JIM ANDERSON DIRECTOR OF FINANCIAL AID MONTCLAIR STATE UNIVERSITY Completing the Free Application for Federal Student Aid (FAFSA)

J IM ANDERSONDIRECTOR OF FINANCIAL AID

MONTCLAIR STATE UNIVERSITY

Completing the Free Application for Federal Student Aid (FAFSA)

What We Will Cover This Evening

Who Must Complete the FAFSAHow and When the FAFSA

Should Be FiledUsing Estimated InformationIRS Data Retrieval ToolAvoiding Common ErrorsNJ HESAA Supplemental

QuestionsReview of the Form

Who Must Complete the FAFSA

All students wishing to apply for funding from Federal, State, and most often institutional financial aid programs

Often required even for students offered academic merit awards

Must be filed each year for each student in the family

When To File

Forms can be filed at any time on or after January 1st for the academic year that follows (after January 1, 2014 for the 2014-2015 academic year)

Review the filing deadlines for all schoolsFile the form by the deadline of the school

with the earliest deadlineMeet state program deadlines (June 1 for

renewal applications)

Using Estimated Information

If you must file prior to completing taxes, use care to estimate as accurately as possible

Use prior year tax return as a guide along with last pay stub or W2s

Estimated Award Letters/Award Adjustments

Verification – Federal, State, Institutional

IRS Data Retrieval Tool

Should utilize if availableCan be used if return was filed electronically

three weeks prior or if filed manually, eight weeks prior

Cannot be used if:• Married Filing Separately• Married, Filed Head of Household• If an amended return has been filed• If a Puerto Rican or foreign return was filed

IRS Data Retrieval Tool

Benefits of using – VerificationYou can update the FAFSA after initial filing

Avoiding Common Errors

Reporting parent information in the student section

Listing parental marital status incorrectlyListing incorrect Social Security Number or

driver’s license numberLeaving any question blank (unlikely to

happen when filing on-line)Entering the incorrect address (permanent,

home address should be listed)Forgetting to list collegesForgetting to sign the application

NJ HESAA (Higher Education Student Assistance Authority) Supplemental Questions

Link is provided at the end of the FAFSA process, easy to miss

What if you miss it?Tuition Aid Grant (TAG) Program• Available only if you attend a NJ school• List a NJ School first on the FAFSA

Review of the Form

www.fafsa.ed.govNOT www.fafsa.comPaid consultants???

Resources - Links

To apply for a PIN: http://www.pin.ed.gov/PINWebApp/appinstr.jsp

To file the FAFSA on-line:  http://www.fafsa.ed.gov/

To calculate your EFC: https://bigfuture.collegeboard.org/pay-for-college/paying-your-share/expected-family-con

tribution-calculator#

EFC Formula  http://ifap.ed.gov/efcformulaguide/attachments/091913EFCFormulaGuide1415.pdf

FAFSA on the Web Worksheet https://fafsa.ed.gov/fotw1415/pdf/fafsaws14c.pdf

FAFSA Completion Video http://www.aie.org/Paying-for-college/FAFSA-info-center/Watch-Your-Guide-to-the-

FAFSA.cfm

Questions?????