Applying for
Financial Aid
2007-2008
What Will You Learn Today?
Sources and types of financial aid
Required financial aid application forms
How to complete the Free Application for Federal
Student Aid (FAFSA)
Information about any additional aid in your state
Answers to your individual questions
2
Sources of Financial Aid
Federal government
State government
Colleges and universities
Private agencies, companies, foundations, and
your parents’ employers
Types of 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
2007-2008 State Aid Application
Requirements
Complete and submit:
– The Free Application for Federal Student Aid
Must be completed within first 30 days of the
term of attendance to be eligible for
Minnesota State Grant.
 This will vary by institution as each have different start dates.
Need-Based Grants
Minnesota Grant
Residency requirements and application deadline apply
Federal Pell Grants
– $4,050 maximum per year
Academic Competitiveness Grants (ACG)
– $750 per year
Federal Supplemental Educational Opportunity Grant
(FSEOG)
– $4,000 maximum per year
6
Additional Types of Financial Aid
 Self Help Aid
Loans & Employment






Work-Study
Stafford Loans
Perkins Loans
PLUS Loans
SELF Loans
Alternative Loans
Types of FAFSAs
FAFSA on the Web
Paper FAFSA
FAFSA on the Web
Online application available at
www.fafsa.ed.gov
Processed more quickly than paper version
Sophisticated on-line edits so that errors are
less likely to be made
You and at least one parent should get a federal
PIN at
www.pin.ed.gov
Application Filing Tips
FAFSA on The Web
Gather necessary documents
ahead of time
Complete a FAFSA on the Web Worksheet
available at www.fafsa.ed.gov
Allow ample time to complete form for submission
by deadline
Check the FAFSA for accuracy prior to submission
10
Application Filing Tips
FAFSA on The Web
Save all work periodically
Sign the application using your PIN
Print out a copy of the FAFSA before submitting
data
Keep a copy of the Submission Confirmation
Page
11
Application Filing Tips
Paper FAFSA
File early to meet all deadlines
Check the FAFSA for completeness and accuracy
Sign and date FAFSA
Make a copy of the FAFSA before mailing
Mail the FAFSA in the self-addressed envelope provided in
the application booklet
 Do not write any comments on the FAFSA
 Do not include letters, tax forms, or worksheets
 Use regular mail (not Registered or Certified)
Obtain a U.S. Postal Service Certificate of Mailing (cost is
only $0.95)
12
Student Aid Report (SAR)
Regardless of whether you submit a FAFSA on the
Web or a paper FAFSA, a SAR will be sent to you
– A link to an electronic SAR will be sent if you
provide an e-mail address
– A paper SAR will be mailed if you do not provide
an e-mail address
An electronic copy will be
sent to each college or
university you listed in
Section 5
FAFSA Information & Tips
File as soon as possible after January 1, 2007
Use estimated 2006 income information if taxes
are not complete at time of FAFSA submission
You and at least one parent whose information is
reported must complete and sign the FAFSA
Federal PIN
PIN (Personal Identification
Number) serves as the
electronic signature on ED documents
Both you and at least one parent need a PIN
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
Federal PIN
If you provide an e-mail address, PIN will
be e-mailed within hours
Apply for your PIN TODAY at:
www.pin.ed.gov
Getting Ready
Before starting the FAFSA, gather:
 Your driver’s license
 Alien Registration Card if you
are not a U.S. citizen
Create a file for copies of all
financial aid documents submitted.
Getting Ready
Before starting the FAFSA, gather:
 You and your Parent
Social Security cards
2006 W-2 Forms and other records
of money earned
2006 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.
Getting Started
Read all application instructions
If planning to submit the paper FAFSA:
 Use pen with black ink
 Print clearly in CAPITAL letters:
15
ELM
ST
 Fill in ovals completely:
 Do not leave blanks (unless directed by instructions)
 Do not write comments or notes anywhere on form
 Do not use correction fluid
FAFSA on the Web
2007-2008 FAFSA On
the Web Worksheet
may be used for the
January 1, 2007,
through June 30th,
2008, aid application
cycle.
