the financial aid process the financial aid process

The Financial Aid

Process

You Must…

Do your taxes! Estimate if necessary

Complete the FAFSA form. Online – www.fafsa.gov Obtain pin #’s for student and parent

(www.pin.ed.gov) Be sure to include school code(s)

FAFSA on the Web

Website: www.fafsa.gov • 2015–16 FAFSA on the Web available on

January 1, 2015• Basic info (name, address, SS#, marital status,

etc)• Financial info (income, tax, assets, untaxed

income, etc)• Addt’l info (colleges, housing)• FAFSA on the Web Worksheet:

- Used as “pre-application” worksheet- Questions follow order of FAFSA on the Web

IRS Data Retrieval Tool • While completing FOTW, applicant may

submit 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 new browser window

• Applicant chooses whether or not to transfer data to FOTW

• Available early February 2015 for 2015–16 processing cycle

• Participation is voluntary

• Reduces documents requested by financial aid office4

Federal Student Aid Personal Identification Number (FSA PIN)

Website: www.pin.ed.gov

Sign FAFSA electronically

Not required, but speeds processing

May be used by students and parents throughout aid process, including subsequent school years

Confirmation Page provides:* confirmation #* estimated EFC

Print and keep for conversations with financial aid offices

FAFSA results called a Student Aid Report (SAR) and should be

available at fafsa.gov within 2 weeks of submission. Specified

colleges will receive the information at the same time.

Special Circumstances Issues: change in employment status,

change in parent marital status, student cannot obtain parent info, unusual dependent care expenses.

Cannot be documented using FAFSA

Send written explanation and documentation to financial aid office at each college

College will review and request additional information if necessary

Decisions are final and cannot be appealed to U.S. Department of Education

Cost of Attendance

Tuition and FeesRoom and Board

Books and SuppliesTransportation

Personal Expenses

Need Determined… Cost of Attendance-Expected Family Contribution

= Need

Types of AidEducational Loans

* Federal Direct Stafford Loans* Federal Direct Parent PLUS Loans

* Private Alternative Student Loans* University Loans

Employment

* Federal Work-Study* On-Campus Employment (Wage Payroll) * Off-Campus Employment

Grants

• Federal Grants• State Grants• Institutional Grants

Scholarships

• University Scholarships

• Private Scholarships

New Jersey - HESAA

TAG – Tuition Aid Grant (need based) – full-time undergraduate students enrolled in an approved NJ college degree or certificate program. Also available for county college student enrolled at least half-time.

NJ STARS – top 15% rank for home county college

Higher Education Assistance Authority (HESAA) - www.hesaa.org

Tips and Reminders Remember that financing higher education involves a

partnership between you and your university. The student aid that you are eligible to receive, including loans, may not cover all your educational expenses.

Students MUST complete FAFSA as their names appears on their social security card.

Keep a copy of your federal PIN once you receive it. The same PIN can be used each year to e-sign the FAFSA and to access your U.S. Department of Education records online.

You will need to submit the FAFSA every year--be aware of application deadlines.

If you have used tax estimates on your FAFSA, update your FAFSA using the IRS Data Retrieval Tool once you have filed your tax return with the IRS

Cost efficient college courseload

Helpful Websites fafsa.gov pin.ed.gov studentaid.ed.gov fastweb.com (scholarship

clearinghouse) studentloans.gov (accept loans) hesaa.org (NJ resources) Student.collegeboard.org/css-

financial-aid-profile

Now What?

January – Compile all tax information February

1st Meet with your accountant March

1st File FAFSA Watch for email about results Watch mail/email for Financial Aid package

from college May

1st Make college decision

Chris WaltersPenn State University

cjw18@psu.edu814-867-5180

Thank you Drive Safely