Transcript Financial Aid

FINANCIAL AID
2
What is Financial Aid?
• Financial Aid: funds provided to
student and families to help pay for
postsecondary educational expenses.
(i.e. Grants, Loans, Student WorkStudy)
3
Free Application for Student Financial Aid
(FAFSA)
• A standard form that collects demographic and
financial information about the student and
family
• May be filed at any time during an academic
year, but no earlier than the January 1st prior to
the academic year for which the student
requests aid
• It is recommended that the FAFSA is completed
electronically
4
FAFSA on the Web
• Web site:
www.fafsa.gov
• For the 2012-2013 academic year, the FAFSA may be
filed beginning January 1, 2013
• Each state and school may have different required
deadlines. Make sure to check with each school you
are applying to!
5
Make sure you go to the correct site! It could
cost you!
FAFSA.GOV
NOT!
FAFSA.COM
FAFSAONLINE.COM
6
FAFSA on the Web
• Each student and parent must apply for a PIN to electronically sign their FAFSA’S and
Loan MPN
• You will use the same PIN each year
• No one should ever ask you for you PIN. If someone does do not give it to them!
Starting in 2012-2013 year it is
“Highly Recommended” that
tax returns are imported from the
IRS
Available 2 weeks after filing tax
return electronically; 8 weeks
after filing a paper tax return
Because of deadlines you may
need to estimate your income.
After your taxes are complete
you should update your FAFSA.
8
Verification
• Applications are selected for verification either by the
Department of Education or by the school.
• 30% of all application will be selected.
• If selected student will be asked to turn in information to
the school (ex: tax transcripts, w-2’s). For both the
student and parent(s).
• Financial aid can not be awarded until all documentation
is turned in and file is complete
IRS Tax Return Transcript Required
A tax transcript is only required when:
• the IRS Data Retrieval Process was not used.
• the IRS Data Retrieval Process was used, but data was
subsequently changed.
• a married independent applicant and spouse filed
separate tax returns.
• the parents of a dependent student filed separate tax
returns.
Ordering an IRS Tax Transcript
• IRS website
Online • www.irs.gov
• Toll free IRS number
Phone • 1-800-908-9946
• Obtain form online and mail to the IRS
Paper • http://www.irs.gov/pub/irs-pdf/f4506tez.pdf
Dependency Status
If you can answer “ No” to all of the following questions, you are considered a dependent
student on the Free Application for Federal Student Aid (FAFSA):
•
Do you have children who will receive more than half of their support from you between July 1, 2012 and June 30, 2013?
• The student MUST support the child more than 50% (NOT THEIR PARENTS)
•
At any time since you turned age 13, were both your parents deceased, were you in foster care or were you a dependent
or ward of the court?
• If parents are deceased they must hand in death certificates for both parents
• If in foster care a letter from DYFS
• Ward of the Court we need court documentation
•
As determined by a court in your state of legal residence, are you or were you in legal guardianship?
• We need court documentation that says Guardianship NOT Custody
•
At any time on or after July 1, 2011, did your high school or school district homeless liaison determine that you were an
unaccompanied youth who was homeless?
• Need letter from High School homeless Liaison
•
At any time on or after July 1, 2011, did the director of an emergency shelter or transitional housing program funded by
the U.S. Department of Housing and Urban Development determine that you were an unaccompanied youth who was
homeless?
• Need letter from Shelter
•
At any time on or after July 1, 2011, did the director of a runaway or homeless youth basic center or transitional living
program determine that you were an unaccompanied youth who was homeless or were self-supporting and at risk of
being homeless?
• Need letter from shelter
Dependency Override
• Could be:
• Physical Abuse
• Mental Abuse
• Unsafe environment
Always ask about both parents! They do not have to live
with the parent who’s information is used.
Obtaining parents information MUST be harmful to the
student.
Dependency Override
• Student must have an extreme circumstance!
• CAN NOT BE:
•
•
•
•
•
Not talking to parent because of adolescent issues
They live on their own or with significant other
Their parent does not support them
Parents live in a different state or country
Live with grandparents but maintain a relationship with parents
Net Price
Calculator
All institutions that
provide Title IV aid are
required to have a Net
Price Calculator on their
website!
15
Helpful Website
http://fsa4counselors.ed.gov
16
Helpful Website
www.student aid.gov
Helpful Websites
FSAPubs.gov