20082009 FAFSA Presentation

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2008-2009 FAFSA Presentation

• Presented by
• Barb Harnish
• Financial Aid/Scholarship Coordinator
• Jim Settles
• Director, Student Support Services

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Applying for Financial Aid 2008-2009
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Types of FAFSAs

• FAFSA on the Web
• Paper FAFSA

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FAFSA ON THE WEB

• Internet 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
• Students and at least one custodial parent should
  get a federal PIN at
• www.pin.ed.gov

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Application Filing TipsFAFSA 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
  on parents PIN
• Print our a copy of the FAFSA before submitting
  data
• Keep a copy of the Submission Confirmation Page

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Reapplying for Federal Student Aid

• You must apply for federal student aid for every
  school year that you attend.
• Renewal FAFSA is the same as the FAFSA except
  that it has some information already preprinted.
• If you applied last year and met the conditions
  of the US Dept. of Ed. You will get a reminder.
• Either
• Renewal FAFSA on the Web (need your PIN)
• FAFSA on the WEB

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Application Filing Tips Paper FAFSA

• 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 in the envelope provided
• 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 0.90)

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Student Aid Report (SAR)

• Regardless of whether a 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 e-mail address
• -A paper SAR will be mailed if no student
  e- mail address is provided.
• An electronic copy will be sent to each college
  or university listed by the student on the FAFSA
  form.

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FAFSA INFORMATION TIPS

• File early, but no later than your state or
  school priority date
• Use estimated 2007 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 documents
• Both student and at least one parent need PIN
• May 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 Ready

• Before starting the FAFSA, gather
• Students drivers license
• Student Alien Registration Card
• Student and Parent
• Social Security Cards
• 2007 W-2 Forms and other records of money earned
• 2007 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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Getting Started

• Read 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 FAFSAA Seven-Step Process

• Step One ?is about the student
• Step Two ? asks for student income and
  assets
• Step Three ? determines student dependency
  status
• Step Four ? requires parental information for
  dependent students
• Step Five ? is for independent students only
• Step Six allows the student to list up to six
  schools
• Step Seven ? Certification statement asks for
  signatures and submission date of the FAFSA

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Paper FAFSA Step 1

• Student Information
• Degree type
• Grade level
• Enrollment status
• Self-help aid preferences

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Paper FAFSA Step 1
Student information Name Permanent
address Social Security Number Date of
birth Permanent telephone number
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Paper FAFSA Step 1

• Student information
• Drivers license number
• Drivers license state
• E-mail address

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Paper FAFSA Step 1

• Student information
• Citizenship status
• Marital status
• State and date of legal residence
• Selective Service registration

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Paper FAFSA Step 1

• Student Information
• Receipt of high school diploma or GED
• Receipt of first bachelors degree
• Parent(s) educational backgrounds)
• Drug conviction status

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Paper FAFSA Step 2

• Student (and spouse) financial information
• Tax filing status
• Tax return type
• If student filed a 1040, was he or she eligible
  to file a 1040A or 1040EZ?

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Paper FAFSA Step 2

• Worksheets
• A and B collect information about untaxed income
• C lists income excluded from EFC calculation

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Paper FAFSA Step Two

• Students complete the worksheets on the left-hand
  side of the page

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Paper FAFSA Step 2

• Student asset information
• Cash, savings, and checking
• Net worth of investments
• Net worth of businesses and investment farms

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Paper FAFSA Step 2

• Information about students veterans benefits
• Number of months benefits will be received during
  the 2008-09 academic year
• Monthly benefit amount

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Paper FAFSA Step 3

• Students dependency status
• If all No responses, student is dependent
• If Yes to any question, student is independent

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Paper FAFSA Step 4

• Step 4 collects information about the dependent
  students parent(s)
• Answer questions as of the date the FAFSA is
  submitted
• Independent students skip Step 4 and go to Step 5

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Paper FAFSA Step 4

• Data for parents of dependent students
• Parents marital status
• Date of parents marital status

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Paper FAFSA Step 4

• Data for parents of dependent students
• Social Security Numbers
• Last names
• Dates of birth

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Paper FAFSA Step 4

• Data for the parents of dependent students
• Household size
• Number in college

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Paper FAFSA Step 4

• Data for parents of dependent students
• State of legal residence
• Date of legal residence

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Paper FAFSA Step 4

• Financial data for parents of dependent students
• Did any member of the parents household receive
  benefits from one of the federal programs listed?

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Paper FAFSA Step 4

• Financial data for parents of dependent
  students
• Tax filing status and return type
• If parents filed or will file a 1040, were they
  eligible to file a 1040A or 1040EZ?

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Paper FAFSA Step 4

• Financial data for parents of dependent students
• Adjusted gross income (AGI)
• Income tax paid
• Exemptions claimed
• Income earned from work

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Paper FAFSA Step 4

• Financial data for parents of dependent students
• Worksheets A and B collect untaxed income
• Worksheet C lists income excluded from EFC
  calculation
• Parents complete worksheets on right-hand side of
  Page 5

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Paper FAFSA Step 4

• Asset information for parents of dependent
  students
• Cash, savings, and checking
• Net worth of investments
• Net worth of businesses and investment farms

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Paper FAFSA Step 5

• Data about the independent student
• Household size
• Number in college

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Paper FAFSA Step 5

• Data about the independent student
• Did a member of the students household receive
  benefits from any of the federal programs listed?

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Paper FAFSA Step 6

• List up to 6 schools to receive FAFSA data

• Federal School Code for each school
• Housing plans for each school

MCTC SCHOOL CODE 006960
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Paper FAFSA Step 7

• All students complete Step 7
• Signature of student and parent, if required
• Signature of a tax professional if one was used
  to complete the FAFSA

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CAUTION!

• Avoid being charged a fee to file the Free
  Application for Federal Student Aid
• Completion and processing of the FAFSA are FREE
• If filing via FAFSA on the Web, be sure to go
  directly to www.fafsa.ed.gov
• Contact financial aid office for help completing
  the FAFSA

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ERRORS can be COSTLY!

• Errors on the FAFSA or supplemental forms may
  DELAY application processing and result in the
  LOSS of financial aid funds.
• Read the instructions and complete all forms
  carefully!

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Frequent FAFSA Errors

• Parent and student Social Security Numbers
• Divorced/remarried parental information
• Income earned by parents/stepparents
• Untaxed income
• U.S. income taxes paid
• Household size
• Number of household members in college
• Real estate and investment net worth

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FAFSA Processing Results

• Central Processing System (CPS) notifies student
  of FAFSA processing results by
• Paper Student Aid Report (SAR) if paper FAFSA was
  filed and students e-mail address was not
  provided
• SAR Acknowledgement if filed electronically via
  FAFSA on the Web and students e-mail address was
  not provided

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FAFSA Processing Results

• CPS notifies student of FAFSA processing results
  by
• E-mail notification containing a direct link to
  students on-line SAR if students e-mail was
  provided on paper or electronic FAFSA
• Student with PIN can view SAR on-line at
  www.fafsa.ed.gov

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Making Corrections

• If necessary, corrections to FAFSA data may be
  made by
• Using FAFSA on the Web (www.fafsa.ed.gov) if
  student has a PIN
• Updating paper SAR (SAR Information
  Acknowledgement cannot be used to make
  corrections) or
• Submitting documentation to schools financial
  aid office