FAFSA FUNDAMENTALS
2015-16
What’s Financial Aid?
• Money used to help you pay for college
• Comes in the form of grants,
scholarships, work programs and
student loans
• All students are eligible for some type of
financial assistance for college
• Apply for this money after January 1 of
your senior year and each year you’re
requesting aid for college
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
Find the FAFSA
• Online – Visit FAFSA.gov
• Print a copy – Go to FAFSA.gov;
click FAFSA Filing Options to print a
paper FAFSA
• Request a paper copy – Call
800.4.FED.AID or 800.730.8913 (TTY)
to request copies in English or
Spanish
FAFSA.gov
FAFSA.gov
Why Online?
• Faster processing time
• Save your application and return to it
later
• Built-in error catcher means fewer delays
• Help and Hints boxes provided with every
question
• Electronically sign using your Personal
Identification Number (PIN)
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 a PIN
•
Use the same PIN when you:
Renew your FAFSA the following year
Sign an online loan application
Getting a PIN
Requested FAFSA Info
• Social Security Numbers
• Tax, income and other financial
information
• Marital status
• Citizenship status
• Assets
• Level of parents’ school completion
• Selective Service registration
FAFSA PROCESS
FAFSA Login
FAFSA 2015-2016
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 FAFSA
Selective Service
Eighteen year
old males must
register with
Selective
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
graduated
College Selection
You can send
your FAFSA to
10 different
colleges
You can search
colleges by
name, city or
state
A search was
done here on
Rose State
College
College Selection
A search done
on colleges in
Lawton found 5
schools
Two were added
and they will
receive your
FAFSA results
Click View
Selected School
Information
to get a
comparison of
your choices
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
status
If you’re unable
to answer YES
to one of these
questions, you’ll
be considered
a Dependent
Student
Dependency Status
• Dependent students must provide
parental information on the FAFSA
• Independent students aren’t
required to show parental
information unless requested by
their school
Special Circumstances
If you’re a dependent student and unable to provide parental
information, indicate that here. It’s highly recommended that you speak
to the Financial Aid office at the college(s) you’ll attend however. Most
schools have specific procedures they follow to handle this question.
Special Circumstances
Exceptions to
the rule for
parental
information are
shown here
Contact your
Financial Aid
office for more
details
Special Circumstances
• Change in employment status
• Unusual medical expenses not covered
by insurance
• Change in parent marital status
• Unusual dependent care expenses
• Unable to obtain parental information
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 financial support
in the last 12 months
• If your divorced parent is remarried –
Use information for your parent and
step-parent
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 Security
Administration.
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, 2016
Income Estimator
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 figures
They will be
instructed to
enter final tax
data when
available and
use the IRS Data
Retrieval Tool
Parent Income
Parent can
choose a tax filing
status:
-Already completed
-Will file
-Not going to file
If parent ‘Already
completed’ their
taxes, they’re
given the option
to manually enter
their tax figures or
download the
info from the IRS.
This feature is not
available until the
first week of
February.
IRS Data Retrieval
• IRS can send tax data online directly to
your FAFSA
• Available early February for the 2015-2016
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
• Balance due or amended returns will
take considerably longer
Parent Income
Parent will
enter any
information on
untaxed
income,
current value
of cash,
savings and
checking
accounts, and
net worth of
current
investments
and
businesses
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
Applicant will
enter their
income here
Sign and
Submit
Review or print a copy
of your FAFSA answers
here. Make necessary
changes now before
submitting your
application.
Enter your PIN number
here to electronically
sign your FAFSA. If
you’ve still not
requested a PIN, you
may do so here.
Sign and
Submit
Hit Submit My FAFSA
Now to send your
results to the
school(s) you’ve
chosen.
