FAFSA FUNDAMENTALS
2014-2015
Paying for College
•
No matter who you are, you CAN
go to college
•
College is an investment in your
future
•
Many forms of financial aid are
available to help you pay for your
education
What’s Financial Aid?
Financial aid is money to help you pay
educational expenses, such as:
•
•
•
•
•
•
Tuition
Fees
Books
Room and board
Transportation
Personal costs
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
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
FAFSA.gov
FAFSA.gov
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
• Automatically transfer your tax information with the
IRS Data Retrieval Tool
• 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 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
deadlines
• 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
aid.
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
information.
7. I completed the FAFSA my freshman year, so I don’t
have to complete it again.
FAFSA PROCESS
FAFSA Login
FAFSA 2014-2015
Set Your Password
Help and Hints
Help and Hints boxes
are located on each
screen to assist you
Selective Service Registration
Eighteen year
old males must
register with
Selective
Service in order
to receive
financial aid
You can elect to
register here on
your FAFSA
School Comparison
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
• Change in employment status
• Unusual medical expenses not covered
by insurance
• Change in parent marital status
• Unusual dependent care expenses
Parent Information
• Parent(s)/guardian(s) information may
be required on the FAFSA
• Marital status, income, living
arrangements, citizenship, etc. may
influence the application
• Use the “Help and Hints” tool
IRS Data Retrieval
• IRS can send tax data online directly to your
FAFSA
• 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
Sign and
Submit
Review your data
before you submit
You can still request a
PIN here if necessary
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
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) 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
Number)
• Submitting documentation to the college’s
Financial Aid office
Financial Need
Cost of Attendance
- Expected Family Contribution
-
Other Aid
Financial Need
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
• Federal Supplemental Educational Opportunity Grant (FSEOG)
• Teacher Education Assistance for College and Higher Education
Grant (TEACH)
• Iraq and Afghanistan Service Grant
• Federal Work-Study (FWS)
• Federal Perkins Loan
• Federal Subsidized Student Loan
• Federal Unsubsidized Student Loan
• Parent Loan for Undergraduate Students (PLUS)
StudentAid.gov
State Financial Aid
Oklahoma Tuition Aid Grant (OTAG)
• Apply through the FAFSA
• Need-based
Oklahoma’s Promise
• Students 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
• FAFSA completion required
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
RESOURCES
Scholarships
Oklahoma State Regents for Higher Education
Oklahoma College Assistance Program
Outreach Department
405.234.4239
866.443.7420 (toll free)
UCanGo2@ocap.org