college funding 101 - demystifying the financial aid process (with 2011-2012 fasfa)

8/6/2019 College Funding 101 - Demystifying the Financial Aid Process (With 2011-2012 FASFA)

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College Funding 101:Demystifying the Financial Aid Process

Includes the Free

Application for

Federal Student Aid

(FAFSA)

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College Funding 101:

Demystifying theFinancial Aid Process

FAFSA, EFC, Stafford, PLUS Huh? Colleges seem to

speak a foreign language when the subject turns to money.

But the basics are simple.

Financial aid is simply money that helps you pay for

college. There are three kinds:

GrantsGrants, also called scholarships or gi aid, are the best kind of nancial aid. They

are free money that you dont have to pay back. Generally, grants are awarded for

one of three reasons:

Need:The student has qualied as nancially needy, usually by lling out theFree Application for Federal Student Aid (FAFSA), or the College Scholarship

Service (CSS) Prole.

Merit: The student is being rewarded for good grades, athletic skill, musical talent, etc.

Employment beneft: The student or the parent qualies for tuition assistance

through an employer. Many universities, for example, give employees children a

break on tuition.

LoansLoans are debts that you have to pay back and are obviously not as good as grants.

Some loans, such as federal Staord and Perkins loans for students, are considered

nancial aid because taxpayers subsidize the rates so that students can borrow

at a lower cost than they would get from a bank. A few charities and schools are

even oering college loans at zero percent interest. The federal government calls

its PLUS loans for parents nancial aid. But many counselors note that some

parents with good credit can borrow more cheaply from banks than from the

PLUS program.

How Are You Answering

the Presidents Challenge?

With the President encouraging

each American to commit to at

least one year of higher education

or career training, the national

spotlight has never been so focused

on professional development.

Your personal success and indeed

the prosperity and security of the

nation depend on it.

In a global economy, where the

most valuable skill you can sell is

your knowledge, a good education

is no longer just a pathway to

opportunity. It is a prerequisite,the President told a joint session

of Congress.

Three-quarters of the fastest-growing

occupations require more than a

high school diploma, yet just over

half of Americans have that level of

education. The federal government

has pledged to provide the support

necessary for America to have the

worlds highest proportion of college

graduates by 2020.

How are you answering the

Presidents challenge? Researching

nancial aid options and completing

the Free Application for Federal

Student Aid (FAFSA) are great

places to start. By securing funding

for the right school now, you will

position yourself to gain new skills

and transform your life forever!



Work-studyThe federal government subsidizes some campus and nonprot jobs for students.

Generally, work-study jobs are awarded only to students who the college says

are nancially needy. The jobs typically dont pay especially well. Students may

nd beer-paying jobs o campus. But work-study jobs have advantages. Theirearnings dont reduce the students future nancial aid awards. Their schedules

coincide with the schools. They are typically on campus, which reduces any

commute hassle. And they are typically limited to fewer than 15 hours a week, so

they conform with studies showing that students who work between ve and 15

hours a week actually get beer grades than those who dont work at all or work

more hours.

Right Math = Total CostsHaving trouble guring out just how much college is going to cost? Worried about

raising the money youll need? Weve gathered some of the most frequently asked

questions and condensed the advice of dozens of experts into a few simple steps.

Look for the schools total cost of aendance (COA) which includes

tuition, fees, room, board, books, travel, and miscellaneous living expenses

in the papers the school sent, or on its website.

If you cant nd the total COA, you can estimate it yourself by adding

tuition, fees, room, board, and about $3,500 or so.

If you cant nd the COA, you can also call and ask the college nancial

aid oce for the COA. Make sure they dont just give you the total

direct costs, which accounts for only tuition, fees, room, and board.

Federal law requires schools to make available to students their ocial

total cost of aendance.

Subtract the total of your free money (grants and scholarships) from the

COA. If you have trouble with the math, ask the nancial aid oce for

help calculating your out-of-pocket costs. Explain that you want your cost

only aer grants and scholarships have been subtracted from your total

cost of aendance.

Applying for Federal Student AidAs with many tasks in life, organization is the key to successfully completing

your application for federal student aid. Gathering the necessary documents and

working in a deliberate, step-by-step manner will ease your mind and enhance

your eorts. What may seem like a long and cumbersome process at rst glance is

actually very straightforward and manageable.



First, you must get a Federal Student Aid personal identication number that lets

you electronically sign your FAFSA, make corrections online and more. You can

apply for a PIN at www.pin.ed.gov.

Youll also need to begin collecting application documents, which include income

tax returns and W-2 forms. Visit www.fafsa.ed.gov for a complete list of document

needed. Aer submiing your FAFSA, you will receive a Student Aid Report

(SAR), which is a summary of the information from your FAFSA. Review this

document, make any necessary revisions and submit your SAR for reprocessing.

This document will contain your Expected Family Contribution (EFC), which is a

number the government uses to determine your federal student aid eligibility.

In a nutshell, thats it. For detailed information including student loan comparison

charts, eligibility requirements and tax implications, download Funding

Education Beyond High School: The Guide to Federal Student Aid, a helpfulresource created by the U.S. Department of Education.

