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Office of Student Financial Office of Student Financial AssistanceAssistance
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Agenda – The FAFSA and Agenda – The FAFSA and BeyondBeyond
2
How to file the FAFSA and get a PINTips for completing the FAFSAStudent Aid Report (SAR)CorrectionsIRS Data Retrieval ToolVerificationProfessional Judgment
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The FAFSAThe FAFSAFree Application for Federal Student AidFree Application for Federal Student Aid
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How to file the FAFSAHow to file the FAFSA4
Online (preferred) FAFSA on the Web www.fafsa.gov
Paper Call Federal Student
Aid Information Center and request
800-4-FED-AID
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How to get a PINHow to get a PIN5
Students and parents must both apply for a Personal Identification Number, or PIN, at www.pin.ed.gov
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Tips For Completing a FASFATips For Completing a FASFA 6
Frequent FAFSA ErrorsParent and student Social Security NumbersStudent name invertedMarital statusIncome earned by parents/stepparentsU.S. Income Tax paidAssets (cash, savings, investments, business, real
estate etc.)Household sizeNumber of household members in collegeChild support paid out
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Tips When Completing a FASFATips When Completing a FASFA 7
How to not make those mistakesTake your time and readUse the help box in FOTWType the SSN and names correctly Step-parent information must be
included if parent used on FAFSAis re-married
If estimating, report taxes paid as $0
Don’t include parents as in collegeDon’t report child support paid and
list recipient in household
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SARSAR8
A Student Aid Report (SAR) is a list of everything reported on the FAFSA.
Paper or electronicShould be reviewed for
accuracy (unless initially estimated information)
Can be used to make corrections
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CorrectionsCorrections9
Students should only correct information that was reported
incorrectly when he or she completed the FAFSA.
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CorrectionsCorrections10
Many students in West
Virginia use estimates
when completing the FAFSA. They should
always make a correction
once the most current taxes
are filed.
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Submitting CorrectionsSubmitting Corrections11
Updating and mailing paper SAR
Using FOTW Most common and efficient
Through financial aid offices Can get help making the
correction online Completing the standard
Verification process Once Verification is completed,
any future corrections must go through the financial aid office.
How to make corrections
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Submitting Signature Submitting Signature CorrectionsCorrections
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Often families complete FOTW before applying for a PIN and cannot sign
Once a PIN has been authenticated, sign online using Corrections of the WebSign a paper SAR or print a signature page online and mail to address on formMarshall has an internal signature form, which allows the financial aid office
to make the signature correction The FAFSA Signature Page can be found at www.marshall.edu/sfa under the Forms & Applications
tab then under Verification
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Correcting Estimated Tax InfoCorrecting Estimated Tax Info13
We encourage families to submit updated tax information by using
IRS Data Retrieval Tool
Not using this tool can make it more difficult to complete the Verification Process later
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IRS Data RetrievalIRS Data Retrieval14
Was implemented in 2010-11Pulls tax data directly from IRS and,
therefore, is more accurateStudents completing 2013-14 FOTW
will be able to utilize this beginning Feb. 3, 2013.
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IRS Data RetrievalIRS Data Retrieval15
FOTW includes logic to determine if applicant is eligible to use IRS Data Retrieval
Applicant’s response will take him or her to the IRS system or provide a message that the applicant should use own figures
Graphic provided by NASFAA 2011
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IRS Data RetrievalIRS Data Retrieval
Reasons tool can’t be used:
Return was filed within 3 weeks electronically or 8 weeks by mail
Filing status was married filing separate
An amended tax return has been filed
A Puerto Rican or foreign tax return was filed
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According to IRS, 70% of applicantsare expected to be able to use this
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VerificationVerification
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VerificationVerification18
Process by which the Department of Education (ED) through the financial aid office confirms that information
provided by students and families on the FAFSA is accurate
Students can be selected for this process by ED or the university
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VerificationVerification19
Selection is part random and part targeted Pell eligible students
Not every student selected will have to submit the same documentation beginning 2013-14
Process is more tailored than in past May have to verify one item complete standard
Verification Each institution will have its own procedures and forms Should contact institution completing process with
concerning questions
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VerificationVerification20
Items that could be verified include but not limited to:Number of people in household and in collegeIncome for tax filers and non-tax filers
IRS Data Retrieval or Tax Return Transcript
Certain untaxed income itemsEducation CreditsChild support paid outReceipt of Supplemental Nutrition Assistance Program
(SNAP)Identity/Statement of Educational PurposeHigh School Completion Status
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VerificationVerification21
Documentation/forms that could be required by Marshall include, but not limited to:Verification worksheetIRS Tax Return TranscriptAsset FormChild Support FormReceipt of Supplemental Nutrition Assistance
Program (SNAP) documentsClarification of other information reported
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Professional Professional JudgmentJudgment
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Professional JudgmentProfessional Judgment23
Specifically, changes in financial situation
Can appeal to change FAFSA data to more accurately reflect current financial circumstances
Complete Appeal for Income Reduction and provide documentation to support reason for appeal or next years tax return Form can be printed at www.marshall.edu/sfa under
Forms & Applications tab then click Appeal Forms Standard Verification process must be completed first
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Professional JudgmentProfessional Judgment24
Reasons include:
Entire process can take minimum of 6 weeks fromsubmission of verification to processing of appeal.Additional aid can take at least another 2 weeks to pay in full.
Unemployment or loss of wagesLoss of untaxed income
Child support
Member of family is deceased, disabled or retired
Parent or student becomes separated or divorced
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Student Financial Assistance Student Financial Assistance Contact Information Contact Information
Office Location:Old Main, Room 116
Phone: (304) 696-3162 Fax: (304) 696-3242
Email:[email protected]
Website:www.marshall.edu/sfa
Office Location:Old Main, Room 116
Phone: (304) 696-3162 Fax: (304) 696-3242
Email:[email protected]
Website:www.marshall.edu/sfa