FAFSA 101

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Puzzled about financial aid?
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Going to college

• Its important to remember that no matter who
  you are, college is an option for everyone!
• The types of schools and the cost of education
  can vary. This presentation shows how you can
  afford to make your dreams of education beyond
  high school come true!

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Financial Aid

• College is an investment in your future.
• Be aware of the many forms of federal financial
  aid that can help you pay for your education.

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What is Financial Aid?

• Financial aid is money to help you pay for
  educational costs such as
• .

• Room board
• Transportation
• Personal expenses
• .

• Tuition
• Fees
• Books
• .

Need-based money awarded based on
financial need
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Other Types of Aid

• Merit-based aid is money awarded based on
  academic, athletic, or artistic abilities,
  accomplishments, career paths or other criteria
  and does not rely on financial need.
• Merit-based awards consider grades, hobbies,
  talents and other specialized qualifications to
  determine your eligibility.

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Whats a FAFSA?

• The Free Application for Federal Student Aid
  (FAFSA) is the first step in the financial aid
  application process for most types of aid.

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• What types of aid
• require you to file
• the FAFSA?

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All federal student aid, like Pell grants,
work-study and loans. Plus some scholarships and
state and private aid programs require the FAFSA,
too.
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Eligibility Requirements

• Students must meet these basic
• requirements to be eligible for
• Title IV financial aid
• Be a U.S. citizen or an eligible non-citizen.
• Be registered with Selective Service if you are
  a male between the ages of 18-25.
• Were not convicted for the possession or
  sale of illegal drugs for an offense that
  occurred while you were receiving federal student
  aid. If you answer Yes, there are
  circumstances under which you may still be
  eligible. Contact your financial aid office for
  more information.

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www.fafsa.gov
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Requested Information

• Social Security number student and spouse or
  parent(s)
• Students drivers license information
• Income and W-2 figures
• Untaxed income and net worth

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Requested Information

• Veterans education benefits
• Household size
• E-mail addresses for you and your parent(s)
• Alien registration or permanent resident card if
  youre not a citizen

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Requested Information

• School names, addresses and/or school codes
  for all institutions you want to receive
  your FAFSA results
• All school codes can be found at
  www.fafsa.gov. You can search by a schools name
  or location.
• Please note that some schools are shown by their
  full name, while other school names are
  abbreviated.

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Things To Remember

• You must complete the FAFSA every year financial
  aid is needed.
• Never pay to complete the FAFSA
  application the first letter in FAFSA stands
  for FREE!
• www.fafsa.gov is the only Web site you need it
  never charges you a fee to complete your
  application.
• Be wary of any company that charges you money for
  financial aid searches or applications.

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Three Ways to Apply

• Online
• Visit www.fafsa.gov to complete forms
  electronically. This method is strongly
  recommended.
• Print a PDF
• Visit www.studentaid.ed.gov to print the
  PDF version. Just complete it and mail it in.
• Request a paper copy
• Call 1-800-4-FED-AID or
  1-800-730-8913 (TTY)

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Why Online?

• Quicker processing time
• 2-3 days vs. 2-3 weeks
  for the paper FAFSA
• Step-by-step help offered
  on every page
• Just click the Need Help
  button to find valuable
  information to assist you
• Bypass questions that dont apply or have already
  been answered

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Why Online?

• Built-in edits that prevent costly errors
• Save your application and return to it later

• Electronically sign using your personal
  identification number (PIN)

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Filling out the FAFSA One step at a time
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Whats Your Dependency Status?
Are you a dependent or independent student?
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Dependency Status Questions

• Answer these questions to determine if youll
• need to provide your parents
  information.
• As of today, are you at least 24 years old or
  will you be at least 24 years old during the
  academic year for which you are completing the
  FAFSA?
• As of today, are you married or separated, but
  not divorced?
• At the beginning of the school year will you be
  working on a masters or doctoral program?
• Are you currently serving on active duty in the
  U.S. Armed Forces (for purposes other than
  training)?

