Applying for Financial Aid 2010-2011

1

Applying for Financial Aid 2010-2011

2

Sponsors/Partners:

Presenter:

3

What Will You Learn Today?

• Types and sources of financial aid

• Required financial aid application forms

• How to complete the Free Application for Federal Student Aid (FAFSA)

• Answers to your individual questions

4

Types of Financial Aid

• Gift Aid - Grants or scholarships that do not need to be repaid

• Work - Money earned by the student as payment for a job on or off campus

• Loans - Borrowed money to be paid back, usually with interest

5

• Federal government

• State government

• Colleges and universities

• Private agencies, companies, foundations, and your parents’ employers

Sources of Financial Aid

6

Louisiana State Aid

• Taylor Opportunity Program for Students (TOPS)

• TOPS Tech

• Early Start Program

• TOPS Tech Early Start

• Go Grant

• Rockefeller State Wildlife Scholarship

• START Saving Program

• LOSFA administered Federal Programs: LEAP and Louisiana Guaranteed Student Loans

www.osfa.la.gov

7

TOPS: Application

• Two methods for applying for TOPS:• FAFSA (Free Application for Federal Student Aid) – www.fafsa.ed.gov

• Preferred application• Must be completed if the student is eligible for federal grant aid (Pell

Grant)• Must be completed if the student is seeking any other form of

financial aid• The only application needed for TOPS

• TOPS Online Application – www.osfa.la.gov • May only be completed by students who can certify that they do not

qualify for federal grant aid• In the event of a budget shortfall, students completing the TOPS

Online Application will be the first to lose their TOPS award• Do not complete if you have completed the FAFSA

8

TOPS: Application Deadlines 2010 Graduates

Initial Application Received: Receives TOPS funding for:

January 1. – July, 1, 2010 8 semesters (12 quarters)Beginning 2010-2011

July 2, 2010 – July 1, 2011 8 semesters (12 quarters)Beginning Fall 2011

July 2, 2011 - Aug. 30, 2011 7 semesters (10 quarters)Beginning Fall 2011

Aug. 31, 2011 – Oct. 29, 2011 6 semesters (9 quarters)Beginning Fall 2011

Initial Applications ReceivedAfter October 29, 2011

Ineligible for TOPS Award

9

TOPS: Processing Cycle

• LOSFA receives ACT or SAT scores electronically based on inclusion of TOPS code on test registration (ACT:1595, SAT: 9019

• LOSFA receives transcript data from the Department of Education after high school graduation

• Once all required data is received, TOPS eligibility is determined each Thursday night

• TOPS eligibility letters are mailed each Friday. Students can also check their award status on the TOPS Portal located on www.osfa.la.gov

• A Master Roster of TOPS eligible students is available for colleges to download every Monday

10

TOPS: Eligibility

• For TOPS standard eligibility and renewal requirements refer to table in TOPS brochure

• www.osfa.la.gov • 1-800-259-5626 x1012• [email protected]

11

LASFAA: Mildred D. Higgins HS Scholarship

• The Louisiana Association of Student Financial Aid Administrators (LASFAA) will award at least four $500 scholarships to Louisiana Students planning to attend member institutions. These are non-renewable awards. Application Deadline: April 18, 2010.

• High School seniors who will graduate in May 2010 can apply online at http://www.lasfaa.org/docs/forms/ScholarshipApp.html

• Contact: [email protected]

12

Types of Applications• FAFSA• (Insert required state

forms, if any)• Other applications or forms

as required by the college such as:

• 2009 federal tax returns (along with schedules and W-2s) or other income/asset documentation

• CSS/Financial Aid PROFILE • Institutional scholarship

and/or financial aid applications

13

FAFSA Information & Tips

• File as soon as possible

• Use estimated 2009 income information if 2009 taxes are not complete at time of FAFSA submission

• The student and at least one parent whose information is required must complete and sign the FAFSA

14

FAFSA ON THE WEB

• Internet application used by students and parents to complete electronic FAFSA at

www.fafsa.gov • Sophisticated on-line edits and

skip logic so that errors are less likely to be made

• On-line help is available for each question

• Student and at least one custodial parent should get a federal PIN at

www.pin.ed.gov

15

Federal PIN

• PIN (Personal Identification Number) serves as the electronic signature on ED documents

• Both student and at least one custodial 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 at

www.pin.ed.gov

16

Getting Ready

• Before starting the FAFSA, gather:• Student driver’s license • Student Alien Registration Card• Student and Parent

Social Security cards 2009 W-2 Forms and other records of money earned 2009 federal income tax form (even if not completed) Records of untaxed income Current bank statements Business, farm, and other real estate records Records of stocks, bonds, and other investments

