TakeALook Applying for Financial Aid at James Madison University

1
Take-A-LookApplying for Financial Aidat James
Madison University

• November 17, 2007

2
Objectives

• We hope you have a better understanding of the
  following after viewing these slides
• Common myths when completing the 2008-09 Free
  Application for Federal Student Aid (FAFSA)
• Two primary methods for completing the FAFSA
• Importance of the FAFSA priority filing date at
  JMU
• Review the scholarship application process at JMU

3
Terms

• FAFSA Free Application for Federal Student Aid
  (English and Spanish versions available)
• EFC Expected Family Contribution
• COA - Cost of Attendance
• Example in 2007-08
• 17,834 COA for full-time, in-state undergraduate
• 13,622 for full-time, in-state undergraduate
  tuition/fees, room/board, and internet fee
• Difference (4,212) is other estimated expenses

4
Applying for Financial Aid

• The FAFSA is the only application students at
  JMU need to complete to apply for all of the
  federal and state financial aid offered through
  the Office of Financial Aid Scholarships
• Thats it! One form!

5
Types of Financial Aid From FAFSA

• Federal Grants (Pell, SEOG, ACG, SMART)
• State Grants (VGAP CA)
• University Grants
• Federal Loans (Stafford, Perkins, PLUS)
• Federal Work-Study
• Note There are also two types of non-financial
  aid related employment options for students
  (Institutional Employment and Job Location
  Development positions)

6
Applying for Scholarships

• Find scholarships at
• www.jmu.edu/finaid/scholarships
• Prospective Students
• Bluestone Scholarship Program (Admissions)
• Sarah Lanier Tabb Oliver Scholarship (Financial
  Aid)
• Foundation Scholarships (University Departments)
• Departmental Scholarships (University
  Departments)
• Private Scholarships (Non-JMU Sources)

7
Scholarships and Financial Aid

• Important Note!
• Receipt of scholarship funds from any source may
  reduce your eligibility for need based federal
  and state financial aid
• Please inform the Office of Financial Aid
  Scholarships as soon as you are aware you will
  receive a scholarship

8
Applying for Financial Aid Via The FAFSA

• Students and/or parents may need to submit
  additional forms after the FAFSA is filed, but
  JMU will provide directions for this via
  notifications sent to the student
• Additional forms that may be needed later are tax
  forms, Loan Request Forms, promissory notes, etc
• The key is to get the FAFSA on file and JMU will
  guide you through the rest of the process

9
FAFSA Myths

• Before going into detail about completing the
  application, it is important to dispel a few
  myths about the FAFSA
• The following slides explain some of the common
  misconceptions about the FAFSA

10
Myth 1

• My parents and I must have our taxes done before
  we can complete the FAFSA
• You can file the FAFSA with estimated income
  information if you do not have your taxes done
• You will see later that it is extremely important
  that you meet the priority filing date, so dont
  let not having your taxes done keep you from
  doing that

11
Myth 2 3

• I can file my FAFSA as an independent student
  (without my parents information) if my parents do
  not claim me as a dependent on their taxes
• Im 18 years old, so I dont need my parents
  information when completing the FAFSA
• Who claims whom on their taxes is irrelevant for
  this
• The dependency questions on the FAFSA will tell
  you if you need your parents information

12
Myth 4

• The FAFSA, and financial aid in general, is
  processed the same way at every school
• It is true that the FAFSA is used at every school
  who participates in the federal student aid
  programs
• The aid process, available funds, need for
  supplemental forms, and deadlines can vary
  between schools

13
Myth 5 6

• My financial aid eligibility will be the same
  regardless of when I submit my FAFSA
• The on-time (priority) filing date for the FAFSA
  is the same at every school
• You will see later in the presentation how
  meeting the priority filing date can impact your
  eligibility
• In Virginia, each school sets their own filing
  date

14
Myth 7

• My parents house, life insurance, and
  retirement accounts will count against my
  financial aid eligibility
• These do not count as assets on the FAFSA
• Money contributed to a retirement account during
  the year counts on the FAFSA Worksheets, but the
  value of a retirement account does not count

