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Fran [email protected]
• Don’t mix answers for student and parent information
• Ensure SSN accuracy
• Gender question is optional – answer it!
• Have federal income tax and other related information as references
• If you have yet to file your federal income taxes, you can estimate income information and update/correct later with the IRS Data Retrieval Tool
•• Remember to complete the PA State Grant form from the confirmation
page
• Don’t delay – know your school deadlines and try to meet them!
FAFSA Tips
• Applicants may need the following items:
» Social security numbers
» Drivers license (student only; this information is optional)
» Federal income tax returns (1040, 1040A or 1040EZ)
» W-2 forms from all employers
» Current bank statements (checking and savings)
» Current business and farm records
» Records of any stocks, bonds and other investments, including 529 accounts
» Additional untaxed income tax records may be needed such as: Veteran’s non educational benefits, child support paid/received and workers compensation.
» Alien registration or permanent resident card (if not a US citizen)
» **These are also listed on the FAFSA Tipsheet and in the FAFSA Reference Guide.
Documents Needed to Complete the FAFSA
• Get your FSA ID PRIOR to sitting down to complete the FAFSA
• Sign the FAFSA Electronically
• The student and 1 parent will need an FSA ID
• Do NOT lose it; write it down and store in a safe place (write down the challenge question answers, too)
• Do NOT share it with anyone
• You will need your FSA ID every year you file a FAFSA and to log in to sign loan paperwork
FSA ID
It seems like a lot of people are confused about the nature of the ID:
• --- Don't understand that things are case sensitive.
• --- Didn’t write down their user name and/or password.
• --- Try to enter the parent ID to start the FAFSA.
• --- Try to enter the student ID for the parent signature.
• --- Entered their info on the FSA ID site, but then they expected to receive an assigned number that would be their "code". As a result, they try to enter the six-digit code they received when verifying their e-mail address as their FSA ID username and/or password.
• --- Write down absolutely everything that occurs during the FSA ID sign-up process for parent and student (usernames, passwords, 6-digit codes, challenge questions, etc.) all on one piece of paper, and then can't remember which items apply to which ID.
Mistakes with FSA ID
FAFSA.gov
Click here
for initial
FAFSA
Click here for
saved
applications,
corrections or
renewal
FAFSA
Where you
see the
student
bar, only
enter
student
information
Login
Review
Help and
Hints
sections
to answer
questions
Enter
FSA ID
Select the correct FAFSA year
Can be anything –just so you can get back into the application
Save Key
i.e. the family
dog’s name, your
favorite color,
etc.:
More Help Information
Student
Demographics
Use the previous and
next buttons within the
application
• Male students get the selective service question;
• Answer “yes” to the work-study question;
• Have you received FSA? (most freshman will answer “no”)
Student Eligibility
Must list
and confirm
your high
school
• List up to 10
schools
• List the school
you’re most likely
to attend first
• Enter school code
or look them up
Postsecondary
School Selection
Click and add
them to your list
Postsecondary school selection
Housing Selection
Can change the order
(remember to list the
school most likely to attend
first)
Select Housing Status
All “no” answers =
dependent student
“Yes” answers =
additional questions
to determine
independent status
Dependency
FAFSA Tips
Dependent students
must provide parent
data
Note: If unable to provide
parent data, it will be a
special circumstance that
will be up to the school
and PHEAA to determine
status
Marital status (stepparent info is required)
Determine household size and number in college
Parent
Demographics
Note:
Parent’s last
names must
match SSN
Bar changes to Parent
– only answer
information for the
parent here
Financial Information
Can answer “will file” and estimate tax information
“Have filed” opens up the IRS Data Retrieval window
Click OK to go to IRS
site, then click OK
again
If you estimate initially, you can go
back and submit a correction by
changing your “will file” answer to
“have filed” and then complete this
process.
These
fields are
pre-filled
based on
FAFSA
responses
Complete the
address
information as it
appears on your
tax return
Click “Transfer Now”
It will tell you it’s been successful
List parent(s) income from work (2015)
Dislocated worker means laid off or unemployed
• Credits» Education credits
» Child support paid
• Untaxed income» (payments to tax-
deferred pensions listed on W-2 forms, box 12)
» Child support received
Financial
Information
Other untaxed
income not
reported
elsewhere – click
on the untaxed
income button to
see what counts
Financial
Information
Bar switches back to student
Use IRS DRT or you can
estimate information
If student did not file or
wasn’t required to file,
answer appropriately (you
would still report any income
earned or untaxed income
paid to the student)
Student Financial
Information
Students list
their cash,
savings and
investment
values as of the
date they file
the FAFSA
Student Info
You are not a preparer (that is if you paid someone to do this for you)
Agree to the statement and click “Sign”
Sign and Submit
Student
Select which parent has the FSA ID
Agree to the statement
Type in their FSA ID
Click “Sign”
Click “Submit My FAFSA Now”
Sign and Submit
Parent
Print this page for your records
If more than one student in postsecondary at same time, parent can use link to transfer data
Confirmation
Click on “Start Your State Application” to complete the SGF
First-time filers only
State Grant
Form
Print & Mail
Student
receives
an email
from FSA
What Happens Next
Student can
check state
grant status
on their
Account
Access at
PHEAA.org
What Happens Next
Things to Remember
• Get your FSA IDs PRIOR to completing the FAFSA (FAFSA.gov or
FSAID.ed.gov)
• File your 2016-17 FAFSA at FAFSA.gov• Estimate and correct using the IRS DRT or use the IRS DRT if you have already filed
• Complete your FAFSA and State Grant Form at the same time
• Meet your school’s priority filing DEADLINES• State Grant Deadline is May 1, 2016
• School Deadlines may be earlier!
• Research costs: mysmartborrowing.org
Award Package/Letter
Schools/colleges receive financial aid information and calculate financial need - Cost less EFC• Financial Aid Office (FAO) “packages”
student based on financial need and available funding (varies from school to school)
• Financial aid award letter sent to student
Financial Aid Award Letter
• Official notification from school about financial aid, terms and conditions
• Lists the type and amount of each award to be received
• Describes what must be done to accept or reject any award
• Discloses students rights, responsibilities and academic requirements
Financial Need
• Your financial aid package may not meet all of
your calculated financial need.
• Be sure to determine how much will be required
of you in out-of-pocket costs and loans.
Reviewing the Financial Aid Package
• After reviewing their packages, students should be sure they know and understand the following:
» How much of the financial aid is free money?
» Which awards are based on need, and which are based on merit?
» Are there any conditions on the free money; in particular, is there a GPA requirement?
» Will awards change from year to year?
» Will institutional awards increase as tuition increases?
» Will loans be needed? If so, how much?
• Savings – Family
• 529 Plans – Family
• Scholarships – Various Sources
• Tuition Payment Plans – School
• Federal Student Loans – Department of Education
• Institutional Loans – School
• Private Education Loans – Bank
• Home Equity Loans – Bank
How to Cover Unmet Need
Resources for filing the FAFSA and SGF
• PHEAA – 800-692-7392
• Federal Student Aid – 800-433-3243 (800-4-FED-AID)
Fran McKeown
Higher Education Access Partner
QUESTIONS?
