College Goal Sunday January 17, 2009

Applying for Financial Aid
for 2014-2015
Types of Financial 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
Sources of Financial Aid
• Federal government
• State government
• Colleges and universities
• Private agencies, companies,
foundations, and parents’
Who is Eligible for Aid?
• U.S. citizens
• Eligible non-citizens, including:
• U.S. Nationals
• Permanent Residents
• Carriers of Arrival-Departure
Records (1-94)
Financial Aid Applications
CSS/Financial Aid PROFILE
Institutional financial aid
Deadlines and requirements vary by
institution. Don’t miss deadlines!!
FAFSA on the Web (FOTW)
• The FAFSA online application (free!):
• Online edits & skip logic to reduce errors
• Instructions throughout the application
FAFSA on the Web Worksheet
• Collects information for the
online application
• Does not include all FAFSA
• Do not mail this worksheet
Student Login
• Name should match the Social Security card (no nicknames)
Getting Started
• Make sure to complete the 2014-15 FAFSA
• Secure a PIN
Federal PIN
• PIN (Personal Identification Number) serves as the
electronic signature
• May also be used to:
• Correct/Update FAFSA
• Utilize IRS Data Retrieval Tool
• Both student and at least one custodial parent need a
PIN to sign the FAFSA electronically
• Parents without an SSN: sign & mail the signature
• The password allows you to save your application and return
to it later
Student Demographic Info
• Make sure the email address listed is one that is checked
Student Eligibility
Student Eligibility
• Citizenship status will be verified by:
• the Social Security Administration (citizens)
• the Department of Homeland Security
(eligible non-citizens)
• Males 18 and older must register for
Selective Service
Student Eligibility
• High School Completion Status
• If student selects high school diploma, the student
will have to list the high school
• Current high school students should select:
• Never before attended college
• Do not have a bachelor’s degree
• Interested in work-study?
• Answering yes does not obligate the student to work
nor cause the student to lose grants and scholarships
School Selection
• List up to 10 colleges/universities
• Wait for the processed SAR (Student Aid Report) to add
additional schools
Dependency Determination
• Independent students do not have to report parent data
Dependency Determination
Independent students must meet one of the following criteria:
24 or older
Graduate Student
Active duty in U.S. Armed
• Veteran of U.S. Armed
• Provide more than half of
support for children or
• In foster care any time after
age 13 or parents are
• Emancipated minor
• In legal guardianship
• Unaccompanied homeless
• Self-supporting and at risk of
being homeless
Parent Information
Who is Considered a Parent?
• Biological or adoptive parent(s)
• Include both parents if parents are married or are
not married but live together
• Married parents include same-sex couples who
were married in a state that recognizes same-sex
• In the case of divorce or separation, provide
information about the parent the student lived
with more in the last 12 months, and step-parent
if that parent is remarried.
Who is Not Considered a Parent?
• Foster parents or legal guardians
• If the student is in foster care or has a
legal guardian, he/she is automatically
considered an independent student
• Grandparents or other relatives
Household Size
Include in the parents’ household:
• Student
• Parent(s)
• Parents’ other dependent children, if
the parents provide more than half their
support or the children are federally dependent
• Other people who live with the parents and will
continue to do so from 7/1/14 through 6/30/15, and for
whom parents provide more than half the support and
will continue to do so from 7/1/14 through 6/30/15
College Students in the Household
Always include the student, even if he/she will
attend college less than half time in 2014-2015
Include other household members only if they will
attend at least half time in 2014-2015 in a program
that leads to a college degree or certificate
Do not include the parents
Some financial aid offices will require proof that
other family members are attending college
Parent Tax Information
• Report the current status of the parent(s)’ 2013 tax return:
already completed, will file, or not going to file
IRS Data Retrieval Tool
• Upload federal tax data directly to the FAFSA
• Available February 2nd
• 2013 federal tax return must be submitted
• Certain parents cannot use the tool
Parent Financial Information
• Use estimated figures if haven’t yet filed 2013 taxes
• If the answer is zero or the question does not apply, enter 0
Parent Financial Information
• AGI: Total of all taxable income on the federal
income tax form. Includes wages, interest &
dividend income, business & rental property
income, and taxable portion of pensions and Social
Security benefits.
• Income earned from working: Use W-2 forms and
other records (including record of business income
earned from self-employment) to calculate
What is a Dislocated Worker?
• An individual who:
• is receiving unemployment benefits due to losing
a job and is unlikely to return to a previous job
• has been laid off or received a lay-off notice
• was self-employed but is now unemployed due to
economic conditions or natural disaster
• is a displaced homemaker
Household Benefits
• You may be asked to report if your household
received in 2012 or 2013:
Supplemental Security Income (SSI)
Supplemental Nutrition Assistance Program (SNAP)
Free or Reduced Price Lunch
Temporary Assistance for Needy Families (TANF)
Special Supplemental Nutrition Program for Women,
Infants, and Children (WIC)
• Indicate if anyone in the household received these
Cont’d Parent Financial Info
Cont’d Parent Financial Info
• Parents’ Income Tax:
• Found on the federal income tax return
• Not the amount withheld from parents’ paychecks
• Additional Financial Information: Indicate if
received in 2013 and specific amounts:
American Opportunity Tax Credit or Lifetime Learning Tax Credit
Child support paid
Taxable earnings from Work-study, Assistantships or Fellowships
Grant and scholarship aid reported to the IRS
Combat pay or special combat pay
Cooperative education program earnings
Untaxed Income
• Check all answers that apply
• Report specific amount for each answer selected
• Some colleges and universities may ask for
information about other untaxed income
Parent Assets
Parents may be asked to report:
• Current balance of cash, savings and checking
• Net value of investments such as real estate, rental
properties, money market and mutual funds, stocks,
bonds, college savings and other securities
• Net value of businesses and investment farms
Do not include your primary residence, life insurance,
retirement accounts and small family businesses
Student Information
• Student will be asked same income and
asset questions as parents
• Student should report all income earned
in 2013 even if he/she did not file taxes
Submitting the FAFSA
• Student and parent sign with PIN or print the signature page
Confirmation Page
• Print or email Confirmation Page for your records
Special Circumstances
Contact the Financial Aid Office if there are
circumstances that affect a family’s ability to pay
for college such as:
Loss or reduction in parent/student income or assets
Death or serious illness
Natural disasters affecting parent income or assets
Medical or dental expenses not covered by insurance
Financial responsibility for elderly grandparents
What Happens Next
• Colleges and state receive data electronically
• You will receive a Student Aid Report (SAR)
(electronically or by mail)
• Colleges may request additional
documentation/information, such as tax data,
through a process called Verification
• Colleges send notices of financial aid eligibility to
admitted students who have completed all
required financial aid forms
Thank You
Please remember to complete the
FAFSA Day Survey before you leave!
You can also share feedback with us at or