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1 Applying for Financial Aid 2009-2010. 2 Sponsors/Partners: Presenter:

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1 1 Applying for Financial Aid 2009-2010

2 2 Sponsors/Partners: Presenter:

3 3 What Will You Learn Today? Types and sources of financial aid Required financial aid application forms How to complete the Free Application for Federal Student Aid (FAFSA) Answers to your individual question

4 4 Types of Financial Aid Gift Aid - Grants or scholarships that do not need to be repaid Work - Money earned by the student as payment for a job on or off campus Loans - Borrowed money to be paid back, usually with interest

5 5 Federal government State government Colleges and universities Private agencies, companies, foundations, and your parents employers Sources of Financial Aid

6 6 TOPS The TOPS program was created by the Louisiana legislature in 1997 under the administration of Governor Mike Foster 1998 was the first award year for both 1997 and 1998 graduates TOPS is funded through the State General Fund and the Millennium Trust Fund TOPS funds must be appropriated each year by the Legislature

7 7 TOPS: Academic Requirements All TOPS core curriculum courses must be completed by the date of high school graduation

8 8 TOPS: Core Curriculum GPA The grade point average (GPA) used to determine eligibility for the TOPS program will be calculated using only those grades achieved in the TOPS core curriculum courses Uses the highest grade in each core category Courses not graded on a 4.00 scale must be converted to a 4.00 scale Letter grades of P are not included TOPS Core GPA cannot be rounded up

9 9 TOPS: ACT ACT Registration TOPS Code 1595 Social Security Number ACT Deadlines for 2009 Graduates Without penalty: April 4, 2009 Loss of one semester eligibility: June 13, 2009 Highest composite score will be considered TOPS does not consider the Essay portion of the ACT

10 10 TOPS: SAT SAT Registration Scholarship Code 9019 Social Security Number SAT Test Deadlines Without Penalty: March 14, 2009 Loss of 1 semester eligibility: May 2, 2009 and June 6, 2009 An equivalent SAT score may be substituted for the ACT score TOPS does not consider the Essay portion of the SAT

11 11 TOPS: Application Two methods for applying for TOPS: FAFSA (Free Application for Federal Student Aid) – www.fafsa.ed.gov Preferred application Must be completed if the student is eligible for federal grant aid (Pell Grant) Must be completed if the student is seeking any other form of financial aid The only application needed for TOPS TOPS Online Application – www.osfa.la.gov May only be completed by students who can certify that they do not qualify for federal grant aid In the event of a budget shortfall, students completing the TOPS Online Application will be the first to lose their TOPS award Do not complete if you have completed the FAFSA

12 12 TOPS: Application Deadlines 2009 Graduates Initial Application Receipt Date Receives TOPS funding for: Jan. 1 – July 1, 20098 semesters (12 quarters) Beginning 2009-2010 July 2, 2009 – July 1, 20108 semesters (12 quarters) Beginning Fall 2010 July 2, 2010 – Aug. 29, 20107 semesters (10 quarters) Beginning Fall 2010 Aug. 30, 2010 – Oct. 29, 2010 6 semesters (9 quarters) Beginning Fall 2010 Initial Applications Received After October 29, 2010 Ineligible for TOPS

13 13 TOPS: Processing Cycle Student applies by completing the FAFSA or TOPS Online Application LOSFA receives ACT or SAT scores electronically based on the inclusion of the TOPS code on the test registration LOSFA receives transcript data from the La. Department of Education after high school graduation

14 14 TOPS: Processing Cycle Once all required data is received, TOPS eligibility is determined each Thursday night TOPS eligibility letters are mailed each Friday. Students can also check their award status on the TOPS Portal located on www.osfa.la.govwww.osfa.la.gov Most students will be notified of their TOPS eligibility by early July A Master Roster of TOPS eligible students is available for colleges and universities to download each Monday

15 15 TOPS: Processing Cycle Most colleges and universities will include an anticipated TOPS credit on the students fee bill after receiving the TOPS Master Roster Colleges and universities may begin billing LOSFA for TOPS eligible students who are full-time students after the 14 th class day of the term LOSFA will send all TOPS funds to the institution to be applied to the students account

16 16 TOPS: Award Acceptance Must enter an eligible institution as a full-time student by the fall semester following the first anniversary of high school graduation Exceptions: Returning Out-of-State Students Military Service

17 17 TOPS: Retention Requirements Should apply annually by July 1 st by completing the Renewal FAFSA Must be continuously enrolled on a full-time basis during the academic year Must earn 24 credit hours each academic year Failure to earn 24 hours will result in permanent award cancellation Exceptions to the continuous enrollment or 24 hour requirement may be granted for reasons beyond the students control

