Presentation on theme: "Free Application for Federal Student Aid (FAFSA)"— Presentation transcript:
1 Free Application for Federal Student Aid (FAFSA) Jenna EastmanFinancial Aid Coordinator / PeopleSoft SpecialistNSC Financial Aid
2 What are you applying for? The FAFSA is the application for:Federal GrantsPell and SEOG (Supplemental Educational Opportunity Grant)Federal Work-StudyFederal Direct LoansSubsidized & UnsubsidizedParent PLUS Loan – schools mayrequire your parent to complete additionalinformation before awarding a parent loanSome schools may also use the FAFSA information to award state and/or institutional funds.
3 PIN (Personal Identification Number) pin.ed.gov – web address to get a PINParent and student obtain a PIN toelectronically sign the FAFSAParents unable to obtain a PIN can print andphysically sign the FAFSAA valid address must be provided to get a PINIf you already have a PIN but can’t remember it, select “Request a Duplicate PIN” from the menu bar on the left and either choose “Display Now” or “ ”
4 Other Signature Options After clicking the other options link, the “Print A Signature Page” and “Submit Without Signatures” options will appear.
5 fafsa.ed.gov The FAFSA is FREE, you should never pay to complete it. The FAFSA is available online starting January 1 each year for the next year.List the codes for the schools you are applying to for admission on the FAFSA.You can search for school codes on the FAFSA website.For most schools, the 15/16 FAFSA is used for Fall 2015, Spring 2016 and Summer 2016.Schools will receive results and contact you, generally by .One of the most important step in completing the FAFSA is…
7 FAFSA4casterFAFSA4caster will help you understand your options for paying for college.Just provide some basic information and they’ll estimate your eligibility for federal student aid.Your estimate will show the “College Cost Worksheet” where you can enter estimated amounts of other student aid and savings that can go towards your college education.
8 Gather DocumentationFor the school year you will need financial information from the 2014 calendar year. You may need to refer to:Social Security card;Driver’s license;2014 W-2 forms and other records of money earned;2014 Federal Income Tax Return;2014 untaxed income records;Current bank statements;Current business and investment records;Alien registration or permanent resident card (if you are not a U.S. citizen).The 2013 tax return can be used to estimate. Just be sure to update your FAFSA after the 2014 tax return has been filed.
10 Helpful Hints Allow about 30-45 minutes to complete the FAFSA. Choose a time and location where you have minimal distractions and can focus on the application.Carefully read each question and the “Help and Hints” section before answering the questions.You can save your work for up to 45 days and go back to finish at a later time. Click SAVE at the bottom of any page.Login using your password when you return. If you forget your password, you can reset it by clicking “forgot my password”.Use the help available through FAFSAs FAQs, Live Chat, e- mail and/or toll-free phone number.
12 IRS Data Retrieval Tool (IRS DRT) An easier and more accurate way to provide tax information on the FAFSA.With just a few simple steps, students & parents whose IRS tax return has been processed will be able to view & transfer their tax information into their FAFSA.Changing the information after it is transferred from the IRS is viewed the same as manually entering all the information.Using the tool and not changing the information will increase the accuracy in the awarding of financial aid funds.Applicants selected for verification can use the tool to update their income information and avoid unnecessary processing delays.
13 Deadlines Many schools have priority deadlines in February or March. Check with the schools you are applying to for information about their priority deadlines.While you can submit the FAFSA after the priority deadline, you may miss out on some types of financial aid such as the Federal SEOG, state and/or institutional aid that are limited in funding.If additional documents are requested by the schools, try to submit within two weeks of the request.
14 Student Aid Report (SAR) Review your SAR about a week after submitting your FAFSA.You will receive an at the address you listed on the FAFSA within 1 to 3 days with instructions on how to access an online copy of your SAR, or by mail within 7 to 10 days if you did not provide your address.Verify that all information submitted is correct; if not, return to the FAFSA website to make corrections.If the application is complete, an Expected Family Contribution (EFC) will display on the SAR.If the application is not complete, the SAR will not include an EFC, but it will detail any issues that need to be resolved in the “What You Need to Do Now” section.
15 Common Errors Social Security Number (SSN) entered incorrectly Name entered differently than it appears on the Social Security CardDate of birth entered incorrectlyIncome amount listed is same as the amount of taxes paidFailure to provide all required signaturesIncorrectly reporting the number in the householdEntering grandparent or guardian information in the parent section of the FAFSA
16 VerificationWhen you check the “What You Need to Do Now” section of the FAFSA it may state that you have been selected to participate in the verification process.Each school you had your FAFSA sent to will notify you of the specific items required after they process your FAFSA.Most schools will you and also post To Do List items on your online student record stating exactly what is required.
17 Award LettersFAFSA does not award financial aid. It is the schools you applied to that award you financial aid. The offers you receive may vary from school to school.Award notification letters are sent out by the schools:you applied to for admission, ANDhad your FAFSA application sent to.The Award Letter will indicate the financial aid that is being offered to you by that particular school.If you receive award offers from multiple schools, be sure to notify schools you will NOT be attending that you want your aid cancelled at their school.
18 Special Circumstances If you have special circumstances, contact the financial aid office at the school you will be attending.Most schools offer appeals for special circumstances, some may make their appeal forms available online.Special circumstances might be:you are unable to get your parents’ information for completing the FAFSAsignificant reduction in family income
19 Video ResourcesHelpful YouTube videos are available through fafsa.ed.gov and at:Videos should be updated with 2015/2016 data by early January There are very few changes from the 2014/2015 FAFSA.
20 FAFSA Process 1. Apply to colleges/universities for admission 2. File FAFSA Online January 1 or after – fafsa.ed.gov3. Review SAR and make corrections if necessary4. If additional documents required, submit to schools ASAP5. Receive award notifications from schools – generally by6. Respond to award notifications - accept or decline offers7. Compare costs to accepted financial aid & develop a budget
21 What did you learn? How much does it cost to submit the FAFSA? When is the FAFSA available online for the next year?What do you need to do about a week after submitting your FAFSA?Does FAFSA award financial aid?