Applying for Financial Aid 20092010

1
Applying for Financial Aid 2009-2010
2
Sponsors/PartnersPresenter

3
What Will You Learn Today?

• Types and sources of financial aid
• Required financial aid application forms
• How to complete the Free Application for Federal
  Student Aid (FAFSA)
• Answers to your individual question

4
Types of Financial Aid

• Gift Aid - Grants or scholarships that do not
  need to be repaid
• Work - Money earned by the student as payment for
  a job on or off campus
• Loans - Borrowed money to be paid back, usually
  with interest

5
Sources of Financial Aid

• Federal government
• State government
• Colleges and universities
• Private agencies, companies, foundations, and
  your parents employers

6
State Aid

• Almost all 50 states have some form of special
  grant or loan aid for their state residents
• Some states use the data you provide on the FAFSA
  to award aid other states may require you to
  submit supplemental forms.
• Your school counselor should have the correct
  form(s) for your states application. If the
  forms are not available at your school, contact
  your state higher education agency directly

7
General Eligibility for State Aid

• Be a U.S. citizen or a permanent resident
• Be a resident of the state of South Carolina
• Be enrolled as a part-time or full-time degree
  seeking student in an eligible program of study
• Have no felony conviction
• Have no second or subsequent drug or alcohol
  related misdemeanor within the past academic
  year
• Do not owe a refund/repayment on any state or
  federal grant or loan

8
2009-2010 State Aid Application
Requirements

• By institutions deadline date, complete and
  submit
• The Free Application for Federal Student Aid
• (Insert the name of your state form if applicable)

• Check with your high school or college counselor
  for more details on how to file any
  additional required forms

9
Need-Based Grants

• Federal Grants
• Pell Grants
• 4,731 maximum per year
• Academic Competitiveness Grants
• 750 for the first year
• 1,300 for the second year
• Supplemental Educational
  Opportunity Grants (SEOG)
• 4,000 maximum per year

10
Need-Based Grants

• College Grants
• S.C. Need-based Grant awarded to residents
  attending an eligible SC public institution
• S.C. Tuition Grant awarded to residents
  attending an eligible SC private institution
• Institutional need-based grant

11
Types of Applications

• FAFSA
• (Insert required state forms,
  if any)

• Other applications or forms as
  required by the college such as

• CSS Financial Aid PROFILE

Institutional scholarship
and/or financial aid applications

• 2008 federal tax returns (along with
  schedules and W-2s) or other income
  documentation

12
FAFSA Information Tips

• File as soon as possible
• Use estimated 2008 income information if taxes
  are not complete at time of FAFSA submission
• Student and at least one parent whose information
  is required must complete and sign the FAFSA

13
Federal PIN

• PIN (Personal Identification Number) serves as
  the electronic signature on ED documents
• Both student and at least one parent need PIN to
  sign the FAFSA electronically
• 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

14
Getting Ready

• Before starting the FAFSA, gather
• Student drivers license
• Student Alien Registration Card
• Student and Parent
• Social Security cards
• 2008 W-2 Forms and other records of money earned
• 2008 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

15
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

16
FAFSA on the Web

• The 2009-2010 FAFSA on the Web Worksheet may be
  used for the January 1, 2009 through June 30th,
  2010 federal aid application cycle

17
The FOTW WorksheetA Five Section Form

• Section 1 is about the student
• Section 2 determines student dependency status
• Section 3 collects parental information for
  dependent students
• Section 4 collects student finances and
  information about the independent student
• Section 5 allows students to list up to ten
  schools to receive information from the FAFSA

18
Section 1(page 2)STUDENT INFORMATION
19
Section 1 Your Last Name

Jones

• The FOTW will ask for the students first and
  last name as well as a middle initial
• Make sure to report the students name exactly as
  it appears on the students Social Security card

20
Section 1Your Social Security Number
1 2 3 4 5 6 7 8 9
Double check your Social Security Number when
entering it on the FOTW. Both your name and
Social Security Number will be compared through a
database match
21
Section 1 Citizenship Status

• If U.S. citizen, status will be confirmed by
  Social Security match
• If eligible noncitizen, status will be confirmed
  by Department of Homeland Security (DHS) match.
  This includes
• U.S. permanent residents with I-551
• Conditional permanent residents with I-551C
• Eligible noncitizens with I-94
• If neither a citizen or eligible noncitizen, you
  are ineligible for federal/state aid, but might
  still be eligible for institutional funds

22
Section 1 Alien Registration Number
0 1 2 3 4 5 6 7 8

• If eligible noncitizen, write in your eight- or
  nine-digit Alien Registration Number (ARN)
• Precede an eight digit ARN with a zero
• Copy of Permanent Registration Card might be
  requested by the financial aid office

