60 FAFSA.com FAFSA.com requires its users to pay $79.99 for this service. Never pay to complete the FAFSA! Always use FAFSA.gov.

61 What Do You Think? 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 $310 Million

62 R ESOURCES

63 UCanGo2.org

64 High School Student Workbook Why Go To College? Why Go To College? What Do I Want to Be? What Do I Want to Be? How Do I Get There? How Do I Get There? Where Do I Go? Where Do I Go? How Do I Pay for It? How Do I Pay for It?

65 StartWithFAFSA.org StartWithFAFSA.org

66 FAFSA Resources FAFSA Resources

67 S CHOLARSHIPS

68 Scholarships Money that does not have to be paid back Money that does not have to be paid back Awarded on merit, need, skills, hobbies, Awarded on merit, need, skills, hobbies, family history, athletics family history, athletics Apply for as many scholarships as possible Apply for as many scholarships as possible Search scholarship websites, books, local Search scholarship websites, books, local organizations, churches, family employers, organizations, churches, family employers, college financial aid offices college financial aid offices Contact your tribal office for assistance if Contact your tribal office for assistance if you’re of Native American heritage you’re of Native American heritage Write a brilliant essay Write a brilliant essay

69 Scholarship Success Guide

70 Facebook.com/UCanGo2

71 Search For It

72 Collegexpress.com lists 45 of the Weirdest College Scholarships Tall Clubs International Scholarship Duct Tape Stuck on Prom Contest American Welding Society Scholarship Potato Industry Scholarship Predicting the Future Award Billy Barty Scholarship for proven dwarfism National Marbles Tournament Scholarship Vegetarian Resource Group Scholarship Carnegie Mellon Bagpipe Scholarship Zolp Scholarship to Loyola University Redhead Scholarship Left Hand Scholarship Scholarship Websites

73 Duckbrand.com/promotions/stuck-at-prom $10,000 each $5,000 for school 28 rolls of tape 102 hours to make

74 Duckbrand.com/promotions/stuck-at-prom $5,000 each $3,000 for school 90 rolls of tape 400 hours to make

75 Duckbrand.com/promotions/stuck-at-prom $3,000 each $2,000 for school 12 rolls of tape 59 hours to make

76 ScholarshipRed.com

77 https:www.scholarship experts.com/scholarships/ our-scholarships Applicants can be 13 years of age and older Write a 250 word essay Legal U.S. resident Enroll in college by 2020 Scholarship Experts

78 250 Word Essay

79 ?

80 Oklahoma State Regents for Higher Education Oklahoma College Assistance Program Outreach Department Kelli Kelnar (toll free)


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