copyright 2007 applying for financial aid 2007-2008
TRANSCRIPT
Copyright 2007
Applying for Financial Aid
2007-2008
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Sponsored by:
Presented by:
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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) and the Cal Grant GPA Verification Form
Answers to your individual questions
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Federal government
State government
Colleges and universities
Private agencies, companies, foundations, and your parents’ employers
Sources of Financial Aid
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Types of Financial Aid
Gift Aid - Grants or scholarships that do not need to be repaidWork - Money earned by the student as payment for a job on or off campusLoans - Borrowed money to be paid back, usually with interest
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Cal Grants
Cal Grant A Entitlement Awards – for students with a Grade Point Average (GPA) of at least 3.0, family income and assets below the state ceilings, and who demonstrate financial need
Cal Grant B Entitlement Awards – for students from disadvantaged or low income families with a GPA of at least 2.0, family income and assets below the state ceilings, and who demonstrate financial need
Cal Grant C Awards - for students from low income families pursuing vocational programs of study
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Eligibility for Cal Grants
To be eligible for a Cal Grant, the student must also:
– be a U.S. citizen or eligible non-citizen
– be a California resident
– attend a California college or university in 2007-2008
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parents have been legal residents of California for one year immediately prior to March 2, 2007, or
student has lived in California with other legal California residents, other than parents, for two years immediately prior to March 2, 2007, or
parents in the Armed Forces are stationed in California on active duty at the time the student enrolls in college, or parents’ military home of record is California.
Residency and Cal Grant Eligibility for 2007-2008Residency and Cal Grant Eligibility for 2007-2008
If unmarried and under 18 years of age, the student will be considered a legal resident of California if:
If married or 18 years of age or older, the student establishes his/her own residence status. The student must be a legal resident of California for one year prior to March 2, 2007
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2007-2008 Cal Grant Application Requirements
Check with your high school or college counselor for more details on how to file the Cal Grant GPA Verification form
By March 2, 2007, complete and submit:
Free Application for Federal Student Aid
(FAFSA)
Cal Grant GPA
Verification Form
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California Chafee GrantCalifornia Chafee Grant
The California Chafee Grant program provides up to $5,000 annually to current and former foster youth for college or vocational training at any accredited college in the U.S based on available funding.
To be eligible, the foster youth must have been in California foster care on their 16th birthday and not have reached their 22nd birthday before July 1, 2007
To apply, the foster youth must complete:
- 2007-2008 FAFSA- California Chaffee Grant Program Application
To learn more about the Chafee Grant, go to:
www.chafee.csac.ca.gov
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Need-Based Grants
Federal Grants
Pell Grants
- $4,050 maximum per year
Federal Academic Competitiveness Grants
- $750 for the first year
- $1,300 for the second year
Supplemental Educational Opportunity Grant (SEOG)
- $4,000 maximum per year
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Need-Based GrantsCommunity College Board of Governors’ (BOG) Fee Waiver
- Waives the California Community Colleges’ enrollment fee for financially needy California residents
- To learn more about this BOG Fee Waiver, go to:
www.icanaffordcollege.com
CSU State University Grant (SUG) – amounts vary
UC Grant – amounts vary
Independent College Grants - amounts vary
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Types of ApplicationsFAFSA
Cal Grant GPA Verification Form
Other applications or forms as required by the college such as
– 2006 federal tax returns (along with schedules and W-2s) or other income documentation
– CSS Financial Aid PROFILE
– Institutional Scholarship and/or Financial Aid Application
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FAFSA Information & Tips
File early, but no later than March 2, 2007
Use estimated 2006 income information if taxes are not complete at time of FAFSA submission
Student and at least one parent whose information is reported must complete and sign the FAFSA
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Federal PIN
PIN (Personal Identification Number) serves as the electronic signature on ED documentsBoth student and at least one parent need PIN to sign the FAFSA electronicallyMay 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
If an e-mail address is provided, PIN will be e-mailed to the PIN applicant within hours
Apply for student and parent PINs TODAY
at:
www.pin.ed.gov
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Getting ReadyBefore starting the FAFSA, gather:– Student driver’s license – Student Alien Registration Card– Student and 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 investmentsCreate a file for copies of all financial aid documents submitted
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Getting StartedRead all application instructions
If planning to submit the paper FAFSA:
– Use pen with black ink
– Print clearly in CAPITAL letters:
– 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
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The FOTW WorksheetA Five-Step ProcessThe FOTW WorksheetA Five-Step ProcessSection 1 – is about the studentSection 2 – determines student
dependency statusSection 3 – collects parental
information for dependent studentsSection 4 – collects student income
information and information about the independent student’s household
Section 5 – allows students to list up to six schools to receive information from the FAFSA
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Section 1(page 2)
STUDENT INFORMATION
Section 1(page 2)
STUDENT INFORMATION
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Your Social Security Number
