FAFSA LINE-BY-LINE 1. About the FAFSA It’s free to everyone It collects ‘base year’ income (e.g., 2014 for the 2015-2016 award year). Everything else.

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Presentation transcript:

FAFSA LINE-BY-LINE 1

About the FAFSA It’s free to everyone It collects ‘base year’ income (e.g., 2014 for the award year). Everything else is reported as of the date of an application. Many of the questions represent information required by law. It is used to calculate a family’s ability to pay a student’s education. In Illinois, grants and dollar amounts are subject to appropriations by the Illinois General Assembly and the Governor. Awards are made until funds are depleted, so apply as soon as possible after January 1, Submit FAFSA as early as possible but no earlier than January 1, “…If you have not yet filed your tax return, you can still submit your FAFSA, but you must provide income and tax information.” Note: When estimates are used, encourage families to work with the financial aid office to ‘correct’ information to reflect actual tax information. Complete FAFSA for the academic year in which a student intends to enroll. 2

Page 2 Who is an eligible noncitizen? Selective Service Requirement Foreign tax return and daily exchange rate Who is eligible to file a 1040A or 1040 EZ? Number of Exemptions on a 1040 EZ Business and/or farm investments Legal guardianship/ Emancipated minor Parental information not available Parent (for FAFSA purposes) Dislocated Worker Page 9 The informational pages and note pages surround the application (pages one through two and pages nine through ten). Marital Status Veterans Current service in the U.S. Armed Forces Investments to include Investments NOT to be included Adopted In foster care Dependent or ward of the court Homeless Unaccompanied Youth 3

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How Do I Determine 50% Support? 2014 Federal poverty guidelines for household size of 2: $15,730 U.S. Department of Agriculture (USDA) Cost of Raising a Child Calculator: While each financial aid office may use their own criteria, here are a few resources that may help: 10

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Unmarried parents (biological or adoptive) living with each other must both provide information, unless they are divorced. Straight From The Source 1 : Beginning with the FAFSA, dependent students will be required to include on the FAFSA income and other information from the dependent student’s legal parents (biological or adoptive) regardless of the parents’ marital status or gender, if those parents live together. 1 Parent Changes Marital Status 13

Same-sex couples must report their marital status as married if they were legally married in a state or other jurisdiction (foreign country) that permits same sex marriage, without regard to where the couple resides. Straight From The Source 1 : For purposes of the Title IV HEA programs, a student or a parent is considered married if the student or parent was legally married in any domestic or foreign jurisdiction that recognizes the relationship as a valid marriage, regardless of where the couple resides. 1 Parent Changes Same-Sex Marriage 14

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Students Unable to Obtain Parent Info. Under very limited circumstances, a dependent student can submit a FAFSA without parental information. Unacceptable Reasons to Not Provide Parental Information: Parents do not want to provide their information Parents refuse to contribute to college expenses Parents do not claim student on their income taxes Acceptable Reasons to Not Provide Parental Information: (additional documentation may be required) Parents are incarcerated Student left home due to an abusive family environment Student does not know where parents are/has no contact 22

Providing Parental Information When completing the FAFSA online, students will be asked whether they will provide parental information. Unless the students can document special circumstances, they are still required to provide parental information. 23