1 applying for financial aid 2012-2013. 2 what will you learn today? required financial aid...
TRANSCRIPT
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Applying for Financial Aid 2012-2013
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What Will You Learn Today?
• Required financial aid application forms
• How to complete the Free Application for Federal Student Aid (FAFSA)
• Answers to your individual question
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• Federal government
• State government
• Colleges and universities
• Private agencies, companies, foundations, and your parents’ employers
Sources of Financial Aid
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FAFSA Information & Tips
• File as soon as possible
• Use estimated 2011 income information if taxes are not complete at time of FAFSA submission
• Student and at least one parent whose information is required must complete and sign the FAFSA
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Federal PIN
• PIN (Personal Identification Number) serves as the electronic signature on ED documents
• Both student and at least one parent need PIN to sign the FAFSA electronically
• May be used to:• Check on FAFSA status• Verify and correct FAFSA data• Add additional schools to receive
FAFSA data• Change home and e-mail
addresses
• If an e-mail address is provided, PIN will be e-mailed to the PIN applicant within hours
Apply for student and parent PINs
TODAY at: www.pin.ed.gov
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Getting Ready
• Before starting the FAFSA, gather:• Student driver’s license • Student Alien Registration Card• Student and Parent
Social Security cards
2011 W-2 Forms and other records of money earned
2011 federal income tax form (even if not completed)
Records of untaxed income
Current bank statements
Business and other real estate records
Records of stocks, bonds, and other investments Create a file for copies of all financial aid documents submitted
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Getting Started
• Read all application instructions
• If planning to submit the paper FAFSA:
• Use pen with black ink
• Print clearly in CAPITAL letters
• Fill in ovals completely
• Do not leave blanks (unless directed by instructions)
• Do not write comments or notes anywhere on form
• Do not use correction fluid
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FAFSA on the Web
The 2012-2013 FAFSA on the Web Worksheet may be used for the January 1, 2012 through June 30th, 2013 federal aid application cycle
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The FOTW WorksheetA Five Section FormThe FOTW WorksheetA Five Section Form
Section 1 – is about the studentSection 2 – determines student
dependency statusSection 3 – collects parental
information for dependent students
Section 4 – collects student finances and information about the independent student
Section 5 – allows students to list up to ten schools to receive information from the FAFSA
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Section 1
STUDENT INFORMATION
Section 1
STUDENT INFORMATION
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Section 1Your Last Name
• The FOTW will ask for the student’s first and last name as well as a middle initial
• Make sure to report the student’s name exactly as it appears on the student’s Social Security card
Jones
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Section 1Your Social Security Number
Double check your Social Security Number when entering it on the FOTW. Both your name and Social Security Number will be compared through a database match
1 2 3 4 5 6 7 8 9
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• If U.S. citizen, status will be confirmed by Social Security match
• If eligible noncitizen, status will be confirmed by Department of Homeland Security (DHS) match. This includes:
• U.S. permanent residents with I-551
• Conditional permanent residents with I-551C
• Eligible noncitizens with I-94
• If neither a citizen nor eligible noncitizen, you are ineligible for federal/state aid, but might still be eligible for institutional funds
Section 1Citizenship Status
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Section 1Alien Registration Number
0 1 2 3 4 5 6 7 8
If eligible noncitizen, write in your eight- or nine-digit Alien Registration Number (ARN)
• Precede an eight digit ARN with a zero
• Copy of Permanent Registration Card might be requested by the financial aid office
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Section 1Citizenship Status
• if you are applying to any public college or university, check to see if you might be eligible for in-state tuition costs
• check with colleges and universities to see if institutional financial aid is available
• apply for all private scholarships for which you may be eligible
• watch for changes in federal and state laws regarding the eligibility of undocumented or under-documented students
• start inquiring in elementary, middle or high school to see if it is possible for younger students to become permanent residents
NOTE: if you are undocumented or under-documented
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Section 1Your State of Legal Residence
• Residency relates to your permanent home state• if you are dependent, the state of legal residence is usually
the state in which your custodial parents live
• State of legal residence is also used• to determine eligibility for state grants • in the need calculation to determine the appropriate
allowance for state and other taxes paid by that state’s residents
MA
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Section 1Selective Service Registration
• Male students who are 18 years of age or older must be registered with Selective Service to receive federal and state aid
• Answer “Register me” only if you are male, aged 18-25, and have not yet registered. You may also register by going to:
www.sss.gov
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• Answer “No” if you have never received federal student grants, federal student loans or federal work-study
• You should also answer “No” if you have never attended college. If you answer “No” to this question, skip question 23
Section 1Federal Student Aid Question
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• Answer “YES” if you have been convicted of selling illegal drugs while you were receiving federal
