2015Financial Aid Information SessionGary Schindler

Dean of Student Affairs

Financial Aid Director

Riverland Community College

Tonight:

>FAFSA>Tips>Process

74% OF ALL JOB OPENINGS IN MINNESOTA BY 2018 WILL REQUIRE A COLLEGE EDUCATION

Take note…..

2014-2015 College Costs (Tuition and fees)

Two-year technical/community college $5,500State university $8,000-$8,500University of Minnesota $13,000Private college/university $25,000-$40,000Private career college/university $15,000-$20,000

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Cost of Attendance

• Tuition and fees• Books, supplies and equipment• Room and board• Transportation• Personal expenses• Typically, COA =

T&F + Books + $10,000

Application Process & FAFSA

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Ideal Sequence:

>File or estimate taxes>FAFSA>College aid app

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Free Application for Federal Student Aid - FAFSA

• Apply on-line at: www.fafsa.gov

• 2015-2016 FAFSA available January 1, 2015– TIP #1 The earlier…the better – Tip #2 Do you know…the college’s priority deadlines?– Tip #3 Use estimated tax figures..make corrections later– Tip #4 Do you know…institutional application?– Tip #5 Do you know..Freshman Scholarship process?

• Carleton, Macalester, St. Olaf, Gustavus Adolphus require CSS Profile form in addition to FAFSA

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FAFSA on the Web (FOTW) www.fafsa.gov

• Apply• Retrieve IRS data • Reapply • Apply for PIN• Find college

codes• Check status of

FAFSA• Make corrections• Add additional

colleges

Tip #6…You do not need to be accepted to apply.

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FAFSA on the WebIRS Data Retrieval

• If applicant indicates filed taxes on FOTW, will be prompted to use IRS data interface

• IRS data available:

– 2 to 3 weeks after federal tax forms filed electronically (70% of filers)

– 8 to 11 weeks after paper federal tax forms filed

• If there is unpaid tax obligation to IRS, tax returns won’t be processed until May or June 2015

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FAFSA on the Web IRS Data Retrieval

Applicants will receive automatic reminder emails to go back to FOTW and use IRS data retrieval if:

– They provided estimated tax figures on the FOTW

– Provided actual tax figures on FOTW but did not use IRS data retrieval

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Items Populated on FOTW from IRS Data Retrieval

• Adjusted gross income• U.S. income taxes paid• Untaxed IRA distributions, pensions• Education credits• IRA deductions• Tax exempt interest

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FAFSA on the Web IRS Data Retrieval• Who CAN’T use IRS data retrieval:

– Married couples who filed separate tax returns

– Married couples if one filed as head of household

– Student’s legal parents are unmarried and living together

– Filed an amended return (must submit original 1040 and 1040x to school)

– Filed tax return too recently

– Applicants whose marital status changed since January 1

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Criteria for Independent Applicant

• At least 24 years old by December 31st of the award year covered by the FAFSA

• Graduate or professional student

• Married (does NOT include cultural marriage)

• Has legal dependents other than a spouse who receive more than one half of their support from the student during school year

• On active duty or veteran of the U.S. Armed Forces

• Any time since turning 13 was/is an orphan, in foster care, or ward of the court

• Emancipated minor or in legal guardianship as determined by a court (by someone other than parent)

• Unaccompanied homeless youth as documented by:– (high school/district homeless liaison, authorized shelter

administrator, financial aid administrator interview)

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Assets

• Asset protection allowance question

• Cash, savings, checking

• Other investments

• Home

• Farm

• Small business

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FAFSA Results

• Student notified of FAFSA processing results by:– E-mail notification with link to student’s

SAR online if student’s 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.gov

– If student has a PIN, can view SAR online at www.fafsa.gov and make corrections