Fafsa fundamentals 2015-16 What’s Financial Aid?



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FAFSA FUNDAMENTALS

  • 2015-16

What’s Financial Aid?

  • Money used to help you pay for college
  • Comes in the form of grants, scholarships, work programs and student loans
  • All students are eligible for some type of financial assistance for college
  • Apply for this money after January 1 of your senior year and each year you’re requesting aid for college

How Do I Apply?

  • Free Application for Federal Student Aid
    • The FAFSA is your first step
    • Use it to apply for most types of federal and state aid

Find the FAFSA

  • Online – Visit FAFSA.gov
  • Print a copy – Go to FAFSA.gov; click FAFSA Filing Options to print a paper FAFSA
  • Request a paper copy – Call 800.4.FED.AID or 800.730.8913 (TTY) to request copies in English or Spanish

FAFSA.gov

FAFSA.gov

Why Online?

  • Faster processing time
  • Save your application and return to it later
  • Built-in error catcher means fewer delays
  • Help and Hints boxes provided with every question
  • Electronically sign using your Personal Identification Number (PIN)

What’s a PIN?

  • Request a Personal Identification Number (PIN) from FAFSA.gov
  • Typically sent via email within 24 hours after your request
  • Student and one parent must each have a PIN
  • Use the same PIN when you:
      • Renew your FAFSA the following year
      • Sign an online loan application

Getting a PIN

Requested FAFSA Info

  • Social Security Numbers
  • Tax, income and other financial information
  • Marital status
  • Citizenship status
  • Assets
  • Level of parents’ school completion
  • Selective Service registration

FAFSA PROCESS

FAFSA Login

FAFSA 2015-2016

Student Demographics

  • Use your full name as shown on your Social Security card
  • Be accurate when entering your birthdate
  • Enter your marital status as of the day you submit your FAFSA
  • Help and Hints boxes are located on each screen to assist you

Selective Service

  • Eighteen year old males must register with Selective Service in order to receive financial aid
  • You can elect to register here on your FAFSA

High School Name

  • Search for high schools by name, city or state
  • If you have a high school diploma, you must include
  • the school from which you
  • graduated

College Selection

  • You can send
  • your FAFSA to
  • 10 different
  • colleges
  • You can search
  • colleges by name, city or state
  • A search was done here on Rose State College

College Selection

  • A search done on colleges in Lawton found 5 schools
  • Two were added and they will receive your FAFSA results
  • Click View Selected School Information to get a comparison of your choices

School Comparison

Housing Plans

  • Provide Housing
  • Plans for each
  • school you’ve
  • chosen to receive your FAFSA results
  • Your options:
  • On campus
  • Off campus
  • With parents

Dependent or Independent?

  • Your answers to these questions will determine your dependency status
  • If you’re unable to answer YES to one of these questions, you’ll be considered a Dependent Student

Dependency Status

  • Dependent students must provide parental information on the FAFSA
  • Independent students aren’t required to show parental information unless requested by their school

Special Circumstances

  • If you’re a dependent student and unable to provide parental information, indicate that here. It’s highly recommended that you speak to the Financial Aid office at the college(s) you’ll attend however. Most schools have specific procedures they follow to handle this question.

Special Circumstances

  • Exceptions to the rule for parental information are shown here
  • Contact your Financial Aid office for more details

Special Circumstances

  • Change in employment status
  • Unusual medical expenses not covered by insurance
  • Change in parent marital status
  • Unusual dependent care expenses
  • Unable to obtain parental information

Parent Information

  • If your LEGAL parents (biological and/or adoptive) are separated or divorced – Use information about the parent you lived with most during the last 12 months
  • If you lived with both parents equally – Use information for the parent who provided you the most financial support in the last 12 months
  • If your divorced parent is remarried – Use information for your parent and step-parent

Parent Demographics

  • Parent will enter first initial and last name as shown on their Social Security card. Name and date of birth will be verified with the Social Security Administration.

Parent Demographics

  • Household size will include those living with your parent(s) who receive more than half of their support from them and will continue to receive this support through June 30, 2016

Income Estimator

  • Parent can choose a tax filing status:
  • -Already completed
  • -Will file
  • -Not going to file
  • If parent ‘will file’, they’re given the option to use an Income Estimator or their prior year’s tax figures
  • They will be instructed to enter final tax data when available and use the IRS Data Retrieval Tool

Parent Income

  • Parent can choose a tax filing status:
  • -Already completed
  • -Will file
  • -Not going to file
  • If parent ‘Already completed’ their taxes, they’re given the option to manually enter their tax figures or download the info from the IRS. This feature is not available until the first week of February.

