fafsa line by line tips and reminders to keep you from getting lines november, 2014
TRANSCRIPT
FAFSA Line by Line
Tips and Reminders to Keep YouFrom Getting LinesNovember, 2014
What is FAFSA?
• Free Application for Federal Student Aid• Online form maintained by the U.S.
Department of Education to help measure family’s need for financial aid
• Available January 1st each year for seniors• Must be filled out each year the student is in
post-secondary education
Today
• Screen shots in today’s presentation are from last year’s FAFSA
• No significant changes from last year
The Starting Point
• This is what you should see• FAFSA starts with “free” – if you see a fee
request, go to www.fafsa.gov
Login:
(Student’s Info)
First NameLast NameSSNDate of Birth
Identifying information
• Notice the word “STUDENT” on the left: that tells whose information belongs on this screen. Later, see “PARENT”
• Of course you know your name, but …• Copy it directly from your Social Security card– Names, especially foreign or hyphenated names,
can be confusing
Dependent or Independent Student?
• Most students are “dependent” for FAFSA purposes:– Under 24– At least one parent alive– Not married• Not a parent
– No military service experience– Not under legal guardianship
Citizenship Status
• Checked with Department of Homeland Security and Social Security Administration
• Choices: Citizen, Eligible non-citizen, Non-citizen– Some visa classes are eligible– Some refugees and asylees
• Eligible non-citizens need green card number or immigration document number
School Status
• Males: you must register with Selective Service even though there is no draft
• Remember to answer from the perspective of next year – usually “1st year, never attended college”
Kansas
Best School In Kansas
Selecting Schools
• If more than a few schools, enter state and pull down list of schools in that state
• If just one or two schools, enter name of school or location within state
• The next slide will ask where you expect to live – “on campus”, “off campus”, “with parents”
Income Taxes
• Plan to get taxes prepared not later than first 10 days of February
• IRS Data Retrieval Tool – Three weeks after taxes filed electronically – see next slide
• The PIN number here is the PIN number for FAFSA
• This slide merely notifies you that you are going to the IRS web site
• Normally, just click “OK”
***-**-2223
IRS Data Retrieval Tool
• Enter information from tax return, which may not be the same as current information
• Entries must be the same as the tax return, or IRS will not find the information
Dad & Mom Student***-**-2223
$59,656$1,843
$778
IRS Data Retrieval Tool (cont’d.)
• Slide shows information that will be transferred from IRS to FAFSA
• On FAFSA, the information will show “Transferred from IRS”
Other Income Items
• “Income tax” is the tax on the taxable income. FAFSA provides a line number reference to the tax forms
• Some but not all items from tax return• Most “Untaxed Income” has line number
references to tax forms in the “help” box on the right
Investments - Tricky
• Do not include information about principal residence (where you live) or about retirement savings (e.g., IRA, 401(k), 403(b))
• UGMA/UTMA accounts– Include them as student investments
• 529 plans, owned by student or parent, are listed as parent investments
Investments – Trusts
• Ask for help• Generally, trusts are included as investments• Including trusts often results in a puzzling or
counterintuitive impact
Submission Screen
• Enter PIN numbers• Be sure to agree to conditions
• After submission, a confirmation screen• You will have the option of copying
information to another FAFSA if you have another child going to college
FAFSA Follow-up
• In 3-5 business days an e-mail should tell you that your Student Aid Report (SAR) is available, probably with a link
• Expected Family Contribution (EFC) is on the SAR
• Data entered on the FAFSA are also reprinted
Verification
• Congress requires verification of 30% of FAFSAs submitted
• Usually a one-page form that calls for:– Information on family – names, ages, college
attendance– Income tax information – either use IRS Data
Retrieval Tool or specify whether tax return will be filed
• Respond promptly
Questions?