Copyright: Maureen McRae Goldberg FAFSA 2015-2016 Presented by: Gina Becerril Senior Assistant Director of Financial Aid Occidental College

Copyright: Maureen McRae Goldberg

FAFSA 2015-2016

Presented by:

Gina BecerrilSenior Assistant Director of

Financial AidOccidental College


Sources of Financial Aid

Federal government State government Colleges and universities Private agencies,

companies, foundations, and your parents’ employers


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


Cal Grants Cal Grant A Entitlement Awards – for

students with a GPA of at least 3.0, family income and assets below the state ceilings, and who demonstrate financial need

Cal Grant B Entitlement Awards – for students from disadvantaged or low income families with a GPA of at least 2.0, family income and assets below the state ceilings, and who demonstrate financial need

Cal Grant C Awards - for students from low income families pursuing vocational programs of study Keep your eyes and ears open.

Rules and Amounts governing Cal Grants might change!


be a U.S. citizen or eligible non-citizen

be a California resident

attend a California college or university in 2015-2016

Eligibility for Cal GrantsTo be eligible for a Cal Grant, the student must also:


Cal Grant Ceilings (2015-2016)

Asset Ceilings - all parent and student assets excluding primary home, business equity, and

retirement accounts


Cal Grant Application Requirements 2015-2016

Check with your high school or college counselor for more details on how to completethe Cal Grant GPA Verification form

By March 2, 2015complete and submit:

Free Application for

Federal Student Aid

(FAFSA)

Cal Grant GPA

Verification Form


Types of Applications & Documents

15-16 FAFSA 15-16 Cal Grant GPA Verification

Form Other applications or forms as

required by the college such as:

15-16 CSS Financial Aid PROFILE

Institutional Scholarship and/or Financial Aid Application

2014 federal tax returns (along with schedules and W-2s) or other income documentation

Most Financial Aid Apps are now on-line


FAFSA Information & Tips

File early, but no later than March 2, 2015

Use estimated 2014 income information if taxes are not complete at time of FAFSA submission

Student and at least one parent must complete and sign the FAFSA

Best to complete the form electronically.


Getting Ready

Before starting the FAFSA, gather: Student driver’s license Student Alien Registration Card Student and Parent

Social Security cards 2014 W-2 Forms and other records of money earned 2014 federal income tax form 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


Customized “My FAFSA”Start Here for all options –

Initial FAFSA Entry Renewal Application

Entry FAFSA Corrections Providing Signatures Continuing a Saved

FAFSA Viewing Transaction

Historywww.fafsa.ed.gov


FAFSA on the Web Worksheet


Completing the Worksheet

The FAFSA Worksheet allows you to pre-answer the most difficult questions before logging on to “FAFSA on the Web” (FOTW).

We will not cover all questions that are asked, just the most difficult ones!

This is a “smart form,” not all questions will be asked if they do not directly apply to you.


Logging In

The FAFSA belongs to

the student,

NOT the parent!


Year in School

Be sure to pick

2015-2016!

Be sure to have a PIN

One for the student!

One for the parent!


Federal PIN PIN serves as the electronic signature

Both student and at least one custodial parent need a 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 you select your “four number” PIN, it is automatically activated

Apply for a PIN at:

www.pin.ed.gov


Choose a Password

A login and password allows you to save and return to your FAFSA later


Student Social Security NumberStudent Social Security Number

Double check the student’s Social Security Number when entering it on the FOTW.

Both student name and Social Security Number will be compared through a database match.


State of Legal ResidencyRemember, this is the student,

not the parent’s status!


StudentStudent Marital Status Marital Status

The student, NOT

the parent’s marital status!


Student Citizenship StatusStudent Citizenship Status


Eligible NoncitizenEligible Noncitizen


Selective Service Requirement

Male students who are 18 years of age or older must be registered with the Selective Service

The student may also register by going to: www.sss.gov If the student is female,

this question will not appear.

The FAFSA is a “smart” form.


High School Completion StatusHigh School Completion Status


Grade Level in 2015-16Grade Level in 2015-162015-20162015-2016


Degree or Certificate Objective

2015-20162015-2016


Work Study

Always check that you are interested in work-study; you can decline later if you don’t need or want it.


