Presentation on theme: "Completing the FAFSA 2014 - 15. Website: www.fafsa.gov 2015 ‒ 16 FAFSA on the Web available on January 1, 2015 FAFSA on the Web Worksheet: Used as optional."— Presentation transcript:
Website: www.fafsa.gov 2015 ‒ 16 FAFSA on the Web available on January 1, 2015 FAFSA on the Web Worksheet: Used as optional “pre-application” checklist FAFSA ON THE WEB
Good reasons to file 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 Help & Live Chat Assistance Options Ability to check application status on-line Simplified application process in subsequent years FAFSA ON THE WEB
GETTING STARTED Social Security number of both student and parent Driver’s license (if any) Permanent Resident Receipt Card (if applicable) W-2 forms and other 2014 2014 income tax return Records of child support paid Current stock, bond, and other investment records Current business and farm records Current bank statement
Has four sections Student General Info Dependency Status Questions Parental Information(Including financial) Student Information(Including financial) FAFSA ON THE WEB
FAFSA APPLICATION Questions 1- 31 Purpose: These questions collect personal identification information (name, telephone address, etc). Also included is a question about citizenship status because you must be a U.S. citizen or eligible noncitizen to receive federal student aid.
Questions 32-58 Purpose: All students (dependent and independent) must provide their financial information for these questions. The expected Family Contribution (EFC) calculation, determined by a formula specified by law, uses a family’ income, assets, exemptions, and household size to determine whether the family has discretionary income. If family has discretionary income, a portion, and only a portion, of that income is included in the EFC as available for the student’s educational costs.
Questions 59-94 Purpose: Your legal parents must provide financial information for questions 59-94 if you are a dependent student. The EFC calculation, determined by congressional formula, uses information from this part to determine what portion of your parent’s income and assets should be available to contribute to your educational cost of attendance.
Questions 95 – 102 If you answered “yes” to any of the dependency questions (46 - 58), you will need respond to questions 95 to 102. Purpose: The number of family members you report determines the allowance that will be subtracted from your damily’ income to provide for basic living expenses when the Department’s processor calculates your Expected Family Contribution (EFC). The number of family members in college directly affects your family’s ability to contribute to your education costs. Your EFC is divided by the number of family members in college. +
Question 103 – College Codes and Housing Plans Purpose: This section of the application allows you to list up to ten schools that you are interested in attending. They strongly encourage you to list the schools you are most interested in attending and from which you wish to receive financial aid.
Questions 104-105 Purpose: This part of the application asks for the date the application was completed, your signature, and your parent’s signature if you are dependent student. If you are completing the FAFSA on the Web application, you can sign your application electronically using your Federal Student Aid PIN. If you choose not to sign electronically, you can print a signature page, sign, and mail it to the U.S. Department of Education. Dependent students will also need to provide a parent’s signature. Parents can electronically sign the application using their PIN or the parent can sign the student’s printed signature page.
Frequent FAFSA Errors Parent and Student Social Security Numbers Divorced/remarried/unmarried but living together parental information-which belongs on the form 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 Not signing the FAFSA
FAFSA Processing Results CPS notifies student of FAFSA processing results by: E-mail notification containing a direct link to student’s electronic SAR (Student Aid Report) if student’s email was provided Student with FSA PIN can view SAR on line at www.fafsa.gov www.fafsa.gov Typical processing time until email notification is 24 – 48 hours from time of filing FAFSA
Making Corrections Corrections to FAFSA data may be made by: Using FAFSA on the Web (www.fafsa.gov) if student has a FSA PINwww.fafsa.gov Updating and mailing paper SAR Submitting documentation to school’s financial aid office Corrections required if “estimated income” used for initial filing Consistent messaging sent to use IRS Data Retrieval Tool if data is not transferred during initial submission.