the financial aid process the financial aid process
TRANSCRIPT
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
Thank you Drive Safely