Confirmation Page
A Confirmation Page
is shown after your
FAFSA has been
submitted
It includes an
estimate of your
Expected Family
Contribution (EFC)
and estimated
eligibility for the Pell
Grant and Federal
Direct student
loans
AFTER THE FAFSA
After FAFSA Submission
• You will be notified when your FAFSA is
processed
• Your FAFSA information will be made
available to your school(s), and they will use
it to determine the aid you may be eligible
to receive
• Your school(s) will contact you if they need
more information or when they are ready to
discuss your financial aid award
• If you have questions about your financial
aid package, contact your school(s)
Student Aid Report (SAR)
• Summarizes your FAFSA information
• Available to you 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;
• Updating items on the paper SAR; or
• 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
Cost of Attendance
• 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 at an individual school
• Cost of Attendance (COA) may be
different at each school
Expected Family Contribution
• The Expected Family Contribution, or
EFC, is calculated from the information
provided on your FAFSA, such as
income, assets and family size
• Comprised of two components
Parent contribution
Student contribution
• Same amount at every college
Financial Need
• The difference between the Cost of
Attendance (COA) and the Expected
Family Contribution (EFC)
• School determines financial need
based on data from your FAFSA
• Financial aid awards are based on
your financial need
Financial Need
Cost of Attendance
- Expected Family Contribution
-
Other Aid
Financial Need
Award Letter
• Sent by schools that have accepted
you and received your financial aid
paperwork; lists types and amounts of
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
• $5,730 annual maximum for 2014-2015
• Undergraduates without a bachelor’s degree
• Need-based
Federal Supplemental Educational
Opportunity Grant (FSEOG)
• $4,000 annual maximum for 2014-2015
• 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 2014-2015
• 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 9/11/2001
• Undergraduate under 24 years of age or enrolled
in college part-time at the time of parent or
guardian’s death
• 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 opportunities
• 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
• 4.66% interest rate during 2014-2015
• Need-based
Federal Unsubsidized Student Loan
•
•
•
•
Additional loans available to students who qualify
Interest starts to accrue after first disbursement
4.66% interest rate during 2014-2015
Non-need based
Federal Financial Aid
Parent Loan for Undergraduate Students
(PLUS)
• For parents of dependent students
• Parent borrower must be credit-worthy
• Interest starts to accrue after first
disbursement
• 7.21% interest rate during 2014-2015
• Non-need based
State Financial Aid
Oklahoma Tuition Aid Grant (OTAG)
• Apply through the FAFSA
• Application deadline March 1
• $1,000 annual maximum for public schools;
$1,300 annual maximum for private schools
• Maximums shown for 2014-2015
• Need-based
State Financial Aid
Oklahoma’s Promise
• Recipients receive free tuition at Oklahoma
public two-year colleges and four-year
universities
• Partial tuition provided at approved
Oklahoma private colleges and public
technology centers
• Recipients 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
FAFSA.com
FAFSA.com requires its users to pay $79.99 for this service.
Never pay to complete the FAFSA! Always use FAFSA.gov.
What Do You Think?
What was the total amount of
financial aid awarded by
Oklahoma State University during
the 2013-2014 academic year?
This includes all grants, loans and
scholarships in their undergraduate,
graduate and veterinary programs.
Over $310 Million
RESOURCES
UCanGo2.org
High School Student Workbook
• Why Go To College?
•
What Do I Want to Be?
•
How Do I Get There?
•
Where Do I Go?
•
How Do I Pay for It?
StartWithFAFSA.org
FAFSA Resources
SCHOLARSHIPS
Scholarships
• Money that does not have to be paid back
• Awarded on merit, need, skills, hobbies,
family history, athletics
• Apply for as many scholarships as possible
• Search scholarship websites, books, local
organizations, churches, family employers,
college financial aid offices
• Contact your tribal office for assistance if
you’re of Native American heritage
• Write a brilliant essay
Scholarship Success Guide
Facebook.com/UCanGo2
Search For It
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Zolp Scholarship to Loyola University
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Scholarship
Experts
• https:www.scholarship
experts.com/scholarships/
our-scholarships
• Applicants can be 13 years
of age and older
• Write a 250 word essay
• Legal U.S. resident
• Enroll in college by 2020
250
Word Essay
Oklahoma State Regents for Higher Education
Oklahoma College Assistance Program
Outreach Department
Kelli Kelnar
405.234.4239
866.443.7420 (toll free)
UCanGo2@ocap.org