Take the Next Step and

Complete the FAFSANow that you are more familiar with the nancial aid process, your next step

is to complete the FAFSA, which we have provided on the following pages for

your convenience. You can print this document to read and review before you

enter the information online, or you can visit the FAFSA website to complete your

application immediately.
http://www.usnewsuniversitydirectory.com/?MCID=50000http://www.pin.ed.gov/http://www.fafsa.ed.gov/http://studentaid.ed.gov/students/attachments/siteresources/FundingEduBeyondHighSchool_0809.pdfhttp://studentaid.ed.gov/students/attachments/siteresources/FundingEduBeyondHighSchool_0809.pdfhttp://studentaid.ed.gov/students/attachments/siteresources/FundingEduBeyondHighSchool_0809.pdfhttp://studentaid.ed.gov/students/attachments/siteresources/FundingEduBeyondHighSchool_0809.pdfhttp://www.fafsa.ed.gov/http://www.pin.ed.gov/http://www.usnewsuniversitydirectory.com/?MCID=50000http://www.usnewsuniversitydirectory.com/?MCID=50000


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Notes or questions 14 and 15 (page 3)

I you are an eligible noncitizen, write in your eight- or nine-digit Alien

Registration Number. Generally, you are an eligible noncitizen i you are

(1) a permanent U.S. resident with a Permanent Resident Card (I-551); (2)a conditional permanent resident (I-551C); or (3) the holder o an Arrival-

Departure Record (I-94) rom the Department o Homeland Security showingany one o the ollowing designations: Reugee, Asylum Granted, Parolee

(I-94 confrms that you were paroled or a minimum o one year and status hasnot expired), T-Visa holder (T-1, T-2, T-3, etc.) or Cuban-Haitian Entrant; or

(4) the holder o a valid certifcation or eligibility letter rom the Department

o Health and Human Services showing a designation o Victim o human

tracking.

I you are in the U.S. on an F1 or F2 student visa, a J1 or J2 exchange visitorvisa, or a G series visa (pertaining to international organizations), select No,

I am not a citizen or eligible noncitizen. You will not be eligible or ederalstudent aid; however, you should still complete the application because you

may be eligible or state or college aid.

Notes or question 22 (page 3)

The Selective Service System, and the registration requirement or youngmen, preserves Americas ability to provide manpower in an emergency to the

U.S. Armed Forces. Almost all menages 18 through 25must register. For

more inormation about Selective Service, visit www.sss.gov.

Notes or questions 33 (page 4)

and 81 (page 6)

I you fled or will fle a oreign tax return, a tax return with Puerto Rico,another U.S. territory (e.g., Guam, American Samoa, the U.S. Virgin Islands,

Swains Island or the Northern Marianas Islands) or one o the FreelyAssociated States (i.e., the Republic o Palau, the Republic o the Marshall

Islands or the Federated States o Micronesia), use the inormation rom that

return to fll out this orm. I you fled a oreign return, convert all monetaryunits to U.S. dollars, using the exchange rate that is in eect today. To view

the daily exchange rate, go to www.ederalreserve.gov/releases/h10/update.


and 82 (page 6)

In general, a person is eligible to fle a 1040A or 1040EZ i he or she makesless than $100,000, does not itemize deductions, does not receive income

rom his or her own business or arm and does not receive alimony. A personis not eligible to fle a 1040A or 1040EZ i he or she makes $100,000 or more,

itemizes deductions, receives income rom his or her own business or arm,is sel-employed, receives alimony or is required to fle Schedule D or capital

gains. I you fled a 1040 only to claim American Opportunity, Hope or LietimeLearning credits, and you would have otherwise been eligible or a 1040A or

1040EZ, you should answer Yes to this question. I you fled a 1040 and werenot required to fle a tax return, you should answer Yesto this question.


and 85 (page 7) Notes or those who fled a 1040EZ

On the 1040EZ, i a person didnt check either box on line 5, enter 01 i he or

she is single, or 02 i he or she is married. I a person checked either the youor spouse box on line 5, use 1040EZ worksheet line F to determine thenumber o exemptions ($3,650 equals one exemption).

Notes or questions 41 and 42 (page 4)

and 89 and 90 (page 7)

Net worth means current value minus debt. I net worth is negative, enter 0.

Investments include real estate (do not include the home you live in),trust unds, UGMA and UTMA accounts, money market unds, mutualunds, certifcates o deposit, stocks, stock options, bonds, other securities,

installment and land sale contracts (including mortgages held), commodities,etc.

Notes continued in next column.

Notes or questions 41 and 42

and 89 and 90Notes continued from previous colu

Investments also include qualifed educational benefts oreducation savings accounts (e.g. Coverdell savings accounts, 52college savings plans and the reund value o 529 prepaid tuitio

plans). For a student who does not report parental inormation

the accounts owned by the student (and/or the students spouare reported as student investments in question 42. For a stude

who must report parental inormation, the accounts are reportas parental investments in question 89, including all accounts

owned by the student and all accounts owned by the parents

any member o the household.

Investments do not include the home you live in, the valueo lie insurance, retirement plans (401[k] plans, pension unds,annuities, non-education IRAs, Keogh plans, etc.) or cash, savin

and checking accounts already reported in questions 40 and 88Investments also do not include UGMA and UTMA accounts which you are the custodian, but not the owner.

Investment value means the current balance or market value o

these investments as o today. Investment debt means only tho

debts that are related to the investments.

Business and/or investment arm value includes the market

value o land, buildings, machinery, equipment, inventory, etc.Business and/or investment arm debt means only those debts

which the business or investment arm was used as collateral.

Business value does not include the value o a small businessi your amily owns and controls more than 50 percent o thebusiness and the business has 100 or ewer ull-time or ull-tim

equivalent employees. For small business value, your amily

includes (1) persons directly related to you, such as a parent,sister or cousin, or (2) persons who are or were related to you b

marriage, such as a spouse, stepparent or sister-in-law.