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Dependency Status Questions

• Are you a veteran of the U.S. Armed Forces?
• Do you have children who receive more than half
  of their support from you?
• Do you have dependents (other than a spouse or
  children) who live with you and will receive more
  than half of their support from you during the
  academic year in which youre applying for
  financial aid?

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Dependency Status Questions

• At age 13 or older, were both your parents
  deceased, were you in foster care or were you a
  dependent or ward of the court?
• As of today, have you been declared an
  emancipated minor by court in your state of
  residence?
• 10. As of today, has a court in your state of
  residence ruled that youre in a legal
  guardianship?

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Dependency Status Questions

• 11. On or after July 1, 2008, were you
  classified as an
• unaccompanied youth who was homeless by
  your
• school districts homeless liaison?
• 12. On or after July 1, 2008, were you
  classified as an
• unaccompanied youth who was homeless by
  the
• director of an emergency shelter program
  funded
• by the U.S. Department of Housing and
  Urban
• Development?

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Dependency Status Questions

• 13. On or after July 1, 2008 were you
  classified an
• unaccompanied youth who was homeless
  or self-
• supporting and at risk of becoming
  homeless by the
• director of a runaway or homeless
  youth basic center
• or transitional living program?
• If you answered yes to one or more of these
  questions, you are considered an independent
  student on the FAFSA.
• Independent students are usually not required to
  provide parental information when completing the
  FAFSA application.

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Whats Your Dependency Status?
Complete the Dependency Status
questionnaire to record your answers to these
questions.
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Whats Your Dependency Status?

• If you answered yes to
• any of the questions,
• youre considered
• independent.

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Whats Your Dependency Status?

• Independent students
• provide their own income
• and asset information.
• Parental information is
• usually not necessary.

Some private schools may require parental
information regardless of dependency status
check with your financial aid office for more
information.
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Special Dependency Situations

• If you think you have an unusual situation that
  might affect your dependency status, contact the
  financial aid office at the school you plan to
  attend.
• Exceptions are rarely approved. Dependency must
  be determined before your FAFSA is submitted.

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Additional Requests

• If you answer yes to any of the dependency
  questions, youll be considered an independent
  student.
• The FAFSA will ask if you want to enter parental
  information, even if youre independent.
• Some schools may require parental information
  regardless of your status.

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Finding the FAFSA

• Find the FAFSA at the official Web site,
  www.fafsa.gov, along with instructions for
  completing it online.
• Remember, steer clear of www.fafsa.com this site
  will charge you to submit your FAFSA.
• If you need help, call the FAFSA Help Desk at
  1-800-4-FED-AID or contact any college financial
  aid office.

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FAFSA on the Web Worksheet

• Check out www.fafsa.gov to print and complete a
  FAFSA on the Web (FOTW) worksheet.
• This form will help you organize your information
  before completing the FAFSA.
• For a comprehensive practice run, fill out a FOTW
  worksheet before completing your application
  online.
• Under 1 - Before Beginning a FAFSA, click FAFSA
  on the Web Worksheet. Then choose the
  appropriate academic year and print the form.

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Whats a PIN?

• You must request a personal identification
  number (PIN) to electronically sign your FAFSA
  application. Request a PIN at www.pin.ed.gov.
• The student and, if needed, one parent must have
  a PIN to electronically sign this form.
• You can use the same PIN in the future when
  completing financial aid applications online.

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Estimating College Costs

• Good news! Tuition at Oklahoma state colleges and
  universities is considerably lower than at
  similar schools in other states.
• Visit the Paying for College section at
  www.OKcollegestart.org to view current tuition
  and estimated college costs by school.

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Dont Miss Deadlines

• FAFSA Check with your schools financial aid
  office for their priority deadlines for receipt
  of your processed FAFSA data. Your chance of
  receiving aid is better if your financial aid
  application is submitted by the schools
  deadline.
• State Aid Check www.fafsa.gov for state
  deadlines or talk to the financial aid office at
  the school(s) you want to attend.

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Dont Miss Deadlines

• Other Grants and Scholarships Review your grant
  and scholarship paperwork for important deadlines
  and keep it in a file.

