financial aid checklist - fulfillment
TRANSCRIPT
• Financial Aid Award Letter (FAAL): The total amount of monetary assistance a school is offering you.
• Grants: Free money from the school, state, or federal government that you do not have to repay
• Scholarships: Free money that is merit based
• Work Study: Part time jobs for students with financial need
• Loans: Federal, institutional, or private money that you have repay
• Subsidized: The loan interest is paid while you are in school so no interest is accrued
• Unsubsidized: The loan interest begins accruing immediately after you take out the loan
• Student Aid Report (SAR): A paper or electronic document that gives you some basic information about your eligibility for student aid.
• California Aid Report (CAR): An electronic document that shows an estimated Cal Grant award.
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Financial Aid Terms
Financial Aid Verification
• Definition: The process your school uses to confirm that the data you provided on your financial aid form is accurate
• Where to find if you have been tagged for verification?
• Your Student Aid Report
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Check Your School Portal
• Even if you were not tagged for verification on your SAR, you may still have to submit certain documents
• Holds and To do List
• Crucial items that you need to deal with immediately in order to register for class or other time sensitive actions.
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Most Common Holds
• Dependent Verification Worksheet
• IRS Tax Transcript
• Parent and Student
• W-2 Needed
• Proof of Non-Filing
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IRS Tax Transcripts
• Due to Covid-19 all transcripts must be requested online
• https://www.irs.gov/individuals/get-transcript
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W-2 Forms
• If your parents are employed by an organization or company they should receive a W-2 form from their employer.
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Request for Non-Filing (4506-T)
• Complete and mail or fax this form to the IRS.
• https://www.irs.gov/pub/irs-pdf/f4506t.pdf
• Fax
855-800-8105
• MailInternal Revenue ServiceRAIVS TeamStop 37106Fresno, CA 93888
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Accept/Decline your Awards
• All grants are automatically accepted
• You have to decide to accept/decline your loans
• Federal Direct Loan Interest Rate: 2.75%
• You can choose to accept a partial loan
• Only take out the amount that you need
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Steps to Borrow Loans
• Entrance Counseling
• If you have not previously received a loan, the Federal Government requires you to complete entrance counseling to ensure that you understand the responsibilities and obligations you are assuming. 1
https://studentaid.gov/app/counselingInstructions.action?counselingType=entrance
• How to repay, interest rates, important terms
1 Studentaid.gov
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Steps to Borrow Loans
• Master Promissory Note (MPN)
• A legal document that contains the Borrower’s Rights and Responsibilities and Terms and Conditions for repayment. 2
https://studentaid.gov/mpn/
• What Information is Needed
• Contact Information
• School Information
• References
• Terms and Conditions
2 Studentaid.gov
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Webgrants4Students
• Confirm High School Graduation
• https://mygrantinfo.csac.ca.gov/
• Confirm College Attending
• Put your Cal Grant on Hold (Leave of Absence)
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• https://www.edvisors.com/blog/financial-aid-award-letter/
• https://studentaid.gov/apply-for-aid/fafsa/review-and-correct/review#:~:text=Your%20Student%20Aid%20Report%20(SAR,to%20the%20FAFSA%C2%AE%20questions.
• https://studentaid.gov/understand-aid/types/work-study
• https://studentaid.gov/apply-for-aid/fafsa/review-and-correct#verification
• https://www.csulb.edu/enrollment-services/holds-and-do-lists
• https://www.chapman.edu/students/tuition-and-aid/financial-aid-backup/undergraduate/_files/20-21-forms/20-21-dvw.pdf
• https://www.irs.gov/individuals/get-transcript
• https://studentaid.gov/app/counselingInstructions.action?counselingType=entrance
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References
• https://financialaid.stanford.edu/loans/direct/entrance.html
• https://studentaid.gov/help-center/answers/article/master-promissory-note
• https://mygrantinfo.csac.ca.gov/
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References