Investment arm value does not include the value o a amilyarm that you (your spouse and/or your parents) live on andoperate.

Notes or questions 48 (page 5)Answer Yesi you are currently serving in the U.S. Armed Forcor are a National Guard or Reserves enlistee who is on active duor other than state or training purposes.

Answer Noi you are a National Guard or Reserves enlistee wis on active duty or state or training purposes.


Answer Yes (you are a veteran) i you (1) have engaged in actduty in the U.S. Armed Forces (Army, Navy, Air Force, Marines oCoast Guard) or are a National Guard or Reserve enlistee who w

called to active duty or other than state or training purposes, owere a cadet or midshipman at one o the service academies, a

(2) were released under a condition other than dishonorable. Aanswer Yes i you are not a veteran now but will be one by Ju30, 2012.

Answer No (you are not a veteran) i you (1) have never engagin active duty in the U.S. Armed Forces, (2) are currently an ROT

student or a cadet or midshipman at a service academy, (3) area National Guard or Reserve enlistee activated only or state or

training purposes, or (4) were engaged in active duty in the U.SArmed Forces but released under dishonorable conditions.

Also answer No i you are currently serving in the U.S. ArmedForces and will continue to serve through June 30, 2012.

2 Notes continued on pag


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M M Y Y Y Y

( ) M M D D 1 9Y Y

A

or Helpwww.studentaid.ed.gov/completeasa Page

3. Middleinitial

5. City (and

country i notU.S.)

3

26. When you begin college in the 2011-2012 school year, what will be your high school completion status?

High school24. Highest school your ather completed

25. Highest school your mother completed

Middle school/Jr. high

Middle school/Jr. high

Some states and colleges oer aid based on the level o schooling your parents completed.

21. Are you maleor emale?

22. I emale, skip to question 23. Most male students must register withSelective Service to receive ederal aid. I you are male, age 18-25 and not

registered, fll in the circle and we will register you. See Notes page 2.

Male

14. Are you a U.S.citizen?

Mark only one.See Notes page 2.

19. Did you become a legalresident o this state

beore January 1, 2006?

Your drivers license number and drivers license state (i you have one)

13. Your e-mail address. I you provide your e-mail address, we will communicate with you electronically. For example, when your FAFSA has been processed, you w

be notifed by e-mail. Your e-mail address will also be shared with your state and the colleges listed on your FAFSA to allowthem to communicate with you. I youpreer to be contacted by postal mail or do not have an e-mail address, please leave this feld blank.

4. Number andstreet (include

apt. number)

9. Your dateo birth

2. Firstname

7. ZIP code6. State

12. Drivers licensestate

OMB # 1845-0

Register me

Other/unknown

Other/unknownCollege or beyond

Yes

No

High school

Step One (Student): For questions 1-31, leave blank any questions that do not apply to you (the student).

1. Lastname

Your ull name (exactly as it appears on your Social Security card)

Your mailing address

8. Your Social Security Number 10. Your permanent telephone number

11. Drivers licensenumber

15. Alien Registration Number

18. What is yourstate o legal

residence?

20. I the answer to question 19is No, give month and year

you became a legal resident.

Female

23. Have you been convicted or the possession or sale o illegal drugs or an oense that occurred while you were receiving

ederal student aid (such as grants, loans or work-study)?Answer No i you have never received ederal student aid or i you have never had a drug conviction while receiving ederal student aid.I you have a drug conviction or an oense that occurred while you were receiving ederal student aid, answer Yes, but complete andsubmit this application, and we will mail you a worksheet to help you determine i your conviction aects your eligibility or aid. I you areunsure how to answer this question, call 1-800-433-3243 or help.

College or beyond

MONTH YEAR

MONTH YEARDAY

STATE

No

Yes

1

2

3

4

1

2

1

2

1

1

3

No, but I am an eligible noncitizen. Fill in question 15. 2

No, I am not a citizen or eligible noncitizen. Skip to question 16. 3

1 2 3 4

1 2 3 4

High school diploma. Answer question 27. ...................................................................

None o the above. Skip to question 28. ..........General Educational Development (GED) certifcate. Skip to question 28. ........

Homeschooled. Skip to question 28. ..................

Yes, I am a U.S. citizen (U.S. national). Skip to question 16. 1

M M Y Y Y Y6. What is yourmarital status as

o today?

17. Month and year you

were married,remarried, separated,

divorced or widowed.

Report your marital status as o the date you sign your FAFSA. your marital status changes ater you sign your FAFSA, you cannot change this inormation.

MONTH YEARI am separated

I am married/remarried

I am single

I am divorced or widowed

3

4

1

2

Federal Student Aid

U.S. Department of Education

Free Application for Federal Student Aid

July 1, 2011 June 30, 2012

SM

Step One CONTINUED on pa


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STATE

High School Name

High School City

,

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29. When you begin the 2011-2012 school year, what will be yourgrade level?

30. When you begin the 2011-2012 school year, what degree or certifcatwill you be working on?

Answer questions 3257 about yoursel (the student). I you are single, separated, divorced or widowanswer only about yoursel. I you are married or remarried as o today, include inormation about yospouse (husband or wie).Step Two (Student):

32. For 2010, have you (the student) completed your IRS income taxreturn or another tax return listed in question 33?

33. What income tax return did you fle or will you fle or 2010?

34. I you have fled or will fle a 1040, were you eligible to fle a 1040A or 1040EZ?See Notes page 2.

For questions 3544, i the answer is zero or the question does not apply to you, enter 0. Report whole dollar amounts with no cents.