The FOTW Worksheet
A Five-Step Process
Section 1
Section 2
Section 3
Section 4
Section 5
– is about the student
– determines student dependency status
– collects parental information for
dependent students
– collects student income information and
information about the independent
student’s household
– allows students to list up to six schools
to receive information from the FAFSA
DO NOT MAIL THIS WORKSHEET
Section 1
(page 2)
STUDENT INFORMATION
Your Social Security Number
1 2 3
4 5
6 7 8 9
List your name and Social Security number
exactly as they appear on your Social
Security card (both will
be compared through
a database match
process)
Your Last Name
Jones
Your State of Legal Residence
CA
Residency relates to your permanent home state
 if you are dependent, the state of legal residence is
usually the state in which your custodial parents live
State of legal residence is also used
– in the need calculation to determine the appropriate
allowance for state and other taxes paid
by that state’s residents
– to determine eligibility for state grants
Citizenship Status
a. If U.S. citizen, status will be confirmed by Social Security match
b. If eligible non-citizen, 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 non-citizens with I-94
c. If neither a citizen or eligible noncitizen, you are ineligible for
federal/state aid, but might still be eligible for state or
institutional fund
Citizenship Status
c. If neither a citizen or eligible noncitizen, you are ineligible for
federal/state aid, but might still be eligible for state or
institutional fund
Note: if you are undocumented or under-documented
 start inquiring in elementary, middle or high school to see
if it is possible for younger siblings to become a
permanent resident
 apply for all private scholarships for which you may be
eligible
 check with colleges and universities to see if institutional
financial aid is available
 watch for changes in federal and state laws regarding the
eligibility of undocumented or under-documented
students
For more information call: (213) 629-2512
For a list of scholarships, go to: www.maldef.org
Alien Registration Number
0 1 2
3 4
5 6
If eligible non-citizen, write in your 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
7 8
Selective Service Registration
Male students who are 18 years of age or older
must be registered with Selective Service to
receive federal and state aid
Answer “yes” only if you are male, aged 18-25,
and have not yet registered.
You may also register by going to:
www.sss.gov
Degree Objective
Indicate your most
immediate degree or
certificate objective for
2007-2008
Grade Level
Indicate your grade level
beginning with the
2007-2008 school year
Your Expected Enrollment Status at the
Start of the 2007-08 Academic Year
Provide information about the college you are
most likely to attend
If in doubt, report “Full-time”
Student Loans and Work-Study
If you are interested in either student
loans or student employment, or both,
mark the appropriate box
Indicating interest does not obligate you
to either borrow or to work, nor will it
cause you to lose grants and scholarships
Answering no interest may restrict some
options for limited loans and work-study
funds
First Bachelor’s Degree?
If you are a high
school senior,
the answer is ‘NO’
Parents’ Educational Level
Indicate highest level of schooling completed by
your biological or adoptive parents (for state award
purposes only)
Use birth parents or adoptive parents - not
stepparents or foster parents
This definition of parents is unique to these two
questions
Drug Conviction Question
DO NOT SKIP THIS QUESTION
You should:
 Answer “NO” if:
• Conviction was for alcohol or tobacco
• Conviction was removed from record or occurred
before age 18 (unless tried as an adult)
 Answer “YES” if you have been convicted of
possessing or selling illegal drugs while you
were receiving federal financial aid
Section 2
(middle of page 3)
STUDENT STATUS
Section 2
Determination of Student (Dependency) Status
Section 2
Determination of Student (Dependency) Status
If you answer “no” to all questions in this step,
go to Section 3. For FAFSA filing purposes,
you are considered a dependent student and
are required to provide parental information
If you answer “yes” to any question in this
step, skip Section 3 and go to Section 4. You
are considered an independent student for
FAFSA filing purposes and are NOT required
to provide parental information
Section 3
(page 4)
PARENTAL
INFORMATION
Section 3 – Parental Information
See Page 4 of FAFSA on the Web
Worksheet about who is considered a
parent
 Biological or adoptive parent(s)
 Stepparent
• Regardless of any prenuptial
agreements
Section 3 – Parental Information
Do not provide information on:
 Foster parents
• If you are in foster care, you are
automatically considered an
independent student
 Legal guardians or grandparents or other
relatives
• You must attempt to get biological parental
information
• Colleges may use Professional Judgment
to allow you to file as an independent
student
Section 3 – Parental Information
If the answer to any question is zero or
the question does not apply, enter 0:
$
Report whole dollar figures:
$
12 ,356
Recommendation: If your parents have not
filed their 2006 federal tax return, use W-2
forms and/or other
employment records to
estimate total income
,
0
(no cents)
Your Parents’ Marital Status as of Today
Month and Year Your Parents were Married,
Separated, Divorced, or Widowed
M M Y
Y Y Y
Parents’ Household Federal Benefits
Indicate if you, your parents, or anyone in
your parents’ household received benefits
from any of the federal programs listed
during 2006
Parent Tax Return Filing Status for 2006
Indicate your parents’ current tax filing status for 2006
 Have your parents completed a 2006 IRS tax return?