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)
1 2 3 4 5 6 7 8 9
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Your Last Name
Your State of Legal Residence
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
Jones
CA
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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
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Alien Registration Number
0 1 2 3 4 5 6 7 8
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
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#14 Citizenship Status if you are applying to any California public
college or university, check to see if you might be eligible for in-state tuition costs
check with colleges and universities to see if institutional financial aid is available
apply for all private scholarships for which you may be eligible
watch for changes in federal and state laws regarding the eligibility of undocumented or under-documented students
start inquiring in elementary, middle or high school to see if it is possible for younger students to become a permanent resident
PAGE 7 – Step One
For more information and a
list of scholarships, go to
www.maldef.org
NOTE: if you are undocumented or under-documented
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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) 629-2512For a list of scholarships, go to: www.maldef.org
Citizenship Status
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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
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Indicate your most immediate degree or certificate objective for 2007-2008
Degree Objective
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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”
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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
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If you are a high school senior, the answer is ‘NO’
First Bachelor’s Degree?
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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 parentsThis definition of parents is unique to these two questions
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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
Drug Conviction Question
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Section 2(middle of page 3)
STUDENT STATUS
Section 2(middle of page 3)
STUDENT STATUS
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Section 2Determination of Student (Dependency) Status
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Section 2Determination 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 informationIf 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
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Section 3(page 4)
PARENTALINFORMATION
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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)
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Section 3 – Parental Information
Do not provide information on:– Foster parents
• If the student is in foster care, he/she is automatically considered an independent student
– Legal guardians or grandparents or other relatives• The student must attempt to get biological
parental information• Colleges may use Professional Judgment to
allow the student to file as independent
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Section 3 – Parental Information
,$ 0 If the answer to any question is zero or the question does not apply, enter 0:
Report whole dollar figures:
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
1 2 $ 3 5 6 (no cents),
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Your Parents’ Marital Status as of Today
Month and Year Your Parents were Married, Separated, Divorced, or Widowed
M M Y Y Y Y
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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
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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
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Parent 2006 Adjusted Gross Income
Reminder: If the answer is zero or the question does not apply, enter 0
If your parents have not yet filed their 2006 federal tax return information, it is fine to estimate information for these questionsIf 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
45,250
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Money Earned from Work by Parent(s)
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)
45,250
40,500
13,200
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Parent E-Mail Address
Fill in your parents’ e-mail address that will be valid at least until you start college
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Father’s and Mother’s SSN, Last Name, and Dates of Birth
NOTE: Provide this information for yourparent(s) who complete Section 3 of the worksheet
2 3 4 5 6 7 8 9 0 JONES
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
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Parents’ State of Legal Residence
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
CA
M M Y Y Y Y
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Parents’ Income Tax Paid
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
2,130
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Parents’ Tax Exemptions
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
05
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Parents’ Household Information
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
05
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Family Members Attending College
NOTE: Some financial aid offices will require proof that other family members are attending college
Always include yourself even if you will attend college less than half-time in 2007-2008Include 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 certificateNever include your parents
2
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Worksheet A: Untaxed Income & Benefits
NOTE: You should keep a copy of the worksheet because the financial aid office may request a copy
To answer, your parents should carefully complete the right column of Worksheet A (Page 8 of the worksheet)
1,250
1,250
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Worksheet B: Untaxed Income & Benefits
1,700
6,200
500
8,400
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Worksheet C: Exclusions to Income
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.