35. What was your (and spouses) adjusted gross income or 2010? Adjusted gross income is on IRS Form 1040line 37; 1040Aline 21; or 1040EZline 4.

Questions 38 and 39 ask about earnings (wages, salaries, tips, etc.) in 2010. Answer the questions whether or not a tax return was fled. This inormatmay be on the W-2 orms, or on IRS Form 1040lines 7 + 12 + 18 + Box 14 (Code A) o IRS Schedule K-1 (Form 1065); on 1040Aline 7; or on1040EZline 1. I any individual earning item is negative, do not include that item in your calculation.

40. As o today, what is your (and spouses) total current balance o cash, savings and checking accounts?Do not include student fnancial aid.

38. How much did you earn rom working in 2010?

Step Two CONTINUED on pa4

41. As o today, what is the net worth o your (and spouses) investments, including real estate? Dont include thehome you live in. Net worth means current value minus debt. See Notes page 2.

42. As o today, what is the net worth o your (and spouses) current businesses and/or investment arms?

Dont include a amily arm or amily business with 100 or ewer ull-time or ull-time equivalent employees.See Notes page 2.

28. Will you have your frst bachelors degbeore July 1, 2011?

39. How much did your spouse earn rom working in 2010?

36. Enter your (and spouses) income tax or 2010. Income tax amount is on IRS Form 1040line 55; 1040Aline 35; or 1040EZline 11.

37. Enter your (and spouses) exemptions or 2010. Exemptions are on IRS Form 1040line 6d or Form 1040Aline 6d. For Form 1040EZ,see Notes page 2.

NoYes Dont know

1Yes No 2

2 1

1

2

3

Other/undecided ..................................................................................................................

Graduate or proessional degree ....................................................................................

Teaching credential (nondegree program) ............................. ............................. ......

Associate degree (occupational or technical program) ............................... ...........

2nd bachelors degree .........................................................................................................

1st bachelors degree ......................... .............................. ............................. .....................

61st year graduate/proessional ....................................................................

55th year/other undergraduate ............................ ............................. ...........

44th year undergraduate/senior ....................................................................

33rd year undergraduate/junior ....................................................................

22nd year undergraduate/sophomore ............................. ..........................

1

Attended college beore and 1st year undergraduate ........................

0Never attended college and 1st year undergraduate .........................

Certifcate or diploma (occupational, technical or education program otwo or more years) ................................................................................................................

7Continuing graduate/proessional or beyond ........................... ...........

IRS 1040 .............................. ............................. .............................. ............................. .............

IRS 1040A or 1040EZ . ............................. .............................. ............................. ..................

A oreign tax return. See Notes page 2. .....................................................................

A tax return with Puerto Rico, another U.S. territory or Freely Associated

State. See Notes page 2. ..................................................................................................

I have already completed my return. .......................... ............................. .

Im not going to fle. Skip to question 38. .............................................

I will fle, but I have not yet completed my return. ......................... ......

$

$

$

$

$

$

$

Certifcate or diploma (occupational, technical or education program oless than two years) ............................ .............................. ............................. .....................

Associate degree (general education or transer program) ........................... .......

31. Are you interested in being considered or work-study? NoYes Dont know2 1

27. What is the name o the high school where you received or will receive your high school diploma?

Enter the complete high school name, and the city and state where the high school is located.

Step One CONTINUED rom pa


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No

Yes

Dont know

M M Y Y Y Y

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Ifyou (the student) answered No to every question in Step Three, go to Step Four.Ifyou answered Yes to any question in Step Three, skip Step Four and go to Step Five on page 8.

(Health proessions students: Your college may require you to complete Step Four even ifyou answered Yes to any Step Three question.)

If you believe that you are unable to provide parental information, see Notes page 9.

Step Four (Parent Information): Complete this step ifyou (the student) answered No to all questions in Step TAnswer all the questions in Step Four about your parents even ifyou do not live with them. Grandparents, oster parents, legal guardians, aunts and uncles are notconsidered parents on this orm unless they have legally adopted you. Ifyour parents are living and married to each other, answer the questions about them. Ifyourparent is single, widowed, divorced, separated or remarried, see the Notes on page 9 or additional instructions.

58. What is your parents marital status as o today? 59. Month and year

they were married,

remarried, separated,

divorced or widowed.

What are the Social Security Numbers, names and dates o birth o the parents reporting inormation on this orm?Ifyour parent does not have aSocial Security Number, you must enter 000-00-0000. Enter two digits or each day and month (e.g., or May 31, enter 05 31).

60. FATHERS/STEPFATHERS SOCIAL SECURITY NUMBER 61.FATHERS/STEPFATHERS LAST NAME, AND 62. FIRST INITIAL 63.FATHERS/STEPFATHERS DATE OF BIRTH

64. MOTHERS/STEPMOTHERS SOCIAL SECURITY NUMBER 65. MOTHERS/STEPMOTHERS LAST NAME, AND 66. FIRST INITIAL 67.MOTHERS/STEPMOTHERS DATE OF BIRTH

68. Your parents e-mail address. I you provide your parents e-mail address, we will let them know your FAFSA has been processed. This e-mail address willalso be shared with your state and the colleges listed on your FAFSA to allow them to electronically communicate with your parents.

69. What is yourparents

state olegalresidence?

70. Did your parents

become legalresidents o this statebeore January 1, 2006?

71. Ifthe answer to question 70 is No,

give month and year legal residencybegan or the parent who has

lived in the state the longest.

