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

2. Amy Anderson Financial Aid Administrator University of Virginia
Welcome!

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

4. The Application Process

5. How do I apply for financial aid
How do I apply for financial aid? Separate process from applying to college! 1
FAFSA
File the Free Application for Federal Student Aid/ FAFSA (UVa’s school code is ) 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.

6. FAFSA on the Web

7. CSS/Financial Aid PROFILE www. collegeboard
CSS/Financial Aid PROFILE
$9 fee
+ $16
for each college report

8. 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

9. 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#

10. Apply for a Federal PIN from this screen:

11. 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

12. 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

13. 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.

14. HOW TO AVOID DELAYS Take your time and use the HELP screens
ASK if you do not understand something
FAFSA: 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:
Use IRS Data Retrieval Tool (DRT) if eligible

15. 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.

16. 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.

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

18. IRS TAX RETURN TRANSCRIPT
Order your FREE tax return transcript at
Order online, by phone or by mail
Transcript is sent to you by mail; takes several weeks to arrive

19. Determining Financial Need

20. 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

21. 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

22. TOOL TO HELP YOU RESEARCH COST OF ATTENDANCE
Net Price Calculator
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 ( costs and awards
would show today)
Reflects cost of attendance minus grant/gift aid

23. NPC

24. 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

25. Comparing the colleges
NEW Education Shopping Sheet

26. EDUCATION SHOPPING SHEET

27. What is financial aid?

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

29. 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

30. 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

31. 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

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

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

34. Questions? Thank you for coming tonight!
Student Financial Services
University of Virginia, Carruthers Hall
(434)
Questions? Thank you for coming tonight!