2008-2009 FAFSA Presentation

Presented byBarb Harnish

Financial Aid/Scholarship Coordinator &

Jim SettlesDirector, Student Support Services

Applying for Financial Aid 2009-2010

Types of FAFSA’s

• FAFSA on the Web

• Paper FAFSA

FAFSA ON THE WEB• Internet application used by students and

parents to complete electronic FAFSA at www.fafsa.ed.gov

• Processed more quickly than paper version

• Sophisticated on-line edits so that errors are less likely to be made

• Students and at least one custodial parent should get a federal PIN at

www.pin.ed.gov

Application Filing TipsFAFSA on The Web

• Gather necessary documents ahead of time

• Complete a FAFSA on the Web Worksheet available at www.fafsa.ed.gov

• Allow ample time to complete form for submission by deadline

• Check the FAFSA for accuracy prior to submission

• Save all work periodically

• Sign the application using student and at least on parent’s PIN

• Print our a copy of the FAFSA before submitting data

• Keep a copy of the Submission Confirmation Page

Reapplying for Federal Student Aid

• You must apply for federal student aid for every school year that you attend.

• Renewal FAFSA is the same as the FAFSA except that it has some information already preprinted.

• If you applied last year and met the conditions of the US Dept. of Ed. You will get a reminder.

• Either– Renewal FAFSA on the Web (need your PIN)

– FAFSA on the WEB

Student Aid Report (SAR)

• Regardless of whether a student uses FAFSA on the Web or submits a paper FAFSA, a SAR will be sent to the student.

-An electronic SAR will be sent if student provides an e-mail address-A paper SAR will be mailed if no student

e- mail address is provided.

• An electronic copy will be sent to each college or university listed by the student on the FAFSA form.

FAFSA INFORMATION & TIPS

• File early, but no later than your state or school priority date

• Use estimated 2008 income information if taxes are not complete at time of FAFSA submission

• Student and at least one parent whose information is reported must complete and sign the FAFSA

Federal PIN

• PIN (Personal Identification Number) serves as the electronic signature on ED documents

• Both student and at least one parent need PIN• May be used to:

– Check on FAFSA status– Verify and correct FAFSA data– Add additional schools to receive FAFSA data– Change home and e-mail addresses• If an e-mail address is provided, PIN will be e-mailed to

the PIN applicant within hours• Apply for student and parent PINs TODAY at:

www.pin.ed.gov

Getting Ready• Before starting the FAFSA, gather:

– Students driver’s license

– Student Alien Registration Card

– Student and Parent

• Social Security Cards

• 2008 W-2 Forms and other records of money earned

• 2008 Federal Income Tax Form (even if not completed)

• Records of untaxed income

• Current bank statements

• Business, farm and other real estate records

• Records of stocks, bonds and other investments

Create a file for copies of all financial aid documents submitted.

Getting Started

• Read all application instructions• If planning to submit the paper FAFSA:

– Use pen with black ink– Print clearly in CAPITAL letters– Fill in ovals completely – Do not leave blanks (unless directed by instructions)– Do not write comments or notes anywhere on form– Do not use correction fluid

The FAFSAA Seven-Step Process

Step One ►is about the student

Step Two ► asks for student income and assets

Step Three ► determines student dependency status

Step Four ► requires parental information for dependent students

Step Five ► is for independent students only

Step Six ► allows the student to list up to six schools

Step Seven ► Certification statement asks for signatures and submission date of the FAFSA

FAFSA: Step 1

Student Information:• Degree type

• Grade level

• Enrollment status

• Self-help aid preferences

FAFSA: Step 1

Student information:NamePermanent addressSocial Security NumberDate of birthPermanent telephone number

FAFSA: Step 1

Student information:• Driver’s license number

• Driver’s license state

• E-mail address

FAFSA: Step 1

Student information:• Citizenship status

• Marital status

• State and date of legal residence

• Selective Service registration

FAFSA: Step 1

Student Information:• Receipt of high school diploma or GED

• Receipt of first bachelor’s degree

• Parent(s) educational backgrounds)

• Drug conviction status

FAFSA: Step 2

• Student (and spouse) financial information:

• Tax filing status

• Tax return type

• If student filed a 1040, was he or she eligible to file a 1040A or 1040EZ?