18 18 TOPS: Retention Requirements GPA At the end of each Spring term, the following cumulative college GPA must be achieved: Opportunity Award: 2.30 first academic year 2.50 all subsequent academic years Opportunity Award recipients who fail to maintain the retention GPA will be suspended Performance and Honors Awards: 3.00 Performance or Honors award recipients who fail to maintain a 3.00 cumulative GPA will revert to the Opportunity Award (see above requirements) Tech Award: 2.50

19 19 TOPS: Retention Requirements At the end of any other term, Steady Academic Progress of a 2.00 cumulative college GPA must be maintained or the award will be suspended

20 20 Other State Aid Programs Go Grant LA LEAP Grant Rockefeller State Wildlife Scholarship Louisiana Guaranteed Loans Healthcare Educator Loan Forgiveness Program www.osfa.la.gov

21 21 Need-Based Grants Federal Grants Pell Grants $ 4,731 maximum per year Academic Competitiveness Grants $750 for the first year $1,300 for the second year Supplemental Educational Opportunity Grants (SEOG) $4,000 maximum per year

22 22 Need-Based Grants College Grants (List various community college grants here) (List various state college and university grants here) Independent College Grants - amounts vary

23 23 Types of Applications FAFSA Other applications or forms as required by the college such as: 2008 federal tax returns (along with schedules and W-2s) or other income documentation CSS Financial Aid PROFILE Institutional scholarship and/or financial aid applications

24 24 FAFSA Information & Tips File as soon as possible Use estimated 2008 income information if taxes are not complete at time of FAFSA submission Student and at least one parent whose information is required must complete and sign the FAFSA

25 25 Federal PIN PIN (Personal Identification Number) serves as the electronic signature on ED documents Both student and at least one parent need PIN to sign the FAFSA electronically May be used to: Check on FAFSA status Verify and correct FAFSA data Add additional schools to receive FAFSA data Change home and e-mail addresses If an e-mail address is provided, PIN will be e-mailed to the PIN applicant within hours Apply for student and parent PINs TODAY at: www.pin.ed.gov

26 26 Getting Ready Before starting the FAFSA, gather: Student drivers license Student Alien Registration Card Student and Parent Social Security cards 2008 W-2 Forms and other records of money earned 2008 federal income tax form (even if not completed) Records of untaxed income Current bank statements Business, farm, and other real estate records Records of stocks, bonds, and other investments Create a file for copies of all financial aid documents submitted

27 27 Getting Started Read all application instructions If planning to submit the paper FAFSA: Use pen with black ink Print clearly in CAPITAL letters Fill in ovals completely Do not leave blanks (unless directed by instructions) Do not write comments or notes anywhere on form Do not use correction fluid

28 28 FAFSA on the Web The 2009-2010 FAFSA on the Web Worksheet may be used for the January 1, 2009 through June 30 th, 2010 federal aid application cycle

29 29 The FOTW Worksheet A Five Section Form Section 1–is about the student Section 2–determines student dependency status Section 3–collects parental information for dependent students Section 4–collects student finances and information about the independent student Section 5–allows students to list up to ten schools to receive information from the FAFSA

30 30 Section 1 (page 2) STUDENT INFORMATION

31 31 Section 1 Your Last Name The FOTW will ask for the students first and last name as well as a middle initial Make sure to report the students name exactly as it appears on the students Social Security card Jones

32 32 Section 1 Your Social Security Number Double check your Social Security Number when entering it on the FOTW. Both your name and Social Security Number will be compared through a database match 1 2 3 4 5 6 7 8 9

33 33 If U.S. citizen, status will be confirmed by Social Security match If eligible noncitizen, status will be confirmed by Department of Homeland Security (DHS) match. This includes: U.S. permanent residents with I-551 Conditional permanent residents with I-551C Eligible noncitizens with I-94 If neither a citizen or eligible noncitizen, you are ineligible for federal/state aid, but might still be eligible for institutional funds Section 1 Citizenship Status

34 34 Section 1 Alien Registration Number 0 1 2 3 4 5 6 7 8 If eligible noncitizen, write in your eight- or nine-digit Alien Registration Number (ARN) Precede an eight digit ARN with a zero Copy of Permanent Registration Card might be requested by the financial aid office

