Chandler Unified School District Presents…..

Tim Wolsey

Financial Aid Director

Chandler Gilbert Community 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:

ScholarshipsGrantsFederal Work StudyStudent LoansParent LoansVeterans Educational Benefits

Scholarships – Where do I look?Career Center WebsitesUniversity, 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 employmentCommunity

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 at www.fafsa.ed.gov

• For the 2016-17 academic year, the FAFSA may be filled out beginning January 1, 2016.

• You should apply, even if you think you may not qualify. Catastrophic financial hardship can happen unexpectedly!

FAFSA on the Web (FOTW)

Website: www.fafsa.govBuilt in edits to prevent costly errorsSkip-logic allows student and/or parent to

skip unnecessary questionsOption to use Internal Revenue Service

(IRS) Data Retrieval Tool to import tax data.

FAFSA on the Web (FOTW) cont.

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 taxpayer’s identityIf match found, IRS sends real-time

results to applicant in new browser windowApplicant 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 IDhttps://fsaid.ed.gov/npas

/indexhtm

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 2016-2017 award year

University, Community College and Vocational Trade school code (s)

Social Security Number

Household information

Special CircumstancesCannot be documented using the FAFSASend written explanation and documentation

to financial aid office at each collegeCollege will review and request additional

information if necessaryDecisions are final and cannot be appealed

to the U.S. Department of Education

Financial Aid ProcessStudent 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 college3. How much paid in taxes4. How much income was earned

Financial Aid Process cont.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 via email and 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 TranscriptOnline Request at www.irs.gov

- 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/FeesRoom/BoardBooksPersonalTransportation

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 MistakesListing 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.

Common FAFSA Mistakes Leaving the question about drug-related

offenses blank–If 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 in-correct Aid Year

Common FAFSA MistakesSelecting the wrong website to submit

FAFSA. ALWAYS use: www.fafsa.gov

Forgetting to check your on line student account at the college

Listing parents marital status incorrectly

Divorced/remarried parental information

Common FAFSA MistakesCustodial Parent is the parent your reside

with. If parents are divorced or have filed for legal separation and you reside equally with both parents, you need only report one income.

Number of household members in college

Household size

Real estate and investment net worth

GrantsCriteria is predominantly need based

Grants are gift aid

Types

-Pell (Max Pell Grant $5,775/year for 2016)

-Institutional and Other Federal Grants

LoansMoney 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

LoansOnly 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 SundayFebruary 13, 2016February 14, 2016 One-on-one help with financial aid

professionalshttps://collegegoal.az.gov/college-

goal-fafsa

Here is a list of materials that will help you complete the FAFSA:

Your Social Security Number & Driver’s License

You/ Your Parents’ W-2 Forms for the previous year and other records of money earned

You/ Your Parents’ current bank

statements

List of materials that will help you complete the FAFSA: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 1st. Check out this web site for the questions

asked on the FAFSA: http://www.fafsa.ed.gov/index.htm