applying for financial aid 2011-2012

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Applying for Financial Aid 2011-2012

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Sponsors/Partners:

Presenter:

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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

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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 Applications

FAFSA CSS/Financial Aid PROFILE Institutional financial aid

application

Deadlines and requirements vary by institution

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FAFSA on the Web

• Internet application used by students and parents to complete electronic FAFSA at

www.fafsa.gov

• Sophisticated on-line edits and skip logic so that errors are less likely to be made

• On-line help is available for each question

• Student and at least one custodial parent should get a federal PIN at

www.pin.ed.gov

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FAFSA on the Web Password

Before starting the on-line FAFSA you will be asked to create a password

This allows you to save your application and return to it at a later time

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Federal PIN

• PIN (Personal Identification Number) serves as the electronic signature on ED documents

• Both student and at least one custodial parent need PIN to sign the FAFSA electronically

• May be used to:• Correct/Update FAFSA• Add additional schools to receive

FAFSA data

• Needed each year the student completes the FAFSA

Apply for student and parent PINs at

www.pin.ed.gov

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Getting Ready

• Before starting the FAFSA, gather:• Student driver’s license • Student Alien Registration Card• Student and Parent

Social Security cards

2010 W-2 Forms and other records of money earned

2010 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 investments Create a file for copies of all financial aid documents submitted

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FAFSA on the Web Worksheet

Used to collect information for the on-line application

Does not include all questions from the FAFSA

Do not mail this worksheet

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The FAFSA on the Web WorksheetA Four Section FormThe FAFSA on the Web WorksheetA Four Section Form

Section 1 – Student information

Section 2 – Student dependency status

Section 3 – Parent financial information for dependent students

Section 4 – Student financial information

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Section 1(page 2)

STUDENT INFORMATION

Section 1(page 2)

STUDENT INFORMATION

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Section 1Student Name

The online FAFSA will ask for the student’s last name, first name, and middle initial

Make sure to report the student’s name exactly as it appears on the student’s Social Security card

J O N E S J A N E

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Section 1Student Social Security Number

Double check the student’s Social Security Number when entering it on the FOTW. Both student name and Social Security Number will be compared through a national database match

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If U.S. citizen, status will be confirmed by Social Security match

If eligible noncitizen, 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 noncitizens with I-94 Certification from Department of Health and Human Services

with designation of “Victim of human trafficking”

If neither a citizen or eligible noncitizen, the student is ineligible for federal/state aid, but might still be eligible for institutional funds

Section 1Citizenship Status

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Section 1Alien Registration Number

If an eligible noncitizen, write in the student’s 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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Section 1Undocumented Students

Check with colleges and universities to see if institutional financial aid is available

Apply for all private scholarships for which the student 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 permanent residents

For more information and a list of scholarships, go to

www.maldef.org/pdf/scholarships.pdf www.latinocollegedollars.org

www.finaid.org/otheraid/undocumented.phtml

NOTE: if the student is undocumented or under-documented

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Section 1Student Marital Status

The student should check his or her marital status as of the date the FAFSA on the Web is completed

If the student is married or remarried, he or she will be asked to provide information about his or her spouse

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Section 1Selective Service Registration

Male students who are between the ages of 18 and 25 years of age must be registered with Selective Service to receive federal and state aid

Answer “Register me” only if the student is male, aged 18-25, and has not yet registered.

The student may also register by going to:

www.sss.gov

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If the student has never attended college since high school, check “Never attended college”

If the student has attended college since high school but never received federal student grants, loans or work-study, check “I have never received federal student aid”

If the student has received federal student aid and has never had a drug conviction, check “I have never had a drug conviction”

Section 1Student Aid Eligibility Drug Convictions

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If the student was convicted of the possession or sale of illegal drugs while receiving federal student aid, the student will be asked to complete more questions about the drug offense

Simply having a drug conviction does not mean that the student will be ineligible for federal student and/or state student aid

Section 1Student Aid Eligibility Drug Convictions

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Section 1Parents’ Educational Level

Indicate highest level of schooling completed by the student's biological or adoptive parents Use birth parents or adoptive parents - not stepparents or foster parents This definition of parents is unique to these

two questions

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Section 1Student State of Legal Residence

An important question NOT on the Worksheet:

Student State of Legal Residence Residency relates to the student’s permanent

home state if the student is dependent, the state of legal residence is

usually the state in which the custodial parent(s) live

State of legal residence is also used to determine eligibility for state grants in the need calculation to determine the appropriate

allowance for state and other taxes paid by that state’s residents

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High School Completion Status

When the student begins college in the 2011-2012 school year, what will be the student’s high school completion status?

