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FAFSA 101 for the 2014-2015 Academic Year Raul Hinojosa Jr. Director, Community Engagement The University of Texas at Dallas.

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Presentation on theme: "FAFSA 101 for the 2014-2015 Academic Year Raul Hinojosa Jr. Director, Community Engagement The University of Texas at Dallas."— Presentation transcript:

1 FAFSA 101 for the 2014-2015 Academic Year Raul Hinojosa Jr. Director, Community Engagement The University of Texas at Dallas

2 Agenda 1Introduction to FAFSA 2Applying Online 3After Completing the FAFSA 4Applying for State Financial Aid 5Q & A

3 What is FAFSA? Apply for most types of federal and state aid Collects information to calculate students EFC Available in English & Spanish Online, Paper and PDF Produced by U.S. Department of Education

4 If you might need money for college you should apply for financial aid Why Apply for FAFSA? No cost to apply States and schools rely on the FAFSA for awards Change in family financial circumstances might

5 Am I Eligible? U.S. citizen, U.S. national or an eligible non-citizen Social Security Number High school diploma or GED Registered with U.S. Selective Service (male aged 18-25) Use federal aid for educational purposes Not owe refunds on any federal student grants Not defaulted in any student loans Not guilty of sale or possession of illegal drugs –federal aid was received

6 Applying Online The 2014-2015 FAFSA on the web will be available January 1, 2014.

7 There are several benefits to applying electronically: Built-in edits to help prevent costly errors Simplification: Skip-logic allows student and/or parent to skip unnecessary questions Immediate submission of original application and any necessary corrections More detailed instructions than space allows on the paper FAFSA Ability to check application status on-line Simplified application process in subsequent years FAFSA on the Web

8 Complete the FAFSA in 5 Steps 1.Gather Materials 2.Get a PIN 3.Fill It Out 4.Sign & Submit 5.Follow Up

9 Gather Materials Social Security Card Drivers license W2 forms and tax returns Bank statements Parents information (if you are dependent student)

10 You and one parent can register for a Personal Identification Number (PIN) at Not required but speeds processing May be used by students and parents throughout aid process and in future years Get a PIN

11 Fill It Out

12 Section 1 collects general information Social Security Number Citizenship status Drug convictions Selective Service registration (for males only) Additional Information Requested College and housing information FAFSA on the Web (FOTW) Worksheet

13 Section 2 collects information to Determine dependency status FAFSA on the Web (FOTW) Worksheet

14 Section 3 collects parental information Tax, income, and other financial information Dislocated worker status Assets FAFSA on the Web (FOTW) Worksheet

15 Students completing a 2014–15 FOTW will be able to utilize IRS Data Retrieval beginning February 2014 Participation is voluntary Reduces documents requested by financial aid office Data available in English and Spanish IRS data available within several days for electronic filers or several weeks for paper tax filers IRS Data Retrieval

16 Manually Entering IRS Data

17 Section 4 collects student information Tax, income, and other financial information Dislocated worker status Assets FAFSA on the Web (FOTW) Worksheet

18 FAFSA on the Web (FOTW) Confirmation Page

19 Parent and student Social Security Numbers Divorced/remarried parental information Income earned by parents/stepparents Untaxed income U.S. income taxes paid Household size Number of household members in college Real estate and investment net worth Common FAFSA Mistakes

20 Print a copy of your answers from the Sign and Submit page Review for errors Enter your PIN to serve as your electronic signature Click Submit Review information about the schools youve selected and a possible estimate of your financial aid and eligibility Sign & Submit

21 Follow Up

22 Summarizes the information on your FAFSA Sent electronically or in paper form after your FAFSA is received Review for accuracy and correct any errors as soon as possible Will not list the amount of financial aid youre eligible to receive The schools listed on your FAFSA will also receive a summary Student Aid Report (SAR)

23 Your financial aid office will request further documentation if youre selected Students will be asked to provide an IRS Transcript to verify their income tax information Visit and Search on tax transcript or call 800.908.9946 to request an IRS transcript Complete Form 4506-T to have a tax transcript sent to a school or a different address Verification

24 Expected Family Contribution (EFC) Will appear on SAR Based on the information provided on your FAFSA, such as income, assets and family size Same amount at every college Cost of Attendance (COA) An estimate of the total educational expenses for a specific enrollment period Includes average tuition, fees, books and supplies, room and board, transportation and miscellaneous expenses COA may be different at each school EFC and COA

25 The difference between the Cost of Attendance (COA) and the Expected Family Contribution (EFC) School determines financial need based on data from your SAR Financial aid awards are based on your financial need Financial Need Cost of Attendance -Expected Family Contribution - Other Aid Financial Need

26 Need-based aid Based on your financial situation Merit-based aid Based on special abilities, accomplishments, career paths, grades, hobbies, etc. (not based on financial need) Aid Types

27 Based on the Need, a student will receive a Financial Aid Package consisting of different forms of assistance Gift (Free) Aid – Grants – Scholarships Self-Help Aid – Work Study – Loans Aid Types

28 Example: COA – EFC = Need $14,000 - $5,000 = $9,000 Need Sample Financial Aid Package Institution scholarship$1,500 State grant$3,500 Work study$2,500 Federal Loan$1,500 Total:$9,000 Students DO NOT have to accept the entire financial aid package. They can select the types of aid they want and seek additional funding elsewhere. Aid Types

29 Sent by schools that have accepted you and received your financial aid paperwork Lists types and amounts of aid youre eligible for; you dont have to accept everything offered Submit any requested information to your school by the required deadline Award Letter

30 Applying for State Financial Aid (For students who are not eligible to complete a FAFSA due to citizenship status)

31 Some states allow undocumented students to receive in-state tuition and some allow students to receive state financial aid. Other states are more restrictive to students in this situation. Students should check to see what the law is in their state by checking with their university or college. Students should not complete a FAFSA if they do not qualify. Students who have a SSN because of deferred action status are not eligible for federal aid but may qualify for state financial aid. Eligibility for State Financial Aid

32 Contact Us SHPE Foundation 1444 Duke St. Alexandria, VA 22314 Danielle Carneiro Program Coordinator 703-373-7930 ext. 202 Stacie Freasier Program Manager 703-373-7930 ext. 204 Ariadna Mahon-Santos Program Coordinator 703-373-7930 ext. 203

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