Applying for Financial Aid Walking through the FAFSA, 2013-2014 Monticello High School January 16, 2013

Amy Anderson Financial Aid Administrator University of Virginia Welcome!

Overview The Application Process If Selected for Federal Verification Determining Financial Need Comparing the Colleges What is Financial Aid Questions

The Application Process

How do I apply for financial aid How do I apply for financial aid? Separate process from applying to college! 1 FAFSA File the 2013-2014 Free Application for Federal Student Aid/ FAFSA (UVa’s school code is 003745) 2 College financial aid application Check with colleges for other required documents, such as: CSS/ Financial Aid PROFILE to colleges requiring it (UVa’s school code is 5820). University/college financial aid application for each college 3 Other documents – tax return, W-2, etc. Some colleges may request signed copies of 2012 federal taxes, including tax schedules and earning statements. Some students may be required to submit copies of tax transcripts if they are selected by the government for federal verification.

FAFSA on the Web www.fafsa.gov

CSS/Financial Aid PROFILE www. collegeboard CSS/Financial Aid PROFILE www.collegeboard.org/css-financial-aid-profile $9 fee + $16 for each college report

Information collected on the applications Student and parent demographics Information from 2012 federal tax return Information from 2012 W-2 forms Untaxed income Number in household and number in college Assets and investments

Documents you’ll need for FAFSA Social Security Number and date of birth for student and one parent 2012 Federal income tax return and schedules W-2s for 2012 Asset and investment records Alien registration or permanent resident card (if you are not a US citizen) FAFSA PIN # to sign FAFSA electronically – student needs a PIN# + parent needs a PIN#

Apply for a Federal PIN from this screen:

FILLING OUT FINANCIAL AID FORMS Common errors Discrepancies between the FAFSA and CSS/PROFILE or university financial aid application Using nickname - use full LEGAL name consistently Incorrect social security number (put SSN on college applications, including the Common App, also) Incorrect date of birth Incorrect dependency status (high school students are almost always DEPENDENT) Household size, and number in college Guardianship – need legal documentation Missing signatures on FAFSA and other documents

Answer this question on FAFSA! Although not required, the student should indicate whether they are male or female Gender is used to determine if the student must register with Selective Service

Choosing colleges to receive FAFSA Students can still choose up to 10 colleges to receive their applications. Can remove one and add another college. For each college selected, the student must choose housing status.

HOW TO AVOID DELAYS Take your time and use the HELP screens ASK if you do not understand something FAFSA: 1-800-4-FED-AID Meet the deadline for each college! Don’t wait until the last day before the deadline Monitor requests from colleges for add. information Watch this tutorial on the Seven Easy Steps to the FAFSA: www.finaid.ucsb.edu/fafsasimplification Use IRS Data Retrieval Tool (DRT) if eligible

IRS DATA RETRIEVAL TOOL (DRT) Transfer your income data into your FAFSA directly from the IRS website three weeks after your taxes are filed online, or 8 weeks if taxes submitted on paper. (tool will be available beginning late February) Benefits Easy, quick and convenient Secure Can make the verification process easier Do not change the data after you transfer it! NOTE: Some families may not be eligible to use this tool. If ineligible, you will have to manually enter your income data into your FAFSA.

IRS DATA RETRIEVAL TOOL Question on FAFSA If you answer YES to any of the first four questions, you will not be able to use the IRS Data Retrieval Tool. To link to the IRS website and access your information… The parent name entered must be the first person listed on the tax return if a joint tax return was filed. The address entered in the search field must match exactly what shows on the filed tax return.

IF you are selected for federal Verification… IRS Data Retrieval Tool or Tax Return Transcript

IRS TAX RETURN TRANSCRIPT Order your FREE tax return transcript at www.irs.gov/Individuals/Order-a-Transcript Order online, by phone or by mail Transcript is sent to you by mail; takes several weeks to arrive

Determining Financial Need

Determining Financial Need The FAFSA, CSS Profile and other documents are used to determine eligibility for need-based financial aid and to prepare an award package. Cost of Attendance minus EFC equals Financial Need

Cost of Attendance Academic year 2012-13 UVA (In-state) Tuition/Fees 12,224 Direct cost – billable by the university Room/Board 9,440 SUBTOTAL 21,664 Books/Supplies 1,220 Personal 2,110 Transportation 360 TOTAL 25,354 http://www.virginia.edu/financialaid/estimated.php

TOOL TO HELP YOU RESEARCH COST OF ATTENDANCE Net Price Calculator http://netpricecalculator.collegeboard.org/ click on Students, then Participating Schools Federally mandated – All colleges required to have a net price calculator on their website Must represent factual data – Information is for current academic year (2012-13 costs and awards would show today) Reflects cost of attendance minus grant/gift aid

NPC

CALCULATION of NEED UVA (In-state) (Out-of-state) Cost of Attendance 25,354 51,636 to 52,606 EFC 10,000 Financial Need 15,354 41,636 to 42,606

Comparing the colleges NEW Education Shopping Sheet

EDUCATION SHOPPING SHEET

What is financial aid?

Financial aid is… Scholarships Grants Work Study Loans Funds provided to students and families to help pay for postsecondary educational expenses. These include:

Private and Community Scholarships College Scholarships Private and Community Scholarships Applications and requirements vary from college to college Check with every college you are applying to for information Find out if a SEPARATE scholarship application is needed Some may require you to file an application for financial aid You may find them in unexpected places Some are merit-based, some are need-based, some are both

subsidized unsubsidized annual maximum for first year student is $5500 credit check not required federal student loans parent borrows on behalf of student COA is the annual loan limit credit check required not need-based parent loans student is the borrower private Loans Money that has to be repaid – usually not until after the student graduates

Work Study get hired get to work get paid Need-based award that provides an opportunity to work at your school and earn money to help pay for educational expenses. get hired get to work get paid

Grants Need-based money awarded by colleges and universities. federal institutional state federal Need-based money awarded by colleges and universities.

education savings plan paying for college education savings plan family contribution scholarships loans grants work-study

Questions? Thank you for coming tonight! Student Financial Services University of Virginia, Carruthers Hall (434) 982-6000 faid@virginia.edu www.virginia.edu/financialaid www.facebook.com/UVaSFS www.twitter.com/UVaSFS Questions? Thank you for coming tonight!