23
Section 1Citizenship Status

• NOTE if you are undocumented or
  under-documented

• if you are applying to any public college or
  university, check to see if you might be eligible
  for in-state tuition costs
• check with colleges and universities to see if
  institutional financial aid is available
• apply for all private scholarships for which you
  may be eligible
• watch for changes in federal and state laws
  regarding the eligibility of undocumented or
  under-documented students
• start inquiring in elementary, middle or high
  school to see if it is possible for younger
  students to become permanent residents

For more information and a list of scholarships,
go to www.maldef.org/pdf/scholarships.pdf
or www.latinocollegedollars.org
24
Section 1 Your State of Legal Residence

GA

• Residency relates to your permanent home state
• if you are dependent, the state of legal
  residence is usually the state in which your
  custodial parents live
• State of legal residence is also used
• to determine eligibility for state grants
• in the need calculation to determine the
  appropriate allowance for state and other taxes
  paid by that states residents

25
Section 1Selective Service Registration

• Male students who are 18 years of age or older
  must be registered with Selective Service to
  receive federal and state aid
• Answer Register me only if you are male, aged
  18-25, and have not yet registered. You may also
  register by going to
• www.sss.gov

26
Section 1Federal Student Aid Question

• Answer No if you have never received federal
  student grants, federal student loans or federal
  work-study
• You should also answer No if you have never
  attended college. If you answer No to this
  question, skip question 23

27
Section 1Drug Conviction Question

• Answer YES if you have been convicted of
  possessing or selling illegal drugs while you
  were receiving federal student financial aid
• Answer NO if
• You have no drug-related convictions of any kind
  but simply received student financial aid
  while a college student
• Conviction was for alcohol or tobacco
• Conviction was removed from your record or
  occurred before age 18 (unless tried as an adult)

28
Section 1Parents Educational Level

• Indicate highest level of schooling completed by
  your biological or adoptive parents (for state
  award purposes only)
• Use birth parents or adoptive parents - not
  stepparents or foster parents
• This definition of parents is unique to these two
  questions

29
Section 1Degree Objective

• Indicate your most immediate degree or
  certificate objective for 2009-2010

30
Section 1Your Expected Enrollment Status at the
Start of the
2009-2010 Academic Year

• Report your enrollment plans for the college you
  are most likely to attend
• If unsure, report Full-time

31
Section 1Work-Study and Student Loans

• If you are interested in either work-study
  (student employment) or student loans, or both,
  mark the appropriate box
• Indicating interest does not obligate you to
  either work or borrow, nor will it cause you to
  lose grants and scholarships
• Answering neither may restrict some options for
  limited work-study or loan funds

32
Section 2(page 3)STUDENT DEPENDENCY STATUS
33
Section 2 Determination of Student Dependency
Status
34
Section 2 Determination of Student Dependency
Status
35
Section 2 Determination of Student Dependency
Status

• If you answer no to all questions in this
  section, go to Section 3. For FAFSA filing
  purposes, you are considered a dependent student
  and are required to provide parental information
• If you answer yes to any question in this
  section, skip Section 3 and go to Section 4. You
  are considered an independent student for FAFSA
  filing purposes and are NOT required to provide
  parental information

36

• Section 3(page 4)PARENTALINFORMATION

37
Section 3 Parental Information

• See Page 4 of FAFSA on the Web Worksheet about
  who is considered a parent
• Biological or adoptive parent(s)
• Stepparent (regardless of any prenuptial
  agreements)

38
Section 3 Parental Information

• Do not provide information on
• Foster parents or legal guardians
• If the student is in foster care or has a legal
  guardian, he/she is automatically
  considered an independent student
• Grandparents or other relatives
• The student must attempt to get
  biological parental information
• Colleges may use Professional Judgment to allow
  the student to file as independent

39
Section 3Parental Information

• If the answer to any question is zero or the
  question does not apply, enter 0
• Report whole dollar figures
• Recommendation If your parents have not filed
  their 2008 federal tax return, use W-2 forms
  and/or other employment records to estimate total
  income

40
Section 3 Parents Marital Status as of Today

• Month and Year Your Parents were
  Married, Separated, Divorced, or Widowed

M M Y Y Y Y
41
Section 3 Parent E-Mail Address
PJONES_at_YAHOO.COM

• Fill in your parents e-mail address that will be
  valid at least until you start college
• If you provide your parents email address, the
  FAFSA processor will let them know your FAFSA has
  been processed

42
Section 3Fathers and Mothers SSN,
Last Name, and Dates of Birth
2 3 4 5 6 7 8 9 0
JONES
0 5 0 3 1 9 5 9
0 0 0 0 0 0 0 0 0
PARKER
0 7 1 9 1 9 6 0

• NOTE Provide this information for yourparent(s)
  who complete Section 3 of the worksheet