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Completing the FAFSA

• Go to www.fafsa.gov to fill out your FAFSA
  online. You can also print and complete a paper
  copy.
• Remember to read the instructions completely and
  carefully.
• The following slides will guide you through each
  section of the FAFSA application.

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FAFSA Section 1 Info About You (The Student)

• Section 1 covers the following topics
• Demographic data
• Citizenship
• Educational background

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FAFSA Section 1
Some of the information you enter will carry
forward from page to page.
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FAFSA Section 1
Provide your full name as shown on your Social
Security card.
Make sure your Social Security number is entered
correctly. If your SSN and name dont match, your
FAFSA will be rejected.
Double check to be sure youve entered your birth
year, not the current year.
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FAFSA Section 1
Your permanent address is where you can always be
contacted.
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FAFSA Section 1
Enter your marital status as of the day you
submit your FAFSA.
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FAFSA Section 1
If youre 18 years old and havent registered
with Selective Service, you cant receive federal
financial aid.
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FAFSA Section 1
Some scholarships are granted based on your
responses to these questions.
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FAFSA Section 1
You must answer this question
so be sure to read it
carefully
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FAFSA Section 1
The best option is to choose both work-study and
student loans
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FAFSA Section 1
This question may qualify you for a grant program
called TEACH. Check with your schools financial
aid office to see if they participate in this
program. If so, ask for details before accepting
an award.
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FAFSA Section 2 Your Dependency Status
Section 2 determines if youll need to provide
parental information
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FAFSA Section 2
Your answers to these questions determine your
dependency status refer back to your
questionnaire to review your
results
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FAFSA Section 2
If you answer YES to one or more of these
questions, you are considered an independent
student on the FAFSA.
Independent students dont need to provide
parental information when completing the FAFSA
application, unless requested by their school.
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FAFSA Section 3 Your Parents Information

• Section 3 requires your parent(s) to provide the
  following information
• Marital status
• Household size
• Income
• Net worth

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FAFSA Section 3

• If youre a dependent student, your parent(s)
  must provide
• full names and Social Security numbers
• information from tax documents for the year
  required by the FAFSA
• Your parent(s) will need to complete the FAFSA
  forms.

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Parent Information

• If your biological parents are separated or
  divorced, include information about the parent
  you lived with most during the last 12 months.
• If you lived with both parents equally, report
  tax information for the parent who provided you
  the most support in the last 12 months.

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FAFSA Section 3
If your parent is remarried, you must also
include your step-parents information.
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FAFSA Section 3
Include child support received for all children
in the household.
If your parent is a member of the clergy and
received a housing allowance, you must report it
as untaxed income.
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FAFSA Section 3
Include information only about people who are in
your household and receive more than half of
their support from your parent(s).
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FAFSA Section 3
Carefully read the FAFSA instructions to see if
you qualify as a dislocated worker or a displaced
homemaker.
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FAFSA Section 4 Your Finances

• Section 4 will ask you to report on your
• Income
• Net worth
• Veterans education benefits

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FAFSA Section 4
Answer questions about you and your spouse only
if youre married at the time you submit your
FAFSA.
If you filed a joint return, but are currently
separated, divorced or widowed, include only your
tax information.
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Student Income

• For the remaining questions in this section,
  follow the directions shown.
• To simplify the process, line numbers
  corresponding to your specific tax return are
  provided.

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FAFSA Section 5 Schools to Receive Your FAFSA
Results

• Section 5 will ask you about
• Federal School Codes
• Housing Plans

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FAFSA Section 5

• This is where youll choose the schools
  that will
  receive your FAFSA information.

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FAFSA Section 5
Enter school codes one at a time. You can enter
up to 10 schools.
Click this button to search for school codes.
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FAFSA Section 5
Remember that some school names may be
abbreviated, i.e. Univ. for University.
Search codes by state, city or name.
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FAFSA Section 5
Also include your housing plans at each
individual school.
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FAFSA Section 5
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FAFSA Section 6 Preparers Information
Only enter information in Section 6 if you
received help completing the FAFSA and were
charged a fee.
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FAFSA Section 7 Review Sign

• Carefully review the data youve entered on your
  FAFSA before submission.
• Providing false information could lead to a fine,
  imprisonment or both.
• If youve completed the FAFSA online, but dont
  have a PIN, you can request one or print the
  signature page, sign and mail it in.

