Transcript 2007-08 National College Goal Sunday FAFSA Presentation

Applying for
Financial Aid
2007-2008
© NASFAA 2006
Sponsored by:
© NASFAA 2006
Thanks to our Massachusetts
Partners
American
Student Assistance (ASA)
Bank of America
Citizens Bank
The College Board
The Lumina Foundation for Education
Massachusetts Association of Student Financial Aid
Administrators (MASFAA)
Massachusetts Educational Financing Authority
(MEFA)
Nellie Mae
The Education Resources Institute (TERI)
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What Will You Learn Today?
Sources and types of financial aid
Required financial aid application
forms
How to complete the Free Application for Federal
Student Aid (FAFSA)
Information about any additional aid in your state
Answers to your individual questions
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Sources of Financial Aid
Federal government
State government
Colleges and universities
Private agencies, companies, foundations, and
your parents’ employers
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Types of Aid
Gift Aid – Grants or scholarships that
do not need to be repaid
Work
– Money you earn as payment
for a job on or off campus
Loans – Borrowed money to be paid
back, usually with interest
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State Aid
Almost all 50 states have some form of special
grant or loan aid for their state residents.
Some states use the data you provide on the
(FAFSA) to award aid; Other states may require
you to submit supplemental forms.
Your school counselor should have the correct
form for your state’s application. If the forms are
not available at your school, contact your state
higher education agency directly.
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Eligibility for State Aid
File the FAFSA by May 1st
Must be a permanent legal resident of
Massachusetts
Enrolled in a full-time, degree program
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2007-2008 State Aid Application
Requirements
By May 1st complete and submit:
– The Free Application for Federal Student Aid
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Need-Based Grants
Federal Grants
Pell Grants
– $4,050 maximum per year
Academic Competitiveness Grants (ACG)
-- $750
Federal Supplemental Educational Opportunity Grant
(FSEOG)
– $4,000 maximum per year
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Types of Applications
FAFSA
Other applications or forms as
required by the college such as:
– CSS Financial Aid PROFILE
– Institutional Scholarship and/or
Financial Aid Application
– 2006 federal tax returns (along with
schedules and W-2s) or other income
documentation
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FAFSA Information & Tips
File as soon as possible after January 1,
2007
Use estimated 2006 income information if
taxes are not complete at time of FAFSA
submission
You and at least one parent whose
information is reported must complete and
sign the FAFSA
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Federal PIN
PIN (Personal Identification
Number) serves as the electronic
signature on ED documents
You and at least one parent need PIN to
sign the FAFSA electronically
May be used to:
–
–
–
–
Check on FAFSA status
Verify and correct FAFSA data
Add additional schools to receive FAFSA data
Change home and e-mail addresses
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Federal PIN
If an e-mail address is provided,
PIN will be e-mailed to the PIN
applicant within hours
Apply for your PIN TODAY at:
www.pin.ed.gov
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Getting Ready
Before starting the FAFSA,
gather your:
– Driver’s license, if you have one
– Alien Registration Card, if you are an
eligible non-citizen
Create a file for copies of all
financial aid documents submitted.
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Getting Ready
Before starting the FAFSA, gather:
– Student and Parent
Social Security cards
2006 W-2 Forms and other records of money
earned
2006 federal income tax form (even if not
completed)
Records of untaxed income
Current bank statements
Business, farm and other real estate records
Records of stocks, bonds and other investments
Create a file for copies of all
financial aid documents submitted
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Getting Started
Read all application instructions
If planning to submit the paper FAFSA:
– Use pen with black ink
– Print clearly in CAPITAL letters:
15
ELM
ST
– Fill in ovals completely:
– Do not leave blanks (unless directed by instructions)
– Do not write comments or notes anywhere on form
– Do not use correction fluid
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The FAFSA
A Seven-Step Process
Step One
– is about the student
Step Two
– asks for student income and assets
Step Three
– determines student dependency status
Step Four
– requires parental information for
dependent students
Step Five
– is for independent students only
Step Six
– allows the student to list up to four schools
Step Seven – Certification Statement asks for signatures
and submission date of the FAFSA
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#1-3 Name
JONE S
SU SA N
L
#8 Social Security Number
1 23
45
67 89
#9 Date of Birth
List your name and Social Security
Number exactly as they appear on the Social
Security card (both will be compared through
a database match process)
0 2 0 9
87
Be careful not to write the current year for
your date of birth
PAGE 7 – Step One
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#13 E-mail Address
SJ ON E S
YAH OO
.
