FAFSA 101 for the 2014-2015 Academic Year Raul Hinojosa Jr. Director, Community Engagement The University of Texas at Dallas.

FAFSA 101 for the 2014-2015 Academic Year

Raul Hinojosa Jr. Director, Community Engagement

The University of Texas at Dallas

Agenda1 Introduction to FAFSA

2 Applying Online

3 After Completing the FAFSA

4 Applying for State Financial Aid

5 Q & A

What is FAFSA?

Apply for most types of federal

and state aid

Collects information to

calculate student’s EFC

Available in English & Spanish

Online, Paper and PDF

Produced by U.S. Department of

Education

If you might need money for college you should apply for financial aid

Why Apply for FAFSA?

No cost to apply States and schools rely on the FAFSA

for awards

Change in family financial

circumstances might

Am I Eligible?

U.S. citizen, U.S. national or an

eligible non-citizen

Social Security Number

High school diploma or GED

Registered with U.S. Selective Service

(male aged 18-25)

Use federal aid for educational

purposes

Not owe refunds on any federal student

grants

Not defaulted in any student loans

Not guilty of sale or possession of illegal drugs –federal aid

was received

Applying Onlinewww.fafsa.gov

The 2014-2015 FAFSA on the web will be available January 1, 2014.

There are several benefits to applying electronically:• Built-in edits to help prevent costly errors• Simplification: Skip-logic allows student and/or parent

to skip unnecessary questions • Immediate submission of original application and any

necessary corrections • More detailed instructions than space allows on the

paper • FAFSA Ability to check application status on-line• Simplified application process in subsequent years

FAFSA on the Web

Complete the FAFSA in 5 Steps

1. Gather Materials2. Get a PIN3. Fill It Out4. Sign & Submit5. Follow Up

Gather Materials

• Social Security Card• Driver’s license• W2 forms and tax returns • Bank statements• Parent’s information (if you are

dependent student)

• You and one parent can register for a Personal Identification Number (PIN) at www.pin.ed.gov

• Not required but speeds processing

• May be used by students and parents throughout aid process and in future years

Get a PIN

Fill It Out

Section 1 collects general information • Social Security Number• Citizenship status• Drug convictions• Selective Service registration (for males only)• Additional Information Requested

College and housing information

FAFSA on the Web (FOTW) Worksheet

• Section 2 collects information to Determine dependency status

FAFSA on the Web (FOTW) Worksheet

• Section 3 collects parental information Tax, income, and

other financial information

Dislocated worker status

Assets

FAFSA on the Web (FOTW) Worksheet

• Students completing a 2014–15 FOTW will be able to utilize IRS Data Retrieval beginning February 2014

• Participation is voluntary• Reduces documents requested by financial aid office• Data available in English and Spanish• IRS data available within several days for electronic filers or

several weeks for paper tax filers

IRS Data Retrieval

IRS Data Retrieval

ManuallyEntering

IRSData

Section 4 collects student information • Tax, income, and other financial

information• Dislocated worker status• Assets

FAFSA on the Web (FOTW) Worksheet

FAFSA on the Web (FOTW) Confirmation Page

• Parent and student 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

Common FAFSA Mistakes

• Print a copy of your answers from the Sign and Submit page

• Review for errors• Enter your PIN to serve as your electronic signature• Click Submit• Review information about the schools you’ve selected

and a possible estimate of your financial aid and eligibility

Sign & Submit

Follow Up

• Summarizes the information on your FAFSA• Sent electronically or in paper form after your FAFSA is

received• Review for accuracy and correct any errors as soon as

possible• Will not list the amount of financial aid you’re eligible

to receive• The schools listed on your FAFSA will also receive a

summary

Student Aid Report (SAR)

• Your financial aid office will request further documentation if you’re selected

• Students will be asked to provide an IRS Transcript to verify their income tax information

• Visit IRS.gov and Search on tax transcript or call 800.908.9946 to request an IRS transcript

• Complete Form 4506-T to have a tax transcript sent to a school or a different address

Verification

• Expected Family Contribution (EFC) Will appear on SAR Based on the information provided on your FAFSA, such as

income, assets and family size Same amount at every college

• Cost of Attendance (COA) 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 COA may be different at each school

EFC and COA

• The difference between the Cost of Attendance (COA) and the Expected Family Contribution (EFC)

• School determines financial need based on data from your SAR• Financial aid awards are based on your financial need

Financial Need

Cost of Attendance-Expected Family Contribution

- Other AidFinancial Need

Need-based aid• Based on your financial situationMerit-based aid• Based on special abilities, accomplishments,

career paths, grades, hobbies, etc. (not based on financial need)

Aid Types

Based on the Need, a student will receive a Financial Aid Package consisting ofdifferent forms of assistance

Gift (Free) Aid– Grants– Scholarships

Self-Help Aid– Work Study– Loans

Aid Types

Example:

COA – EFC = Need$14,000 - $5,000 = $9,000 Need

Sample Financial Aid PackageInstitution scholarship $1,500State grant $3,500Work study $2,500Federal Loan $1,500

Total: $9,000

Students DO NOT have to accept the entire financial aid package. They canselect the types of aid they want and seek additional funding elsewhere.

Aid Types

• Sent by schools that have accepted you and received your financial aid paperwork• Lists types and amounts of aid you’re eligible

for; you don’t have to accept everything offered• Submit any requested information to your

school by the required deadline

Award Letter

Applying for State Financial Aid

(For students who are not eligible to complete a FAFSA due to citizenship status)

• Some states allow undocumented students to receive in-state tuition and some allow students to receive state financial aid.

• Other states are more restrictive to students in this situation.

• Students should check to see what the law is in their state by checking with their university or college.

• Students should not complete a FAFSA if they do not qualify. Students who have a SSN because of deferred action status are not eligible for federal aid but may qualify for state financial aid.

Eligibility for State Financial Aid

Contact Us

SHPE Foundation1444 Duke St.Alexandria, VA 22314

Danielle Carneiro Program [email protected] ext. 202

Stacie FreasierProgram [email protected] 703-373-7930 ext. 204

Ariadna Mahon-SantosProgram [email protected] ext. 203