43
Section 3 Parents State of Legal Residence
GA
M M Y Y Y Y

• Indicate the two-digit state code for your
  parents permanent address
• Leave question 74 blank if at least one of your
  parents whose information is used on this form
  began living in the state before January 1, 2004

44
Section 3 Parents Tax Return Filing Status
for 2008

• Indicate your parents current tax filing status
  for 2008
• Which tax return did or will your parents file
  for 2008?
• Even if your parent(s) did not file a 1040A or
  1040EZ, read the instructions to see if they
  would have been eligible to do so
• The FOTW Web site will ask if your parents have
  completed their 2008 tax return

45
Section 3 Parents Household 2008
Federal Benefits

• Indicate if you, your parents, or anyone in your
  parents household received benefits in 2007 or
  2008 from any of the federal programs listed

46
Section 3 Parent Dislocated Worker

• A person may be considered a dislocated worker
  if he or she
• is receiving unemployment benefits due to being
  laid off or losing a job and is unlikely to
  return to a previous occupation
• has been laid off or received a lay-off notice
  from a job
• was self-employed but is now unemployed due to
  economic conditions or natural disaster
• is a displaced homemaker

47
Section 3 Parent 2008 Adjusted Gross Income
45,250

• If your parents have not yet filed their 2008
  federal tax return information, it is fine to
  estimate information for these questions
• If your parents have completed their 2008 federal
  tax return, use 2008 tax return information to
  complete this item. Pay attention to specific
  line-items on 2008 federal tax return, if
  completed

• Reminder If the answer is zero or the question
  does not apply, enter 0

48
Section 3 Money Earned from Work by
Parent(s) in 2008
45,250
40,500

• Use W-2 forms and other records to list all
  income in 2008 earned from work (including
  income earned from self-employment)

49
Section 3 Parents Income Tax Paid in 2008
2,130

• What was the amount your parents paid in income
  tax for 2008?
• Use U.S. Income tax paid (or to be paid)
• not the amount withheld from your parents
  paychecks

50
Section 3 Parents 2008 Tax Exemptions
05

• Enter your parents exemptions for 2008
  Exemptions can be found on their IRS tax return
• Be sure to include all persons being claimed
  on your parents 2008 federal tax return,
  regardless of whether they are included
  in your parents household size question

51
Section 3 Parents Household Information
for 2009-10
05

• Include in your parents household
• yourself
• your parent(s)
• your parents other dependent children, if your
  parents provide more than half their support or
  the children could answer no to every question
  in Section 2, regardless of where they live
• other people, if they now live with your parents
  and will continue to do so from 7/1/09 through
  6/30/10, and if your parents provide more than
  half their support now, and will continue to
  provide support from 7/1/09 through 6/30/10

52
Section 3 Family Members Attending College
in 2009-10
2

• Always include yourself even if you will attend
  college less than half-time in 2009-2010
• Include other household members only if they will
  attend at least half time in 2009-2010 in a
  program that leads to a college degree or
  certificate
• Never include your parents

• NOTE Some financial aid offices will require
  proof that other family members are attending
  college

53
Section 3 2008 Additional Financial Information
2,500
12,200
Enter the total from this Additional Financial
Information sheet to Question 94 on page 5,
Section 3
54
Section 3 2008 Untaxed Income
1,700
6,200
500
Enter the total from this 2008 Untaxed Income
sheet to Question 95 on page 5, Section 3
55
Section 3 Parent Asset Information

• List the net value of your parents assets as of
  the day you complete the FAFSA
• If net worth is one million dollars or more,
  enter
• If net worth is zero, enter 0

• NOTE Some financial aid offices may request
  supporting documentation for the answers to these
  questions

56
Section 3 Parent Cash, Savings, and Checking
2,155

• Report the current balance of your parents cash,
  savings, and checking accounts as of the day you
  complete the FAFSA

57
Section 3 Parent Investments
7,900

• Net Worth means current value minus debt

• Investments include
• real estate (other than parents home)
• trust funds
• UGMA and UTMA accounts
• money market and mutual funds
• certificates of deposit
• stocks and stock options

• bonds and other securities
• Coverdell IRAs
• 529 plans owned by parents
• installment and land sale contracts
• commodities, etc.

58
Section 3 Parent Business and
Investment Farms
23,600

• Business/Investment Farm includes
• market value of land, buildings, machinery,
  equipment, and inventory. Debt means only those
  debts for which the business was used as
  collateral

• NOTE DO NOT include the home you live in, the
  value of life insurance and parent retirement
  plans (pension funds, annuities, non-education
  IRAs, Keogh plans, etc), or the value of a family
  owned and controlled small business with 100 or
  fewer full-time or full-time equivalent employees

59
Section 4(page 6)STUDENT FINANCES
60
Section 4Student Finances

• Questions (34 40) are identical to the parent
  financial questions we covered in Section 3
• In these questions in Section 4
• Report your 2008 income
• If you are single, ignore references to spouse
• If you are married, report spouses income and
  assets

