FAFSA Fundamentals - Amazon S3...•Parent Loan for Undergraduate Students (PLUS) • Parent of dependent students • Parent borrower must be credit-worthy • Interest begins to

FAFSA Fundamentals

2018 – 2019

Letha Huddleston, OCAP

Financial Aid

• Money used to help pay college expenses

• Grants, work-study, student loans, scholarships

• Almost every student is eligible for some type of financial aid

• Students must apply every year

Apply for Financial Aid

FAFSA

• Free Application for Federal Student Aid

• Complete as soon as possible after October 1

• One application for most types of federal and state financial aid

FAFSA.gov

• Always use FAFSA.gov

• Never pay to file the

FAFSA

• Use FAFSA4caster to estimate eligibility

FSA ID

• Visit FAFSA.gov

• Create your FSA IDs before beginning FAFSA

• Allow 7 – 10 minutes to set up each FSA ID

FSA ID

• Federal Student Aid ID

• Username and password

• Student and parent must each create their own

• Use your FSA ID each time you: • Electronically sign a FAFSA • Complete student loan paperwork • Login to U.S. Department of Education

websites

• Parents with no SSN cannot create an FSA ID

Creating an FSA ID

• Choose an e-mail account you can access easily

• Don’t use a school issued e-mail account

• If username is already taken, choose another

• Don’t use your name or date of birth in password

• Select Show Text to see what you’re typing

Creating an FSA ID

• E-mail account provided must be verified

• Receive e-mail with a secure code • Subject line:

Important: Your FSA ID E-mail Validation – Action Required

• Enter the secure code on this screen

Creating an FSA ID

• Phone number must be verified

• Receive text message with a secure code

• Enter the secure code on this screen

FAFSA Process

FAFSA Sections

School Selection

Login

Parent Demographics

Student Demographics

Confirmation

Dependency Status

Sign & Submit

Financial

Information

FAFSA Login

FAFSA 2018 – 2019

Save Key

Student Demographics

• List name exactly as it is on Social Security card

• Marital status as of the day you submit FAFSA

• Help and Hints box provides additional information

Selective Service

• 18 year old males must register to receive financial aid

• Students may register through the FAFSA

Update Screenshot

School years

High School Name

Search by name or city

and state

If you have a high school diploma,

you must list high school

School Selection

Click View Selected School

Information to compare

schools

School Comparison

Compare

• Location

• Tuition and fees

• Graduation rates

• College websites

Update Screenshot

New rates

Housing Plans

Select housing plan for each

school

• On campus

• Off campus

• With parents

Dependency Status

• Dependent students must provide parental information

• Independent students aren’t required to provide parental information

Update Screenshot

years

Special Circumstances

Dependent students unable

to provide parent info

due to special circumstances

may choose I am unable to provide

parental information


Students that do not have a special circumstance but

are unable to provide parental

information typically qualify for

only an unsubsidized student loan

Not living with parents or not being claimed by them on tax forms does not make you an independent student

for purposes of applying for federal student aid.


• Talk to financial aid if you feel you should be considered an independent student

• Examples of more severe circumstances are: • Abuse, abandonment or neglect • Parents are incarcerated • You’ve lost touch with your parents and

don’t know how to contact them


• Change in income

• Change in employment status

• Unusual medical expenses not covered by insurance

• Changes in parent marital status

• Unusual dependent care expenses

Who is the Parent?

Legal parent

• Biological parent

• Adoptive parent

• Person the state has determined to be a student’s parent

Not a legal parent

• Grandparent

• Foster parent

• Legal guardian

• Older sibling

• Aunt or uncle

Which Parent?

• If parents are legally separated or divorced • List parent you lived with most during last 12 months • Lived with both parents equally: List parent who

provided most financial support in last 12 months

• If parent you lived with has remarried • List parent and step-parent

• If legal parents are unmarried, but living

together • List information for both parents

Parent Demographics

• Parent first initial and last name as shown on Social Security card

• Name and date of birth will be verified with Social Security Administration

Update Screenshot

years

Parent Income

• Use 2016 tax information

• Select tax filing status • Already

completed • Will file • Not going to

file

• If Already completed, enter tax figures manually or Link to IRS

Update Screenshot

Tax years

IRS Data Retrieval Tool • IRS sends tax data directly to FAFSA

• Voluntary, but strongly recommended

• Reduces documents requested by financial aid office and speeds up awarding process

• Due to increased security measures, transferred data will not show on screen

• Financial aid office must make any changes to transferred data

Enter the following information as it appears on your 2016 Federal Income Tax Return.

Update Screenshot

New DRT

Parent Income

• Education credits

• Child support received

• Combat pay

• Untaxed income • Child support received • Housing, food, living

allowances • Tax exempt interest • Payments to tax-deferred

pension and retirement savings plans

• Veterans non-education benefits

Update Screenshot

Tax year

Student Income

• Type of tax return filed

• Income earned

• Taxes paid

Update Screenshot

Tax year

Sign & Submit

• Review answers

• Make changes before submitting

• Student and parent enter FSA IDs to electronically sign

• Click Submit My FAFSA Now

Confirmation Page

• Estimated Family Contribution (EFC) is provided

• See early estimate of financial aid eligibility

Update Screenshot

2018-19 dates

2018-2019 Confirmation Page

After the

FAFSA

2018-2019

10/01/2016 10/10/2016

Student Aid Report (SAR)

• Summarizes FAFSA information

• Available after FAFSA is processed

• Review for accuracy

• School(s) on FAFSA also receive a summary

Update Screenshot

Tax info won’t show?

