Transcript Free Application for Federal Student Aid Session 32 Thomas Threlkeld

Session 32
Free Application for
Federal Student Aid
Thomas Threlkeld
Anita O. Wojick
Topics
• FAFSA Overview
• HERA Changes
– What is the FAFSA?
– Drug Conviction Eligibility
– Why we must complete it?
– Qualified Tuition Benefits
• How to Apply
– Paper FAFSA
– Family Owned Business
– Active Military Duty
– FAFSA on the Web
• FAFSA Exercise
– FAA Access to CPS Online
• Other Interest Sessions and
Training
• Seven Step Process
• Questions
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FAFSA Overview
• FAFSA collects applicant information required by statute
and is sent to the Central Processing System (CPS) which
– Calculates a family’s Expected Family Contribution
(EFC), or its ability to pay for the cost of attendance
(COA) at an eligible postsecondary institution and
– Performs data matches against other federal databases
to determine the applicant’s eligibility
• Social Security Administration • Dept. of Homeland Security
• Selective Service
• NSLDS
• Veterans Administration
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FAFSA on the Web
FAFSA.ed.gov
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Federal Student Aid PIN Web site
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FAA Access to CPS Online
http://www.fafsa.ed.gov/FOTWWebApp/faa/faa.jsp
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FAFSA on the Web and FAA Access
to CPS Online Demo Site
• The 2006-2007 CPS Web Applications Demo System
offers demonstration versions of FAFSA on the Web
(FOTW) and FAA Access to CPS Online.
– Staff can learn about FOTW and FAA Access to CPS
Online, including the new Return of Title IV Funds on
the Web.
– Test student IDs and PINs are available for preloaded
renewal application and correction records for both the
FOTW and FAA Access demos.
Username: eddemo
http://fafsademo.test.ed.gov Password: fafsatest
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Seven Step Process
1. General Student Information
2. Student/Spouse Income and Assets
3. Student Dependency Status
4. Parent Information (dependent students only)
5. Household Size and Number in College (independent
students only)
6. School Information
7. Signature Requirements
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Drug Conviction Eligibility
Question 31
•An applicant loses eligibility for
Title IV aid only if the drug
related offense for which he or
she was convicted occurred while
the student was receiving Title
IV aid.
–Date of ineligibility still
begins on date of conviction
Effective July 1, 2006 for the 2006-2007 Award Year
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Qualified Education Benefits
Questions 44 and 88
• Qualified Education Benefits now include:
– Coverdell education savings accounts and 529
prepaid tuition and 529 savings plans
• Value is equal to refund value of any credits or
certificates purchased
– Prepaid tuition plans from a state
• Value is equal to current balance of the account
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Qualified Education Benefits
• Benefit is reported as an asset of the parent of a
dependent student
– Only if the parent is the owner of the account or
plan
• Not considered an asset of a dependent student
• Considered asset of an independent student if that
student owns the plan
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Family Ownership of Small Business
Questions 45 and 89
• Exclude from assets in need analysis any part of a
family owned and controlled business with no
more than 100 FT employees or FTE’s
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Active Duty Military Now Independent
Students
Question 54
• HERA adds the following individuals to those that are
considered independent
– Serving on Active Duty in the Armed Forces for other
than Training Purposes
– National Guard or Reserves called to Active Duty
• For other than training purposes, and
• Activated by Presidential Order Authority
Effective July 1, 2006 for the 2006-2007 Award Year
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EXERCISE
FAFSA QUESTIONS
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Other Resources
• 2006-07 FSA Handbook, Application and Verification
Guide (AVG)
• Dear Colleague Letters and Electronic Announcements on
IFAP (Information for Financial Aid Professionals)
– For more information related to the changes created by
Higher Education Reconciliation Act (HERA)
• Interim Final Regulations resulting from the HERA
published August 10, 2006 and Final Regulations
published November 1, 2006
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Additional Interest Sessions
• Session 10: General Provisions Update: Changes made by
the HERA
• Session 12: Use Self-Assessments and Evaluation
• Session 14: Working with Veterans Affairs to help Students
• Session 24: FAFSA Simplification - What does that mean
and how do we get there?
• Session 28: FAA Access to CPS Online (hands on)
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Additional Beginner Sessions
• Session 33 - Expected Family Contributions
(EFC)
• Session 34 - The Institutional Student Information
Record (ISIR)
• Session 35 - Awarding Aid
• Session 36 - Disbursing Aid
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Additional Beginner Sessions
• Session 37 - IFAP, NSLDS, COD, FAA Access
to CPS Online
• Session 38 - Financial Aid Professionals (FAP)
Portal and Beyond - How We Communicate With
You?
• Session 39 - Uncover the Mysteries of How a Law
Becomes Operational
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Additional Training
• HERA
– There are changes to how institutions determine the
cost of attendance, changes to elements of the need
analysis formula, to student eligibility, program
eligibility, institutional eligibility, and the return of Title
IV funds calculation. Many of these changes take effect
with the 2006-07 award year.
• Check FSA Training Website for dates and locations of
training
http://www.ed.gov/offices/OSFAP/training/index.html
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Contacts
We appreciate your feedback and comments.
We can be reached at:
[email protected]
[email protected]
Phone: (617) 289-0144
Phone: (617) 289-0130
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