 Which tax return did or will your parents file for 2006?
 Even if your parent(s) did not file a 1040A or 1040EZ,
read the instructions to see if they would have been
eligible to do so
Parent 2006 Adjusted Gross Income
45,250
If your parents have not yet filed their 2006 federal tax
return information, it is fine to estimate information for
these questions
If your parents have completed their 2006 federal tax
return, use 2006 tax return information to complete this
item. Pay attention to specific line-items on 2006
Federal tax return, if completed
Reminder: If the answer is zero or the question
does not apply, enter 0
Money Earned from Work by Parent(s)
45,250
40,500
13,200
This figure is often different from the adjusted gross
income figure on the parent tax return. Use W-2 forms
and other records to list all income in 2006 earned from
work (including income earned from self-employment)
Parent E-Mail Address
PJONES@YAHOO.COM
Fill in your parents’ e-mail address that will
be valid at least until you start college
Father’s and Mother’s SSN, Last Name,
and Dates of Birth
2 3 4
5 6
JONES
7 8 9 0
0 5 0 3 1 9 5 9
0 0 0
0 0
0 0 0 0
PARKER
0 7 1 9 1 9 6 0
NOTE:
Provide this information for your
parent(s) who complete Section 3 of
the worksheet
Parents’ State of Legal Residence
CA
M M Y Y Y Y
Indicate the two-digit state code for your
parents’ permanent address
If the answer to the previous question is “no,”
enter the month and year residency began
for your parent who has been a legal resident
of that state the longest
Parents’ Income Tax Paid
2,130
What was the amount your parents paid in
income tax for 2006?
 Use U.S. Income tax paid (or to be paid)
• not the amount withheld from your
parents’ paychecks
Parents’ Tax Exemptions
05
Enter your parents’ exemptions for 2006
 Exemptions can be found on their IRS tax
return
 Be sure to include all persons being
claimed on your parents’ 2006 federal tax
return regardless of whether they are
included in your parents’ household size
question
Parents’ Household Information
05
Include in your parents’ household:
 yourself
 your parent(s)
 your parents’ other dependent children, if
your 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 your parents, and if
your parents provide more than half their support, and
will continue to provide that level of support from 7/1/07
through 6/30/08
Family Members Attending College
2
Always include yourself even if you will attend college
less than half-time in 2007-2008
Include other household members only if they will
attend at least half time in 2007-2008 in a program that
leads to a college degree or certificate
Never include your parents
NOTE: Some financial aid offices will require proof that
other family members are attending college
Worksheet A: Untaxed Income & Benefits
1,250
1,250
To answer, your parents should carefully
complete the right column of Worksheet A (Page
8 of the worksheet)
NOTE: You should keep a copy of the worksheet
because the financial aid office may request a copy
Worksheet B: Untaxed Income & Benefits
1,700
6,200
500
8,400
Worksheet C: Exclusions to Income
0
Remember, your parents’ totals from Worksheets
A, B, and C should be entered in Section 3 of the
FOTW Worksheet. Your totals should be entered
in Section 4 of the FOTW Worksheet.