High school diplomaGED certificateHome schooledNone of the above

Section 1High School Completion Status


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Section 1High School Completion Status

If student selects High School diploma they will be required to list the high school they received or will receive diploma from

FAFSA on the Web allows students to search for high school by name, city and state


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Grade Level in 2011-2012

When the student begins the 2011-2012 school year, what will be his/her grade level?Never attended college/1st yearAttended college before/1st year2nd year/sophomore3rd year/junior4th year/senior5th year/other undergraduate1st year graduate/professionalContinuing graduate/professional or beyond

Section 1Grade Level in 2011-2012


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Degree or Certificate

In the 2011-2012 school year, what degree or certificate will you, the student, be working on?Some options are: - 1st bachelor’s degree - Associate degree (occupational or

technical program) - Associate degree (general

education or transfer program) - Graduate or professional degree

Section 1Degree or Certificate Objective


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Section 1Interest in Receiving Work-study

FAFSA on the Web asks If the student is interested in being considered for work-study

Indicating interest does not obligate the student to work nor will it cause the student to lose grants and scholarships

Answering “no” may restrict the students opportunity to utilize work-study


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Section 1School Selection

FAFSA on the Web allows the student to list up to 10 colleges/universities that will receive his/her student and parent information

list all schools where student is applying for admission If school code is not known you may search by city, state or college name• If the student is applying to more than ten colleges, wait for the processed Student Aid Report (SAR) before deleting/adding additional colleges


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Section 2(page 2)

STUDENT DEPENDENCY STATUS

Section 2(page 2)

STUDENT DEPENDENCY STATUS

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Section 2Determination of Student Dependency Status

24 or older Married Graduate Student Serving on active duty in U.S. Armed Forces Veteran of U.S. Armed Forces Have children or dependents who receive more

than half of their support In foster care, dependent or ward of the course or

parents were deceased any time after age 13 Emancipated minor In legal guardianship Homeless, risk of being homeless, or

unaccompanied youth

To be considered independent the student must meet one of the following criteria

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Section 3(page 3)

PARENTINFORMATION

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Section 3 Who is Considered a Parent

See instructions on page 3 of FAFSA on the Web Worksheet

Biological or adoptive parent(s)

Stepparent (regardless of any prenuptial agreement)

In case of divorce or separation, provide information about the parent and/or stepparent the student lived with more in the last 12 months

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Section 3 Who is Not a Parent

Do not provide information on: 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 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 Parents’ Tax Return Filing Status for 2010

The student will be asked to provide information about parent tax filing status for 2010: If his/her parents have completed their 2010 federal

income tax return, mark the first box If they have not as yet filed, but plan to file a 2010

federal income tax return, mark the second box If they have not, nor will not, file a 2010 federal income

tax return and are not required to do so, mark the third box

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Section 3 Parent 2010 Adjusted Gross Income

Reminder: If the answer is zero or the question does not apply, enter 0

If the student’s parents have not yet filed their 2010 federal tax return, use estimated information for this question

If the student’s parents have completed their 2010 federal tax return, use actual 2010 tax return information to complete this item.

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Section 3 Money Earned from Work by Parent(s) in 2010

Use W-2 forms and other records to list all income earned from work in 2010 (including business income earned from self-employment) for father/stepfather and/or mother/stepmother

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Section 3Dislocated Worker

• The student will be asked to check if the father/stepfather and/or mother/stepmother is a dislocated worker

• A person may be considered a dislocated worker if he/she:• is receiving unemployment benefits due to being laid off or losing a

job and is unlikely to return to a previous occupation• has been laid off or received a lay-off notice from a job • was self-employed but is now unemployed due to economic

conditions or natural disaster• is a displaced homemaker

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Section 3 Parent 2010 U.S. Income Taxes

What was the amount parents’ U.S. income tax for 2010?