student financial aid• Answer “NO” if:
• You have no drug-related convictions of any kind but simply received student financial aid while a college student
• Conviction was for alcohol or tobacco• Conviction was removed from your record or occurred
before age 18 (unless tried as an adult)
Section 1Drug Conviction Question
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Section 1Parents’ Educational Level
Indicate highest level of schooling completed by your biological or adoptive parents (for state award purposes only)• Use birth parents or adoptive parents - not
stepparents or foster parents• This definition of parents is unique to these
two questions
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Indicate your most immediate degree or certificate objective for 2012-2013. Typically “1st Bachelor’s Degree”
Section 1Degree Objective
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Section 1Your Expected Enrollment Status at the Start of the 2012-2013 Academic Year
• Report your enrollment plans for the college you are most likely to attend
• If unsure, report “Full-time”
23
Section 1Work-Study and Student Loans
If you are interested in either work-study (student employment) or student loans, or both, mark the appropriate box
• Indicating interest does not obligate you to either work or borrow, nor will it cause you to lose grants and scholarships
• Answering “neither” may restrict some options for limited work-study or loan funds
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Section 2
STUDENT DEPENDENCY STATUS
Section 2
STUDENT DEPENDENCY STATUS
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Section 2Determination of Student Dependency Status
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Section 2Determination of Student Dependency Status
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Section 2Determination of Student Dependency Status
• If you answer “no” to all questions in this section, go to Section 3. For FAFSA filing purposes, you are considered a dependent student and are required to provide parental information
• If you answer “yes” to any question in this section, skip Section 3 and go to Section 4. You are considered an independent student for FAFSA filing purposes and are NOT required to provide parental information
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Section 3
PARENTALINFORMATION
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Section 3 Parental Information
See Page 4 of FAFSA on the Web Worksheet about who is considered a parent
• Biological or adoptive parent(s)
• Stepparent (regardless of any prenuptial agreements)
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Section 3 Parental Information
• Do not provide information on:
• 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
• The student must attempt to get biological parental information
• Colleges may use Professional Judgment to allow the student to file as independent
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Section 3Parental Information
,$ 0 • If the answer to any question is zero or
the question does not apply, enter 0:
• Report whole dollar figures:
• Recommendation: If your parents have not filed their 2011 federal tax return, use W-2 forms and/or other employment records to estimate total income
1 2 $ 3 5 6 (no cents),
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Section 3 Parents’ Marital Status as of Today
Month and Year Your Parents were Married, Separated, Divorced, or Widowed
M M Y Y Y Y
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Section 3 Parent E-Mail Address
• Fill in your parents’ e-mail address that will be valid at least until you start college
• If you provide your parents’ email address, the FAFSA processor will let them know your FAFSA has been processed
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Section 3Father’s and Mother’s SSN, Last Name, and Dates of Birth
NOTE: Provide this information for yourparent(s) who complete Section 3 of the worksheet
2 3 4 5 6 7 8 9 0
JONES
0 5 0 3 1 9 5 9
0 0 0 0 0 0 0 0 0
PARKER
0 7 1 9 1 9 6 0
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Section 3 Parents’ State of Legal Residence
• Indicate the two-digit state code for your parents’ permanent address
• Leave question 74 blank if at least one of your parents whose information is used on this form began living in the state before January 1, 2007
MA
M M Y Y Y Y
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Section 3 Parents’ Tax Return Filing Status for 2011
• Indicate your parents’ current tax filing status for 2011• Which tax return did or will your parents file for
2011?• Even if your parent(s) did not file a 1040A or
1040EZ, read the instructions to see if they would have been eligible to do so
• The FOTW Web site will ask if your parents have completed their 2011 tax return
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Section 3 Parents’ Household 2011 Federal Benefits
Indicate if you, your parents, or anyone in your parents’ household received benefits in 2010 or 2011 from any of the federal programs listed
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Section 3 Parent Dislocated Worker
A person may be considered a dislocated worker if he or she:
• is receiving unemployment benefits due to being laid off or losing a job and is unlikely to return to a previous occupation
• has been laid off or received a lay-off notice from a job
• was self-employed but is now unemployed due to economic conditions or natural disaster
• is a displaced homemaker
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Section 3 Parent 2011 Adjusted Gross Income
Reminder: If the answer is zero or the question does not apply, enter 0
• If your parents have not yet filed their 2011 federal tax return information, it is fine to estimate information for these questions
• If your parents have completed their 2011 federal tax return, use 2011 tax return information to complete this item. Pay attention to specific line-items on 2011 federal tax return, if completed
45,250
40
Section 3 Money Earned from Work by Parent(s) in 2011
Use W-2 forms and other records to list all income in 2011 earned from work (including income earned from self-employment)
45,250
40,500
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Section 3 Parents’ Income Tax Paid in 2011
• What was the amount your parents paid in income tax for 2011?