Create a file for copies of all financial aid documents submitted

17

FAFSA on the Web Worksheet

The 2010-2011 FAFSA on the Web Worksheet may be used for the January 1, 2010 through June 30, 2011 federal aid application cycle

18

The FOTW WorksheetA Four Section Form

Section 1 – is about the student

Section 2 – determines student dependency status

Section 3 – collects parental information for dependent students

Section 4 – collects student finances and information about the independent student

19

Section 1(page 2)

STUDENT INFORMATION

20

Section 1Student Name

• The FOTW will ask for the student’s last name, first name, and middle initial

• Make sure to report the student’s name exactly as it appears on the student’s Social Security card

J O N E S J A N E

21

Section 1Student Social Security Number

Double check the student’s Social Security Number when entering it on the FOTW. Both student name and Social Security Number will be compared through a national database match

6 7 8 9 1 2 3 - 4 5 -

22

• 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 or eligible noncitizen, the student is ineligible for federal/state aid, but might still be eligible for institutional funds

Section 1Citizenship Status

23

Section 1Alien Registration Number

If an eligible noncitizen, write in the student’s 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

9 8 7 6 54 3 2 1

24

Section 1Undocumented Students

• if the student is applying to any public college or university, check to see if the student 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 the student 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

For more information and a list of scholarships, go towww.maldef.org/pdf/scholarships.pdf

www.latinocollegedollars.org www.finaid.org/otheraid/undocumented.phtml

NOTE: if the student is undocumented or under-documented

25

Section 1Student Marital Status

• The student should check his or her marital status as of the date the FAFSA on the Web is completed

• If the student is married or remarried, he or she will be asked to provide information about his or her spouse

26

Section 1Selective Service Registration

• Male students who are between the ages of 18 and 26 years of age must be registered with Selective Service to receive federal and state aid

• Answer “Register me” only if the student is male, aged 18-26, and has not yet registered.

• The student may also register by going to: www.sss.gov

27

• If the student has never attended college since high school, check “Never attended college”

• If the student has attended college since high school but never received federal student grants, loans or work-study, check “I have never received federal student aid”

• If the student has received federal student aid and has never had a drug conviction, check “I have never had a drug conviction”

Section 1Student Aid Eligibility Drug Convictions

28

• If the student was convicted of the possession or sale of illegal drugs while receiving federal student aid, the student will be asked to complete more questions about the drug offense

• Simply having a drug conviction does not mean that the student will be ineligible for federal student and/or state student aid

Section 1Student Aid Eligibility Drug Convictions

29

Section 1Parents’ Educational Level

Indicate highest level of schooling completed by the student's biological or adoptive parents Use birth parents or adoptive parents - not stepparents or foster parents• This definition of parents is unique to these

two questions

30

Section 1Student State of Legal Residence

An important question NOT on the Worksheet:

Student State of Legal Residence• Residency relates to the student’s permanent

home state• if the student is dependent, the state of legal residence is

usually the state in which the custodial parent(s) 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

31

High School Completion Status

•When the student begins college in the 2010-2011 school year, what will be the student’s high school completion status?

•High school diploma•GED certificate•Home schooled•None of the above

Section 1High School Completion Status


32

Grade Level in 2010-2011

When the student begins the 2010-2011 school year, what will be his/her grade level?•Never attended college/1st year•Attended college before/1st year•2nd year/sophomore•3rd year/junior•4th year/senior•5th year/other undergraduate•1st year graduate/professional•Continuing graduate/professional or beyond

Section 1Grade Level in 2010-2011


33

Degree or Certificate•In the 2010-2011 school year, what degree or certificate will you, the student, be working on?•Some options are: - 1st bachelor’s degree - Associate degree (occupational or

technical program) - Associate degree (general

education or transfer program) - Graduate or professional degree

Section 1Degree or Certificate Objective


34

Section 1Student Expected Enrollment Status at the Start of the 2010-2011 Academic Year

• When the student begins the 2010-2011 school year, what does he/she expect his/her enrollment status to be?

- full-time - ¾ time - half-time - less than half-time - don’t know

• Report the student's enrollment plans for the college he/she is most likely to attend

• If unsure, report “full-time”


35

Section 1Work-study, Loans, and TEACH Program

If the student is interested in work-study (student employment), student loans, or the TEACH Program, check all appropriate boxes

• Indicating interest does not obligate the student to either work or borrow, nor will it cause the student to lose grants and scholarships

• Not checking work-study and/or loans may restrict some options for limited work-study or loan funds


36

Section 1School Selection

FAFSA on the Web allows the student to list up to 10 colleges/universities that will receive his/her student and parent information

The student should list the schools he/she is most likely to attend, and then list others to which the student is applying for admission


37


• While in the School Selection Section, the student will be asked to enter the federal school code for each school to which he/she wants information sent• If the student does not know the federal school code, enter the state in which the college/university is located and search for the federal school code by the college/university name