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FAFSA Section 7
Dont forget to review every-thing youve entered
on your FAFSA before you submit the form!
The student and parent will both need to enter
their PIN and agree that all infor-mation is
correct.
If filing online, dont forget to hit submit!
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FAFSA Section 7
Continue following directions until you see this
confirmation page.
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FAFSA Section 7

• Remember, the online FAFSA takes approximately
  2-3 days to process. The paper version takes
  about 2-3 weeks.
• Once processing is complete, your information
  will be sent to the schools you selected.

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Avoid Common Errors

• Follow directions carefully. Some sections
  require a response to every question, even if the
  answer is zero or the question doesnt apply to
  you. Requirements vary by section.
• Enter the correct marital status. To file as
  married, you must be married on or before the
  date you complete your FAFSA.
• Apply on time. Priority is often given to
  students who apply as soon as possible after
  January 1.

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Dont Forget

• Remember to read the instructions completely.
• If you have questions during the application
  process, click the Need Help link located at
  the bottom of each FAFSA screen.
• Carefully review your FAFSA before submitting
  your application.
• Dont forget to sign your FAFSA.

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Ive submitted my FAFSA! Now what?
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What Happens Next?

• Student Aid Report (SAR)
• The SAR is a document that summarizes the
  information included on the FAFSA.
• - Review this form and correct any errors
  as soon as possible.
• - Some schools may prefer to make certain
• changes to your FAFSA data. Check with
  your
• school for direction.
• Youll get a copy of the SAR, either
  electronically or in paper form. The schools
  listed on your FAFSA will receive something
  similar.

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What Happens Next?

• The SAR will not list the amount of financial aid
  youre eligible to receive.
• Keep an eye out for any and all correspondence
  from the financial aid offices to which you
  submitted your FAFSA.
• Remember to watch for correspondence from the
  Admission Office, too.

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Expected Family Contribution (EFC)

• Your SAR will contain an amount called the
  Expected Family Contribution (EFC).
• The EFC is the amount of money your family may be
  expected to contribute toward the cost of your
  education for the academic year.
• Its based on the information you provided on
  your FAFSA, such as income, assets and family
  size.

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Cost Of Attendance (COA)

• The COA is an estimate of a students educational
  expenses for a specific period of enrollment.
• COA will include tuition, fees, books and
  supplies, room and board, transportation and
  miscellaneous expenses
• Visit www.act.org/fane to estimate costs and
  calculate your familys expected financial
  contribution

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Financial Need

• Financial need is the gap between the Cost of
  Attendance and the student's resources.
• The students resources include the EFC and Other
  Aid.
• Financial aid packages, provided on your award
  letter, are based on your financial need.

Cost of Attendance EFC -
Other Aid Financial Need
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SAR (Student Aid Report) on the Web
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SAR (Student Aid Report)on the Web

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Verification

• When you receive your Student Aid Report (SAR)
  you might see an asterisk next to the Expected
  Family Contribution (EFC). This means youve been
  chosen for a process called verification.
• Applicants are chosen by random selection so no
  need to worry if you are or arent chosen.

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Verification

• If youre selected for verification, the
  financial aid office will request documentation
  so they can verify your income and assets
• Be sure to watch for deadlines on all requests.
  No financial aid can be awarded if youre chosen
  for verification and dont comply with this
  request.

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Now What?

• Youll receive a notification letter from the
  schools youve been accepted to, either in the
  mail or electronically.
• If you receive an award letter, it will provide
  the types and amounts of aid youre eligible for.
  Make sure you understand each award, and
  remember you dont have to accept everything
  offered.
• Respond to any new requests for information by
  the deadlines set by your school.

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Now What?

