Transcript Document
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 2
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 3
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Find the FAFSA
• • •
Online
– Visit
FAFSA.gov
Print a copy
click
–
Go to
FAFSA.gov
;
FAFSA Filing Options
a paper FAFSA to print
Request a paper copy –
Call
800.4.FED.AID
(TTY) to request copies in English or Spanish or
800.730.8913
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FAFSA.gov
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Why Online?
• • • • Quicker processing time 3-5 days vs. 4-6 weeks for paper FAFSA
Help and Hints
every question boxes provided with Built-in error catcher means fewer delays Save your application and return to it later 7
Why Online?
• Yearly online renewal • Some fields can be pre-populated with previous FAFSA information • Saves time and helps you meet deadlines 8
Why Online?
• Skip logic bypasses unnecessary questions based on answers you’ve already provided • Electronically sign the FAFSA using your Personal Identification Number (PIN) 9
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 10
FAFSA on the Web Worksheet
Type in FAFSA on the Web Worksheet and Search Click here for FAFSA4caster
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Requested Information
• Social Security Number Student and spouse or parent • Student’s driver’s license information • Income and W-2 figures • Household size 12
Requested Information
• Student and parents’ email 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 13
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 14
Search by state name
State Deadlines
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FAFSA Sections
• • • • • • • The FAFSA is divided into these sections: Student Demographics School Selection Dependency Status Parent Demographics Financial Information Sign and Submit Confirmation 17
Student Demographics
Use your full name as shown on your Social Security card
Help and Hints
boxes are located on each screen to assist you
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Student Demographics
Enter your birth year, not the current year Enter your marital status as of the day you submit your FAFSA
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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.
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Student Demographics
Students are 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 isn’t currently in the database, simply type in the name, city and state.
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School Selection
You can send your FAFSA to 10 different schools.
If you don’t know the school’s 6 digit code, you can search by School Name, City or State.
When sorting on Enid, Oklahoma, it listed these 2 schools. Click the school(s) you may attend.
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School Selection
When you click ‘View Selected School Information’, you’ll see a comparison like this.
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School Selection
You must provide Housing Plans for each school you’ve chosen. Your
• • •
options: On campus Off campus With Parents
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Dependent or Independent?
Your answers to these questions will determine your dependency status. If you’re unable to answer YES to one question, you’ll be considered a dependent student.
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Dependency Status
•
Dependent students
must provide parental information •
Independent students
aren’t required to show parental information unless requested by their school 26
Dependency Status
To view the Dependency Status Questionnaire, check out the Resources tab at
UCanGo2.org
.
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Special Circumstances
If a dependent student is unable to provide parental information, he/she may indicate that here. It’s highly recommended the student speak to the financial aid office at the college they’ll attend however. Many schools have specific procedures they follow to handle this question.
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Special Circumstances
This page explains some exceptions to the rule for providing parental information. Contact your financial aid office for more details.
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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 30
Parent Demographics
Enter your parent’s demographic information. Remember, your parent’s name must be entered just like it’s shown on the Social Security card. If you’re unsure who should be counted in your family’s household size, click here to get a full definition.
You can only enter family members in college who are pursuing a degree or certification. Parents cannot be included.
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Financial Info - Parent
In this section parents will enter the type of tax return they filed, as well as their requested 2011 income figures. The Help and Hints box will provide corresponding line numbers on your tax return to assist you in locating answers.
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Financial Info - Parent
This page requests additional income and asset information for the parents.
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Financial Info - Student
The Student Financial Information section requests the type of tax form the student filed, as well as the student’s income and asset figures.
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Sign and Submit
You can review and print all the information you’ve submitted on your FAFSA to keep for your records.
To sign your FAFSA, you and one parent (or your spouse) can enter a PIN here. You may also print and mail a signature page to complete the FAFSA process.
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Sign and Submit
If you wish to sign electronically, but haven’t requested a PIN, you may do so from this page.
Click ‘Submit’ to send your completed FAFSA off to the processing center.
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Confirmation
Your Confirmation page will indicate your Expected Family Contribution (EFC) as well as an estimated amount for the Pell Grant and/or student loans.
For assistance with your FAFSA, you may contact the Federal Student Aid Information Center at the numbers shown here.
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Each page of your online FAFSA houses a ‘Contact Us’ button at the top of the screen. Click it to find a variety of ways to obtain assistance with your FAFSA application.
Contact Us
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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 40
Verification
• Your financial aid office will request further documentation if you’re selected • Financial aid can’t be provided until the verification process is complete • Tax returns are no longer accepted to confirm income information 41
Verification
• • • Students will be asked to provide an IRS Transcript to verify their income tax information Visit
IRS.gov
and Search on
tax transcript
or call 800.908.9946 to request an IRS transcript Complete Form 4506-T to have a tax transcript sent to a school or a different address 42
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 • Same amount at every college 43
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 • COA may be different at each school 44
Financial Need
• • The difference between the 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 45
Financial Need
Cost of Attendance -Expected Family Contribution Other Aid Financial Need 46
Award Letter
• • • Sent out by schools that have accepted you and received your financial aid paperwork 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 47
Aid Types
•
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) 48
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 49
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 50
Federal Financial Aid
• • • •
Federal Subsidized Student Loan
$3,500/year maximum for Freshmen Government pays interest while student is enrolled at least half-time 6.8% interest rate beginning July 1, 2012 Need-based • • • •
Federal Unsubsidized Student Loan
Additional loans available to students who qualify Interest starts to accrue after first disbursement 6.8% interest rate Non-need based 51
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 52
State Financial Aid
• • • •
Oklahoma Tuition Aid Grant (OTAG)
Apply through the FAFSA Application deadline March 1, 2012 $1,000 annual maximum for public schools; $1,300 annual maximum for private schools Need-based 53
Things to Remember
• You must complete the FAFSA every year financial aid is needed.
• Never pay to complete the FAFSA. 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.
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UCanGo2.org/FAFSA
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FAFSA Facts
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Scholarships
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Questions
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