35 35 Section 1 Citizenship Status if you are applying to any public college or university, check to see if you might be eligible for in-state tuition costs check with colleges and universities to see if institutional financial aid is available apply for all private scholarships for which you may be eligible watch for changes in federal and state laws regarding the eligibility of undocumented or under-documented students start inquiring in elementary, middle or high school to see if it is possible for younger students to become permanent residents For more information and a list of scholarships, go to www.maldef.org/pdf/scholarships.pdf or www.latinocollegedollars.org NOTE: if you are undocumented or under-documented

36 36 Section 1 Your State of Legal Residence Residency relates to your permanent home state if you are dependent, the state of legal residence is usually the state in which your custodial parents live State of legal residence is also used to determine eligibility for state grants in the need calculation to determine the appropriate allowance for state and other taxes paid by that states residents GA

37 37 Section 1 Selective Service Registration Male students who are 18 years of age or older must be registered with Selective Service to receive federal and state aid Answer Register me only if you are male, aged 18-25, and have not yet registered. You may also register by going to : www.sss.gov

38 38 Answer No if you have never received federal student grants, federal student loans or federal work-study You should also answer No if you have never attended college. If you answer No to this question, skip question 23 Section 1 Federal Student Aid Question

39 39 Answer YES if you have been convicted of possessing or selling illegal drugs while you were receiving federal student financial aid Answer NO if: You have no drug-related convictions of any kind but simply received student financial aid while a college student Conviction was for alcohol or tobacco Conviction was removed from your record or occurred before age 18 (unless tried as an adult) Section 1 Drug Conviction Question

40 40 Section 1 Parents Educational Level Indicate highest level of schooling completed by your biological or adoptive parents (for state award purposes only) Use birth parents or adoptive parents - not stepparents or foster parents This definition of parents is unique to these two questions

41 41 Indicate your most immediate degree or certificate objective for 2009-2010 Section 1 Degree Objective

42 42 Section 1 Your Expected Enrollment Status at the Start of the 2009-2010 Academic Year Report your enrollment plans for the college you are most likely to attend If unsure, report Full-time

43 43 Section 1 Work-Study and Student Loans If you are interested in either work-study (student employment) or student loans, or both, mark the appropriate box Indicating interest does not obligate you to either work or borrow, nor will it cause you to lose grants and scholarships Answering neither may restrict some options for limited work-study or loan funds

44 44 Section 2 (page 3) STUDENT DEPENDENCY STATUS

45 45 Section 2 Determination of Student Dependency Status

46 46 Section 2 Determination of Student Dependency Status

47 47 Section 2 Determination of Student Dependency Status If you answer no to all questions in this section, go to Section 3. For FAFSA filing purposes, you are considered a dependent student and are required to provide parental information If you answer yes to any question in this section, skip Section 3 and go to Section 4. You are considered an independent student for FAFSA filing purposes and are NOT required to provide parental information

48 48 Section 3 (page 4) PARENTAL INFORMATION

49 49 Section 3 Parental Information See Page 4 of FAFSA on the Web Worksheet about who is considered a parent Biological or adoptive parent(s) Stepparent (regardless of any prenuptial agreements)

50 50 Section 3 Parental Information Do not provide information on: Foster parents or legal guardians If the student is in foster care or has a legal guardian, he/she is automatically considered an independent student Grandparents or other relatives The student must attempt to get biological parental information Colleges may use Professional Judgment to allow the student to file as independent

51 51 Section 3 Parental Information, $ 0 If the answer to any question is zero or the question does not apply, enter 0: Report whole dollar figures: Recommendation: If your parents have not filed their 2008 federal tax return, use W-2 forms and/or other employment records to estimate total income 1 2 $ 3 5 6 (no cents),

52 52 Section 3 Parents Marital Status as of Today Month and Year Your Parents were Married, Separated, Divorced, or Widowed M M Y Y Y Y

53 53 Section 3 Parent E-Mail Address Fill in your parents e-mail address that will be valid at least until you start college If you provide your parents email address, the FAFSA processor will let them know your FAFSA has been processed PJONES@YAHOO.COM

54 54 Section 3 Fathers and Mothers SSN, Last Name, and Dates of Birth NOTE:Provide this information for your parent(s) who complete Section 3 of the worksheet 2 3 4 5 6 7 8 9 0 JONES 0 5 0 3 1 9 5 9 0 0 0 0 0 0 0 0 0 PARKER 0 7 1 9 1 9 6 0

55 55 Section 3 Parents State of Legal Residence Indicate the two-digit state code for your parents permanent address Leave question 74 blank if at least one of your parents whose information is used on this form began living in the state before January 1, 2004 GA M M Y Y Y Y