Found on federal tax return

Not the amount withheld from parents’ paychecks


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Section 3 Parents’ 2010 Tax Exemptions

• Enter the parents’ tax exemptions for 2010 Exemptions can be found on their IRS tax return Be sure to include all persons being claimed on the

parents’ 2010 federal tax return, regardless of whether they are included in the parents’ household size question


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Section 3IRS Data Retrieval Tool

While completing online FAFSA applicant may submit real-time request to IRS for tax data

If successful match is made, IRS federal tax information will be displayed

Applicant chooses whether or not to transfer tax data to online FAFSA

Participation is voluntary Available January 30th

Available for FAFSA corrections

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Section 3 Parents’ Household 2009 or 2010 Benefits Received

Indicate if the student, his/her parents, or anyone in the parents’ household received benefits in 2009 or 2010 from any of the federal programs listed

Actual amounts received are not reported

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Section 3 2010 Parent’s Additional Financial Information

Check all items received or paid in 2010 FAFSA on the Web will ask for amounts

received/paid

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Section 3 2010 Parent Untaxed Income

Check all that apply in 2010 FAFSA on the Web will ask for amounts

received

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Section 3 Parent Assets

NOTE: Some financial aid offices may request supporting documentation for the answers to these questions

Parents may be asked to report their assets. If so:

List the net value of parents’ assets as of the day the FAFSA is signed

If net worth is one million dollars or more, enter

If net worth is zero, enter 0 9 9 $ 9 9 9 , 9

$ 0 ,

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Section 3 Parent Assets

Parents may be asked to report:

Current balances of cash, savings and checking accounts

Net valued of investments such as real estate, rental properties, money market and mutual funds, stocks, bonds and other securities

Net value of businesses and investment farms

Note: Do not include the value of your primary residence, the value of life insurance, retirement accounts and small family businesses as described in the FAFSA instructions.

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Section 3 Parent E-Mail Address

Provide a parent e-mail address that will be valid at least until the student starts college

If a parent provides an e-mail address, the FAFSA processor will let the parent know the student’s FAFSA has been processed


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Section 3 Parent Household Size

Parent Number in Household Include in the parents’ household:

The student Parent(s) Parents’ other dependent children, if

the 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 the parents and will continue to do so from 7/1/11 through 6/30/12, and if the parents provide more than half their support now, and will continue to provide support from 7/1/11 through 6/30/12


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Section 3 College Students in the Parent Household

NOTE: Some financial aid offices will require proof that other family members are attending college

College Students in the Parent Household Always include the student even if he/she will attend

college less than half-time in 2011-2012 Include other household members only if they will

attend at least half-time in 2011-2012 in a program that leads to a college degree or certificate

Do not include the parents


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Section 4(page 4)

STUDENT INFORMATION

Section 4(page 4)

STUDENT INFORMATION

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Section 4Student Information

• Questions in Section 4 are identical to the parent financial questions we covered in Section 3

If the student is single, ignore references to “spouse”

If the student is married, report spouse’s income and assets

Skip the student’s adjusted gross income question if the student is not required to file taxes

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Section 4 Student Information

There are questions in Section 4 that the student will be asked only if he/she checked at least one response in Section 2 – Student Dependency Status

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Section 4 Student Benefits

Indicate if anyone in the student’s household received benefits in 2009 or 2010 from any of the federal programs listed

Actual amounts received are not reported

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Section 34Student Household Size

• Include in the student’s household:• The student and the student’s spouse (if married)• The student’s dependent children, if

the student provides more than half their support

• Other people, if they now live with the student and will continue to do so from 7/1/11 through 6/30/12, and if the student provides more than half their support now, and will continue to provide support from 7/1/11 through 6/30/12


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Section 4 Student Number in College

• Count the student even if he/she will attend college less that half-time in 2011-2012

• Include others only if they will attend at least half-time in 2011-2012 in a program that leads to a college degree or certificate


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Special Circumstances

Contact the Financial Aid Office if there are circumstances which affect a family’s ability to pay for college such as:

• Loss or reduction in parent or student income or assets

• Death or serious illness• Natural disasters affecting parent income

or assets• Unusual medical or dental expenses not

covered by insurance• Reduction in child support or other untaxed

benefits• Financial responsibility for elderly grandparents

Or any other unusual circumstances that affect a family’s ability to contribute to

higher education

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What Happens Next?

FAFSA information is sent to colleges listed on the application and Students receive Student Aid Report

(SAR) from federal processor

Students and families review SAR 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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Student Aid Report (SAR)

• After the student completes the FAFSA on the Web, a SAR will be sent to the student

• An electronic SAR Acknowledgment 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 Section 1

• Keep a copy of the SAR with other financial aid documents

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Summary of the Financial Aid Process

• Submit all required forms, including the FAFSA, by each college’s published deadlines

• Keep a copy of all forms submitted• Review the electronic Student Aid

Report (SAR) Acknowledgement or the paper SAR sent to the student

• 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 Questions and Answersand Answers

applying for financial aid 2011-2012

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