First Bachelor Degree?

Be sure to answer for the student. NOT the parent!


Foster Youth

Answering “yes” to this question will bypass all parental questions, but the student will probably be required to submit proof of this status with official documents from the State directly to the school applying/attending.


Parent Educational Level Highest level of

education your parent(s)has completed

This is used to determine first-generation to college status

Father/Mother no longer used on form. Use of Parent 1 and Parent 2 allows for students with same-sex parents.


This question is answered “no” by high school seniors. If you answer yes, the “smart form” will ask questions regarding drug-related conviction while receiving federal financial aid.

You may lose eligibility for federal financial aid if you are

convicted of any drug-related crime while receiving aid.

Drug Abuse & Federal Aid


High School

Student enters the name, city and state of the high school they attended

Student selects Confirm to retrieve the results If no match is found you can hit “next”.


Where are you going? It’s important that

you get your FAFSA information to the right schools.

You can select up to 10 schools & after this submission, can substitute the original schools for additional schools.

Be sure to scroll down to check the schools you selected.


Strategies for Listing Colleges

List a California college or university first (for Cal Grant consideration)

Then 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 using the student PIN

NOTE: Each UC, CSU campus must be listed separately


Strategies for Listing Colleges

School order

matters for Cal Grants!


School Code Features

You can page through the search results

Can also view detailed information for a school before & after adding the school to their FAFSA


Housing Plans

Your housing plans help determine your cost of attendance


Determination of Student Determination of Student Dependency StatusDependency Status

1992


Dependency Status

If the student answered “Yes” to ANY of the previous questions, they do not

need to provide parental information.

They are considered

INDEPENDENT

for financial aid purposes.

You will be asked to provide proof of this status


Dependency Status Results

If you have a special circumstance and are unable to provide parental information, under very limited circumstances, you may be able to submit your FAFSA without parental information. This will be verified by the school attending/applying.


Parent Information

Provide Information on: Biological or adoptive parent(s)

Including same-sex and unmarried parents living together Stepparent (regardless of any prenuptial agreements)

Do not provide information on: Foster parent(s), student is automatically considered an

independent student Legal guardian(s) or grandparent(s) or other relative(s)

unless they have legally adopted you.

Student may request a dependency override in certain circumstances, contact a Financial Aid Office for more

information


Parent’s Marital Status

What is your parent’s marital status as of today?

When did your parents get married or remarried?

If your parent’s marital status changes after you submit the FAFSA, contact your financial aid office.

If your custodial parent is not married, this “smart form” will ask for which parent you are completing the form.


Parent 1 InformationMother/Step-Mother or Father/Step-Father

What is Parent 1 SSN? What is Parent 1 last name? What is Parent 1 date of birth?


Parent 2 InformationMother/Step-Mother or Father/Step-Father

What is Parent 2 SSN? What is Parent 2 last name? What is Parent 2 date of birth?


Parent Information

What is your parent’s e-mail address?

If a parental e-mail address is provided, the parent will be notified that the FAFSA has been processed.


Parent State of Legal Residency

Remember, this is the parent, not the parent’s status!


Family Household

Include in parents’ household:

the student applying for financial aid

the custodial parent(s)

parents’ other dependent children, if parents provide more than half their support or the children could answer “no” to every dependency status question, regardless of where they live

other people, if they now live with the parents, and if the parents provide more than half their support, and will continue to provide that level of support from 7/1/15 through 6/30/16


Dependents in College

How many people in the household will be an undergraduate in college?

Always include the student Include other household members only if they will

attend at least half-time in 2015-2016 in a program that leads to a college degree or certificate

Parents cannot be considered “in college”


Income Tax Forms

Have your parent’s completed their 2014 taxes?

At this time, most parents will indicate “will file.”

2014


Filing Status

2013 Filing Status is a good guide

as most families do not change status from year to year.