72. How many people are in your parents household?Include:

yoursel, even ifyou dont live with your parents,

your parents, your parents other children i (a) your parents will provide more than hal o their support between July 1, 2011 and June 30, 2012, or

(b) the children could answer No to every question in Step Three on page 5 o this orm, and

other people ifthey now live with your parents, your parents provide more than hal o their support and your parents will continue toprovide more than hal o their support between July 1, 2011 and June 30, 2012.

73. How many people in your parents household will be college students between July 1, 2011 and June 30, 2012?Always count yoursel as a college student. Do not include your parents. You may include others only ifthey will attend, at least hal- timein 2011-2012, a program that leads to a college degree or certifcate.

In 2009 or 2010, did you, your parents or anyone in your parents household (rom question 72) receive benefts rom any o the ederal programs

listed? Markall the programs that apply. Answering these questions will not reduce your eligibility or student aid or or these other programs. Food Stamps and/oTANFmay have a dierent name in your parents state. Call 1-800-4-FED-AID to fnd out the name o the states program.

74. Supplemental

Security

Income

75. Food

Stamps

76. Free or

Reduced

Price Lunch

77. Temporary Assistance

or Needy Families

(TANF)

78. Special Supplemental

Nutrition Program or Wo me n,

Inants and Children (WIC)

79. For 2010, have your parents completed their IRSincome tax returnor another tax return listed in question 80?

80. What income tax return did your parents fle or will they fle or 20

81. Ifyour parents have fled or will fle a 1040,

were they eligible to fle a 1040A or 1040EZ?See Notes page 2.

82. As o today, is either o your parents adislocated worker? See Notes page 9.

Divorced or separatedMarried or remarried

Single

MONTH YEAR

Widowed

MONTH YEARSTATE

,

No

Yes

,

No

Yes

Dont know

1

2

3

4

1

2

My parents will fle, but they have not yet completed their return .... 2

3

1

2

3

Step Four CONTINUED on pa

IRS 1040 .......................... .............................. ............................. ..............................

IRS 1040A or 1040EZ .. .............................. ............................. ..............................

A oreign tax return. See Notes page 2. .....................................................

My parents are not going to fle.Skip to question86. ........................

1My parents have already completed their return .....................................

A tax return with Puerto Rico, another U.S. territory or Freely

Associated State. See Notes page 2. ............................................................


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For questions 8392, i the answer is zero or the question does not apply, enter 0. Report whole dollar amounts with no cents.

83. What was your parents adjusted gross income or 2010? Adjusted gross income is on IRS Form 1040line 37;1040Aline 21; or 1040EZline 4.

84. Enter your parents income tax or 2010. Income tax amount is on IRS Form 1040line 55; 1040Aline 35; or1040EZline 11.

85. Enter your parents exemptions or 2010. Exemptions are on IRS Form 1040line 6d or on Form 1040Aline 6d.For Form 1040EZ, see Notes page 2.

Questions 86 and 87 ask about earnings (wages, salaries, tips, etc.) in 2010. Answer the questions whether or not a tax return was fled. This inormation may be on theW-2 orms, or on IRS Form 1040lines 7 + 12 + 18 + Box 14 (Code A) o IRS Schedule K-1 (Form 1065); on 1040Aline 7; or on 1040EZline 1. I any individual earningitem is negative, do not include that item in your calculation.

86. How much did your ather/stepather earn rom working in 2010?

87. How much did your mother/stepmother earn rom working in 2010?

88. As o today, what is your parents total current balance o cash, savings and checking accounts?

89. As o today, what is the net worth o your parents investments, including real estate? Dont include the homein which your parents live. Net worth means current value minus debt. See Notes page 2.

90. As o today, what is the net worth o your parents current businesses and/or investment arms?

Dont include a amily arm or amily business with 100 or ewer ull-time or ull-time equivalent employees. SeeNotes page 2.

91. Parents 2010 Additional Financial Inormation (Enter the amounts or your parent[s].)a. Education credits (American Opportunity, Hope or Lietime Learning tax credits) rom IRS Form 1040line 49 or 1040A

line 31.

b. Child support paid because o divorce or separation or as a result o a legal requirement. Dont include support or childrenin your parents household, as reported in question 72.

c. Your parents taxable earnings rom need-based employment programs, such as Federal Work-Study and need-basedemployment portions o ellowships and assistantships.

d. Your parents taxable student grant and scholarship aid reported to the IRS in your parents adjusted gross income.Includes AmeriCorps benefts (awards, living allowances and interest accrual payments), as well as grant and scholarshipportions o ellowships and assistantships.

e. Combat pay or special combat pay. Only enter the amount that was taxable and included in your parents adjustedgross income. Do not enter untaxed combat pay.

92. Parents 2010 Untaxed Income (Enter the amounts or your parent[s].)

a. Payments to tax-deerred pension and savings plans (paid directly or withheld rom earnings), including, but not limited to,amounts reported on the W-2 orms in Boxes 12a through 12d, codes D, E, F, G, H and S.

b. IRA deductions and payments to sel-employed SEP, SIMPLE, Keogh and other qualifed plans rom IRS Form 1040line 28 +line 32 or 1040Aline 17.

c. Child support received or any o your parents children. Dont include oster care or adoption payments.

d. Tax exempt interest income rom IRS Form 1040line 8b or 1040Aline 8b.

e. Untaxed portions o IRA distributions rom IRS Form 1040lines (15a minus 15b) or 1040Alines (11a minus 11b).Exclude rollovers. I negative, enter a zero here.