• Read, accept, sign and return the award letter to
  your school by the specified deadline. If you
  receive an electronic letter, remember to
  carefully read the instructions explaining how an
  acceptance should be returned to the school.
• Accept free money first. Use grants and
  scholarships before anything else.
• Next, tap into any available college savings.

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Federal Student Loans

• If grants, scholarships and the EFC arent enough
  to cover your school expenses, consider federal
  student loans.
• Borrow only what you need to pay for school.
  Student loans must be paid back with interest.

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Federal Student Loans

• There are three types of federal student loans
• available to undergraduate students
• Subsidized Stafford Loans These are low
  interest loans based on financial need, your
  grade level in school and your dependency status.
  The government pays the interest on this loan
  for you while youre enrolled in school at least
  half-time.
• Unsubsidized Stafford Loans These are also low
  interest loans, but they are not based on your
  financial need. Eligibility is based on your
  grade level and other aid you receive. You are
  responsible for accrued interest on unsubsidized
  loans.
• Parent PLUS Loans Parents of dependent
  undergraduate students are eligible to receive
  these low interest loans. PLUS loans are not
  based on financial need however, the borrower
  must be credit worthy.

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Federal Student Loans

• If youre eligible for a loan, youll need to
  complete a Master Promissory Note (MPN), which is
  a legal agreement of repayment between you and
  your lender.
• Exhaust all federal loan options before
  considering private or alternative loans,
  which can have higher interest rates and fewer
  flexible repayment options.

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• Q When do I fill out the FAFSA?
• A As soon as possible after January 1 of the
  year financial aid is needed.

FAQs

Q Where can I get a FAFSA? A Visit
www.fafsa.gov to locate the form and receive
step-by-step instructions. You can also
request a paper copy from your high school
counselor or college financial aid
administrator, or you can contact the Federal
Student Aid Information Center at
1.800.4.FED.AID.
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• Q I live with my grandparents. Do I use their
• information on the FAFSA?
• A No. Always include information about your
  parents, if possible. If you have a special
  situation, you should contact your schools
  financial aid office.

FAQs
Q Is my personal information safe when I
apply online? A Yes, www.fafsa.gov is a secure
site and your information is encrypted for
privacy.
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Q What if I have a question while Im
completing my FAFSA online? A You can click the
Need Help button on the FAFSA screens to
get answers to your questions.
FAQs
Q Whose income do I report if my parents are
divorced? A The
parent you lived with the most during the
last 12 months.
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Q My parents are divorced and I lived with each
of them equally during the last 12 months.
Whose income should I enter on the FAFSA? A
If you lived with each parent for the same amount
of time during the past year, you should include
income information for the parent who provided
you the most support during that timeframe.
FAQs
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Q Im pregnant. Can I include my unborn
baby in the household size on my FAFSA? A
Yes, you can include an unborn child in your
household size if he/she will be born within
your schools academic year. By
claiming a child, you may qualify as an
independent student only if you will provide
more than half of the childs support during
the academic year.
FAQs
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Q My son will probably get a full
scholarship to college because hes a great
football player. Why should I complete the
FAFSA? A Statistics show only about 1 in
10,000 students get a full ride to college.
Dont take that chance! Complete the FAFSA
as early after January 1 of his senior year
as possible.
FAQs
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Q My neighbor didnt qualify for any grants,
so I doubt I will. Our parents make about
the same amount of money. Why should I complete
the FAFSA? A The FAFSA is
uniquely designed to determine your
eligibility for financial aid. Income is only
one of the factors! Everyones situation is
different and nearly everyone qualifies for
some type of financial aid. Its always
beneficial to complete the FAFSA to see what
you qualify for.
FAQs
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Q What is a SAR? A SAR stands for Student
Aid Report. This is the report that
summarizes the information included on your
FAFSA. You should receive a copy of the
SAR after submitting your form. The FAFSA
gives you the option to receive the SAR
electronically or in a paper version.
Review the SAR for accuracy.
FAQs
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Q Who can I talk to if I have more
questions? A Contact the financial aid office
of the school you plan to attend. They can
answer your questions and direct you to
helpful resources.
FAQs
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Success!

The pieces are together all we need is you.