Welcome to College Goal Alaska 2016

2015 Partners & Sponsors Coalition of Alaskans Supporting Higher Education 2016 Sponsors:

Understanding the FASFA Presenter:

Understanding the FAFSA THE FAFSA PROCESS

The FAFSA Free Application for Federal Student Aid Evaluates a family’s eligibility for federal student aid programs Serves as application for state scholarships/grants Bases financial capacity on prior year Students must re-apply each year Assets may change from year to year www.fafsa.ed.gov Most importantly – it’s FREE!

FAFSA Goals Determines Expected Family Contribution (EFC) A measure of your family’s ability to pay for college Used to determine your eligibility for federal student aid for a single school year Everyone should file a FAFSA No income cutoff Required for federal and state aid Often required for campus-based aid Many public and private scholarships require FAFSA Alaska Performance Scholarship

Timelines for Filing the FAFSA Available after January 1 Best to file by mid-February Don’t wait until you file your taxes – you can use 2014 information or estimates to meet deadlines, and update your FAFSA after you’ve filed your taxes. AEG – as early as possible; APS deadline: June 30 Some programs award funds on first-come, first-served basis Some colleges have early deadlines Check deadlines on college websites Don’t wait until after admission to the school

Getting Ready Before starting the FAFSA, gather: Student’s driver’s license Student Alien Registration Card For both student and parent, be sure to have: Social Security cards Access to e-mail in order to verify FSA ID (Better yet – get your FSA ID in advance!) 2015 W-2 Forms & records of money earned & other taxable benefits 2015 Federal income tax form Records of untaxed income Current bank statements Business, farm, & other real estate records Records of stocks, bonds, & other investments

fsaid.ed.gov Create an FSA ID The FSA ID – a username and password– has replaced the Federal Student Aid PIN and must be used to log into the FAFSA website Your FSA ID confirms your identity when you access your financial aid information and electronically sign Federal Student Aid documents Both the student & one parent need to create their own personal FSA ID in order to have access to Federal Students Aid’s online system and sign the FAFSA electronically fsaid.ed.gov

www.fafsa.ed.gov File your FAFSA Online Internet application used by students & parents to complete electronic FAFSA Quick online edits to reduce likelihood of errors/delays Easy on-line help available for each question www.fafsa.ed.gov

Questions on the FAFSA SECTION 1: Demographic information about the student & schools you are considering attending SECTION 2: Determination of student dependency status SECTION 3: Parental information for dependent students SECTION 4: Student finances & information about the independent student

Completing the 2016-2017 FAFSA on the Web Worksheet A line-by-line discussion Traditional student emphasis (straight out of high school) Anyone can file a FAFSA Traditional students Non-traditional students Older returning students Graduate school students

Student Aid Report (SAR) SAR sent to student within 2 weeks Review it for accuracy Report any changes SAR sent to schools listed on FAFSA School will use EFC to determine your financial need School sends award letter to student or requests additional information

Finding Your EFC Expected Family Contribution Located in upper right hand corner of SAR

Other Forms Some schools require additional paperwork CSS Financial Aid PROFILE www.collegeboard.org Not a federal requirement, check with your school to see if it’s necessary Campus scholarship application Ask what forms the college requires!

Award Letters Schools may send paper or electronic award letters Award letters show the amount of financial aid you will receive at the school Can include grants, scholarships, work-study, and loans Compare award letters at www.finaid.org/calculators You have to act on the award letter – you can accept all or part of the award package, or decline it.

State Programs & Awards By filing the FAFSA, you’ve applied for your state grant and scholarship programs. Your initial award letter may not reference the Alaska Performance Scholarship (APS) and Alaska Education Grant (AEG), even if you do qualify. Sign up for an Alaska Student Aid Portal account at APS.alaska.gov to monitor your eligibility status, and take any required action.

Verification Save copies of documents used for your FAFSA Be prepared to provide additional information Colleges verify 30% of all applicants’ information Colleges cannot certify many types of aid unless the student/family provides the necessary information by the verification deadline

Section 1 - Student Demographics and Schools Getting STARTED

FAFSA Login

Create an FSA ID fsaid.ed.gov Step 1: Create a username and password, and enter your e-mail address, confirm both, answer the question about your age, and click on continue Step 2: Enter your name, date of birth, Social Security number, contact information, and challenge questions and answers Step 3: If you have a Federal Student Aid PIN, you will be able to enter it and link it to your FSA ID Step 4: Review your information, and read and accept the terms and conditions Step 5: Confirm your e-mail address using the secure code, which will be sent to the e-mail you entered when you created the FSA ID fsaid.ed.gov

FAFSA Renewal

Establish a Password

Introduction Page

Student Demographic Info Full Name Social Security # Date of Birth Gender Mailing Address State of Residency Phone # Email Address Marital Status Driver’s license