38


An important question NOT on the Worksheet:• The student will be asked to select the housing plan that

best describes the type of housing the student expects to have while attending each listed school

• The choices for housing are:• On Campus • With Parent• Off Campus

• The student’s choice of housing may affect the amount of financial aid for which he/she is eligible. It is usually more expensive to live on or off campus than with parents or relatives

• Remember, selecting a housing option is not an application for On Campus housing. Check with the colleges/universities for housing information

39

Section 1School Information

• For TOPS purposes you MUST list a Louisiana school first

• List schools with the earliest financial aid deadlines

• 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 using the student PIN

Strategies for Listing Colleges

40

Section 2(page 2)

STUDENT DEPENDENCY STATUS

41

Section 2Determination of Student Dependency Status

• If the student checks none of the boxes about Dependency Status, the student will be asked to go to Section 3. For FAFSA filing purposes, the student is considered a dependent student and will be required to provide parental information

• If the student is able to check any one of the questions in this section, he or she should skip Section 3 and go to Section 4. The student is considered an independent student for FAFSA filing purposes and is NOT required to provide parental information

42

Section 2Determination of Student Dependency Status

43

Section 3(page 3)

PARENTINFORMATION

44

Section 3 Who is Considered a Parent

See Page 3 of FAFSA on the Web Worksheet about who is considered a parent

• Biological or adoptive parent(s)

• Stepparent (regardless of any prenuptial agreement)

• In case of divorce or separation, provide information about the parent and/or stepparent the student lived with more in the last 12 months

45

Section 3 Who is Not a Parent

• 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

46

Section 3Parent Information

, 0 • If the answer to any question is zero or

the question does not apply, enter 0:

• Report whole dollar figures:

• Recommendation: If the parents have not filed their 2009 federal tax return, use 2009 W-2 forms and/or other 2009 employment records -such as final pay check stubs - to estimate total taxable income

• Remember, rather than miss any filing deadline, use estimated 2009 income information

1 2 $ 3 5 6 (no cents),

$

47

Section 3Parent Information

• If the student is providing father’s/stepfather’s and/or mother’s/stepmother’s information, the student will need those parents’:

• Social Security Numbers• Names• Dates of Birth

48

Section 3Dislocated Worker

• The student will be asked to check if the father/stepfather and/or mother/stepmother is a dislocated worker

• A person may be considered a dislocated worker if he/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

49

Section 3 Parents’ Tax Return Filing Status for 2009

• The student will be asked to provide information about parent tax filing status for 2009:• If his/her parents have completed their 2009 federal

income tax return, mark the first box• If they have not as yet filed, but plan to file a 2009

federal income tax return, mark the second box• If they have not, nor will not, file a 2009 federal

income tax return and are not required to do so, mark the third box

50

Section 3 Parent 2009 Adjusted Gross Income

Reminder: If the answer is zero or the question does not apply, enter 0

• If the student’s parents have not yet filed their 2009 federal tax return, use estimated information for this question

• If the student’s parents have completed their 2009 federal tax return, use actual 2009 tax return information to complete this item.

$$$$$$

51

Section 3 Money Earned from Work by Parent(s) in 2009

Use W-2 forms and other records to list all income earned from work in 2009 (including business income earned from self-employment) for father/stepfather and/or mother/stepmother

$$$,$$$$$$,$$$

52

Section 3 Parents’ Household 2008 or 2009 Benefits Received

Indicate if the student, his/her parents, or anyone in the parents’ household received benefits in 2008 or 2009 from any of the federal programs listed:•Supplemental Security Income (SSI)• Food Stamps• Free or Reduced Price School Lunch• TANF• WIC

53

Section 3 2009 Additional Financial Information

The student will be asked to report if his or her parents received or paid any of the following items in 2009 (check all that apply)- Hope and Lifetime Learning tax credits- Child support paid- Taxable earnings from work-study, assistantships, or fellowships- Grants and scholarship aid reported to the IRS- Combat or special combat pay- Cooperative education program earnings

54

Section 3 2009 Parent Untaxed Income

The student will be asked to report if his or her parents had any untaxed income in 2009. Check all that apply. Some examples of the most common items are:- Payments to tax-deferred pensions and savings plans such as 401Ks, IRA deductions, and payments to self-employed SEP and Keoghs- Tax exempt interest income- Child support received- Housing, food and other living allowances paid to members of the military and clergy

55

Section 3 Parent Assets

NOTE: Some financial aid offices may request supporting documentation for the answers to these questions

Parents may be asked to report their assets. If so:

