Transcript FINANCING YOUR EDUCATION www.studentaid.ed.gov The PRIVACY ACT limits what Business and Financial Aid Office representatives are allowed to discuss with parents. You may sign a release.

FINANCING
YOUR
EDUCATION
www.studentaid.ed.gov
The PRIVACY ACT limits what Business and
Financial Aid Office representatives are allowed to
discuss with parents.
You may sign a
release form
allowing your
school to
discuss your
information
with a third
party (i.e.
parent).
Financial Aid is an INVESTMENT in your future made
by sources other than your family…or by you.
GIFT AID
Grants (Federal/State)
Scholarships (Western/Private)
SELF-HELP AID
Federal Loans (Low Interest)
Employment
(FWS/Institutional)
Need Based Aid
Merit Based Aid
How is need
determined?
 Cost of Attendance
Tuition/Fees, Room/Board,
Books/Supplies, Transportation, Living
Expenses, Etc. Will vary from school
to school.
 Expected Family
Contribution is determined by a
formula created by Congress (FAFSA
results). Will NOT vary.
 Estimated Financial
Assistance total of all sources of
assistance (grants, scholarships, loans,
FWS).
How do I apply for aid?
FREE Application for Federal Student Aid
 Provides the necessary
information to perform
need calculation determines your EFC.
 Determines your eligibility
for Federal, State,
institutional and private
aid.
 Should be submitted as
soon as possible after
January 1st EVERY year.
What do I need to complete the FAFSA?
 Parent/Student PIN
www.pin.ed.gov




2013 W2 Forms
2013 Tax Forms
Other Financial Info
School Codes
Helpful Hints:
 Read the form carefully.
 Double check your answers.
 If you have questions, ask your
Financial Aid Professional.
To electronically sign the FAFSA, you and
your parent, must request a PIN from the
Department of Education.
www.pin.ed.gov









Were you born before 1-1-91?
Are you a grad or professional student?
As of today, are you married?
Do you have dependents who receive more than 50% of their support from
you?
Are you currently serving in the Armed Forces?
Are you a veteran of the U.S. Armed Forces?
Are you an orphan or ward of the court or in foster care or in legal
guardianship?
Are you a legally emancipated minor?
Are you an unaccompanied, homeless youth?
IF YOU CAN’T ANSWER YES to one, or more, of these
questions, you are a dependent student and must include
parent’s financial information.
Transfer IRS
tax information
to your FAFSA.
1. Enter your PIN* and click Link To IRS.
2. On the IRS Web site, enter the requested information.
3. Once the IRS has validated your identification, your IRS tax
information will display. You can either transfer your information
from the IRS, or choose to return to FAFSA on the Web from the
IRS Web site.
4. If you transfer your IRS tax information, questions that are
populated with tax information will be marked with “Transferred
from the IRS.”
Provide an email
address…get a
link to your SAR
the next day.
Don’t provide an
email address…
get your SAR via
snail mail.



Using FAFSA
Corrections on
the Web;
By the Financial
Aid Staff; or
On the paper
SAR.

Loss or reduction of
family income.

Unusual medical or dental
expenses not covered by
insurance.

Death or illness.

Other unusual
circumstances.
The Department of Education randomly
selects around 30-35% of FAFSA filers to
participate in a mandatory qualitycontrol process called “Verification.”
Watch your deadlines!




Deadlines for Federal
Aid.
Priority Deadlines for
Campus Based
Federal Programs
(SEOG, FWS, Perkins
Loans).
Deadlines for State
Aid Programs (April
1st).
Scholarship
Application Deadlines.
Show me
the money!




Federal Aid Programs
State Aid Programs
Institutional Programs
Outside Sources

FAFSA results determine
eligibility.

Award is based on your
Expected Family
Contribution (EFC).

Maximum award for 20132014 is $5,645 per year.

Up to 6 years of potential
eligibility.
Does not need
to be repaid!!
 Awarded
to students with
an EFC less than
$12,000.
 Awards
range from
$1,000 to $2,150 per
year depending upon
state funding.
 Must
be enrolled full-time
(12 hrs).
 Must
maintain a 2.50
GPA and make
Satisfactory Academic
Progress for renewal.
 Must
complete the
FAFSA by the Priority
Deadline.
 Compensation is at
least the current
minimum wage.
1098T – IRS Publication 970
A tax credit reduces the amount of income tax you may have to pay.
Unlike a deduction, which reduces the amount of income subject to
tax, a credit directly reduces the tax itself.
•American Opportunity Credit - $2,500 per student for up to four years
•Lifetime learning tax credit - $2,000 per family per year
There is an assumption that you have to
be brilliant, or athletically talented, or
gifted musically, to earn scholarships for
college.
Where do I look?
Local Churches
Local Businesses
Military Sources
College Websites
Parent’s Employer
Civic Organizations
High School Counselor
Local Library Resources
Professional Organizations
Searching Online
Beware of financial aid scams!
Ever wonder what the people who award
the scholarships want to see?
Remember,
your application
represents YOU!