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Chandler Unified School District Presents….. Nanci Regehr Financial Aid Director, Rio Salado College

Chandler Unified School District Presents.. Nanci Regehr Financial Aid Director, Rio Salado College

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What is Financial Aid? Aid can come from many resources: Scholarships Grants Federal Work Study Student Loans Parent Loans Veterans Educational Benefits

Text of Chandler Unified School District Presents.. Nanci Regehr Financial Aid Director, Rio Salado College

Chandler Unified School District Presents.. Nanci Regehr Financial Aid Director, Rio Salado College Where does it begin? Completing the application process! University Community College Vocational Trade School What is Financial Aid? Aid can come from many resources: Scholarships Grants Federal Work Study Student Loans Parent Loans Veterans Educational Benefits Scholarships Where do I look? Career Center Websites University, Community College and Vocational Trade School Financial Aid websites. Many scholarship opportunities are for Senior High School Students only! Pay close attention to deadlines! Parents employment Community What is the FAFSA? Free Application for Federal Student Aid A standard form that collects demographic and financial information about the student and family Required application for Federal Student Aid and many Scholarships. Online application atFor the academic year, the FAFSA may be filled out beginning January 1, You should apply, even if you think you may not qualify. Catastrophic financial hardship can happen unexpectedly! FAFSA on the Web (FOTW) Website: Built in edits to prevent costly errors Skip-logic allows student and/or parent to skip unnecessary questions Option to use Internal Revenue Service (IRS) Data Retrieval Tool to import tax data. More timely submission Ability to check application status online Simplified application process in the future. IRS Data Retrieval Tool (DRT) While completing FOTW, applicant may submit real-time request to IRS for tax data. IRS will authenticate taxpayers identity If match found, IRS sends real-time results to applicant in new browser window Applicant they chooses whether or not to transfer data to FOTW IRS Data Retrieval Tool (DRT) Some will be unable to use IRS DRT Examples: -File an amended tax return -No Social Security Number was entered -Tax payer is married but filed separately FSA ID https://fsaid.ed.gov/npas/ind exhtm https://fsaid.ed.gov/npas/ind exhtm Sign FAFSA electronically Not required, but speeds processing May be used by students and parents throughout aid process, including subsequent school year Only the owner should create a FSA ID FAFSA What Goes On The FAFSA? Student and parents 2015 Federal Income Tax information for the award year University, Community College and Vocational Trade school code (s) Social Security Number Household information Special Circumstances Cannot be documented using the FAFSA Send written explanation and documentation to financial aid office at each college College will review and request additional information if necessary Decisions are final and cannot be appealed to the U.S. Department of Education Financial Aid Process Student and parent enter income and household information An EFC (Expected Family Contribution) is generated to determine how much the financial aid you qualify for based on the following factors: 1. How many people in the household 2. How many are in college 3. How much paid in taxes 4. How much income was earned The school (s) you applied to will receive your SAR report within 10 14 business days after submission. The US Department of Education sends a SAR (Student Aid Report) to you viaand electronically sends information to you in 1-3 days The student responds to school requests (not to the Federal Government) School sends Financial Aid award notification to you Student continues to monitor school account for any updates Ordering a Tax Transcript Online Request at- Under Tools, select Get a Tax Transcript - The tax filers SSN, DOB, street address, and zip code will need to be provided and matched - If successfully linked, tax filers can expect a paper transcript at the address of their original return in 5-10 business days How is Financial Aid determined? (COA) Cost of Attendance - EFC = Need COA $19,000 which includes: Tuition/Fees Room/Board Books Personal Transportation Example: COA $19,000 - EFC $6,000 *Need $13,000 *Most schools will try to meet your Need with a combination of scholarship, grants, loans and work study. Community Colleges will have a less COA Common FAFSA Mistakes Listing incorrect Social Security Number Entering the wrong federal income tax paid Listing Adjusted Gross Income as equal to total Listing marital status incorrectly Question needs to know what you're marital status is on the day you sign the FAFSA. Leaving the question about drug-related offenses blankIf you're unsure about something, find out before you submit your FAFSA instead of leaving it blank. A conviction doesn't necessarily disqualify you from getting aid. Selecting the correct Aid Year Common FAFSA Mistakes Selecting the wrong website to submit FAFSA. ALWAYS use: Forgetting to check your on line student account at the college Listing parents marital status incorrectly Divorced/remarried parental information Number of household members in college Household size Real estate and investment net worth Grants Criteria is predominantly need based Grants are gift aid Types -Pell (Max Pell Grant $5,775/year for 2016) -Institutional and Other Federal Grants Loans Money students and parents borrow to help pay college expenses Repayment usually begins 6 months after education is finished Federal Direct Subsidized, Unsubsidized, and PLUS Private Loans Only Borrow what is really needed (half of the amount that you request will be given each semester) Look at loans as an investment in your future Effective July 1, 2013 there will be subsidized loan limits for new borrowers. Keep in mind there are aggregate limits Need help completing the FAFSA? Do not pay someone to complete your FAFSA when you can have it done for free! College Goal Sunday February 13, 2016 February 14, 2016 One-on-one help with financial aid professionals https://collegegoal.az.gov/college- goal-fafsa https://collegegoal.az.gov/college- goal-fafsa Here is a list of materials that will help you complete the FAFSA: Your Social Security Number & Drivers License You/ Your Parents W-2 Forms for the previous year and other records of money earned You/ Your Parents current bank statements You/ Your Parents most recent Federal Income Tax Return IRS Form 1040, 1040A, 1040EZ, 1040Telefile, foreign tax return, etc. Documentation that you are a U.S. permanent resident or other eligible non-citizen. What else do I need to know? You must re-apply every year for financial aid. Make the number of corrections minimal! Start the FAFSA as early as January 1 st. Check out this web site for the questions asked on the FAFSA: Questions?