IRS Data Retrieval

  • IRS can send tax data online directly to your FAFSA
  • Available early February for the 2015-2016 FAFSA processing cycle
  • Participation is voluntary
  • Reduces documents requested by financial aid office

IRS Data Retrieval

  • Electronically filed tax information will be available 2-3 weeks after the return has been accepted by the IRS
  • Data from paper tax returns will be available on the IRS website in approximately 8-11 weeks after the IRS receives the return
  • Balance due or amended returns will take considerably longer

Parent Income

  • Parent will enter any information on untaxed income, current value of cash, savings and checking accounts, and net worth of current investments and businesses

Student Income

  • Students are also asked to provide the type of tax return they filed as well as their income earned and taxes paid.

Student Income

  • Applicant will enter their income here

Sign and Submit

  • Review or print a copy of your FAFSA answers here. Make necessary changes now before submitting your application.
  • Enter your PIN number here to electronically sign your FAFSA. If you’ve still not requested a PIN, you may do so here.

Sign and Submit

  • Hit Submit My FAFSA Now to send your results to the school(s) you’ve chosen.

Confirmation Page

  • A Confirmation Page is shown after your FAFSA has been submitted
  • It includes an estimate of your Expected Family Contribution (EFC) and estimated eligibility for the Pell Grant and Federal Direct student
  • loans

AFTER THE FAFSA

After FAFSA Submission

  • You will be notified when your FAFSA is processed
  • Your FAFSA information will be made available to your school(s), and they will use it to determine the aid you may be eligible to receive
  • Your school(s) will contact you if they need more information or when they are ready to discuss your financial aid award
  • If you have questions about your financial aid package, contact your school(s)

Student Aid Report (SAR)

  • Summarizes your FAFSA information
  • Available to you after your FAFSA is processed
  • Review the SAR for accuracy
  • The schools listed on your FAFSA will also receive a summary

Making Corrections

  • If necessary, corrections to FAFSA data may be made by:
    • Using FAFSA on the WEB (www.FAFSA.gov) if student has a PIN;
    • Updating items on the paper SAR; or
    • Submitting documentation to the college’s Financial Aid office

Frequent FAFSA Errors

  • Social Security Numbers
  • Divorced/remarried parental information
  • Income earned by parents/stepparents
  • Untaxed income
  • U.S. income taxes paid
  • Household size
  • Number of household members in college
  • Real estate and investment net worth
  • Submit button

Cost of Attendance

  • An estimate of the total educational expenses for a specific enrollment period
  • Includes average tuition, fees, books and supplies, room and board, transportation and miscellaneous expenses at an individual school
  • Cost of Attendance (COA) may be different at each school

Expected Family Contribution

  • The Expected Family Contribution, or EFC, is calculated from the information provided on your FAFSA, such as income, assets and family size
  • Comprised of two components
  • Same amount at every college

Financial Need

  • The difference between the Cost of Attendance (COA) and the Expected Family Contribution (EFC)
  • School determines financial need based on data from your FAFSA
  • Financial aid awards are based on your financial need

Financial Need

  • Cost of Attendance
  • Expected Family Contribution
  • - Other Aid
  • Financial Need

Award Letter

  • Sent by schools that have accepted you and received your financial aid paperwork; lists types and amounts of aid you’re eligible to receive
  • You don’t have to accept everything you’re offered in the award letter
  • Submit any requested information to your school by the required deadline

Federal Financial Aid

  • Federal Pell Grant
  • $5,730 annual maximum for 2014-2015
  • Undergraduates without a bachelor’s degree
  • Need-based
  • Federal Supplemental Educational Opportunity Grant (FSEOG)
  • $4,000 annual maximum for 2014-2015
  • Undergraduates without a bachelor’s degree
  • Priority given to Pell Grant recipients with high financial need

Federal Financial Aid

  • Teacher Education Assistance for College and Higher Education Grant (TEACH)
  • $4,000 annual maximum for 2014-2015
  • Undergraduate and graduate students
  • Fulfill teaching service in a high-need field, low-income school or educational service agency
  • Iraq and Afghanistan Service Grant
  • Awarded to a student whose parent or guardian was in the U.S. Armed Forces and died in Iraq or Afghanistan after 9/11/2001
  • Undergraduate under 24 years of age or enrolled in college part-time at the time of parent or guardian’s death
  • Recipient cannot be Pell Grant eligible