COM
Fill in the your e-mail address that will be valid
at least until the student starts college
PAGE 7 – Step One
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#14 Citizenship Status
a. If U.S. citizen, status will be confirmed by Social Security
match
b. If eligible non-citizen, status will be confirmed by
Department of Homeland Security (DHS) match. This
includes:
• U.S. permanent residents with I-551 Form
• Conditional permanent residents with I-551C Form
• Eligible non-citizens with I-94 Form
c. If neither A nor B, you are ineligible for federal/state aid, but
might still be eligible for state or institutional funds
PAGE 7 – Step One
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#15 Alien Registration Number
01 2345 678
If eligible non-citizen, write in your eight- or
nine-digit Alien Registration Number (ARN)
• Precede an eight digit ARN with a zero
• Copy of Permanent Resident Card might be
requested by the financial aid office
PAGE 7 – Step One
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#14 Citizenship Status
c. If neither a nor b, you are ineligible for federal
or state aid, but might still be eligible for a
college’s own funds
PAGE 7 – Step One
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#14 Citizenship Status
NOTE: if you are undocumented or under-documented
• start inquiring in elementary, middle or high school to
see if it is possible for younger students to become a
permanent resident
• apply for all private scholarships for which you may be
eligible
• check with colleges and universities to see if
institutional financial aid is available
• watch for changes in federal and state laws regarding
the eligibility of undocumented or under-documented
students
For more information and a list of scholarships, go to
www.maldef.org
PAGE 7 – Step One
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#18-20 Student’s State of Legal Residence
MA
Residency relates to your permanent home state:
– if you are dependent, the state of legal residence is
usually the state in which your custodial parent lives
State of legal residence is also used:
– in the need calculation to determine the appropriate
allowance for state and other taxes paid
by that state’s residents
– to determine eligibility for state grants
PAGE 7 – Step One
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#21-22 Selective Service Registration
Male students who are 18 years of age or
older must be registered with Selective
Service to receive federal and state aid
#22
Answer “yes” only if the student is male,
aged 18-25, and has not yet registered.
The student may also register by going to:
www.sss.gov
PAGE 7 – Step One
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#23 Degree Objective
1
Indicate your most immediate degree
or certificate objective for 2007-2008
#24 Grade Level
0
Indicate your grade level beginning with the
2007-2008 school year
PAGE 7 – Step One
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#25 Expected Enrollment Status for 2007-2008
1
Provide information about the college you are
most likely to attend
– If in doubt, report “Full-time”
#26 Types of Student Aid
1
Indicate the other types of aid you are
interested in for the 2007-2008 school year,
in addition to grants
PAGE 7 – Step One
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#27 High School Diploma or GED?
– Requirement to receive Federal and State Aid
– Home schooling or Ability to Benefit test may fulfill
requirement
#28 First Bachelor’s Degree?
If high school senior, the answer is ‘NO’
PAGE 7 – Step One
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#29-30 Parents’ Educational Level
Indicate highest level of schooling completed by
biological or adoptive parents (for state award
purposes only)
– Use birth parents or adoptive parents - not
stepparents or foster parents
– This definition of parents is unique to these
two questions
PAGE 7 – Step One
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#31 Drug Conviction Question
DO NOT SKIP THIS QUESTION
You should:
– Answer “NO” if:
• Conviction was for alcohol or tobacco
• Conviction was removed from record or occurred
before age 18 (unless tried as an adult)
– Answer “YES” if you have been convicted of
possessing or selling illegal drugs while enrolled
and receiving federal student aid
PAGE 7 – Step One
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Step Two
Student Income and Asset Information
#32-45
Questions are identical to those we will cover in
the parents’ income and asset section of Step Four.