Student Eligibility Screen

Selective Service Registration www.sss.gov

Student Aid Eligibility and Education Status

Student Work-Study

Parent’s Education Indicate the highest level of school your father and mother completed. Some states and colleges offer aid based upon this. Use birth parents or adoptive parents, not step-parents, legal guardians, or foster parents

Student Eligibility (continued)

School Selection

School Housing Plans

Section 2 - Is parental information required? Dependency STATUS 34

Dependency Determination

Dependent or Independent? ANY “YES” answers = independent student You will not have to provide parent information ALL “NO” answers = dependent student You must provide parent information

Special Circumstance If dependent, and you submit without parental information… Your FAFSA is not complete No EFC calculated You must contact the financial aid office Their decision is final

Section 3 - Dependent students only PaRENTAL INFORmation 38

Parents Who is a parent? Biological parents Adoptive parents Step-parents Who is not a parent? Grandparents Foster parents Legal guardians Older siblings Aunts or uncles

Parent Identifying Info If applicable, your parent’s month and year of marriage Father/stepfather’s SS#, name, DOB Mother/stepmother’s SS#, name, DOB E-mail address (for parents) State of residence

Parent Household Household size includes parents, the student, and other dependents For household college students: Always include the student even if he/she will attend college less than half time in 2016-2017 Include other household members if they will attend at least half time in 2016-2017 in a program that leads to a degree or certificate Never include the parents 41

Parent Tax Information

IRS Data Retrieval If your parents answer “Already completed,” they will be given the option to transfer their 2015 income tax information directly from IRS records If filing the FAFSA within 3 weeks of having filed your tax return electronically (or by mail within 11 weeks), you will need to use your actual 2015 IRS tax return to complete the FAFSA so you do not miss any important financial aid deadlines. 43 43

Parent Financial Information

Parents’ Adjusted Gross Income (AGI) What type of income tax return will your parents file for 2015? What was your parents’ AGI for 2015? 1040 line 37 1040A line 21 1040EZ line 4 Only asked if your parents filed taxes.

Parents’ Earnings from Work Enter how much each of your parents earned from working in 2015 (wages, salaries, tips, etc.) W2 forms – box numbers 1 + 8 1040 line 7+12+18 1040A line 7 1040EZ line 1

Dislocated Worker Is either of your parents a dislocated worker? A person may be considered a dislocated worker if he/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 the spouse of an active duty member of the Armed Forces and has experienced a loss of employment because of relocating due to permanent change in duty station; is the spouse of an active duty member of the Armed Forces and is a displaced homemaker; or is a displaced homemaker.

Parents’ Household Benefits In 2014 or 2015, did your parents or anyone in your parents’ household receive any of these benefits? Supplemental Security Income (SSI) Supplemental Nutrition Assistance Program (SNAP) Free or Reduced Price Lunch Temporary Assistance for Needy Families (TANF) Special Supplemental Nutrition Program for Women, Infants, and Children (WIC) Check all that apply

Parents’ U.S. Income Taxes and Tax Exemptions Enter the amount parents paid (or will pay) in U.S. income tax for 2014? Form 1040 – Subtract line 46 from line 56 and enter the total Form 1040A – Subtract line 36 from line 28 and enter the total Form 1040EZ – Use line 10 Enter the parents’ tax exemptions for 2014 Form 1040 – Use line 6d Form 1040A – Use line 6d IRS Form 1040EZ and did not check either box on line 5, enter 01 if they are not married or 02 if they are married IRS Form 1040EZ and checked either the "you" or "spouse" box on line 5, use line F on EZ worksheet to determine number of exemptions ($4,000 equals one) 49

Additional Parent Financial Information Did your parents have any of the following in 2015? Check all that apply You will be asked to report amounts online

Asset Net Worth Question

Error Message on Asset Net Worth Question

Section 4 - Student (and spouse) income . STUDENT INFORMATION 53

Student Information Questions in Section 4 are identical to the parent financial questions covered in Section 3 If the student is married, also report spouse’s income and assets The questions in Section 4 ask: For 2015, has the student completed their IRS income tax return For 2015, what is the student’s filing status Which 2015 federal tax return the student filed or will file The student’s 2015 Adjusted Gross Income, if filing a tax return The student’s earnings from work The student’s untaxed income and assets If the student is a dislocated worker The student’s total current assets as of the FAFSA filing date

Congratulations! You’re Nearly Done! After you have entered all your information online: Sign and submit electronically Or print, sign and mail your signature page Remember – do not mail the worksheet Print your confirmation page You can go back to update your information any time after you file the FAFSA If you selected “will file” you will be required to do this after you complete your 2015 tax return. www.fafsa.ed.gov

For More Information 800-4FED-AID (800-433-3243) www.studentaid.ed.gov Contact the school you plan to attend Contact Federal Student Aid at: 800-4FED-AID (800-433-3243) www.studentaid.ed.gov