Applying for Financial Aid 2009-2010

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Applying for Financial Aid 2009-2010

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Sponsors/Partners:

Presenter:

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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

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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

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• Federal government

• State government

• Colleges and universities

• Private agencies, companies, foundations, and your parents’ employers

Sources of Financial Aid

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TOPS

The TOPS program was created by the Louisiana legislature in 1997 under the administration of Governor Mike Foster 1998 was the first award year for both 1997

and 1998 graduates

TOPS is funded through the State General Fund and the Millennium Trust Fund TOPS funds must be appropriated each year

by the Legislature

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TOPS: Academic Requirements

• All TOPS core curriculum courses must be completed by the date of high school graduation

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TOPS: Core Curriculum GPA

The grade point average (GPA) used to determine eligibility for the TOPS program will be calculated using only those grades achieved in the TOPS core curriculum courses

Uses the highest grade in each core category Courses not graded on a 4.00 scale must be

converted to a 4.00 scale Letter grades of “P” are not included TOPS Core GPA cannot be rounded up

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TOPS: ACT

ACT Registration TOPS Code 1595 Social Security Number

ACT Deadlines for 2009 Graduates Without penalty: April 4, 2009 Loss of one semester eligibility: June 13, 2009

Highest composite score will be considered TOPS does not consider the Essay portion of

the ACT

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TOPS: SAT

SAT Registration Scholarship Code 9019 Social Security Number

SAT Test Deadlines Without Penalty: March 14, 2009 Loss of 1 semester eligibility: May 2, 2009 and

June 6, 2009

An equivalent SAT score may be substituted for the ACT score TOPS does not consider the Essay portion of

the SAT

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TOPS: Application

Two methods for applying for TOPS: FAFSA (Free Application for Federal Student Aid) –

www.fafsa.ed.gov• Preferred application• Must be completed if the student is eligible for federal

grant aid (Pell Grant)• Must be completed if the student is seeking any other

form of financial aid• The only application needed for TOPS

TOPS Online Application – www.osfa.la.gov • May only be completed by students who can certify

that they do not qualify for federal grant aid• In the event of a budget shortfall, students completing

the TOPS Online Application will be the first to lose their TOPS award

• Do not complete if you have completed the FAFSA

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TOPS: Application Deadlines

2009 Graduates

Initial Application Receipt Date

Receives TOPS funding for:

Jan. 1 – July 1, 2009 8 semesters (12 quarters)

Beginning 2009-2010

July 2, 2009 – July 1, 2010 8 semesters (12 quarters)

Beginning Fall 2010

July 2, 2010 – Aug. 29, 2010 7 semesters (10 quarters)

Beginning Fall 2010

Aug. 30, 2010 – Oct. 29, 2010

6 semesters (9 quarters)

Beginning Fall 2010

Initial Applications Received After October 29, 2010

Ineligible for TOPS

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TOPS: Processing Cycle

Student applies by completing the FAFSA or TOPS Online Application

LOSFA receives ACT or SAT scores electronically based on the inclusion of the TOPS code on the test registration

LOSFA receives transcript data from the La. Department of Education after high school graduation

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TOPS: Processing Cycle

Once all required data is received, TOPS eligibility is determined each Thursday night

TOPS eligibility letters are mailed each Friday. Students can also check their award status on the TOPS Portal located on www.osfa.la.gov Most students will be notified of their TOPS

eligibility by early July

A Master Roster of TOPS eligible students is available for colleges and universities to download each Monday

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TOPS: Processing Cycle

Most colleges and universities will include an anticipated TOPS credit on the student’s fee bill after receiving the TOPS Master Roster

Colleges and universities may begin billing LOSFA for TOPS eligible students who are full-time students after the 14th class day of the term

LOSFA will send all TOPS funds to the institution to be applied to the student’s account

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TOPS: Award Acceptance

Must enter an eligible institution as a full-time student by the fall semester following the first anniversary of high school graduationExceptions:

• Returning Out-of-State Students• Military Service

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TOPS: Retention Requirements

Should apply annually by July 1st by completing the Renewal FAFSA

Must be continuously enrolled on a full-time basis during the academic year

Must earn 24 credit hours each academic year Failure to earn 24 hours will result in permanent

award cancellation Exceptions to the continuous enrollment or 24 hour

requirement may be granted for reasons beyond the student’s control

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TOPS: Retention Requirements

GPA At the end of each Spring term, the following

cumulative college GPA must be achieved:• Opportunity Award:

2.30 first academic year2.50 all subsequent academic yearsOpportunity Award recipients who fail to maintain

the retention GPA will be suspended

• Performance and Honors Awards: 3.00Performance or Honors award recipients who fail

to maintain a 3.00 cumulative GPA will revert to the Opportunity Award (see above requirements)

• Tech Award: 2.50

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TOPS: Retention Requirements

At the end of any other term, Steady Academic Progress of a 2.00 cumulative college GPA must be maintained or the award will be suspended