Making Corrections

Corrections to the FAFSA may be made by

• Accessing your FAFSA online at FAFSA.gov

• Updating items on paper SAR and mailing to Federal Student Aid (FSA)

• Submitting documentation to the college’s financial aid office; they’ll need your DRN

• Corrections to income information must be made through a financial aid office

Cost of Attendance (COA)

• Estimate of total

educational expenses for a specific enrollment period

• May be different at each school

• Includes average • Tuition • Fees • Books and supplies • Room and board • Transportation • Miscellaneous

expenses

Expected Family Contribution (EFC)

• Calculated from information provided on your FAFSA

• Same amount at every college

Financial Need

OCAP University’s Cost of Attendance: $20,000

Student’s Expected Family Contribution: $5,000

$20,000 (COA) – $5,000 (EFC)

$15,000 (Need)

Award Letter

• Sent electronically or through mail

• Outlines financial aid eligibility

• Read carefully!

• Accept or decline aid by specified deadlines

Oklahoma College Costs

2017-18 Estimated Costs for Full-Time Resident Undergraduate Students at Oklahoma Public Colleges and Universities

Expenses Research

Universities Regional

Universities Community

Colleges Technical Branches

Tuition $4,989 $5,255 $3,154 $3,553

Mandatory Fees $3,911 $1,434 $1,057 $991

Academic Services Fees

$1,427 $557 $315 $262

Room and Board $9,083 $5,685 $5,971 $5,572

Books and Supplies

$958 $1,265 $1,327 $1,450

TOTAL $20,368 $14,196 $11,824 $11,828

As of 08/18/2017

Federal Financial Aid

• Federal Pell Grant • $5,920 annual maximum for 2018-2019

• Federal Supplemental Educational Opportunity Grant (FSEOG) • Up to $4,000 annual maximum

• Teacher Education Assistance for College & Higher Education Grant (TEACH) • Up to $4,000 annual maximum

• Iraq & Afghanistan Service Grant • Amounts vary


• Federal Work-Study (FWS)

• Allows student to earn money to help pay for school

• On-campus or community employment opportunities

• Gain work experience while in college


• Federal Subsidized Student Loan • Based on financial need • $3,500 per year maximum for freshmen • Government pays interest while student is enrolled at

least half-time • 4.45% fixed interest rate during 2017-2018

• Federal Unsubsidized Student Loan • Additional loans available to students who qualify • Interest begins to accrue after first disbursement • 4.45% fixed interest rate during 2017-2018


• Parent Loan for Undergraduate Students (PLUS) • Parent of dependent students • Parent borrower must be credit-worthy • Interest begins to accrue after first

disbursement • 7% fixed interest rate during 2017-2018

State Financial Aid

• Oklahoma Tuition Aid Grant (OTAG) • FAFSA is application for OTAG • Complete FAFSA as soon as possible after

October 1 • FAFSA filing deadline is typically December 1 • $1,000 per year

• Oklahoma’s Promise • Must complete FAFSA every year • Pays tuition at Oklahoma schools for students

who meet high school requirements

Scholarships & Other

Resources

Scholarships

• Money that does not have to be paid back

• Seniors: apply for 2-3 per week

• Juniors: apply for 1-2 per week

• Awarded based on merit, need, skill, hobbies, family history, athletics, writing ability

• Find scholarships

• UCanGo2.org

• UCanGo2 on Facebook

• OKcollegestart.org

• College websites

• Books

• Local organizations

• Churches

• Family employers

Scholarship Success Guide

Institutional Scholarships

• Specific to the college

• Application may or may not be included in admissions application

• Find scholarship page on college’s website

• Watch carefully for scholarship deadline

• Institutional scholarships exist for returning students also, not just freshmen

Search by Deadline or Category

• Organize scholarships by monthly deadline

• Detailed description of ten scholarships

• Additional scholarships with monthly deadline

• Ongoing scholarships awarded monthly, quarterly, etc.

Additional Scholarships

Scroll down to find many more additional

scholarships listed for

each month

OKcollegestart.org

Financial Aid Planning

• Financial Aid 101

• Financial Aid Calculators

• Scholarships

• Financial Fitness

OKcollegestart.org

Find Scholarships

• Create profile

• Find matching scholarships

• Save scholarships

• Receive reminders

Questions?

Contact Us

Oklahoma State Regents for Higher Education Oklahoma College Assistance Program

Outreach Department

405.234.4239 866.443.7420 (toll free)

[email protected]

FAFSA Fundamentals - Amazon S3...•Parent Loan for Undergraduate Students (PLUS) • Parent of dependent students • Parent borrower must be credit-worthy • Interest begins to

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