In Step Two:
– Report your 2006 income and current assets
– If you are single, ignore references to “spouse”
– If you are married, report spouse’s
income and assets
– Complete Worksheets A, B, and C
for the student on Page 5
PAGE 8 – Step Two
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#46-47 Student Veterans’ Education Benefits
00
0
– If you are eligible for veterans’ education benefits,
report monthly amount expected
– Number of months should equal number of months
you will attend school
– If not applicable, answer zero
For more information, contact the VA at:
(800) 827-1000
www.va.gov
PAGE 8 – Step Two
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Step Three
#48-55 Determination of Dependency Status
PAGE 8 – Step Three
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#48-55 Determination of Dependency Status
If you answered “no” to all questions in this
step, go to Step Four. For FAFSA filing
purposes, you are considered a dependent
student and are required to provide parental
information
If you answered “yes” to any question in this
step, skip Step Four and go to Step Five. For
FAFSA filing purposes, you are considered an
independent student
PAGE 8 – Step Three
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Step Four
Parent Information
See Notes on page 3 of FAFSA instructions
about who is considered a parent
– Biological or adoptive parent(s)
– Stepparent
• Regardless of any prenuptial
agreements
PAGE 9 – Step Four
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Step Four
Parent Information
Do not provide information about:
– Foster parent(s)
• You are automatically considered an
independent student if you are a ward of the
court
– Legal guardian(s) or grandparent or other relative
• Must attempt to get biological parental
information if guardianship ends at age 18
• Colleges may use Professional Judgment to
allow you to file as an independent student
PAGE 9 – Step Four
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#56 Parents’ Marital Status as of Today
#57 Month and year parents were married,
separated, divorced, or widowed
MM Y Y Y Y
PAGE 9 – Step Four
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#58-65 Father’s and Mother’s SSN, Last
Name, First Initial, and Dates of Birth
2 34
56
78 90
JONE S
P
0 50 3
59
0 00
00
0000
P A R K E R
M
07 1 9
60
NOTE: This information should be provided for the
parents who are required to give information
for Step Four
PAGE 9 – Step Four
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#66 Parent Household Information
0 5
Include in parents’ household:
• the student applying for financial aid
• the custodial parent(s)
• parents’ other dependent children, if parents
provide more than half their support or the children
could answer “no” to every question in Step Three,
regardless of where they live
• other people, if they now live with the parents, and
if the parents provide more than half their support,
and will continue to provide that level of support
from 7/1/07 through 6/30/08
PAGE 9 – Step Four
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#67 Family Members Attending College
2
– Always include the student even if he/she will
attend college less than half-time in 2007-2008
– Include other household members from #66 only if
they will attend at least half time in 2007-2008 in a
program that leads to a college degree or
certificate
– Always exclude parents
NOTE: Some financial aid offices will require proof
that other family members are attending college
PAGE 9 – Step Four
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#68-70 Parents’ State of Legal Residence
MA
MM Y Y Y Y
– Question #68: Indicate the two-digit state
code for your parents’ permanent address
– If the answer to #69 is “no,” in Question #70,
enter the month and year residency began for
the parent who has been a legal resident of
that state the longest
PAGE 9 – Step Four
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Step Four
Parent Income and Asset Information
– If the answer to any question is zero or the
question does not apply, enter 0: $
,
– Report whole dollar figures: $
12 ,356
0
(no cents)
– Recommendation: If parents have not filed
their 2006 federal tax return, use W-2 forms
and/or other employment records to estimate
total income
PAGE 9 – Step Four
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#71-75 Parents’ Household Federal Benefits
Indicate if you, your parents, or anyone in
your parents’ household received benefits
from any of the federal programs listed
during 2006.
PAGE 9 – Step Four
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#76-78 Parent Tax Return Filing Status
for 2006
#76 – Indicate your parents’ tax filing status for 2006
#77 – Which tax return did or will your parent(s) file
for 2006?