. Untaxed portions o pensions rom IRS Form 1040lines (16a minus 16b) or 1040Alines (12a minus 12b).Exclude rollovers. I negative, enter a zero here.

g. Housing, ood and other living allowances paid to members o the military, clergy and others (including cash payments andcash value o benefts). Dont include the value o on-base military housing or the value o a basic military allowance orhousing.

h. Veterans noneducation benefts, such as Disability, Death Pension, or Dependency & Indemnity Compensation (DIC) and/orVA Educational Work-Study allowances.

i. Other untaxed income not reported in items 92a through 92h, such as workers compensation, disability, etc. Also include thefrst-time homebuyer tax credit rom IRS Form 1040line 67 and the frst $2,400 o unemployment benefts received.Dont include student aid, earned income credit, additional child tax credit, welare payments, untaxed Social Security benefts,Supplemental Security Income, Workorce Investment Act educational benefts, on-base military housing or a military housingallowance, combat pay, benefts rom exible spending arrangements (e.g., caeteria plans), oreign income exclusion or credit

or ederal tax on special uels.

. Earnings rom work under a cooperative education program oered by a college. $

$

$

$

$

$

$

$

$

$

$

$

$

$

$

$

$

$

$

$

$

$

Step Four CONTINUED rom pa


12/14

M M D D

or Help 1-800-433-3243 Page 8

93. How many people are in your household?Include: yoursel (and your spouse), your children, i you will provide more than hal o their support between July 1, 2011 and June 30, 2012, and other people i they now live with you, you provide more than hal o their support and you will continue to provide more than hal o

their support between July 1, 2011 and June 30, 2012.

94. How many people in your (and your spouses) household will be college students between July 1, 2011 and June 30, 2012?Always count yoursel as a college student. Include others only i they will attend, at least hal-time in 2011-2012, a program that leads toa college degree or certifcate.

In 2009 or 2010, did you (or your spouse) or anyone in your household (rom question 93) receive benefts rom any o the ederal programs listed?

Mark all the programs that apply. Answering these questions will not reduce your eligibility or student aid or or these other programs. Food Stamps and/or TANF mayhave a dierent name in your state. Call 1-800-4-FED-AID to fnd out the name o the states program.

95. Supplemental

SecurityIncome

96. Food

Stamps

97. Free or

Reduced

Price Lunch

98. Temporary Assistanceor Needy Families(TANF)

99. Special Supplemental

Nutrition Program or Wo me n,Inants and Children (WIC)

Step Five (Student): Complete this step only ifyou (the student) answered Yes to any questions in Step Three.

Step Six (Student): Indicate which colleges you want to receive your FAFSA inormation.

Step Seven (Student and Parent): Read, sign and date.

100. As o today, are you (or your spouse) a dislocated worker? See Notes page 9.

on campus

o campus

with parent

101.a

101.c

101.e

101.g

101.b

101.d

101.

101.h

OR

OR

OR

OR

STATE

STATE

STATE

STATE

NAME OFCOLLEGE

NAME OFCOLLEGE

NAME OFCOLLEGE

NAME OFCOLLEGE

ADDRESSAND CITY

ADDRESSAND CITY

ADDRESSAND CITY

ADDRESS

AND CITY

HOUSING PLANS1ST FEDERAL SCHOOL CODE

2ND FEDERAL SCHOOL CODE

3RD FEDERAL SCHOOL CODE

4TH FEDERAL SCHOOL CODE

102. Date this orm was completed

103. Student (Sign below)

104. Preparers Social Security Number (or 105)

105. Employer ID number (or 104)

106. Preparers signature and date

Parent (A parent rom Step Four sign below.)

COLLEGE USE ONLY

D/O

FEDERAL SCHOOL CO

FAA Signature

DATA ENTRYUSE ONLY:

P * L

I you or your amily paid a ee or someone tofll out this orm or to advise you on how to fllit out, that person must complete this part.

Preparers name, frm and address

I you are the student, by signing this application you certiy that you (1) will use ederaland/or state student fnancial aid only to pay the cost o attending an institution o highereducation, (2) are not in deault on a ederal student loan or have made satisactoryarrangements to repay it, (3) do not owe money back on a ederal student grant or havemade satisactory arrangements to repay it, (4) will notiy your college i you deault on aederal student loan and (5) will not receive a Federal Pell Grant rom more than one collegeor the same period o time.

I you are the parent or the student, by signing this application you agree, i asked, toprovide inormation that will veriy the accuracy o your completed orm. This inormationmay include U.S. or state income tax orms that you fled or are required to fle. Also, youcertiy that you understand that the Secretary o Education has the authority to veriyinormation reported on this application with the Internal Revenue Service and other

ederal agencies. I you sign any document related to the ederal student aid programselectronically using a Personal Identifcation Number (PIN), you certiy that you are theperson identifed by the PIN and have not disclosed that PIN to anyone else. I you purposelygive alse or misleading inormation, you may be fned up to $20,000, sent to prison, or both.

2011 or 2012

MONTH DAY

1

2

1

1

1

on campus

o campus

with parent

on campus

o campus

with parent

on campus

o campus

with parent

NoYes Dont know2 31

Enter the six-digit ederal school code and your housing plans. You can fnd the school codes at www.asa.gov or you can call 1-800-4-FED-AID. I ycannot get the code, write in the complete name, address, city and state o the college. For state aid, you may wish to list your preerred college frst

have more colleges receive your FAFSA inormation, read What is the FAFSA?on page 10.