0
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Parent Assets
NOTE: Some financial aid offices may request supporting documentation for the answers to these questions
,$ 0
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
9 9 $ 9 9 9 , 9
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Parent Assets
Report the current balance of your parents’ cash, checking and/or savings accounts as of the day you complete the FAFSA
2,155
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Parent Assets
• bonds and other securities
• Coverdell IRAs
• 529 plans owned by parents
• installment and land sale contracts
• commodities, etc.
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
7,900
0
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Parent Assets
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
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
7,900
0
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Section 4(page 6)
STUDENT FINANCES
Section 4(page 6)
STUDENT FINANCES
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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
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Section 4 – Student Finances (Independent Students)
Answer this question only if you answered “yes” to at least one question in Section 2 – Student Status
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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 supportother 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
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Section 4 – Student Finances (Independent Students)
Count yourself even if you will attend college less that half-time in 2007-2008
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
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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
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Section 4 – Student Veterans’ Education Benefits
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) 827-1000or
www.va.gov
0
0 0
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Section 5(bottom of page 7)
SCHOOLS TO RECEIVE INFORMATION
Section 5(bottom of page 7)
SCHOOLS TO RECEIVE INFORMATION
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00117 COMMUNITY
COLLEGE ABC
023456
Section 5:School Information
034567
List schools to which the student is applying for admission
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Section 5:School Information
List up to six schools to which you are applying
For faster and more accurate processing, write in both the Title IV school code and the school name
– Check with each college’s financial aid office, your high school counselor, or the U.S. Department of Education’s website (www.fafsa.ed.gov) for a listing of federal school codes of the colleges to which you are applying
Select the housing plan that best describes the type of housing you expect to have while attending each listed school
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Step Six: School Information (cont.)
List at least one California college or
university In Question 97a, c, e, and g , list those schools
with the earliest financial aid deadlines, regardless of whether they are in-state or out-of-state
If the student is applying to more than six schools, wait for the processed Student Aid Report (SAR) and add additional schools via the Web or by phone
Strategies for Listing Colleges
PAGE 10 – Step Six
NOTE: Each UC and CSU campus must be listed separately
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DO NOT MAIL THIS WORKSHEET
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TYPES OF FAFSAsTYPES OF FAFSAs
FAFSA on the Web
Paper FAFSA
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FAFSA ON THE WEBInternet application used by students and parents to complete electronic FAFSA at
www.fafsa.ed.gov
Processed more quickly than paper version
Sophisticated on-line edits so that errors are less likely to be made
Student and at least one custodial parent should get a federal PIN at
www.pin.ed.gov
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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
Save all work periodically
Sign the application using student and at least one parent’s PIN
Print out a copy of the FAFSA before submitting data
Keep a copy of the Submission Confirmation Page
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File early and 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– 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)
Application Filing Tips Paper FAFSA
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Student Aid Report (SAR)Regardless of whether student uses FAFSA on the Web or submits a paper FAFSA, a SAR will be sent to the student – An electronic SAR will be sent if
student provides an email address– A paper SAR will be mailed if no
student e-mail address is provided
An electronic copy of the data will be sent to each college or university listed by the student in Step 5
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What Happens Next? Students and the colleges the student listed receive
Student Aid Report (SAR) from federal processor
Students who complete FAFSA and Cal Grant GPA Verification Form receive California Aid Report (CAR)
Students and families review SAR and CAR 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
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Special Circumstances
Contact the Financial Aid Office if there is:– Loss or reduction in parent or student 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 a family’s ability to contribute to higher education
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Summary of the Financial Aid Process
Submit all required forms, including the FAFSA, by each college’s published deadlines (but no later than March 2)
By March 2, submit a Cal Grant GPA Verification Form
Keep a copy of all forms submitted
Review the electronic Student Aid Report (SAR) Acknowledgement or the paper SAR sent to the student
Review the California Aid Report (CAR)
Watch for financial aid award notifications from colleges to which the student has been admitted
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
ASK QUESTIONS!
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Questions and Answers