61
Section 4 Student Veterans Education Benefits

• For more information on Veterans Education
  Benefits, contact the VA at
• [phone]
• or
• www.va.gov

62
Section 4 Student Finances (Independent Students)
Answer questions (96 103) in Section 4 only if
you answered yes to at least one question in
Section 2 Student Dependency Status
Dependent Students SKIP THESE QUESTIONS
63
Section 4Student Finances (Independent Students)

• Include in your household
• you (and your spouse if married)
• your children, if you will provide more than half
  their support
• other people, if they now live with you and you
  provide more than half their support, and will
  continue to provide that level of support from
  7/1/09 through 6/30/10

Dependent Students SKIP THIS QUESTION
64
Section 4 Student Finances (Independent Students)

• Count yourself even if you will attend college
  less that half-time in 2009-2010
• Include others only if they will attend at least
  half-time in 2009-2010 in a program that leads to
  a college degree or certificate

Dependent Students SKIP THIS QUESTION
64
65
Section 4 Household Federal Benefits
(Independent Students)

• Indicate if you, your spouse, or anyone in your
  household received benefits in 2007 or 2008 from
  any of the federal programs listed

Dependent Students SKIP THIS QUESTION
66
Section 4 Dislocated Worker (Independent
Students)

• A person may be considered a dislocated worker if
  he or she
• is receiving unemployment benefits due to being
  laid off or losing a job and is unlikely to
  return to a previous occupation
• has been laid off or received a lay-off notice
  from a job
• was self-employed but is now unemployed due to
  economic conditions or natural disaster
• is a displaced homemaker

Dependent Students SKIP THIS QUESTION
67
Section 5(middle of page 7)COLLEGES TO RECEIVE
INFORMATION
68
Section 5 School Information
001328
001170
023456
034567
List the schools you are most likely to attend,
and then list others to which you are applying
for admission
69
Section 5School Information

• List up to ten schools to which you are applying
• For faster and more accurate processing, write in
  both the Title IV school code and the
  school name
• Check with each colleges financial aid office,
  your high school counselor, or the U.S.
  Department of Educations website
  (www.fafsa.ed.gov) for a listing of federal
  school codes of the colleges to
  which you are applying
• Select the housing plan that best describes the
  type of housing you expect to have while
  attending each listed school

70
Section 5School Information
Strategies for Listing Colleges

• List those schools with the earliest financial
  aid deadlines, regardless of whether they are
  in-state or out-of-state
• If the student is applying to more than ten
  schools, wait for the processed Student Aid
  Report (SAR) and add additional schools via the
  Web
  or by phone

71
(No Transcript)
72
TYPES OF FAFSAs

• FAFSA on the Web

• Paper FAFSA

73
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
• Student and at least one custodial parent should
  get a federal PIN at
• www.pin.ed.gov

74
Application Filing Tips FAFSA 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
  one parents PIN
• Print out a copy of the FAFSA before submitting
  data
• Keep a copy of the Submission Confirmation Page

75
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
• 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 1.10)

76
Student Aid Report (SAR)

• Regardless of whether the 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 email address
• A paper SAR will be mailed if no student e-mail
  address is provided
• An electronic copy of the data will be sent to
  each college or university listed by the student
  in Section 5
• Keep a copy of the SAR with other financial aid
  documents

77
What Happens Next?

• Los estudiantes y las universidades que enumeró
  el estudiante reciben un SAR del sistema de
  tramitación de solicitudes federal
• ê
• Los estudiantes y las familias verifican que el
  SAR contengan la información de importancia y la
  precisión de los dato
• ê
• Las universidades comparan los registros de
  admisión con las solicitudes de ayuda financiera
  y determinan la elegibilidad para la ayuda
• ê
• Las universidades notifican por correo de la
  elegibilidad a los estudiantes admitidos que
  hayan

78
Special Circumstances

• Contact the Financial Aid Office if there is
• Loss or reduction in parent or student income or
  assets
• Death or serious illness
• Natural disasters affecting parent income or
  assets
• Unusual medical or dental expenses not covered by
  insurance
• Reduction in child support or other untaxed
  benefits
• Financial responsibility for elderly
  grandparents
• Any other unusual circumstances that
  affect a familys ability to contribute to
  higher education

79
Summary of the Financial Aid Process

• Submit all required forms, including the FAFSA,
  by each colleges published deadlines
• (insert any special state deadlines)
• Keep a copy of all forms submitted
• Review the electronic Student Aid Report (SAR)
  Acknowledgement or the paper SAR sent to the
  student
• Watch for financial aid award notifications from
  colleges to which the student has been admitted
• Be sure to apply for financial aid this year and
  every year as soon as possible after January 1 to
  receive the best financial aid award possible
• ASK QUESTIONS!

80
Questions and Answers