Federal Financial Aid

  • Federal Work-Study (FWS)
  • Allows student to earn money to help pay educational expenses
  • Offers campus-based or community employment opportunities
  • Need-based

Federal Financial Aid

  • Federal Subsidized Student Loan
  • $3,500/year maximum for Freshmen
  • Government pays interest while student is enrolled at least half-time
  • 4.66% interest rate during 2014-2015
  • Need-based
  • Federal Unsubsidized Student Loan
  • Additional loans available to students who qualify
  • Interest starts to accrue after first disbursement
  • 4.66% interest rate during 2014-2015
  • Non-need based

Federal Financial Aid

  • Parent Loan for Undergraduate Students (PLUS)
  • For parents of dependent students
  • Parent borrower must be credit-worthy
  • Interest starts to accrue after first disbursement
  • 7.21% interest rate during 2014-2015
  • Non-need based

State Financial Aid

  • Oklahoma Tuition Aid Grant (OTAG)
  • Apply through the FAFSA
  • Application deadline March 1
  • $1,000 annual maximum for public schools; $1,300 annual maximum for private schools
  • Maximums shown for 2014-2015
  • Need-based

State Financial Aid

  • Oklahoma’s Promise
  • Recipients receive free tuition at Oklahoma public two-year colleges and four-year universities
  • Partial tuition provided at approved Oklahoma private colleges and public technology centers
  • Recipients must complete the FAFSA to receive their funds

Things to Remember

  • Complete the FAFSA every year you need financial aid for college
  • Complete the FAFSA as soon after January 1st as possible to meet deadlines
  • Fill out the form online, if possible
  • Sign electronically with a Personal Identification Number (PIN)
  • Never pay to complete this form; it’s a FREE application

FAFSA.com

  • FAFSA.com requires its users to pay $79.99 for this service.
  • Never pay to complete the FAFSA! Always use FAFSA.gov.

What Do You Think?

  • What was the total amount of financial aid awarded by Oklahoma State University during the 2013-2014 academic year?
  • This includes all grants, loans and scholarships in their undergraduate, graduate and veterinary programs.
  • Over $310 Million

RESOURCES

UCanGo2.org

High School Student Workbook

  • Why Go To College?
  • What Do I Want to Be?
  • How Do I Get There?
  • Where Do I Go?
  • How Do I Pay for It?

StartWithFAFSA.org

FAFSA Resources

SCHOLARSHIPS

Scholarships

  • Money that does not have to be paid back
  • Awarded on merit, need, skills, hobbies,
  • family history, athletics
  • Apply for as many scholarships as possible
  • Search scholarship websites, books, local
  • organizations, churches, family employers,
  • college financial aid offices
  • Contact your tribal office for assistance if
  • you’re of Native American heritage
  • Write a brilliant essay

Scholarship Success Guide

Facebook.com/UCanGo2

Search For It

Scholarship Websites

  • Collegexpress.com lists 45 of the
  • Weirdest College Scholarships
  • Tall Clubs International Scholarship
  • Duct Tape Stuck on Prom Contest
  • American Welding Society Scholarship
  • Potato Industry Scholarship
  • Predicting the Future Award
  • Billy Barty Scholarship for proven dwarfism
  • National Marbles Tournament Scholarship
  • Vegetarian Resource Group Scholarship
  • Carnegie Mellon Bagpipe Scholarship
  • Zolp Scholarship to Loyola University
  • Redhead Scholarship
  • Left Hand Scholarship

Duckbrand.com/promotions/stuck-at-prom

  • $10,000 each
  • $5,000 for school
  • 28 rolls of tape
  • 102 hours to make

Duckbrand.com/promotions/stuck-at-prom

  • $5,000 each
  • $3,000 for school
  • 90 rolls of tape
  • 400 hours to make

Duckbrand.com/promotions/stuck-at-prom

  • $3,000 each
  • $2,000 for school
  • 12 rolls of tape
  • 59 hours to make

ScholarshipRed.com

Scholarship Experts

  • https:www.scholarship experts.com/scholarships/
  • our-scholarships
  • Applicants can be 13 years of age and older
  • Write a 250 word essay
  • Legal U.S. resident
  • Enroll in college by 2020

250 Word Essay

?

Oklahoma State Regents for Higher Education Oklahoma College Assistance Program Outreach Department Kelli Kelnar

  • 405.234.4239
  • 866.443.7420 (toll free)
  • UCanGo2@ocap.org


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