13/14Page


Answer Yes i at any time since you turned age 13:

You had no living parent (biological or adoptive) even i you are now

adopted; or

You were in oster care, even i you are no longer in oster care today; or

You were a dependent or ward o the court, even i you are no longer adependent or ward o the court today. For ederal student aid purposes,

someone who is incarcerated is not considered a ward o the court.

The fnancial aid administrator at your school may require you to provide

proo that you were in oster care or a dependent or ward o the court.Notes or questions 53 and 54 (page 5)

Answer Yes i you can provide a copy o a courts decision that as otoday you are an emancipated minor or are in legal guardianship. Also

answer Yes i you can provide a copy o a courts decision that you werean emancipated minor or were in legal guardianship immediately beore

you reached the age o being an adult in your state. The court must belocated in your state o legal residence at the time the courts decision was

issued.

Answer No i you are still a minor and the court decision is no longerin eect or the court decision was not in eect at the time you became

an adult.

The fnancial aid administrator at your college may require you to provideproo that you were an emancipated minor or in legal guardianship.


Answer Yes i you received a determination at any time on or aterJuly 1, 2010, that you were an unaccompanied youth who was homeless or,

or question 57, at risk o being homeless.

Homeless means lacking fxed, regular and adequate housing,which includes living in shelters, motels or cars, or temporarily livingwith other people because you had nowhere else to go.

Unaccompanied means you are not living in the physical custody oyour parent or guardian.

Youth means you are 21 years o age or younger or you are stillenrolled in high school as o the day you sign this application.

Answer No i you are not homeless, at risk o being homeless or i youdo not have a determination. You should contact your fnancial aid oce

or assistance i you do not have a determination but believe you are an

unaccompanied youth who is homeless or are an unaccompanied youthproviding or your own living expenses who is at risk o being homeless.

The fnancial aid administrator at your college may require you to providea copy o the determination i you answered Yes to any o thesequestions.

Notes or students unable to provide parental inormation onpages 6 and 7

Under very limited circumstances (or example, your parents areincarcerated; you have let home due to an abusive amily environment;

or you do not know where your parents are and are unable to contactthem), you may be able to submit your FAFSA without parentalinormation. I you are unable to provide parental inormation, skipSteps Four and Five, and go to Step Six. Once you submit your FAFSAwithout parental data, you must ollow up with the fnancial aid oceat the college you plan to attend, in order to complete your FAFSA.

Notes or Step Four, questions 5892 (pages 6 and 7)

Additional instructions about who is considered a parent on thorm:

I your parent is widowed or single, answer the questionsabout that parent.

I your widowed parent is remarried as o today, answer t

questions about that parent and your stepparent.

I your parents are divorced or separated, answer thequestions about the parent you lived with more during th

past 12 months. (I you did not live with one parent more

than the other, give answers about the parent who providmore fnancial support during the past 12 months, or durthe most recent year that you actually received support

rom a parent.) I this parent is remarried as o today, answ

the questions about that parent and your stepparent.

Notes or questions 82 (page 6)and 100 (page 8)

In general, a person may be considered a dislocated worker i

or she:

is receiving unemployment benefts due to being laido or losing a job and is unlikely to return to a previousoccupation;

has been laid o or received a lay-o notice rom a job;

was sel-employed but is now unemployed due toeconomic conditions or natural disaster; or

is a displaced homemaker. A displaced homemaker isgenerally a person who previously provided unpaidservices to the amily (e.g., a stay-at-home mom ordad), is no longer supported by the husband or wie, isunemployed or underemployed, and is having troublefnding or upgrading employment.

I a person quits work, generally he or she is not considereda dislocated worker even i, or example, the person is

receiving unemployment benefts.

Answer Yes to question 82 i your parent is a dislocatedworker. Answer Yes to question 100 i you or your spouse is dislocated worker.

Answer No to question 82 i your parent is not adislocated worker. Answer No to question 100 i neitheryou nor your spouse is a dislocated worker.

Answer Dont know to question 82 i you are not surewhether your parent is a dislocated worker. Answer Dontknow to question 100 i you are not sure whether youor your spouse is a dislocated worker. You can contact

your fnancial aid oce or assistance in answering thesequestions.

The fnancial aid administrator at your college may require

you to provide proo that your parent is a dislocated worker,i you answered Yes to question 82, or that you or yourspouse is a dislocated worker, i you answered Yes toquestion 100.

9


14/14

What is the FAFSASM?Why fll out a FAFSA?

The Free Application for Federal Student Aid(FAFSA) is the frst step in the fnancial aidprocess. You use the FAFSA to apply or ederal student aid, such as grants, loans andwork-study. In addition, most states and colleges use inormation rom the FAFSA to awardnonederal aid.

Why all the questions?

The questions on the FAFSA are required to calculate your Expected Family Contribution

(EFC). The EFC measures your amilys fnancial strength and determines your eligibilityor ederal student aid. Your state and the colleges you list may also use some o yourresponses. They will determine i you may be eligible or school or state aid, in addition toederal aid.

How do I fnd out what my Expected Family Contribution (EFC) is?

Your EFC will be listed on your Student Aid Report(SAR). Your SAR summarizes theinormation you submitted on your FAFSA. It is important to review your SAR to make sureall o your inormation is correct and complete. Make corrections or provide additionalinormation, as necessary.

How much aid will I receive?

