final basics of financial aid

BASICS OF FINANCIAL AID &

THE FAFSA

Money to pay for college or career schoolGrantsWork-studyLoansScholarships

WHAT IS FINANCIAL AID?

HOW MUCH FEDERAL STUDENT AID CAN I GET?

For early estimate, use FAFSA4caster:• Go to fafsa.gov and find link in “Thinking About College?”

section (lower right of home page) • Enter some financial information• Get an estimate

HOW DO I APPLY FOR AID?• Federal student aid: fill out Free Application for Federal

Student Aid (FAFSA®) at fafsa.gov • For the 17-18 year the FAFSA will be available to complete

October 2016. • Students will now be able to use 2015 tax information on

the 17-18 FAFSA instead of waiting on 2016 taxes.

You’ll be able to submit your FAFSA® earlier.

• You can file your 2017–18 FAFSA as early as Oct. 1, 2016, rather than beginning on Jan. 1, 2017.

• The earlier submission date will be a permanent change, enabling you to complete and submit a FAFSA as early as October 1 every year.

WHAT’S CHANGING FOR 2017–18?

You’ll use earlier income and tax information.

• Beginning with the 2017–18 FAFSA, students will be required to report income and tax information from an earlier tax year.

• For example, on the 2017–18 FAFSA, you—and your parent(s), as appropriate—will report your 2015 income and tax information, rather than your 2016 income and tax information.

WHAT’S CHANGING FOR 2017–18?

• You must use 2015 income on the 17-18 FAFSA. If your family’s financial situation has changed since the 2015 tax year you can discuss that with the Financial Aid office.

• Note: The FAFSA asks for marital status as of the day you fill it out. So if you’re married now but weren’t in 2015 (and therefore didn’t file taxes as married), you’ll need to add your spouse’s income to your FAFSA. Similarly, if you filed your 2015 taxes as married but you’re no longer married when you fill out the FAFSA, you’ll need to subtract your spouse’s income.

REPORTING OF INCOME ON THE 17-18 FAFSA

• Because the FAFSA will ask for older income and tax information, you will already have done your taxes by the time you fill out your FAFSA, and you won’t need to estimate your tax information and then go back into the FAFSA later to update it.

• Because you’ll already have done your taxes by the time you fill out your FAFSA, you may be able to use the:

IRS Data Retrieval Tool (IRS DRT)

to automatically import your tax information into your FAFSA. (Learn about the IRS DRT at StudentAid.gov/irsdrt.)

HOW WILL THE CHANGES BENEFIT ME?

TO APPLY GO TO WWW.FAFSA.GOV

• The FSA ID is a username and password used by students, parents, and borrowers to:• login to U.S. Department of Education websites• electronically sign documents

• You will use it:• Every year you apply for federal student aid at fafsa.gov• To receive a federal student loan • To perform important activities as a federal student loan borrower, such as choosing a

repayment plan or applying for a deferment.

If you are a dependent student, then your parent will need an FSA ID in order to sign your FAFSA electronically

CREATING A FSA ID

• You and your parent must have different FSA IDs• You must create your own FSA ID—it’s your electronic signature

and you need to own it

• Your parent must create his or her own FSA ID• You and your parent should each use your own e-mail address when

creating an FSA ID (you can’t use/share the same e-mail address)

CREATING A FSA ID

GO TO STUDENTAID.GOV/FSAIDCLICK THE “CREATE AN FSA ID NOW” BUTTON

• Your Social Security number (it’s important that you enter it correctly on the FAFSA!)

• Your parents’ Social Security numbers if you are a dependent student

• Your driver’s license number if you have one• Your Alien Registration number if you are not a U.S. citizen

WHAT INFORMATION DO I NEED

• Federal tax information or tax returns including IRS W-2 information, for you (and your spouse, if you are married), and for your parents if you are a dependent student:– IRS 1040, 1040A, 1040EZ– Foreign tax return and/or– Tax return for Puerto Rico, Guam, American Samoa, the U.S. Virgin Islands, the Marshall Islands,

the Federated States of Micronesia, or Palau

• Records of your untaxed income, such as child support received, interest income, and veterans non-education benefits, for you, and for your parents if you are a dependent student

• Information on cash; savings and checking account balances; investments, including stocks and bonds and real estate but not including the home in which you live; and business and farm assets for you, and for your parents if you are a dependent student

WHAT INFORMATION DO I NEED

Watch for response by e-mail or by mail, confirming that your FAFSA was processed.

• Double-check that your info is correct by logging on at the FAFSA site and reviewing your data.

• Correct any mistakes and submit the corrected info.• Estimated tax info on your FAFSA? Use the IRS Data

Retrieval Tool to import info from your federal return into your FAFSA. More: StudentAid.gov/irsdrt

WHAT HAPPENS NEXT?

Watch for e-mails or letters from the schools you are considering.

• Give the schools any additional paperwork they ask for.• Meet all deadlines or you could miss out on aid!

WHAT HAPPENS NEXT?

• Each school will tell you how much aid you can get at that school.

• Once you decide which school to attend, keep in touch with the financial aid office to find out when and how you will get your aid.

WHAT HAPPENS NEXT?

• U.S. citizen or permanent resident• High school graduate/GED holder• Eligible degree/certificate program• Valid Social Security number• Males registered for Selective Service• Satisfactory academic progress in college/career school

WHO CAN GET FEDERAL STUDENT AID?

PHEAA STATE GRANT- For PA Residents Only!• When you complete the FAFSA on the confirmation page it will give

you the option to complete the process for a PHEAA State Grant if you indicate you are a resident of PA.

• You have to be enrolled for at least 6 credits to qualify and meet PHEAA’s standard of academic progress

CAN I RECEIVE STATE, SCHOOL, AND PRIVATE SCHOLARSHIPS?

PHEAA STATE GRANT

In general, depends on your financial need.• Financial need determined by Expected Family Contribution (EFC)

and cost of attendance (COA)• EFC comes from what you report on FAFSA® (Free Application for

Federal Student Aid)• COA is tuition, fees, room and board, transportation, etc.

COA – EFC = financial need


Maximum amounts for the major programs for a dependent freshman in 2016-17:

• Federal Pell Grant: $5,816• Federal Work-Study: depends on funds available at

school. – At Temple we award $1000/ year for Freshman and

$2000 for continuing students.


DIRECT LOAN LIMITSSUBSIDIZED &

UNSUBSIDIZED LOANS

Other scholarship websites are:

• www.fastweb.com• http://www.gmsp.org/publicweb/scholarships.aspx

– Gates Millennium Scholars– Do you own search online to find scholarships. Sometimes student can obtain

scholarships through employers and religious organizations.

SCHOLARSHIPS

TEMPLE UNIVERSITY USES SOCIAL MEDIA TO PROMOTE SCHOLARSHIP OPPORTUNITIES.

HTTPS://TEMPLESFS.WORDPRESS.COM/HTTPS://WWW.INSTAGRAM.COM/TEMPLESFS/

• StudentAid.gov– Info about aid programs– Links to free scholarship and college searches

• 1-800-4-FED-AID– Info about aid programs– Help with FAFSA

WHERE CAN I GET MORE INFO?

Student Financial ServicesTemple University

1700 N. Broad Street

Philadelphia, PA 191122Phone: (215) 204-2244E-mail: [email protected]

CONTACT INFORMATION: