fafsa fundamentals 2012-13

FAFSAFUNDAMENTALS

2012-2013

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Going to College

• No matter who you are, you CAN go to college

• Types of colleges and their costs vary greatly

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Paying for College

• College is an investment in your future

• Many forms of financial aid are available to help you pay for your education

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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

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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

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FAFSAPROCESS

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Find the FAFSA

• Online – Visit FAFSA.gov

• Print a copy – Go to FAFSA.gov; click FAFSA Filing Options to print a paper FAFSA

• Request a paper copy – Call 800.4.FED.AID or 800.730.8913 (TTY) to request copies in English or Spanish

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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 boxes provided with every question

• Built-in error catcher means fewer delays

• Save your application and return to it later

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Why Online?

• Yearly online renewal

• Some fields can be pre-populated with previous FAFSA information

• Saves time and helps you meet deadlines

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Why Online?

• Skip logic bypasses unnecessary questions based on answers you’ve already provided

• Electronically sign the FAFSA using your Personal Identification Number (PIN)

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What’s a PIN?

• Request a Personal Identification Number (PIN) at PIN.ed.gov

• Student and one parent must each have a PIN

• Use the same PIN when you:Renew your FAFSA

Sign an online loan applicationCheck your loan status on the National Student

Loan Data System (NSLDS.ed.gov)

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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

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FAFSA on the Web Worksheet

Type in FAFSA on the Web Worksheet and Search

Click here for FAFSA4caster

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FAFSA on the Web Worksheet

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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

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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

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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

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State Deadlines

Oklahoma Tuition Aid Grant (OTAG) deadline

Search by state name

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COMPLETINGTHE

FAFSA

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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

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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 DemographicsStudents 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 SelectionYou 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 SelectionYou 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

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Dependency StatusTo 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 CircumstancesThis 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

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Parent DemographicsEnter 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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IRS Data Retrieval

• While completing the FAFSA online, applicants may submit a real-time request to IRS for tax data

• IRS will authenticate taxpayer’s identity

• If match found, IRS sends real-time results to applicant in a new window

• Applicants choose whether or not to transfer tax data to FAFSA

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IRS Data Retrieval

• Available February 1, 2012 for the 2012-13 FAFSA processing cycle

• Participation is voluntary

• Reduces documents requested by financial aid office

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IRS Data Retrieval

• Electronically filed tax return information will be available from the IRS 1-2 weeks after you file

• Data from paper tax returns will be available on the IRS site in approximately 6-8 weeks

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Sign and SubmitYou 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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ConfirmationYour 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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Contact Us

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.

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AFTER THE

FAFSA

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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

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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

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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

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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

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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

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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

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Financial Need

Cost of Attendance

-Expected Family Contribution

- Other Aid

Financial Need

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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

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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)

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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

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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

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Federal Financial AidFederal 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

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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

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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

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State Financial Aid

Oklahoma’s Promise (OHLAP)• Students must graduate from high school

(2012 public school seniors must meet End of Instruction (EOI) requirements to graduate)

• Students must complete the FAFSA• Second income check will begin Fall 2012

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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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RESOURCES

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UCanGo2.org

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UCanGo2 Student Workbooks

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UCanGo2.org/FAFSA

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FAFSA Facts

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Scholarships

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Facebook.com/UCanGo2

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Additional Resources

studentaid.ed.gov• studentaid.ed.gov/collprep• studentaid.ed.gov/needmoney• studentaid.ed.gov/guide• studentaid.ed.gov/pubs• studentaid.ed.gov/scholarship

800.4.FED.AID (800.433.3243)

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Questions

?

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Contact Us

Oklahoma State Regents for Higher EducationOklahoma College Assistance Program

Outreach Team

405.234.4239866.443.7420 (toll free)

UCanGo2@ocap.org