– Use U.S. Income tax paid (or to be paid)
• not the amount withheld from your parents’ paychecks
2,130
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Section 3 Parents’ 2011 Tax Exemptions
• Enter your parents’ exemptions for 2011 Exemptions can be found on their IRS tax return• Be sure to include all persons being claimed
on your parents’ 2011 federal tax return, regardless of whether they are included in your parents’ household size question
05
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Section 3 Parents’ Household Information for 2012-13
• Include in your parents’ household:• yourself• your parent(s)• your parents’ other dependent children, if
your parents provide more than half their support or the children could answer “no” to every question in Section 2, regardless of where they live
• other people, if they now live with your parents and will continue to do so from 7/1/12 through 6/30/13, and if your parents provide more than half their support now, and will continue to provide support from 7/1/12 through 6/30/13
05
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Section 3 Family Members Attending College in 2012-13
NOTE: Some financial aid offices will require proof that other family members are attending college
• Always include yourself even if you will attend college less than half-time in 2012-2013
• Include other household members only if they will attend at least half time in 2012-2013 in a program that leads to a college degree or certificate
• Never include your parents
2
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Section 3 2011 Additional Financial Information
2,500
12,200
Enter the total from this Additional Financial Information sheet to Question 94 on page 5, Section 3
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Section 3 2011 Untaxed Income
1,700
6,200
500
Enter the total from this 2011 Untaxed Income sheet to Question 95 on page 5, Section 3
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Section 3 Parent Asset Information
NOTE: Some financial aid offices may request supporting documentation for the answers to these questions
• List the net value of your parents’ assets as of the day you complete the FAFSA
• If net worth is one million dollars or more, enter
• If net worth is zero, enter 0
9 9 $ 9 9 9 , 9
$ 0 ,
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Section 3 Parent Cash, Savings, and Checking
Report the current balance of your parents’ cash, savings, and checking accounts as of the day you complete the FAFSA
2,155
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Section 3 Parent Investments
• bonds and other securities • Coverdell IRAs• 529 plans owned by
parents• installment and land sale
contracts• commodities, etc.
• Net Worth means current value minus debt
• Investments include:• real estate (other than parents’
home)• trust funds• UGMA and UTMA accounts• money market and mutual funds• certificates of deposit• stocks and stock options
7,900
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Section 3 Parent Business and Investment Farms
NOTE: DO NOT include the home you live in, the value of life insurance and parent retirement plans (pension funds, annuities, non-education IRAs, Keogh plans, etc), or the value of a family owned and controlled small business with 100 or fewer full-time or full-time equivalent employees
• Business/Investment Farm includes:
– market value of land, buildings, machinery, equipment, and inventory. Debt means only those debts for which the business was used as collateral
23,600
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Section 4
STUDENT FINANCES
Section 4
STUDENT FINANCES
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Section 4Student Finances
• Questions (34 – 40) are identical to the parent financial questions we covered in Section 3
• In these questions in Section 4:
• Report your 2011 income
• If you are single, ignore references to “spouse”
• If you are married, report spouse’s income and assets
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Section 4Student Veterans’ Education Benefits
For more information on Veterans’ Education Benefits, contact the VA at:
(800) 827-1000or
www.va.gov
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Section 4 Student Finances (Independent Students)
Answer questions (96 – 103) in Section 4 only if you answered “yes” to at least one question in Section 2 – Student Dependency Status
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Section 4Student Finances (Independent Students)
Include in your household:• you (and your spouse if married)• your children, if you will provide more than half their
support• other people, if they now live with
you and you provide more than half their support, and will continue to provide that level of support from 7/1/12 through 6/30/13
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Section 4 Student Finances (Independent Students)
• Count yourself even if you will attend college less that half-time in 2012-2013
• Include others only if they will attend at least half-time in 2012-2013 in a program that leads to a college degree or certificate
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Section 4 Household Federal Benefits (Independent Students)
Indicate if you, your spouse, or anyone in your household received benefits in 2010 or 2011 from any of the federal programs listed
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Section 4 Dislocated Worker (Independent Students)