15
Myth 8

• The paper FAFSA is processed just as quickly as
  a FAFSA submitted via FAFSA on the Web
• It can take weeks longer for a paper FAFSA to be
  processed
• You will see in later slides the advantages of
  FAFSA on the Web

16
Myth 9

• I can rely on my parents to handle the
  completion and submission of my FAFSA, in
  addition to the rest of my financial aid
  paperwork
• In cases where a student is defined by the FAFSA
  as dependent, both student and parental
  information is needed to complete the application
• Students who are involved in the FAFSA process
  from the beginning experience fewer problems as
  they progress through the system

17
Myth 10

• The FAFSA is the only form needed to complete
  the entire application process for receiving aid
  from all federal, state, and institutional
  sources
• The key words are underlined above
• The FAFSA is the only application needed to make
  an initial application for federal and state aid
  at JMU
• Additional forms may be needed later to verify
  FAFSA elements or accept certain types of offered
  aid
• The Office of Financial Aid Scholarships will
  notify the student of any additional documents
  needed

18
2008-09 FAFSA Priority Filing Date

• March 1st, 2008
• This means your FAFSA should be logged in at the
  federal processor by March 1st
• If you are using a paper FAFSA, you should mail
  it by early to mid-February
• If you are using FAFSA on the Web, you should
  submit it few days before March 1st

19
Importance of Priority Filing Date

• In some cases, meeting the priority filing date
  can increase your eligibility for specific types
  of financial aid
• Allows appropriate amount of time for processing
  before the 2008-09 school year begins

20
Priority Filing Date Guarantees

• Meeting the March 1st priority filing date does
  not guarantee a higher aid package than if your
  FAFSA reaches the federal processor after this
• Depending on how many students meet the March 1st
  date, it is possible there will not be enough
  money in some of the accounts to pay an award to
  all on-time eligible filers

21
Priority Filing Date Guarantees

• Meeting the March 1st date simply increases your
  chances for certain types of aid that may not be
  available to those who apply later

22
Missing the Priority Filing Date

• You can still complete a FAFSA after March 1,
  2008, but the funds available for awarding at
  that time could be limited

23
Two Types of FAFSAs

• Paper
• Electronic
• (web-based)

24
FAFSA on the Web
must be signed

• www.fafsa.ed.gov
• This is the fastest and most accurate method of
  completing the FAFSA
• Signatures are submitted to the federal processor
  by either
• Printing, signing, and mailing signature page or
• Signing it electronically with a PIN

25
Paper FAFSA

• A paper FAFSA can be filed instead of using
  FAFSA on the Web however, you should be aware of
  two factors if you choose the paper FAFSA
• More errors occur on the paper FAFSA than FAFSA
  on the Web
• A paper FAFSA takes weeks longer to process than
  a FAFSA submitted via FAFSA on the Web

26
When is the Earliest I Can File the FAFSA?

• Paper FAFSA
• The 2008-09 FAFSA should not be postmarked before
  January 1, 2008 (your FAFSA will not be processed
  by the federal processor if it is postmarked
  earlier)

• FAFSA on the Web
• The 2008-09 FAFSA will be available on the FAFSA
  on the Web site January 1, 2008

27
Getting Ready for FAFSA on the Web

• It might be beneficial to complete the FAFSA on
  the Web Worksheet to help you work through FAFSA
  on the Web

28
Submit

• Once you have completed the FAFSA, submit it (if
  using FAFSA on the Web) or mail it (if using a
  paper FAFSA) to the federal processor
• Make sure it gets there by March 1st

29
Response from JMU

• Once JMU receives the students FAFSA data from
  the federal processor, we will review it and send
  the student notification of his/her status
• The majority of communications (e.g. letters,
  e-mails, etc.) sent from our office are sent
  directly to students, not parents

30
QUESTIONS

• Office of Financial Aid Scholarships Contact
  Information
• 3rd floor counter in Warren Hall
• Phone [phone]
• E-mail fin_aid_at_jmu.edu
• Web www.jmu.edu/finaid