#78 – Even if your parent(s) did not file a 1040A or
1040EZ, read the instructions to see if they
would have been eligible to do so
PAGE 9 – Step Four
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#79-81 Parent Income and Tax Information
45
2 50
2
130
05
– If your parents have not yet filed their 2006 federal
tax return information, it is okay to estimate
information for these questions
– If your parents have completed their 2006 federal tax
return, use 2006 tax return information to fill out
Questions #79-81. Pay attention to specific line-items
Reminder: If the answer is zero or the question does
not apply, enter 0
PAGE 9 – Step Four
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#82-83 Money Earned from Work by Parent(s)
40
5 00
13
200
This figure is often different than the adjusted gross
income figure on your parents’ tax return. Use W-2
forms and other records to list all income in 2006
earned from work (including income earned from
self-employment)
PAGE 9 – Step Four
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#84 Worksheet A: Untaxed Income & Benefits
1250
1250
To answer, carefully complete the right column of
Worksheet A (Page 5 of instructions).
NOTE: Students should keep a copy of the worksheet
because the financial aid office may request a
copy
PAGE 9 – Step Four
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#85 Worksheet B: Untaxed Income & Benefits
1700
6200
500
8400
PAGE 9 – Step Four
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#86 Worksheet C: Exclusions to Income
0
Totals from Worksheets A, B, and C should be entered in
Questions 84, 85, and 86 on Page 9 of the FAFSA
1
250
8
400
0
PAGE 9 – Step Four
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Step Four
Parent Asset Information
#87-89
– List the net value of parent assets as of
the day the FAFSA is completed
– If net worth is one million
dollars or more, enter
$ 999
,
9 9 9
– If net worth is zero, enter 0
(do not leave blank)
$
,
0
NOTE: Some financial aid offices may request supporting
documentation for the answers to these questions
PAGE 10 – Step Four
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#87 Parent Asset Information
2
155
Report the current balance of cash, checking
and/or savings accounts as of the day you
complete the FAFSA
PAGE 10 – Step Four
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#87-89 Parent Asset Information
5
000
7
900
0
Net Worth means current value minus debt
PAGE 10 – Step Four
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#87-89 Parent Asset Information
5
000
7
900
0
Investments include:
• real estate (other than your
parents’ home)
• trust funds
• UGMA and UTMA accounts
• money market and mutual
•
•
funds
certificates of deposit
stocks and stock options
• bonds and other securities
• Coverdell IRAs
• 529 plans owned by your
parents
• installment and land sale
contracts
• commodities, etc.
PAGE 10 – Step Four
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#87-89 Parent Asset Information
5
000
7
900
0
Business/Investment Farm includes:
– market value of land, buildings, machinery,
equipment, and inventory. Debt means only those
debts for which the business was used as collateral
NOTE: DO NOT include the home you live in, the value of
life insurance and your parents’ retirement plans
(pension funds, annuities, non-education IRAs,
Keogh plans, etc)
PAGE 10 – Step Four
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Step Five (Independent Students)
#90 Household Information
Complete this step only if you answered
“yes” to any question in Step Three
(Questions 48-55)
PAGE 10 – Step Five
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#90 Household Information
Include in your household:
• you (and your spouse if married)
• your children, if you will provide more than half
their support
• other people, if they now live with you and you
provide more than half their support, and will
continue to provide that level of support from
7/1/07 through 6/30/08
PAGE 10 – Step Five
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#91 Family Members Attending College
– Count yourself even if you will attend
college less than half-time in 2007-2008
– Include others counted in #90 only if
they will attend at least half-time in
2007-2008 in a program that
leads to a college degree
or certificate
PAGE 10 – Step Five
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#92-96 Household Federal Benefits
Indicate if you, your spouse, or
anyone in your household received
benefits from any of the federal
programs listed during 2006.
PAGE 10 – Step Five
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Step Six:
#97 School Information
001 1 1 7
0 1 2345
0 23 45 6
0 34 567
INDEPENDENT UNIVERSITY
COMMUNITY COLLEGE ABC
STATE UNIVERSITY
UNIVERSITY IN ARIZONA
PA
MA
L A
AZ
PAGE 10 – Step Six
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#97 School Information
List up to four schools to which you are applying
For faster and more accurate processing, write in
both the Title IV school code and the school name
Check with each college’s financial aid office, the
student’s high school counselor, or the U.S.