• List the net value of parents’ assets as of the day the FAFSA is completed

• If net worth is one million dollars or more, enter

• If net worth is zero, enter 0

9 9 $ 9 9 9 , 9

$ 0 ,

56

Section 3 Parent Assets

•Parents may be asked to report the current balances of their cash, savings, and checking accounts as of the day they complete the FAFSA•They may also be asked to provide information about the net value of their investments such as real estate, rental property, money market and mutual funds, stocks, bonds and other securities•In addition, they may be asked questions about the net value of their businesses and investment farms•They should not include the home they live in, the value of life insurance and retirement plans, or the value of a family-owned and controlled small business

57

Section 3 Parent E-Mail Address

Provide a parent e-mail address that will be valid at least until the student starts college

• If a parent provides an e-mail address, the FAFSA processor will let the parent know the student’s FAFSA has been processed


58

Section 3 Parent Household Size

Parent Number in Household• Include in the parents’ household:

• the student • parent(s)• parents’ other dependent children, if

the 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 the parents and will continue to do so from 7/1/10 through 6/30/11, and if the parents provide more than half their support now, and will continue to provide support from 7/1/10 through 6/30/11


59

Section 3 College Students in the Parent Household

NOTE: Some financial aid offices will require proof that other family members are attending college

College Students in the Parent Household• Always include the student even if he/she will attend

college less than half-time in 2010-2011• Include other household members only if they will

attend at least half-time in 2010-2011 in a program that leads to a college degree or certificate

• Never include the parents


60

Section 3 Parent 2009 U.S. Income Taxes

• What was the amount parents paid in U.S. income tax for 2009?

– Use U.S. income tax paid (or to be paid)

• not the amount withheld from parents’ paychecks


61

Section 3 Parents’ 2009 Tax Exemptions

• Enter the parents’ tax exemptions for 2009 Exemptions can be found on their IRS tax return• Be sure to include all persons being claimed

on the parents’ 2009 federal tax return, regardless of whether they are included in the parents’ household size question


62

Section 4(page 4)

STUDENT INFORMATION

63

Section 4Student Information

• Questions in Section 4 are identical to the parent financial questions we covered in Section 3• If the student is single, ignore

references to “spouse”

• If the student is married, report spouse’s income and assets

• The questions in Section 4 ask:• Which 2009 Federal income tax

return the student filed or will file?

• The student’s 2009 Adjusted Gross Income, if filing a tax return, and earnings from work as well as untaxed income and assets

64

Section 4 Student Dislocated Worker

A person may be considered a dislocated worker if he/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

65

Section 4 Student Information (Independent Students)

There are questions in Section 4 that the student will be asked only if he/she checked at least one response in Section 2 – Student Dependency Status

66

Section 4 Student Benefits (Independent Students)

Indicate if the student, his/her spouse, or anyone in the student’s household received benefits in 2008 or 2009 from any of the federal programs listed:• Supplemental Security Income (SSI)• Food Stamps• Free or Reduced Price School Lunch• TANF• WIC

67

Section 34Student Household Size

• Include in the student’s household:• the student and the student’s spouse (if married)• the student’s dependent children, if

the student provides more than half their support

• other people, if they now live with the student and will continue to do so from 7/1/10 through 6/30/11, and if the student provides more than half their support now, and will continue to provide support from 7/1/10 through 6/30/11


68

Section 4 Student Number in College(Independent Students)

• Count the student even if he/she will attend college less that half-time in 2010-2011

• Include others only if they will attend at least half-time in 2010-2011 in a program that leads to a college degree or certificate


69

DO NOT MAIL THIS WORKSHEETGo to www.fafsa.gov to complete and submit your application.

For more information on federal student aid,visit www.FederalStudentAid.ed.gov.

You can also talk with your college’s financial aid officeabout other types of student aid that may be available.

70

Special Circumstances Contact the Financial Aid Office if there

are circumstances which affect a family’s ability to pay for college such as:

• 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

Or any other unusual circumstances that affect a family’s ability to contribute to

higher education

71

Application Filing Tips FAFSA on The Web

• Gather necessary documents ahead of time

• Complete a FAFSA on the Web Worksheet available at www.fafsa.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 custodial parent’s PIN

• Print out a copy of the FAFSA before submitting data

• Keep a copy of the Submission Confirmation Page

72

What Happens Next?

Students and the colleges the student listed receive Student Aid Report (SAR) from federal processor

Students and families review SAR 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

73

Student Aid Report (SAR)

• After the student completes the FAFSA on the Web, a SAR will be sent to the student

• An electronic SAR Acknowledgment 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 1

• Keep a copy of the SAR with other financial aid documents

74

Summary of the Financial Aid Process• Submit all required forms, including

the FAFSA, by each college’s published deadlines

• (insert any special state 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!

75

Questions Questions and Answersand Answers

Applying for Financial Aid 2010-2011

Documents