FAFSA Fundamentals PowerPoint Presentation

Paying for College
No matter who you are, you CAN
go to college
College is an investment in your
Many forms of financial aid are
available to help you pay for your
What’s Financial Aid?
Financial aid is money to help you pay
educational expenses, such as:
Room and board
Personal costs
Find the FAFSA
• Online – Visit FAFSA.gov
• Print a copy – Go to FAFSA.gov; click
FAFSA Filing Options to print a paper
• Request a paper copy – Call
800.4.FED.AID or 800.730.8913 (TTY)
to request copies in English or Spanish
What Do You Think?
What was the total amount of
financial aid awarded by
Oklahoma State University during
the 2012-2013 academic year?
This includes all grants, loans and
scholarships in their undergraduate,
graduate and veterinary programs.
Over $280 Million
How Do I Apply?
Free Application for
Federal Student Aid
• The FAFSA is your first step
• Use it to apply for most types of
federal and state aid
Why Online?
• Faster processing time
• Save your application and return to it later
• Built-in error catcher means fewer delays
• Yearly online renewal
• Help and Hints boxes provided with every question
• Electronically sign using your Personal Identification
Number (PIN)
• Automatically transfer your tax information with the
IRS Data Retrieval Tool
What’s a PIN?
Request a Personal Identification
Number (PIN) from FAFSA.gov
Typically sent via email within 24 hours
after your request
Student and one parent must each have
Use the same PIN when you:
Renew your FAFSA the following year
Sign an online loan application
Getting a PIN
Requested FAFSA Information
• Social Security Numbers
• Tax, income and other financial information
• Marital status
• Citizenship status
• Assets
• Level of parents’ school completion
• Selective Service registration
Don’t Miss Deadlines
• FAFSA – Check with your school’s
Financial Aid office for any priority
• State Aid – State deadlines can be found
at FAFSA.gov
Oklahoma’s deadline for the Oklahoma
Tuition Aid Grant (OTAG) is March 1
7 Myths About the FAFSA
1. I won’t qualify for financial aid because my parents (or I)
make too much money.
2. I don’t have good grades, so I won’t be eligible for financial
3. I’m too old to qualify for financial aid.
4. The application is too hard to fill out!
5. I have to wait until my parents (or I) file my taxes.
6. I support myself, so I don’t have to include parent
7. I completed the FAFSA my freshman year, so I don’t
have to complete it again.
FAFSA 2014-2015
Set Your Password
Student Demographics
Use your full
name as shown
on your Social
Security card
Be accurate
when entering
your birthdate
Help and Hints boxes
are located on each
screen to assist you
Enter your
marital status as
of the day you
submit your
Selective Service Registration
Eighteen year
old males must
register with
Service in order
to receive
financial aid
You can elect to
register here on
your FAFSA
High School Name
Search for high
schools by name,
city or state
If you have a
high school
diploma, you
must include
the school from
which you
School Selection
You can send
your FAFSA to
10 different
You can search
colleges by name,
city or state
A search was
done here on
Rose State
School Selection
A search done on
colleges in
Stillwater found
3 schools
Two were added
and they will
receive your
FAFSA results
Click View
Selected School
to get a
of your
School Comparison
Housing Plans
Provide Housing
Plans for each
school you’ve
chosen to receive
your FAFSA results
Your options:
• On campus
• Off campus
• With parents
Dependent or Independent?
Your answers to
these questions
will determine
your dependency
If you’re unable
to answer YES to
one of these
questions, you’ll
be considered a
Dependency Questionnaire
Dependency Status
• Dependent students must
provide parental information on the
• Independent students aren’t
required to show parental
information unless requested by
their school
Special Circumstances
Dependent students who can’t provide parental information can state that here.
Ask someone in your Financial Aid office what to do next.
Special Circumstances
Exceptions to
the rule for
information are
shown here
Contact your
Financial Aid
office for more
Special Circumstances
• Change in employment status
• Unusual medical expenses not covered
by insurance
• Change in parent marital status
• Unusual dependent care expenses
Parent Information
• If your LEGAL parents (biological and/or
adoptive) are separated or divorced – Use
information about the parent you lived with
most during the last 12 months
• If you lived with both parents equally – Use
information for the parent who provided you
the most support in the last 12 months
• If your divorced parent is remarried – Use
information for your parent and step-parent
Parent Information
Parent Demographics
Parent will enter
first initial and
last name as
shown on their
Social Security
card. Name and
date of birth will
be verified with
the Social
Parent Demographics
Household size
will include those
living with your
parent(s) who
receive more
than half of their
support from
them and will
continue to
receive this
support through
June 30, 2015
Parent Income
Parent can choose
a tax filing status:
-Already completed
-Will file
-Not going to file
If parent ‘will file’,
they’re given the
option to use an
Income Estimator or
their prior year’s tax
They will be
instructed to
enter final tax
data when
available and
use the IRS Data
Retrieval Tool
IRS Data Retrieval
• IRS can send tax data online directly to your
• Available in early February for the 2014-2015
FAFSA processing cycle
• Participation is voluntary
• Reduces documents requested by financial
aid office
IRS Data Retrieval
• Electronically filed tax information will
be available 2-3 weeks after the return
has been accepted by the IRS
• Data from paper tax returns will be
available on the IRS website in
approximately 8-11 weeks after the
IRS receives the return
Parent Income
If the IRS Data
Retrieval tool is
not used, parent
will enter income
figures directly
from the current
year’s tax return
Parent Income
Parents will
enter additional
Student Income
Students are also asked to provide the type of tax return they
filed as well as their income earned and taxes paid.