56 56 Section 3 Parents Tax Return Filing Status for 2008 Indicate your parents current tax filing status for 2008 Which tax return did or will your parents file for 2008? Even if your parent(s) did not file a 1040A or 1040EZ, read the instructions to see if they would have been eligible to do so The FOTW Web site will ask if your parents have completed their 2008 tax return

57 57 Section 3 Parents Household 2008 Federal Benefits Indicate if you, your parents, or anyone in your parents household received benefits in 2007 or 2008 from any of the federal programs listed

58 58 Section 3 Parent Dislocated Worker A person may be considered a dislocated worker if he or she: is receiving unemployment benefits due to being laid off or losing a job and is unlikely to return to a previous occupation has been laid off or received a lay-off notice from a job was self-employed but is now unemployed due to economic conditions or natural disaster is a displaced homemaker

59 59 Section 3 Parent 2008 Adjusted Gross Income Reminder: If the answer is zero or the question does not apply, enter 0 If your parents have not yet filed their 2008 federal tax return information, it is fine to estimate information for these questions If your parents have completed their 2008 federal tax return, use 2008 tax return information to complete this item. Pay attention to specific line-items on 2008 federal tax return, if completed 45,250

60 60 Section 3 Money Earned from Work by Parent(s) in 2008 Use W-2 forms and other records to list all income in 2008 earned from work (including income earned from self-employment) 45,250 40,500

61 61 Section 3 Parents Income Tax Paid in 2008 What was the amount your parents paid in income tax for 2008? –Use U.S. Income tax paid (or to be paid) not the amount withheld from your parents paychecks 2,130

62 62 Section 3 Parents 2008 Tax Exemptions Enter your parents exemptions for 2008 Exemptions can be found on their IRS tax return Be sure to include all persons being claimed on your parents 2008 federal tax return, regardless of whether they are included in your parents household size question 05

63 63 Section 3 Parents Household Information for 2009-10 Include in your parents household: yourself your parent(s) your parents other dependent children, if your parents provide more than half their support or the children could answer no to every question in Section 2, regardless of where they live other people, if they now live with your parents and will continue to do so from 7/1/09 through 6/30/10, and if your parents provide more than half their support now, and will continue to provide support from 7/1/09 through 6/30/10 05

64 64 Section 3 Family Members Attending College in 2009-10 NOTE: Some financial aid offices will require proof that other family members are attending college Always include yourself even if you will attend college less than half-time in 2009-2010 Include other household members only if they will attend at least half time in 2009-2010 in a program that leads to a college degree or certificate Never include your parents 2

65 65 Section 3 2008 Additional Financial Information 2,500 12,200 Enter the total from this Additional Financial Information sheet to Question 94 on page 5, Section 3

66 66 Section 3 2008 Untaxed Income 1,700 6,200 500 Enter the total from this 2008 Untaxed Income sheet to Question 95 on page 5, Section 3

67 67 Section 3 Parent Asset Information NOTE: Some financial aid offices may request supporting documentation for the answers to these questions List the net value of your parents assets as of the day you complete the FAFSA If net worth is one million dollars or more, enter If net worth is zero, enter 0 9 9 $ 9 9 9, 9 $ 0,

68 68 Section 3 Parent Cash, Savings, and Checking Report the current balance of your parents cash, savings, and checking accounts as of the day you complete the FAFSA 2,155

69 69 Section 3 Parent Investments bonds and other securities Coverdell IRAs 529 plans owned by parents installment and land sale contracts commodities, etc. Net Worth means current value minus debt Investments include: real estate (other than parents home) trust funds UGMA and UTMA accounts money market and mutual funds certificates of deposit stocks and stock options 7,900

70 70 Section 3 Parent Business and Investment Farms NOTE: DO NOT include the home you live in, the value of life insurance and parent retirement plans (pension funds, annuities, non-education IRAs, Keogh plans, etc), or the value of a family owned and controlled small business with 100 or fewer full-time or full-time equivalent employees Business/Investment Farm includes: –market value of land, buildings, machinery, equipment, and inventory. Debt means only those debts for which the business was used as collateral 23,600

71 71 Section 4 (page 6) STUDENT FINANCES

72 72 Section 4 Student Finances Questions (34 – 40) are identical to the parent financial questions we covered in Section 3 In these questions in Section 4: Report your 2008 income If you are single, ignore references to spouse If you are married, report spouses income and assets

73 73 Section 4 Student Veterans Education Benefits For more information on Veterans Education Benefits, contact the VA at: (800) 827-1000 or www.va.gov

74 74 Section 4 Student Finances (Independent Students) Answer questions (96 – 103) in Section 4 only if you answered yes to at least one question in Section 2 – Student Dependency Status

