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					FAFSA Fundamentals FAFSA
    Completing the
  Your First Step Toward Financial Aid
                2011-12




                        Photo provided by Northeastern State University
      Going to College
• No matter who you are, you CAN
  go to college


• Types of colleges and their costs
  vary greatly




                                      2
     Paying for College
• College is an investment in
  your future

• Many forms of financial aid are
  available to help you pay for your
  education




                                       3
What’s Financial Aid?
Financial aid is money to help you
pay educational costs, such as:
  •   Tuition
  •   Fees
  •   Books
  •   Room and board
  •   Transportation
  •   Personal expenses
                                     4
      How Do I Apply?

             FAFSA
     (Free Application for
     Federal Student Aid)

• The FAFSA is your first step
• Used to apply for most types of
  federal and state aid
                                    5
Completing the FAFSA
  FAFSA Process
       Find the FAFSA
• Online – Visit FAFSA.gov
• Print a copy – Go to FAFSA.gov;
  click ‘FAFSA Filing Options’ to
  print a paper FAFSA
• Request a paper copy –
  Call 800-4-FED-AID or 800-730-8913
  (TTY) to request copies in English or
  Spanish

                                      7
FAFSA.gov




            8
          Why Online?
• Quicker processing time
  u   2-3 days vs. 2-3 weeks for the
      paper FAFSA

• ‘Help and Hints’ boxes provided with
  every question
• Built-in error catcher means less delays
• Save your application and return to it
  later

                                           9
         Why Online?
• Yearly online renewal

• Some fields can be pre-populated
  with previous FAFSA information

• Saves time and helps you meet
  deadlines

                                     10
        Why Online?

• ‘Skip logic’ bypasses unnecessary
  questions based on answers
  you’ve already provided

• Electronically sign the FAFSA
  using your Personal Identification
  Number (PIN)


                                       11
         What’s a PIN?
• Request a Personal Identification
  Number (PIN) at PIN.ed.gov
• Student and one parent must each have
  a PIN

• Use the same PIN when you:
  – Renew your FAFSA
  – Sign an online loan application
  – Check your loan status on the National
    Student Loan Data System (NSLDS.ed.gov)

                                         12
FAFSA on the Web Worksheet

• Go to FAFSA.gov to print a FAFSA
  on the Web (FOTW) worksheet

• Helps you gather information before
  completing the FAFSA

• The worksheet is optional


                                   13
FAFSA on the Web Worksheet

                     On the
                     homepage of
                     FAFSA.gov,
                     type FAFSA on
                     the Web
                     Worksheet in
                     the Search box
                     and click
                     ‘Search.’




                              14
FAFSA on the Web Worksheet




                        15
 Requested Information
• Social Security Number
 u   Student and spouse or parent(s)

• Student’s driver’s license
  information
• Income and W-2 figures
• Household size

                                       16
 Requested Information
• Student and parents’ e-mail
  addresses
• Alien registration or permanent
  resident card number, if you’re not
  a citizen
• Up to 10 college names and/or
  school codes of your choice

                                    17
  Don’t Miss Deadlines
• FAFSA – Check with your school’s
  Financial Aid office for priority deadlines
• State Aid – State deadlines can be
  found at FAFSA.gov, or ask your
  school’s Financial Aid office
• Scholarships – Review scholarship
  applications for important deadlines;
  keep copies of everything

                                           18
State Deadlines




          Deadline for the
          Oklahoma Tuition Aid
          Grant (OTAG) for the
          2011-12 academic year   19
Completing the FAFSA
      FAFSA Sections
The FAFSA is divided into these
 sections:
 u Student Demographics
 u   School Selection
 u   Dependency Status
 u   Parent Demographics
 u   Financial Information – Parent & Student
 u   Sign and Submit

                                                21
Student Demographics

 xxx-xx-xxxx

               Use your full       ‘Help & Hints’
               name as shown       boxes are
               on your Social      located on
               Security card. If   each screen
               your name and       to assist you.
               SSN don’t
               match, your
               FAFSA will be
               rejected.




