2012 Annual Statewide Financial Aid Conference for High School Counselors

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2012 Annual Statewide Financial Aid Conference for High School Counselors. November 7, 2012. Conference Agenda Presentation on 2013-2014 System Break Financial aid administrator panel Q & A session Demonstration of financial aid web sites. Application Process & FAFSA. - PowerPoint PPT Presentation

Text of 2012 Annual Statewide Financial Aid Conference for High School Counselors

  • 2012Annual Statewide Financial Aid Conference for High School CounselorsNovember 7, 2012

  • Conference AgendaPresentation on 2013-2014 SystemBreakFinancial aid administrator panel Q & A sessionDemonstration of financial aid web sites*

  • Application Process & FAFSA

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    Free Application for Federal Student Aid - FAFSAApply on-line at: www.fafsa.gov

    Watch out for www.fafsa.comCommercial site with fee for service

    If family prefers paper FAFSA formCan download from: www.fafsa.govSelect FAFSA Filing OptionsHigh schools can download and make copiesCan order by phone: 1-800-4FEDAID

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    Applying for 2013-2014Submit FAFSA after January 1, 2013The earlier, the betterCan complete with estimated tax figures and make corrections laterCollege financial aid deadlines vary, some early Posted on school web site or OHE Counselors GuideCarleton, Macalester, St. Olaf, Gustavus Adolphus (and many east coast colleges) require CSS Profile form in addition to FAFSAhttps://profileonline.collegeboard.com

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    2013-2014 Paper FAFSA Paper FAFSA green (student) and purple (parent)No additional or deleted questionsMinor changes to instructionsDraft in packet

    2013-2014 FAFSA on the Web Worksheet Must order from: www.fsapubs.org1 (800) 394-7084

    #5

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    FAFSA on the Web (FOTW) www.fafsa.govApplyRetrieve IRS data Reapply Apply for PINFind college codesCheck status of FAFSAMake correctionsAdd additional collegesPrint SARs

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    2013-2014 FOTW ChangesCase sensitivity removed for PIN retrieval challenge questionWill help those with existing PIN retrieve it from PIN system if lost/forgottenFOTW home page START HERE button changed to:

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    Make correctionsAdd a collegeView your Student Aid Report

    Start a New FAFSALog In

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    2013-2014 FOTW ChangesFOTW confirmation page will reference program eligibility requirementsHyperlink to Am I eligible for student aid?New language will inform students that they must be high school graduates or have earned a GEDPreviously, students without these credentials could qualify if they passed Ability-to-Benefit test or successfully complete 6 college credits

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    2013-2014 FOTW ChangesTo address FOTWs rejected for lack of signature: Sign with my PIN will be the default signature option for most applicants Users can choose another option for signing, and when selected, the system will display options to print a signature page or submit without signatures, along with text explaining the benefits of electronic signatures

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    2013-2014 FOTW ChangesPIN mailers will no longer be mailed to studentsAll other PIN options will remainEmailView on-lineCurrent and new browser versions will be supportedUnsupported browser message will no longer appearIncompatible browsers will continue to be blocked

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    FOTW Supported BrowsersInternet Explorer: 7.0 9.0Mozilla Firefox: 3.5 9.0Apple Safari: 4.x 5.xGoogle Chrome browsers:Google Chrome 9.0.x 18.0.xOpera: 9.5.x 11.x, Mini

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    2013-2014 FOTW ChangesFacebook and Twitter options will be presented at end of FOTW to allow users to share that they have completed the FAFSA

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    Parents' Password Cracked On First TryREDONDO BEACH, CA Nick Berrigan, 14, successfully hacked into his parents' AOL account on the first try Tuesday, correctly guessing that "Digby" was their password. "They actually used the dog's name," said Berrigan, deactivating the parental controls on his AOL account. "They don't give me much credit, do they? Experts advise parents to secure Internet accounts with any password besides the name of a family pet.

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    FAFSA on the Web 2013-2014 IRS Data RetrievalApproximately 84% of families are eligible to use the IRS data retrieval process to populate the FOTWWho CANT use IRS data retrieval:Married couples who filed separate tax returnsTax filing status is head of householdFiled an amended returnFiled Puerto Rican or foreign tax returnFiled tax return too recentlyApplicants whose marital status changed since January 1 of the processing yearAmended return tax filers must submit original 1040 and 1040x

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    FAFSA on the Web 2013-2014 IRS Data RetrievalIf family cant use IRS Data Retrieval, will need to produce official IRS tax return transcript if selected for verificationOn-line request at: http://www.irs.gov/Individuals/Order-a-TranscriptMust type in SSN, name and address exactly as it appears on tax returnCan look up zip code at: www.usps.com to get exact street addressTouch-tone phone request at:1 (800) 908-9946

