applying for financial aid for 2015-16. sponsors/partners
TRANSCRIPT
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Applying for Financial Aid for 2015-16
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Types of Financial Aid
• Gift Aid - Grants or scholarships that do not need to be repaid
• Work - Money earned by the student as payment for a job on or off campus
• Loans - Borrowed money to be paid back, usually with interest
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Sources of Financial Aid
• Federal government
• State government
• Colleges and universities
• Private agencies: companies, foundations, towns/cities, and parent employers
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Who is Eligible for Federal Aid?
•U.S. citizens• Eligible non-citizens, including:•U.S. Nationals•Permanent Residents•Carriers of Arrival-Departure Records (1-94)
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Financial Aid Applications
• FAFSA• CSS/Financial Aid
PROFILE• Institutional
financial aid applicationDeadlines & requirements
vary by school. Do not miss deadlines!!
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FAFSA• FREE Application for Federal
Student Aid• FAFSA.gov • Required by every college &
university• Must be completed every year
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FAFSA on the Web Worksheet
• Preview of the FAFSA
• Does not include all FAFSA questions
• Do not mail this worksheet
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FAFSA Customer Service
Help icon at the top of the page leads to:
•FAQs•Search (also available throughout the site)•Live Chat• Phone: 1-800-4-Fed-Aid (433-3243) or 319-337-5665•Email: [email protected]•Hours: Monday-Friday 8am-11pm
Saturday 8am-5pmSunday 12-6pm
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Student Login
Tips for each question
Search
Further instructions
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Getting Started
• Make sure to complete the 2015-16 FAFSA
• Secure a PIN
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Federal PIN • Serves as the electronic signature
• PIN.ed.gov
• May also be used to:• Correct/Update FAFSA• Utilize IRS Data Retrieval Tool
• Both student and one custodial parent need one
• Parents without an SSN: sign & mail the signature page
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Password
Allows you to save your application and return to it later
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Student Demographic Info
Make sure the email address listed is one that is checked often
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Student Eligibility
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• Citizenship status will be verified by: • the Social Security Administration (citizens)• the Department of Homeland Security (eligible non-citizens)
• Males 18 and older must register for Selective Service
Student Eligibility
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• High School Completion Status• If select H.S. diploma, will need to
list the high school
• Current high school students should select:• Never before attended college• Do not have a bachelor’s degree
• Interested in work-study?• Answering yes does not obligate the
student to work nor cause the student to lose grants and scholarships
Student Eligibility
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School Selection• List up to 10
colleges/universities
• Wait for the processed SAR (Student Aid Report) to add additional schools
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Dependency Determination
Independent students do not have to report parent data
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Dependency Determination
Independent students must meet one of the following criteria:
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Parent Information
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Who is Considered a Parent?
• Biological or adoptive parent(s)
• Include both parents if parents are married or are not married but live together
•Married parents include same-sex couples who were married in a state that recognizes same-sex marriage
• In the case of divorce or separation, provide information about the parent the student lived with more in the last 12 months, and step-parent if that parent is remarried.
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Who is Not Considered a
Parent?
• Foster parents or legal guardians• If the student is in foster care or
has a legal guardian, he/she is automatically considered an independent student
• Grandparents or other relatives
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Household SizeInclude in the parents’ household:• Student
• Parent(s)
• Parents’ other dependent children, if parents provide more than half their support or they are federally dependent
• Other people who live with parents and for whom parents provide more than half of their support and will continue to do so from 7/1/15 through 6/30/16
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College Students in the Household
• Always include the student, even if he/she will attend college less than half time in 2015-16
• Include other household members only if they will attend at least half time in 2015-16 in a program that leads to a college degree or certificate
• Do not include the parents
Some financial aid offices will require proof that other family members are attending college
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Parent Tax Information
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IRS Data Retrieval Tool
• Upload federal tax data directly to the FAFSA
• Available February 2nd
• 2014 federal tax return must already be submitted
• Certain individuals cannot use the tool
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Parent Financial Information
• Use estimated figures if you haven’t yet filed 2014 taxes• If the answer is zero or the question does not apply, enter 0
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Parent Financial Information• AGI: Adjusted Gross Income
• Total of all taxable income• Includes wages, interest & dividend
income, business & rental property income, and taxable portion of pensions and Social Security benefits.
• Income earned from working: Use W-2 forms and other records (including record of business income earned from self-employment) to calculate
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What is a Dislocated Worker?
• An individual who is:• receiving unemployment benefits due to losing a job and is unlikely to return to a previous job
• laid off or received a lay-off notice
• self-employed but is now unemployed due to economic conditions or natural disaster
• a displaced homemaker
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Household Benefits• You may be asked to report if your household received in 2013 or 2014:
• Supplemental Security Income (SSI)• Supplemental Nutrition Assistance Program (SNAP)• Free or Reduced Price Lunch• Temporary Assistance for Needy Families (TANF)• Special Supplemental Nutrition Program for Women, Infants, and Children (WIC)
• Indicate if anyone in the household received these benefits
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Parent Financial Info
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Parent Financial Info• Parents’ Income Tax:
• Found on the federal income tax return• Not the amount withheld from parents’ paychecks
• Additional Financial Information: Indicate if received in 2014 and specific amounts:• American Opportunity Tax Credit or Lifetime Learning Tax Credit• Child support paid• Taxable earnings from Work-study, Assistantships or Fellowships• Grant and scholarship aid reported to the IRS• Combat pay or special combat pay• Cooperative education program earnings
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Untaxed Income• Check all answers that apply
• Report specific amount for each answer selected
• Some colleges and universities may ask for information about other untaxed income
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Parent AssetsParents may be asked to report:
• Current balance of cash, savings and checking accounts
• Net value of investments such as real estate, rental properties, money market and mutual funds, stocks, bonds, college savings, and other securities
• Net value of businesses and investment farms
Do not include your primary residence, life insurance, retirement accounts and small
family businesses
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Student Information
• Student will be asked same income and asset questions as parents
• Student should report all income earned in 2014 even if he/she did not file taxes
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Submitting the FAFSA
Student and parent sign with PIN or print the signature page
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Confirmation Page
Print or email Confirmation Page for your records
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Special CircumstancesContact the financial aid office if there are circumstances that affect your ability to pay for college such as:
• Loss or reduction in parent/student income or assets• Death or serious illness• Natural disasters affecting parent income or assets• Medical or dental expenses not covered by insurance• Financial responsibility for elderly grandparents
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What Happens Next
• Colleges and state receive data electronically
• You will receive a Student Aid Report (SAR) (electronically or by mail)
• Colleges may request additional documentation or information, such as tax data, through a process called Verification
• Colleges send notices of financial aid eligibility to admitted students who have completed all required financial aid forms
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Thank You
QUESTIONS?Please remember to complete the FAFSA Day Survey before you leave!
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