Overview of the FAFSA
Primary goal is to assist students in
paying for college and is achieved by:
◦ Evaluating family’s ability to pay for
educational costs
◦ Distributing limited resources in an
equitable manner
◦ Providing a balance of gift aid and self-
help aid
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To extent they are able, parents have primary
responsibility to pay for dependent child’s
education
Students also have responsibility to contribute to
educational costs
Families should be evaluated in their present
financial condition
Family’s estimated ability to pay educational costs
must be evaluated in equitable and consistent
manner, recognizing that special circumstances
may affect family’s ability to pay
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Determines aid eligibility using federal
formula
Packages aid depending on availability of
funds
Sends award notification including:
◦ Award amount for each program for which
student is eligible
◦ Disbursement methods and time frames
◦ Terms and conditions of each award
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Collects family’s personal and financial
information used to calculate student’s EFC
Available in English and Spanish
May file FAFSA in one of two ways:
◦ Electronically via FAFSA on the Web
◦ Paper FAFSA
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Submit FAFSA prior to school’s deadline prior
to your school’s deadline but no earlier than
January 1, 2008
Most aid awarded on “first-come, first-
served” basis
To ensure maximum consideration for
federal, state, and institutional aid, check
information from each school to determine:
◦ Required application materials
◦ Application deadlines
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Must have valid Social Security Number
(SSN)
May not be in default on a federal student
loan
Must not owe an overpayment of federal
grant or loan funds
Must be making satisfactory academic
progress (as defined by school)
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Must be enrolled or accepted for
enrollment in eligible program of study
Must be pursuing degree, certificate, or
other recognized credential
Must be U.S. citizen or eligible noncitizen
Must be registered with Selective Service
(if male and required)
May not have eligibility suspended or
terminated due to drug-related conviction
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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
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Web site: www.fafsa.ed.gov
2008-09 FAFSA on the Web available on or after
January 1, 2008
FAFSA on the Web Worksheet:
Available prior to January 1st
Questions follow order of FAFSA on the Web
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Good reasons to file electronically:
Built-in edits to help prevent costly errors
Skip-logic allows student and/or parent to skip
unnecessary questions
More timely submission of original application
and any necessary corrections
More detailed instructions and “help” for
common questions
Ability to check application status on-line
Simplified renewal application process
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2008-09
FAFSA on the Web Worksheet (FOTW) —
8-page booklet containing:
Instructions
97 questions in 5 sections
Worksheets A, B, and C
General student information:
Name, Social Security Number
State and Date of legal residence
Citizenship, Selective Service Registration,
Driver’s license number
General student information:
Self-help preferences
High school diploma or equivalent
Receipt of first bachelor’s degree
Parents’ educational background
Drug conviction status
Student’s dependency status:
If all “No” responses, student is dependent
If “Yes” to any question, student is
independent
At least 24 years old by December 31 of award year
covered by the FAFSA;
Graduate or professional student;
Married;
Has children or dependents (other than a spouse) for
whom the student provides more than half support;
Orphan or ward/dependent of the court;
Veteran of U.S. Armed Forces; or
Determined to be “independent” by financial aid
administrator based on unusual circumstances
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Data for parents of dependent students:
Parents’ marital status
Date of parents’ marital status
Did anyone in the parents’ household receive
benefits from any of the federal programs
listed?
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
Adjusted Gross Income (AGI) for 2007
Income earned from work
Income tax paid for 2007
Data for parents of dependent students:
E-mail address (optional)
Social Security Number
Last name
Date of birth
State and date of legal residence
Data for parents of dependent students:
Exemptions claimed for 2007
Household size
Number in college
Financial data for parents of dependent
students:
Complete the worksheets on page 8 (right
hand side)
◦ Worksheets A and B capture untaxed income
◦ Worksheet C-collects income excluded from
EFC calculation
Asset data for parents of dependent students:
Cash, savings, and checking
Net worth of investments
Net worth of business and investment farms
Financial data for student (and spouse):
Tax filing status and return type
If student (and spouse) filed or will file a 1040, was
he or she eligible to file a 1040A or 1040EZ?
Adjusted gross income (AGI) for 2007
Income tax paid for 2007
Exemptions claimed for 2007
Income earned from work
Data about the independent student (and
spouse):
Household size
Number in college
Did a member of the student’s household
receive benefits from any of the federal
programs listed?
Financial data for student (and spouse):
Complete the worksheets on page 8 (left-
hand side)
◦ Worksheets A and B capture untaxed income
◦ Worksheet C collects income excluded from EFC
calculation
Asset information for the student (and spouse):
Cash, savings, and checking
Net worth of investments
Net worth of business and investment farms
Information about student’s veteran’s
benefits:
Number of months benefits will be
received during the 2008-09 academic
year
Monthly benefit amount
List up to 10 colleges to receive FAFSA data:
Federal School Code for each college
Housing plans for each college
Required
◦ Student
◦ One parent (dependent students)
Format
◦ Electronic using PIN
◦ Signature page
◦ Paper FAFSA
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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!
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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
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Serves as FAFSA receipt
◦ Email
◦ Paper
Verify that all information is correct
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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 / Student Aid Report (SAR
Information Acknowledgement cannot be used to
make corrections); or
◦ Submitting documentation to school’s financial
aid office
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COA (Cost of Attendance)
- EFC (Expected Family Contribution)
= Need
Tuition and fees
Room and board
Books and supplies, equipment, transportation,
and miscellaneous personal expenses, including
documented costs for a personal computer
Loan fees
Study abroad costs
Dependent care expenses
Expenses related to a disability
Expenses for cooperative education program
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Amount family can reasonably be expected
to contribute
Stays the same regardless of college
Two components
◦ Parent contribution
◦ Student contribution
Calculated using FAFSA data and a federal
formula
1 X
2 Y
3 Z
EFC EFC
Cost of Expected Family Need
Attendance Contribution (Variable)
(Variable) (Constant)
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Cannot report on FAFSA
Send explanation to financial aid office at
each college
College will review special circumstances
◦ Request additional documentation
◦ Decisions are final and cannot be appealed to U.S.
Department of Education
Change in employment status
Medical expenses not covered by insurance
Change in parent marital status
Unusual dependent care expenses
Contact our office at 1-800-427-5029
We are happy to assist in any way!