Parent Assets
List the net value of your parents’
assets as of the day you complete the
FAFSA
If net worth is one million
dollars or more, enter
If net worth is zero, enter 0
$999,999
$
,
0
NOTE: Some financial aid offices may request supporting
documentation for the answers to these questions
Parent Assets
2,155
Report the current balance of your parents’
cash, checking and/or savings accounts as of
the day you complete the FAFSA
Parent Assets
7,900
0
Net Worth means current value minus debt
Investments include:
• real estate (other than
parents’ home)
• trust funds
• UGMA and UTMA accounts
• money market and mutual
funds
• certificates of deposit
• stocks and stock options
• bonds and other securities
• Coverdell IRAs
• 529 plans owned by your
•
•
parents
installment and land sale
contracts
commodities, etc.
Parent Assets
7,900
0
Business/Investment Farm includes:
– market value of land, buildings, machinery,
equipment, and inventory. Debt means only those
debts for which the business was used as collateral
NOTE: DO NOT include the home you live in, the value of life
insurance and parent retirement plans (pension funds, annuities,
non-education IRAs, Keogh plans, etc), or the value of a family
owned and controlled small business with 100 or fewer full-time or
full-time equivalent employees
Section 4
(page 6)
STUDENT FINANCES
Section 4 – Student Finances
These questions are identical to the parent
financial questions we covered in the Section 3
In Section 4:
– Report your 2006 income
– If you are single, ignore references
to “spouse”
– If you are married, report spouse’s
income and assets
Section 4 – Student Finances
(Independent Students)
Answer this question only if you
answered “yes” to at least one
question in
Section 2 – Student Status
Section 4 – Student Finances
(Independent Students)
Include in your household:
you (and your spouse if married)
your children, if you will provide more than
half their support
other people, if they now live with
you and you provide more than
half their support, and will
continue to provide that level
of support from 7/1/07
through 6/30/08
Section 4 – Student Finances
(Independent Students)
Count yourself even if you will attend
college less that half-time in 20072008
Include others only if they will attend
at least half-time in 2007-2008 in a
program that leads to a college
degree or certificate
Section 4 – Independent Students’
Household Federal Benefits
Indicate if you, your spouse, or
anyone in your household received
benefits from any of the federal
programs listed during 2006
Section 4 – Student Veterans’ Education
Benefits
00
0
If you are eligible for veterans’ education benefits, report
monthly amount expected. (If not applicable, answer
zero)
Number of months should equal number of months
attending school. (If not applicable, answer zero)
For more information, contact the VA at:
(800) 827-1000
or
www.va.gov
Section 5
(bottom of page 7)
SCHOOLS TO RECEIVE
INFORMATION
Section 5:
School Information
00117
COMMUNITY
COLLEGE
ABC
023456 034567
Section 5:
School Information
List the school(s) to which you are applying
For faster and more accurate processing, write in both
the Title IV school code and the school name
– Minnesota State, Mankato’s federal school code is
002360
Select the housing plan that best describes the type of
housing you expect to have while attending each listed
school
What Happens Next?
You and the colleges you listed receive Student Aid
Report (SAR) from federal processor

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
Special Circumstances
Contact Student Financial Services if there is:
 Loss or reduction in your or your parents income
or assets
 Death or serious illness
 Unusual medical or dental expenses not
covered by insurance
 Reduction in child support, Social Security
benefits, or other untaxed benefit
 Financial responsibility for elderly grandparents
 Any other unusual circumstances that affect
your family’s ability to contribute to higher
education
74
Summary of the
Financial Aid Process
Submit all required forms, including the FAFSA, by the
college’s priority application date.
MSU priority date is March 15th.
Keep a copy of all forms submitted
Review the Student Aid Report (SAR)
Watch for financial aid award notifications or requests for
additional information
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