Student Income
Student will
enter their
income here
Sign and
Click here to review all
your data before you
You can still request a
PIN here if necessary
Sign and
Hit Submit My
FAFSA Now to send
your results to the
school(s) you’ve
Confirmation Page
A Confirmation Page is
shown after your
FAFSA has been
It includes an estimate
of your Expected
Family Contribution
(EFC) and estimated
eligibility for the Pell
Grant and Federal
student loans
After FAFSA Submission
• You will be notified when your FAFSA is
• Your FAFSA information will be made
available to your school(s) to determine the
aid you may be eligible to receive
• If you have questions about your financial aid
package, contact your school(s)
Student Aid Report (SAR)
• Summarizes your FAFSA information
• Sent to student electronically or in paper
form after your FAFSA is processed
• Review the SAR for accuracy
• The schools listed on your FAFSA will
also receive a summary
Making Corrections
If necessary, corrections to FAFSA data may
be made by:
• Using FAFSA on the WEB (www.FAFSA.gov) if
student has a PIN;
• Requesting changes through the Financial Aid
office with the use of your DRN (Data Release
• Submitting documentation to the college’s
Financial Aid office
Frequent FAFSA Errors
• 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
• Submit button
Financial Need
Cost of Attendance
- Expected Family Contribution
Other Aid
Financial Need
IRS Tax Transcript
• You may be asked to provide documentation to
verify the income you reported on your FAFSA
• If you didn’t use the IRS Data Retrieval tool, you
must supply an IRS Tax Transcript (Form 4506-T)
• To obtain a copy
 Call 800.908.9946 (takes 5-10 days)
 Download the IRS2Go mobile app (takes 5-10 days)
 Visit http:www.irs.gov/Individuals/Order-aTranscript (takes 5-10 days)
 Complete Form 4506-T (up to 10 days)
Get Transcript
Get Transcript is a new IRS online service
that will provide an electronic PDF version of
official IRS Tax Transcripts, launching early in
the filing season 2014
Users can immediately view, print, and save
the file
IRS Tax Return Transcript
Basic information
from tax return
Line by line
presentation of tax
Award Letter
• Lists types and amounts of financial aid
you’re eligible to receive
• You don’t have to accept everything you’re
offered in the award letter
• Submit any requested information to your
school by the required deadline
Federal Financial Aid
Federal Pell Grant
• $5,645 annual maximum for 2013-2014
• Undergraduates without a bachelor’s degree
• Need-based
Federal Supplemental Educational
Opportunity Grant (FSEOG)
• $4,000 annual maximum for 2013-2014
• Undergraduates without a bachelor’s degree
• Priority given to Pell Grant recipients with
high financial need
Federal Financial Aid
Teacher Education Assistance for College and
Higher Education Grant (TEACH)
• $4,000 annual maximum for 2013-2014
• Undergraduate and graduate students
• Fulfill teaching service in a high-need field, low-income
school or educational service agency
Iraq and Afghanistan Service Grant
• Awarded to a student whose parent or guardian was in the
U.S. Armed Forces and died in Iraq or Afghanistan after
• Undergraduate under 24 years of age or enrolled
in college part-time at the time of parent or guardian’s
• Recipient cannot be Pell Grant eligible
Federal Financial Aid
Federal Work-Study (FWS)
• Allows student to earn money to help pay
educational expenses
• Offers campus-based or community employment
• Need-based
Federal Perkins Loan
• $5,500 annual maximum in 2013-2014
• 5% loans with a 9 month grace period
• Need-based
Federal Financial Aid
Federal Subsidized Student Loan
• $3,500/year maximum for Freshmen
• Government pays interest while student is enrolled
at least half-time
• 3.86% interest rate during 2013-2014
• Need-based
Federal Unsubsidized Student Loan
Additional loans available to students who qualify
Interest starts to accrue after first disbursement
3.86% interest rate during 2013-2014
Non-need based
Federal Financial Aid
Parent Loan for Undergraduate Students
For parents of dependent students
Parent borrower must be credit-worthy
Interest starts to accrue after first disbursement
6.41% interest rate during 2013-2014
Non-need based
State Financial Aid
Oklahoma Tuition Aid Grant (OTAG)
• Apply through the FAFSA
• Application deadline March 1, 2014
• $1,000 annual maximum for public schools;
$1,300 annual maximum for private schools
• Maximums shown for 2013-2014
• Need-based
State Financial Aid
Oklahoma’s Promise
• Students receive free tuition at Oklahoma
public two-year colleges and four-year
• Partial tuition provided at approved Oklahoma
private colleges and public technology centers
• Students must complete the FAFSA to receive
their funds
Things to Remember
• Complete the FAFSA every year you need
financial aid for college
• Complete the FAFSA as soon after January
1st as possible to meet deadlines
• Fill out the form online, if possible
• Sign electronically with a Personal
Identification Number (PIN)
• Never pay to complete this form; it’s a
FREE application
At FAFSA.com, a new client
is required to pay $79.99.
Never pay to complete the
FAFSA! Always use
Oklahoma State Regents for Higher Education
Oklahoma College Assistance Program
Outreach Department
866.443.7420 (toll free)
[email protected]