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Other State Aid Programs

• Go Grant

• LA LEAP Grant

• Rockefeller State Wildlife Scholarship

• Louisiana Guaranteed Loans

• Healthcare Educator Loan Forgiveness Program

www.osfa.la.gov

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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

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Need-Based Grants

College Grants

• (List various community college grants here)

• (List various state college and university grants here)

• Independent College Grants - amounts vary

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Types of Applications

• FAFSA

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

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

• CSS Financial Aid PROFILE

• Institutional scholarship and/or financial aid applications

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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

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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 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

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Getting Ready

• Before starting the FAFSA, gather:• Student driver’s 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

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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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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

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The FOTW WorksheetA Five Section FormThe FOTW WorksheetA Five Section Form

Section 1 – is about the studentSection 2 – determines student

dependency statusSection 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

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Section 1(page 2)

STUDENT INFORMATION

Section 1(page 2)

STUDENT INFORMATION

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Section 1Your Last Name

• The FOTW will ask for the student’s first and last name as well as a middle initial

• Make sure to report the student’s name exactly as it appears on the student’s Social Security card

Jones

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Section 1Your Social Security Number

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

1 2 3 4 5 6 7 8 9

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• 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

Section 1Citizenship Status

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Section 1Alien 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

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Section 1Citizenship Status

• 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 towww.maldef.org/pdf/scholarships.pdf or

www.latinocollegedollars.org

NOTE: if you are undocumented or under-documented

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Section 1Your State of Legal Residence

• 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 state’s residents

GA

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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

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• 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

Section 1Federal Student Aid Question

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• 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)

Section 1Drug Conviction Question

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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

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

Section 1Degree Objective

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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”

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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

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Section 2(page 3)

STUDENT DEPENDENCY STATUS

Section 2(page 3)

STUDENT DEPENDENCY STATUS

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Section 2Determination of Student Dependency Status

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Section 2Determination of Student Dependency Status

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Section 2Determination 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

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Section 3(page 4)

PARENTALINFORMATION

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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)

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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

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Section 3Parental Information

,$ 0 • 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

1 2 $ 3 5 6 (no cents),

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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

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Section 3 Parent E-Mail Address

• 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

PJONES@YAHOO.COM

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Section 3Father’s and Mother’s SSN, Last Name, and Dates of Birth

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

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

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Section 3 Parents’ State of Legal Residence

• 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

GA

M M Y Y Y Y

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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

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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

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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

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Section 3 Parent 2008 Adjusted Gross Income

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

• 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

45,250

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Section 3 Money Earned from Work by Parent(s) in 2008

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

45,250

40,500

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Section 3 Parents’ Income Tax Paid in 2008

• 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

2,130

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Section 3 Parents’ 2008 Tax Exemptions

• 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

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Section 3 Parents’ Household Information for 2009-10

• 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

05

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Section 3 Family Members Attending College in 2009-10

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

• 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

2

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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

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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

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Section 3 Parent Asset Information

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

• 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

9 9 $ 9 9 9 , 9

$ 0 ,

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Section 3 Parent Cash, Savings, and Checking

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

2,155

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Section 3 Parent Investments

• bonds and other securities • Coverdell IRAs• 529 plans owned by

parents• installment and land sale

contracts• commodities, etc.

• 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

7,900

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Section 3 Parent Business and Investment Farms

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

• 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

23,600

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Section 4(page 6)

STUDENT FINANCES

Section 4(page 6)

STUDENT FINANCES

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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 spouse’s income and assets

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Section 4Student Veterans’ Education Benefits

For more information on Veterans’ Education Benefits, contact the VA at:

(800) 827-1000or

www.va.gov

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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

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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

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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

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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

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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

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Section 5(middle of page 7)

COLLEGES TO RECEIVE INFORMATION

Section 5(middle of page 7)

COLLEGES TO RECEIVE INFORMATION

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001170 001328 023456

Section 5School Information

034567

List the schools you are most likely to attend, and then list others to which you are applying

for admission

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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 college’s financial aid office, your high school counselor, or the U.S. Department of Education’s 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

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Section 5School Information

• 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

Strategies for Listing Colleges

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TYPES OF FAFSAsTYPES 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

• Student and at least one custodial parent should get a federal PIN at

www.pin.ed.gov

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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 parent’s PIN

• Print out a copy of the FAFSA before submitting data

• Keep a copy of the Submission Confirmation Page

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• 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)

Application Filing Tips Paper FAFSA

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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

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What Happens Next?

Students and the colleges the student listed receive Student Aid Report (SAR) from federal processor

(CAR)

Students and families review SAR and CAR for

important information and accuracy of data

Colleges match admission records with financial aid

applications and determine aid eligibility

Colleges mail notices of financial aid eligibility to

admitted students who have completed all required financial aid forms

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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 family’s ability to contribute to higher education

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Summary of the Financial Aid Process

• Submit all required forms, including the FAFSA, by each college’s 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!

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Questions Questions and Answersand Answers