Using the inormation on your FAFSA and your EFC, the fnancial aid oce at your collegewill determine the amount o aid you will receive. The colleges use your EFC to prepare afnancial aid package to help you meet your fnancial need. Financial need is the dierencebetween your EFC and your colleges cost o attendance (which can include livingexpenses), as determined by the college. I you or your amily have unusual circumstancesthat should be taken into account, contact your colleges fnancial aid oce. Someexamples o unusual circumstances are: unusual medical or dental expenses or a largechange in income rom last year to this year.

When will I receive the aid?

Any fnancial aid you are eligible to receive will be paid to you through your college.Typically, your college will frst use the aid to pay tuition, ees and room and board (iprovided by the college). Any remaining aid is paid to you or your other educationalexpenses. I you are eligible or a Federal Pell Grant, you may receive it rom only onecollege or the same period o enrollment.

How can I have more colleges receive my FAFSA inormation?

I you are completing a paper FAFSA, you can only list our colleges in the school code step.You may add more colleges by doing one o the ollowing:

1. Use the Federal Student Aid PIN you will receive ater your FAFSA has been processedand go to FAFSA on the Web at www.asa.gov. Click the Start Here button to log in andthen select the Make FAFSA Corrections link.

2. Use the Student Aid Report(SAR), which you will receive ater your FAFSA is processed.Your Data Release Number (DRN) verifes your identity and will be listed on the frst pageo your SAR. You can call 1-800-4-FED-AID and provide your DRN to a customer servicerepresentative, who will add more school codes or you.

3. Provide your DRN to the fnancial aid administrator at the college you want added, andhe or she can add their school code to your FAFSA.

Note: Your FAFSA record can only list up to ten school codes. I there are ten school codeson your record, any new school codes that you add will replace one or more o the schoolcodes listed.

Where can I receive more inormation on student aid?

The best place or inormation about student fnancial aid is the fnancial aid oce at thecollege you plan to attend. The fnancial aid administrator can tell you about student aidavailable rom your state, the college itsel and other sources.

You can also visit our web sites www.FederalStudentAid.ed.gov orwww.studentaid.ed.gov.

For inormation by phone you can call our Federal Student Aid Inormation Centerat 1-800-4-FED-AID (1-800-433-3243). TTY users (or the hearing impaired) may call1-800-730-8913.

You can also check with your high school counselor, your state aid agency or yourlocal librarys reerence section.

Inormation about other nonederal assistance may be available rom oundations, religiousorganizations, community organizations and civic groups, as well as organizations relatedto your feld o interest, such as the American Medical or American Bar Association. Checkwith your parents employers or unions to see i they award scholarships or have tuitionpayment plans.

Inormation on the Privacy Act and use your Social Security Number

We use the inormation that you provide on this orm to determi you are eligible to receive ederal student fnancial aid and theamount that you are eligible to receive. Sections 483 and 484 oHigher Education Act o 1965, as amended, give us the authorityask you and your parents these questions, and to collect the SocSecurity Numbers o you and your parents. We use your SocialSecurity Number to veriy your identity and retrieve your recordand we may request your Social Security Number again or thos

purposes.State and institutional student fnancial aid programs may also uthe inormation that you provide on this orm to determine i yoare eligible to receive state and institutional aid and the need thyou have or such aid. Thereore, we will disclose the inormatiothat you provide on this orm to each institution you list in ques101a - 101h, state agencies in your state o legal residence and tstate agencies o the states in which the colleges that you list inquestions 101a - 101h are located.

I you are applying solely or ederal aid, you must answer all o ollowing questions that apply to you: 1-9, 14-16, 18, 21-23, 26, 232-36, 38-58, 60-67, 69, 72-84, 86-100, 102-103. I you do not answthese questions, you will not receive ederal aid.

Without your consent, we may disclose inormation that youprovide to entities under a published routine use. Under such routine use, we may disclose inormation to third parties that whave authorized to assist us in administering the above programto other ederal agencies under computer matching programs,such as those with the Internal Revenue Service, Social SecurityAdministration, Selective Service System, Department o HomeSecurity, Department o Justice and Veterans Aairs; to your paror spouse; and to members o Congress i you ask them to help with student aid questions.

I the ederal government, the U.S. Department o Education, oran employee o the U.S. Department o Education is involved inlitigation, we may send inormation to the Department o Justica court or adjudicative body, i the disclosure is related to fnancaid and certain conditions are met. In addition, we may send

your inormation to a oreign, ederal, state, or local enorcemenagency i the inormation that you submitted indicates a violatioor potential violation o law, or which that agency has jurisdictior investigation or prosecution. Finally, we may send inormatioregarding a claim that is determined to be valid and overdue toconsumer reporting agency. This inormation includes identiferrom the record; the amount, status and history o the claim; andprogram under which the claim arose.

State Certifcation

By submitting this application, you are giving your state fnanciaaid agency permission to veriy any statement on this orm and obtain income tax inormation or all persons required to reportincome on this orm.

The Paperwork Reduction Act o 1995

The Paperwork Reduction Act o 1995 says that no one is requirerespond to a collection o inormation unless it displays a valid Ocontrol number, which or this orm is 1845-0001. The time requto complete this orm is estimated to be three hours, includingtime to review instructions, search data resources, gather the daneeded, and complete and review the inormation collection. I have comments about this estimate or suggestions or improvinthis orm, please write to:

U.S. Department o Education, Washington, DC 20202-4700

We may request additional inormation rom you to processyour application more eciently. We will collect this additionalinormation only as needed and on a voluntary basis.

college funding 101 - demystifying the financial aid process (with 2011-2012 fasfa)

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