                                           22
    Student Demographics

                xxx-xx-xxxx
                              Be sure to
                              enter your
                              birth year, not
Your                          the current
permanent                     year.
address is
where you
can always
be contacted.



                               Enter your marital
                               status as of the day you
                               submit your FAFSA.


                                                          23
     Student Demographics

Eighteen
year-old
males who
haven’t
registered
with Selective
Service can’t
receive
financial aid.
You can elect
to register
here on your
FAFSA.




                            24
School Selection


         Applicants are now required
         to indicate the high school
         from which they graduated.




         High school names will be
         shown for you to select
         and confirm. If your
         school is not currently in
         the database, simply type
         in the name, city and
         state.
                                       25
School Selection
           You can send your FAFSA
           information to 10 different
           schools.



           If you don’t know the
           school code, you can
           search by School Name,
           City or State.




           This shows a portion of the
           list that includes all schools
           with Oklahoma in their
           name.


                                     26
School Selection


          Click here to find
          valuable information
          about each school
          you’ve selected, such
          as the average overall
          cost, graduation and
          retention rates.




           Provide your housing
           plans for each school
           you’ve selected.


                                   27
  Dependent or Independent?

Your answers
to these
questions will
determine
your
dependency
status.

If you’re
unable to
answer YES
to at least
one question,
you’ll be
considered a
dependent
student.


                         28
    Dependency Status

• Dependent students must
  provide parental information
• Independent students aren’t
  required to show parental
  information unless requested by
  their school



                                    29
Dependency Status
To view the Dependency Status
 Questionnaire, check out the
‘Resources’ tab at            .




                                  30
Dependency Status




Indicate if you’re unable to provide parental
information on the FAFSA. It’s recommended
that you speak with a financial aid officer at
your college for guidance.

                                                 31
     Parent Information
• If your biological parents are
  separated or divorced - Use
  information about the parent you lived
  with most during the last 12 months
• If you lived with both parents
  equally - Use information for the
  parent who provided you the most
  support in the last 12 months
• If your divorced parent is remarried
  - Use information for your parent and
  step-parent
                                           32
       Parent Demographics
You’ll be
required to
enter your
parent(s)’
name, birth
date, SSN,
household
size, income
tax and
assets.

Household
size is defined
here to assist
you.




                             33
  Financial Information -
          Parent




A dislocated worker is someone who may have
been laid off or is unemployed due to current
economic conditions.
                                                34
Financial Information -
        Parent




                          35
          Financial Information -
                  Parent
Additional
financial
information
and untaxed
income are
requested
here.



Include child
support paid
and
received.                   ‘Help and Hints’
                            provides the
                            corresponding line
                            numbers on your tax
                            return to assist you in
                            locating answers.


                                               36
             Financial Information -
                    Student
Choose
the type
of tax
return
you filed,     • IRS 1040
               • IRS 1040A or 1040 EZ
or will        • Foreign tax return
file, for      • A tax return with Puerto Rico, a U.S.
               territory or
2010 and          Freely Associated State
click
here.




                                                         37
IRS Data Retrieval




                     38
IRS Data Retrieval




                     39
IRS Data Retrieval

             This screen allows
             you to login to the
             IRS system and
             transfer your tax
             data. For detailed
             information on this
             process, click ‘How it
             Works’.




                                      40
                     Sign & Submit

A preparer is
anyone who
charges a fee for
helping you
complete the
FAFSA. High
school
counselors,
financial aid
administrators and
others typically
don’t charge a fee
for assistance.
Unless you’ve
paid someone for
their services,
they aren’t
considered a
preparer.                            41
                  Sign & Submit
Click here to
review your
FAFSA
information
for accuracy.

You and your
parent must
each have a
PIN to sign
the FAFSA
electronically.
If you don’t
have one,
click the link
shown.

                            Don’t forget to
                            hit ‘Submit’!
                                              42
                  Confirmation

An estimated
Expected
Family
Contribution
(EFC) is
provided. If
you’re eligible
for the Pell
Grant and
student loans,
those amounts
will be shown.