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    FAFSA on the Web 2013-2014 IRS Data RetrievalIf applicant indicates filed taxes on FOTW, will be prompted to use IRS data interfaceIf chooses not to use IRS interface will be subject to selection for verificationIRS data available:2 weeks after federal tax forms filed electronically (70% of filers)8-10 weeks after paper federal tax forms filed (some have experienced longer delays)Not available until any tax owed the IRS is paid

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    Items Populated on FOTW from IRS Data Retrieval

    Adjusted gross incomeHowever, wages from employment are not transferredFamilies should make sure mothers and fathers wages (from W-2) are entered correctly on FOTWU.S. income taxes paidUntaxed IRA distributionsUntaxed pensionsEducation creditsIRA deductionsTax exempt interest

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    FAFSA on the Web 2013-2014 IRS Data Retrieval

    IRS data retrieval can be used:While completing original FOTWAs a later correction to FOTWApplicants will receive automatic reminder emails to go back to FOTW and use IRS data retrieval if:They provided estimated tax figures on the FOTWProvided actual tax figures on FOTW but did not use IRS data retrieval

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    Providing Parents Information on FAFSAParents informationGrandparents, foster parents, other relatives and legal guardians are NOT considered parents on the FAFSA unless they legally adopted studentDo NOT substitute information about above parties in parent section on FAFSAIn many cases, these applicants will be able to apply as independent via:Meeting one of the independent criteria in Step Three; orDependency override

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    Providing Parents Information on FAFSAIf biological/adoptive parents married, report information for both parentsIf biological/adoptive parents are divorced or separated, provide information for parent:Student lived with the most in last yearOr, if lived equal periods with each parent, parent who provided the most financial support in last year or most recent year support providedIf that parent remarried, include stepparents information, even if stepparent did not adopt studentNote: Unlike FAFSA, CSS Profile form will require information for non-custodial parent

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    FAFSA Handouts for StudentsTips for Completing the 2013-2014 FAFSA

    Completing the FAFSA: Special Guidance Related to Dependency Status and Providing Parental Information

    #7#6

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    FAFSA TrainingDetailed FAFSA line-by-line training provided at Minnesota College Goal eventswww.minnesotacollegegoal.orgNew high school counselors encouraged to attend or volunteer to be host site

  • Post-ApplicationProcess*

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    FAFSA ResultsStudent notified of FAFSA processing results by:E-mail notification with link to students SAR online if students e-mail address provided:FAFSA on the Web (takes 1-2 days if electronically signed with PIN; 2 weeks if mailed in signature page)Make sure student adds federal email address to address book to avoid delivery problems FederalStudentAidFAFSA@cpsemail.ed.govIf student has a PIN, can view SAR online at www.fafsa.govDraft 2013-2014 SAR

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    CorrectionsGo to: www.fafsa.gov and click on Log In to make any necessary correctionsAdd a collegeCorrect FAFSA data itemsUse IRS data retrieval

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    If Selected for VerificationFor 2013-2014, menu of items subject to verification are:Number of household membersNumber of household members in collegeFood Stamps/SNAP (if indicated receipt on FAFSA)Child Support Paid (if indicated on FAFSA)Income earned from work (if non-tax filer)IRS data retrieval items from federal tax return

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    New Verification Items 2013-2014Two new items for 2013-2014, but not for all studentsHigh school completion statusStudent must submit copy of high school diploma or transcript showing graduation dateIdentity/Statement of Educational PurposeApplicant must appear in person and show government-issued photo IDDrivers license, non-drivers license, military identification or passportAlso sign statement of educational purposeIf cant appear in person, submit copy of photo ID and notarized statement of educational purpose

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    If Selected for VerificationVerification items tailored to each student and indicated on SAR/ISIRSome students may need to verify all items; others notIf items limited to data from tax return, verification can be accomplished through IRS data retrieval process aloneIf unable to use IRS data retrieval, school will require an official IRS tax transcript (or signed copy of 1040 and 1040x for amended returns)If verification items include both tax return and other items, then verification worksheet or other documentation must also be completed

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    Professional JudgmentNormally, a familys Expected Family Contribution (EFC) is based on income for the previous tax yearFor 2013-2014 academic year, tax year 2012Financial aid administrators can use their professional judgment to alter data on the FAFSA for special circumstancesAdjustments are typically performed as corrections after the original FAFSA is submitted and verified

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    Professional JudgmentCommon examples include:Significant change in income from past tax year based on unemployment, underemployment, loss of benefits, loss of child support, death, divorce, military servic