Department of Education’s website
(www.fafsa.ed.gov) for a listing of federal school
codes of the colleges to which the student is applying
Select the housing plan that best describes the type
of housing you expect to live in while attending each
listed school
PAGE 10 – Step Six
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#97 School Information
Strategies for Listing Colleges
In Question #97, list those schools
with the earliest financial aid
deadlines
If you are applying to more than six
schools, wait for the processed
Student Aid Report (SAR) or add
additional schools via the Web
PAGE 10 – Step Six
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#98-99 Read, Sign, and Date
02 15
Student Signature
Parent Signature
PAGE 10 – Step Seven
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#98-99 Read, Sign, and Date
Read the statement in Step Seven before
submitting the FAFSA
Fill in the date you completed the FAFSA
You and at least one parent must sign the FAFSA
– If submitting FAFSA on the Web, you and your parent
must provide your individual PINs
Be cautious about paying someone to complete the
FAFSA
You can do it!
PAGE 10 – Step Seven
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Types of FAFSAs
FAFSA on the Web
Paper FAFSA
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FAFSA on the Web
Complete the FAFSA on the Web at
www.fafsa.ed.gov
Processed more quickly than paper
version
Sophisticated on-line edits so that
errors are less likely to be made
Student and at least one custodial
parent should get a federal PIN at
www.pin.ed.gov
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Application Filing Tips
FAFSA on The Web
Gather necessary documents
ahead of time
Complete a FAFSA on the Web Worksheet
available at www.fafsa.ed.gov
Allow ample time to complete form for
submission by deadline
Check the FAFSA for accuracy prior to
submission
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Application Filing Tips
FAFSA on The Web
Save all work periodically
Sign the application using you and your
parent’s PIN
Print out a copy of the FAFSA before submitting
data
Keep a copy of the Submission Confirmation
Page
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Application Filing Tips
Paper FAFSA
File early and meet all deadlines
Check the FAFSA for completeness and accuracy
Sign and date FAFSA
Make a copy of the FAFSA before mailing
Mail the FAFSA in the self-addressed envelope
provided in the application booklet
– Do not write any comments on the FAFSA
– Do not include letters, tax forms, or worksheets
– Use regular mail (not Registered or Certified)
Obtain a U.S. Postal Service Certificate of Mailing
(cost is only $0.90)
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Student Aid Report (SAR)
Regardless of whether you use FAFSA on
the Web or submits a paper FAFSA, a SAR
will be sent to you
– A link to an electronic SAR will be sent if
you provide an e-mail address
– A paper SAR will be mailed if you do not
provide an email address
Data will be sent to each college or
university you listed in Question #97
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What Happens Next?
You and the colleges you listed receive
information from federal processor

You should review your SAR for
important information and accuracy of data

Colleges match admission records with
financial aid applications and
determine aid eligibility

Colleges mail notices of financial aid
eligibility to admitted students who have
completed all required financial aid forms
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Special Circumstances
Contact the Financial Aid Office if there is:
– Loss or reduction in parent or student income or
assets
– Death or serious illness
– Unusual medical or dental expenses not
covered by insurance
– Reduction in child support, Social Security
benefits or other untaxed benefit
– Financial responsibility for elderly grandparents
– Any other unusual circumstances that affect a
family’s ability to contribute to higher education
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Summary of the
Financial Aid Process
Submit all required forms, including
FAFSA, by each college’s published
deadlines
Submit the FAFSA before May 1st for
MassGrant consideration
Keep a copy of all forms submitted
Review your SAR
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Summary of the
Financial Aid Process
Watch for financial aid award notifications
from colleges to which the student has been
admitted
Be sure to apply for financial aid this year
and every year as soon as possible after
January 1 to receive the best financial aid
award possible
ASK QUESTIONS!
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Resources
 www.CollegeGoalSundayUSA.org,
Program Support, FAFSA Line-by-Line
Presentation
–
–
–
–
© NASFAA 2006
FAFSA – Web version
FAFSA – Paper version
FAFSA – Paper version in Spanish and Somali
Foster Youth: Tips for Completing the FAFSA
75
Questions and
Answers
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