                                 43
UCanGo2.org/FAFSA




                    44
  After the FAFSA
Completing the FAFSA
Student Aid Report (SAR)
• Summarizes the information on your FAFSA
• Sent electronically or in paper form after your
  FAFSA is received

• Review for accuracy and correct any errors as
  soon as possible
• Will not list the amount of financial aid you’re
  eligible to receive
• The schools listed on your FAFSA will also
  receive a summary


                                                     46
Expected Family Contribution
           (EFC)
• Important number appearing on your
  SAR; also shown on the ‘Confirmation’
  page of your online FAFSA
• Based on the information provided on
  your FAFSA, such as income, assets
  and family size




                                          47
Cost of Attendance (COA)
• An estimate of the total educational
  expenses for a specific enrollment
  period
• Includes average tuition, fees, books
  and supplies, room and board,
  transportation and miscellaneous
  expenses




                                          48
        Financial Need
• The difference between the total Cost of
  Attendance (COA) and the Expected
  Family Contribution (EFC)
• School determines financial need based
  on data from your SAR
• Financial aid awards are based on your
  financial need
                                   COA
                     -             EFC
                     -         Other Aid

                         Financial Need    49
 Selected for Verification?
• If you see an asterisk next to your
  EFC on the SAR, you’ve been
  chosen for a process called
  verification
• Applicants are selected for various
  reasons; no need to worry if you
  are (or aren’t) selected

                                        50
 Selected for Verification?
• Your financial aid office will
  request further documentation (tax
  return, W-2s)
• You can’t receive federal financial
  aid until the verification process is
  complete



                                          51
         Award Letter
• Sent out by schools that have
  accepted you
• Lists types and amounts of aid
  you’re eligible for; you don’t have
  to accept everything offered
• Submit any requested information
  to your school by the required
  deadline
                                        52
    Two Types of Aid
• Need-based aid – Based on your
  financial situation

• Merit-based aid – Based on
  special abilities, accomplishments,
  career paths, grades, hobbies, etc.
  (not based on financial need)



                                    53
   Federal Financial Aid
Federal Pell Grant
• $5,550 annual maximum
• Undergraduates without a bachelor’s degree
• Need-based
Federal Supplemental Educational
  Opportunity Grant (FSEOG)
• $4,000 annual maximum
• Undergraduates without a bachelor’s degree
• Priority given to Pell Grant recipients with
  high financial need
                                             54
   Federal Financial Aid
Federal Work-Study (FWS)
• Awarded by the institution
• Offers campus-based or community
  employment for students
• Need-based

Federal Perkins Loan
• $5,500 annual maximum
• 5% loans with a 9 month grace period
• Need-based
                                         55
 Federal Financial Aid
Subsidized Loans
• $3,500/year maximum for Freshmen
• Government pays interest while
  student is enrolled at least half-time
  and during grace period
• 3.4% interest rate
• Need-based


                                           56
   Federal Financial Aid
Federal Unsubsidized Loans
• Additional loans available to
  students who qualify
• Interest starts to accrue after first
  disbursement
• 6.8% interest rate
• Non-need based

                                          57
 Federal Financial Aid
Parent Loan for Undergraduate
 Students (PLUS)
• For parents of dependent students
• Parent borrower must be credit-worthy
• Interest starts to accrue after first
  disbursement
• 7.9% interest rate
• Non-need based
                                     58
     State Financial Aid
Oklahoma Tuition Aid Grant
 (OTAG)

• Apply through the FAFSA
• Application deadline March 15, 2011,
  for the 2011-12 academic year
• $1,000 annual maximum
• Need-based


                                         59
   Things to Remember
• You must complete the FAFSA every
  year financial aid is needed.
• Never pay to complete the FAFSA
  application. The first letter in FAFSA
  stands for FREE!
• FAFSA.gov is the only website you
  need. It never charges you a fee to
  complete your application.

                                           60
         Scholarships
Are you looking for scholarships? Check out
  the tools found at             .




                                          61
Facebook




           62
Questions




            63
          Contact Us
      Completing the FAFSA


Oklahoma State Regents for Higher Education
          OCAP Outreach Team

               405.234.4239
           866.443.7420 (toll-free)
            UCanGo2@ocap.org

				
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