75 75 Section 4 Student Finances (Independent Students) Include in your household: you (and your spouse if married) your children, if you will provide more than half their support other people, if they now live with you and you provide more than half their support, and will continue to provide that level of support from 7/1/09 through 6/30/10

76 76 Section 4 Student Finances (Independent Students) Count yourself even if you will attend college less that half-time in 2009- 2010 Include others only if they will attend at least half-time in 2009-2010 in a program that leads to a college degree or certificate

77 77 Section 4 Household Federal Benefits (Independent Students) Indicate if you, your spouse, or anyone in your household received benefits in 2007 or 2008 from any of the federal programs listed

78 78 Section 4 Dislocated Worker (Independent Students) A person may be considered a dislocated worker if he or she: is receiving unemployment benefits due to being laid off or losing a job and is unlikely to return to a previous occupation has been laid off or received a lay-off notice from a job was self-employed but is now unemployed due to economic conditions or natural disaster is a displaced homemaker

79 79 Section 5 (middle of page 7) COLLEGES TO RECEIVE INFORMATION

80 80 001170 001328 023456 Section 5 School Information 034567 List the schools you are most likely to attend, and then list others to which you are applying for admission

81 81 Section 5 School Information List up to ten schools to which you are applying For faster and more accurate processing, write in both the Title IV school code and the school name Check with each colleges financial aid office, your high school counselor, or the U.S. Department of Educations website (www.fafsa.ed.gov) for a listing of federal school codes of the colleges to which you are applying Select the housing plan that best describes the type of housing you expect to have while attending each listed school

82 82 Section 5 School Information List those schools with the earliest financial aid deadlines, regardless of whether they are in-state or out-of-state If the student is applying to more than ten schools, wait for the processed Student Aid Report (SAR) and add additional schools via the Web or by phone Strategies for Listing Colleges

83 83

84 84 TYPES OF FAFSAs FAFSA on the Web Paper FAFSA

85 85 FAFSA ON THE WEB Internet application used by students and parents to complete electronic FAFSA at www.fafsa.ed.gov Processed more quickly than paper version Sophisticated on-line edits so that errors are less likely to be made Student and at least one custodial parent should get a federal PIN at www.pin.ed.gov

86 86 Application Filing Tips FAFSA on The Web Gather necessary documents ahead of time Complete a FAFSA on the Web Worksheet available at www.fafsa.ed.gov Allow ample time to complete form for submission by deadline Check the FAFSA for accuracy prior to submission Save all work periodically Sign the application using student and at least one parents PIN Print out a copy of the FAFSA before submitting data Keep a copy of the Submission Confirmation Page

87 87 File early and meet all deadlines Check the FAFSA for completeness and accuracy Sign and date FAFSA Make a copy of the FAFSA before mailing Mail the FAFSA Do not write any comments on the FAFSA Do not include letters, tax forms, or worksheets Use regular mail (not Registered or Certified) Obtain a U.S. Postal Service Certificate of Mailing (cost is only $1.10) Application Filing Tips Paper FAFSA

88 88 Student Aid Report (SAR) Regardless of whether the student uses FAFSA on the Web or submits a paper FAFSA, a SAR will be sent to the student An electronic SAR will be sent if student provides an email address A paper SAR will be mailed if no student e-mail address is provided An electronic copy of the data will be sent to each college or university listed by the student in Section 5 Keep a copy of the SAR with other financial aid documents

89 89 What Happens Next? Students and the colleges the student listed receive Student Aid Report (SAR) from federal processor (CAR) Students and families review SAR and CAR for important information and accuracy of data Colleges match admission records with financial aid applications and determine aid eligibility Colleges mail notices of financial aid eligibility to admitted students who have completed all required financial aid forms

90 90 Special Circumstances Contact the Financial Aid Office if there is: Loss or reduction in parent or student income or assets Death or serious illness Natural disasters affecting parent income or assets Unusual medical or dental expenses not covered by insurance Reduction in child support or other untaxed benefits Financial responsibility for elderly grandparents Any other unusual circumstances that affect a familys ability to contribute to higher education

91 91 Summary of the Financial Aid Process Submit all required forms, including the FAFSA, by each colleges published deadlines (insert any special state deadlines) Keep a copy of all forms submitted Review the electronic Student Aid Report (SAR) Acknowledgement or the paper SAR sent to the student Watch for financial aid award notifications from colleges to which the student has been admitted Be sure to apply for financial aid this year and every year as soon as possible after January 1 to receive the best financial aid award possible ASK QUESTIONS!

92 92 Questions and Answers


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