Free Application for Federal Student Aid (FAFSA) 2011-2012

Mary Anne Hunter College Access Team CO Dept. of Higher Education

College Access Team

• The College Access Team helps families break down the financial barriers to college. • Colorado Department of Higher Education • Funded by a Federal College Access Challenge Grant • 700+ financial aid, scholarship, FAFSA and financial education workshops • FREE

www.fafsa.gov

Dependent – vs – Independent …use parents income/asset info.

• • • • • • • Can student answer “Yes” to any of the following….

Were you born before January 1, 1988?

As of today, are you married?

At the beginning of the 2011-2012 school year, will you be working on a master's or doctorate program?

Are you currently serving on active duty in the U.S. Armed Forces for purposes other than training?

Are you a veteran of the U.S. Armed Forces?

Do you have children who will receive more than half of their support from you between July 1, 2011, and June 30, 2012?

Do you have dependents (other than your children or spouse) who live with you and who receive more than half of their support from you, now and through June 30, 2012?

Special Population Independence

Homeless

By Choice - Special Circumstance

Documents/Information Needed

• • • • • • • • • • • • For the 2011-2012 school year you will need financial information from 2010. You will need to refer to: Student’s & Parents’ Social Security Numbers. Be sure it is correct!

Student’s alien registration or permanent resident card (if you are not a U.S. citizen) Student’s driver's license (if any) Student’s & Parents’ 2010 W-2 Forms and other records of money earned Student’s & Parents’ 2010 Federal Income Tax Return - IRS 1040, 1040A, 1040 EZ Foreign Tax Return, or Tax Return for Puerto Rico, Guam, American Samoa, the U.S. Virgin Islands, the Marshall Islands, the Federal States of Micronesia, or Palau Student’s & Parents’ 2010 untaxed income records Veterans noneducation benefit records Child support received Worker's compensation Student’s & Parents’ current bank statements Student’s & Parents’ current business and investment mortgage information, business and farm records, stock, bond and other investment records

Taxes & Untaxed Income

NEW – IRS Matching Option

NEW – IRS Matching Option

Merging Tax info verification

Merged Tax info to FAFSA

Merge confirmation

Savings & Investments

Investments to Include and Exclude

INCLUDE

 Real estate (do not include the home you live in)  Trust funds   Uniform Gifts/Transfers to Minors Act Accounts (UGMAs /UTMAs) – unless you are just the custodian, not the owner Money market funds  Mutual funds  Certificates of deposit  Stocks, stock options, bonds & other securities  Installment and land sale contracts (including mortgages held)  Commodities  Qualified educational benefits or education savings accounts (e.g. Coverdell savings accounts, 529 college savings plans and the refund value of 529 prepaid tuition plans) The home you live in

EXCLUDE

- Value of life insurance - Retirement plans (401[k] plans, pension funds,

annuities, non-education IRAs, Keogh plans, etc.)

- Cash, savings and checking accounts already reported - *Business value does not include the value of a small business if your family owns and controls more than 50 percent of the business and the business has 100 or fewer full-time or full-time equivalent employees. - Investment farm value does not include the value of a family farm that you live on and operate. *Business and/or investment farm value includes: the market value of land, buildings, machinery, equipment, inventory, etc. Business and/or investment farm debt means only those debts for which the business or investment farm was used as collateral.

Frequent FAFSA Errors

• • • • • • • • • 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 Assets & investment – realestate

FAFSA NOT SIGNED

FAFSA Processing Results

•

CPS notifies student of FAFSA processing results by:

– E-mail notification containing a direct link to student’s electronic SAR if student’s e-mail was provided on paper or electronic FAFSA •

Student with PIN may view SAR on-line at

www.fafsa.gov

Sample Student Aid Report (SAR)

Helpful Tools

FAFSA http://www.fafsa.ed.gov

FAFSA 4Caster http://www.fafsa4caster.ed.gov

See what your EFC might look like Types of federal financial aid & the process http://studentaid.ed.gov

College In Colorado http://www.collegeincolorado.org

CollegeInvest http://www.collegeinvest.org

www.educationcents.org

Western Undergraduate Exchange Program (WUE) www.wiche.edu/wue

Questions?

FAFSA Recommended/Priority Deadlines

February 15

Colorado College Fort Lewis College

March 1

Colorado Christian University Colorado State University Colorado State University-Pueblo Front Range Community College Johnson & Wales University Mesa State College Metropolitan State College of Denver Naropa University Northeastern Junior College Regis University College of Art & Design University of Colorado Denver University of Denver University of Northern Colorado

March 15

Pueblo Community College United States Air Force Academy

March 31

Colorado Mountain College Red Rocks Community College

April 1

University of Colorado at Boulder University of Colorado at Colorado Springs Western State College of Colorado Colorado School of Mines Lamar Community College Morgan Community College

April 15

Community College of Denver

May 1

Arapahoe Community College Colorado Northwestern Community College Community College of Aurora

June 30

Pikes Peak Community College Trinidad State Junior College

Financial Need Cost of Attendance (COA) - Expected Family Contribution (EFC) ______________________________

= Financial Need

EFC Remains Constant

Community College Four Year Public Four Year Private COA (variable) EFC (fixed)

$17,700 $1,000

Need (variable)

$16,700 $24,600 $1,000 $23,600 $55,000 $1,000 $54,000

College(s) Financial Aid Office

The Financial Aid Process

FAFSA to Processor FAFSA Data Student Aid Report (SAR) Check if accepted for Admission Requested documents/ Accept Award Package Financial Aid Award STUDENT

The College Access Scholarship

250 scholarships valued up to $2,500 each will be offered to eligible students to use toward their 2011-12 higher education expenses (more than $600,000)

Eligible recipients must:

 Attend college at least part-time for the 2011-12 school year as a degree-seeking undergraduate student (eligible part-time students will receive up to $1,250)  Complete the 2011-12 Free Application for Federal Student Aid (FAFSA) at

www.fafsa.gov

.

 Qualify for the Federal Pell Grant - eligibility is based on the results of the FAFSA – students will be notified of eligibility on the FAFSA confirmation page and their Student Aid Report (SAR)  Complete all ten Education Cents financial education courses at

www.educationcents.org

 Complete The College Access Scholarship at

www.educationcents.org

 Submit their Student Aid Report (SAR) to verify the Expected Family Contribution (EFC) • • •

Application Deadline is June 30, 2011.

Potentially eligible students and alternates will be notified between July 15 and August 1, 2011.

Non-renewable (for 2011-12 school year only) Non-transferable Final eligibility will be determined by student’s college/university in partnership w/Colorado Department of Higher Education’s College Access Team

www.EducationCents.org