A person may be considered a dislocated worker if he or she:• is receiving unemployment benefits due to being laid off or losing a job and is unlikely to return to a previous occupation• has been laid off or received a lay-off notice from a job • was self-employed but is now unemployed due to economic conditions or natural disaster• is a displaced homemaker
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Section 5
COLLEGES TO RECEIVE INFORMATION
Section 5
COLLEGES TO RECEIVE INFORMATION
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001170 001328 023456
Section 5School Information
034567
List the schools you are most likely to attend, and then list others to which you are applying
for admission
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Section 5School Information
• List up to ten schools to which you are applying
• For faster and more accurate processing, write in both the Title IV school code and the school name
• Check with each college’s financial aid office, your high school counselor, or the U.S. Department of Education’s website (www.fafsa.ed.gov) for a listing of federal school codes of the colleges to which you are applying
• Select the housing plan that best describes the type of housing you expect to have while attending each listed school
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Section 5School Information
• List those schools with the earliest financial aid deadlines, regardless of whether they are in-state or out-of-state
• If the student is applying to more than ten schools, wait for the processed Student Aid Report (SAR) and add additional schools via the Web or by phone
Strategies for Listing Colleges
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TYPES OF FAFSAsTYPES OF FAFSAs
• FAFSA on the Web
• Paper FAFSA
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FAFSA ON THE WEB
• Internet application used by students and parents to complete electronic FAFSA at
www.fafsa.ed.gov
• Processed more quickly than paper version
• Sophisticated on-line edits so that errors are less likely to be made
• Student and at least one custodial parent should get a federal PIN at
www.pin.ed.gov
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Application Filing Tips FAFSA on The Web
• Gather necessary documents ahead of time
• Complete a FAFSA on the Web Worksheet available at www.fafsa.ed.gov
• Allow ample time to complete form for submission by deadline
• Check the FAFSA for accuracy prior to submission
• Save all work periodically
• Sign the application using student and at least one parent’s PIN
• Print out a copy of the FAFSA before submitting data
• Keep a copy of the Submission Confirmation Page
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• File early and meet all deadlines
• Check the FAFSA for completeness and accuracy
• Sign and date FAFSA
• Make a copy of the FAFSA before mailing
• Mail the FAFSA• Do not write any comments on the
FAFSA• Do not include letters, tax forms, or
worksheets• Use regular mail (not Registered or
Certified)
• Obtain a U.S. Postal Service Certificate of Mailing (cost is only $1.50)
Application Filing Tips Paper FAFSA
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Student Aid Report (SAR)
• Regardless of whether the student uses FAFSA on the Web or submits a paper FAFSA, a SAR will be sent to the student
• An electronic SAR will be sent if student provides an email address
• A paper SAR will be mailed if no student e-mail address is provided
• An electronic copy of the data will be sent to each college or university listed by the student in Section 5
• Keep a copy of the SAR with other financial aid documents
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What Happens Next?
Students and the colleges the student listed receive Student Aid Report (SAR) from federal processor
(CAR)
Students and families review SAR and CAR for
important information and accuracy of data
Colleges match admission records with financial aid
applications and determine aid eligibility
Colleges mail notices of financial aid eligibility to
admitted students who have completed all required financial aid forms
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Special Circumstances
Contact the Financial Aid Office if there is: Loss or reduction in parent or student income or
assets Death or serious illness Natural disasters affecting parent income or
assets Unusual medical or dental expenses not covered
by insurance Reduction in child support or other untaxed
benefits Financial responsibility for elderly
grandparents Any other unusual circumstances that
affect a family’s ability to contribute to higher education
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Summary of the Financial Aid Process
• Submit all required forms, including the FAFSA, by each college’s published deadlines
• Keep a copy of all forms submitted• Review the electronic Student Aid Report
(SAR) Acknowledgement or the paper SAR sent to the student
• Watch for financial aid award notifications from colleges to which the student has been admitted
• Be sure to apply for financial aid this year and every year as soon as possible AFTER January 1 to receive the best financial aid award possible
• ASK QUESTIONS!
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Additional Resources
www.finaid.org/fafsa/video.phtml This a 5 minute overview video of the FAFSA
www.finaid.org/questions/faq.phtml This is a thorough question and answer document that you may find useful
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Questions Questions and Answersand Answers