2014


Parent’s AGI

If the student’s parents have not yet filed their 2014 federal tax return, use estimated 2014 information for this question

The “Income Estimator” on the FOTW may help you calculate this amount

If the student’s parents have completed their 2014 federal tax return, use actual 2014 tax return information to complete this item if they are not eligible to use the IRS Data Retrieval process

2014


IRS Data IRS Data RetrievalRetrieval

If parent(s) answer “Already completed,” they will be given the option to transfer their 2014 income tax information directly from IRS records to the FOTW

If parents indicate that they have recently filed their 2014 taxes, they may not be able to access their IRS data if they have filed taxes electronically within the last two weeks or by mail within the last eight weeks

Instead, they should use their actual 2014 IRS tax return to complete the FOTW so the student does not miss any important financial aid deadlines


Partnerships & S-Corporations If your parent filed a 1040 tax

return and uses the IRS Data Retrieval Tool, tax information from IRS Schedule K-1 is not transferred from the IRS. You are required to enter the amount that your parent reported in Box 14 IRS Schedule K-1 if applicable.


Parent’s Income Earned from Work

What is your parent’s income earned from work. This is used to calculate social security taxes, so it is different from the AGI.

Be sure to add business income!


Dislocated Worker/Displaced Homemaker

In general, a person may be considered a dislocated worker if they are receiving unemployment benefits due to being laid off and are unlikely to return to the previous occupation.


Means Tested Benefits Received


This question asks whether the parents, who indicated they will file an IRS 1040, are eligible to file a 1040A or 1040EZ instead

If you do not know the answer to this question, it is fine to select “Don’t know”

1040A or EZ Tax Return


2014 Income Tax Paid

How much did your parents pay in income tax?

Taxes paid is not the amount withheld on the W-2 Form!!! It is:

amount withheld plus any check sent with the

tax return

OR

the amount withheld minus any refund.


Tax Exemptions

Enter the number of tax exemptions your parents will claim for 2014.

This does not need to match the household size (but it often does).

The student does not need to be claimed on the tax return of the custodial parent!


Additional Financial Information


Untaxed IncomeVoluntary contributions to retirement plans must be included!

Child support received is required to be reported!


Assets: Net Worth


Parent Assets

DO nclude: real estate (other than

your parents’ home) trust funds money market and

mutual funds certificates of deposit stocks and stock options

bonds & other securities Coverdell IRAs 529 plans owned by the

parents installment and land sale

contracts

DO NOT include: the home you live in, the value of life insurance and your parents’ retirement plans (pension funds, annuities, non-education IRAs, Keogh plans, etc)

UGMA and UTMA accounts in the student’s name

Net Worth means current value minus

debt


Student Finances

The directions to complete the student section are the same as those outlined for the parents.

Independent Students must answer a few additional questions.


Student Assets

Do not report a 529 account as a student asset.

Report as a parent asset! Any other asset in the student’s name

MUST be reported.


Special Note on 529s

While assets from 529 accounts owned by grandparents or other relatives are not reported this FAFSA as assets, if dispersed in the next tax year to a student, they will be considered untaxed income and reported on next year’s FAFSA.

This could greatly change eligibility for need-based financial aid in the following years.


Student Signature Process


Parent Signature Process


Confirmation Page


Net Price Calculator The Net Price Calculator (NPC) is a quick

and useful tool which can help you to understand how to finance an education.

New requirement from the federal government

All colleges required to have one

Based on the information you enter, you will be provided with an Estimated Financial Aid Award.


Special Circumstances

Loss or reduction in parent or student income or assets

Death or serious illness Unusual medical or dental expenses not covered by

insurance Reduction in child support, social security benefits

or other untaxed benefit Financial responsibility for elderly grandparents Any other unusual circumstances that affect a

family’s ability to contribute to higher education

Contact the Financial Aid Office if there is:


Summary of the FA Process

Submit all required forms, including FAFSA, by each college’s published deadlines (but no later than March 2)

By March 2 submit a Cal Grant GPA Verification Form

Keep a copy of all forms submitted

Review the electronic Student Aid Report (SAR)

Acknowledgement or the paper SAR sent to the student

Review the California Aid Report (CAR)

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!


If You Need Help at Any Time

FAFSA on the Web – Live Help Phone 1-800-4-FED-AID (1-800-

433-3243) E-mail the U.S. Department of

Education at:

[email protected]