FAFSA: Step 2

Worksheets:• A and B collect information about untaxed income

• C lists income excluded from EFC calculation

FAFSA: Step 2

Student asset information:• Cash, savings, and checking

• Net worth of investments

• Net worth of businesses and investment farms

FAFSA: Step 2

Information about student’s veteran’s benefits:• Number of months benefits will be received during the 2008-09

academic year• Monthly benefit amount

FAFSA: Step 3

Student’s dependency status:• If all “No” responses, student is dependent

• If “Yes” to any question, student is independent

FAFSA: Step 4

• Step 4 collects information about the dependent student’s parent(s)

• Answer questions as of the date the FAFSA is submitted

• Independent students skip Step 4 and go to Step 5

FAFSA: Step 4

Data for parents of dependent students:• Parents’ marital status• Date of parents’ marital status

FAFSA: Step 4

Data for parents of dependent students:• Social Security Numbers• Last names• Dates of birth

FAFSA: Step 4

Data for the parents of dependent students:• Household size• Number in college

FAFSA: Step 4

Data for parents of dependent students:

• State of legal residence

• Date of legal residence

FAFSA: Step 4

Financial data for parents of dependent students:• Did any member of the parents’ household receive

benefits from one of the federal programs listed?

FAFSA: Step 4

Financial data for parents of dependent students:• Tax filing status and return type• If parents filed or will file a 1040, were they eligible to

file a 1040A or 1040EZ?

FAFSA: Step 4

Financial data for parents of dependent students:• Adjusted gross income (AGI) • Income tax paid • Exemptions claimed• Income earned from work

FAFSA: Step 4

Financial data for parents of dependent students:• Worksheets A and B collect untaxed income

• Worksheet C lists income excluded from EFC calculation

Parents complete worksheets on right-hand side of Page 5

FAFSA: Step 4

Asset information for parents of dependent students:

• Cash, savings, and checking

• Net worth of investments

• Net worth of businesses and investment farms

FAFSA: Step 5

Data about the independent student:

• Household size

• Number in college

FAFSA: Step 5

Data about the independent student:• Did a member of the student’s household receive

benefits from any of the federal programs listed?

FAFSA: Step 6

List up to 6 schools to receive FAFSA data:

• Federal School Code for each school

• Housing plans for each school

MCTC SCHOOL CODE: 006960

FAFSA: Step 7

All students complete Step 7:• Signature of student and parent, if required• Signature of a tax professional if one was used

to complete the FAFSA

CAUTION!

• Avoid being charged a fee to file the Free Application for Federal Student Aid– Completion and processing of the FAFSA are

FREE– If filing via FAFSA on the Web, be sure to go

directly to www.fafsa.ed.gov– Contact financial aid office for help

completing the FAFSA

ERRORS can be COSTLY!

•Errors on the FAFSA or supplemental forms may DELAY application processing and result in the LOSS of financial aid funds.

•Read the instructions and complete all forms carefully!

Frequent FAFSA Errors

• 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

FAFSA Processing Results

• Central Processing System (CPS) notifies student of FAFSA processing results by:– Paper Student Aid Report (SAR) if paper FAFSA

was filed and student’s e-mail address was not provided

– SAR Acknowledgement if filed electronically via FAFSA on the Web and student’s e-mail address was not provided

FAFSA Processing Results

• CPS notifies student of FAFSA processing results by:– E-mail notification containing a direct link to

student’s on-line SAR if student’s e-mail was provided on paper or electronic FAFSA

• Student with PIN can view SAR on-line at www.fafsa.ed.gov

Making Corrections

• If necessary, corrections to FAFSA data may be made by: – Using FAFSA on the Web (www.fafsa.ed.gov) if

student has a PIN;– Updating paper SAR (SAR Information

Acknowledgement cannot be used to make corrections); or

– Submitting documentation to school’s financial aid office