Welcome to College Goal Alaska 2016

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2015 Partners & SponsorsCoalition of Alaskans Supporting Higher Education

2016 Sponsors:

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Understanding the FASFA

Presenter:

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THE FAFSA PROCESS

Understanding the FAFSA

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The FAFSAFree Application for Federal Student Aid Evaluates a family’s eligibility for federal student aid

programs Serves as application for state scholarships/grants Bases financial capacity on prior year Students must re-apply each year

Assets may change from year to year www.fafsa.ed.gov Most importantly – it’s FREE!

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FAFSA Goals Determines Expected Family Contribution (EFC)

A measure of your family’s ability to pay for college Used to determine your eligibility for federal student aid for a single

school year Everyone should file a FAFSA

No income cutoff Required for federal and state aid Often required for campus-based aid Many public and private scholarships require FAFSA

Alaska Performance Scholarship

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Timelines for Filing the FAFSA Available after January 1 Best to file by mid-February

Don’t wait until you file your taxes – you can use 2014 information or estimates to meet deadlines, and update your FAFSA after you’ve filed your taxes.

AEG – as early as possible; APS deadline: June 30 Some programs award funds on first-come, first-served basis Some colleges have early deadlines

Check deadlines on college websites Don’t wait until after admission to the school

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Getting ReadyBefore starting the

FAFSA, gather: Student’s driver’s

license Student Alien

Registration Card

For both student and parent, be sure to have:

Social Security cards Access to e-mail in order to verify FSA

ID (Better yet – get your FSA ID in advance!)

2015 W-2 Forms & records of money earned & other taxable benefits

2015 Federal income tax form Records of untaxed income Current bank statements Business, farm, & other real estate

records Records of stocks, bonds, & other

investments 8

Create an FSA ID The FSA ID – a username and

password– has replaced the Federal Student Aid PIN and must be used to log into the FAFSA website

Your FSA ID confirms your identity when you access your financial aid information and electronically sign Federal Student Aid documents

Both the student & one parent need to create their own personal FSA ID in order to have access to Federal Students Aid’s online system and sign the FAFSA electronically

fsaid.ed.gov9

File your FAFSA Online Internet application

used by students & parents to complete electronic FAFSA

Quick online edits to reduce likelihood of errors/delays

Easy on-line help available for each question

www.fafsa.ed.gov10

Questions on the FAFSA SECTION 1: Demographic information about the

student & schools you are considering attending SECTION 2: Determination of student dependency

status SECTION 3: Parental information for dependent

students SECTION 4: Student finances & information about

the independent student

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Completing the 2016-2017 FAFSA on the Web Worksheet A line-by-line discussion Traditional student

emphasis (straight out of high school)

Anyone can file a FAFSA Traditional students Non-traditional students Older returning students Graduate school students

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Student Aid Report (SAR) SAR sent to student within 2 weeks Review it for accuracy Report any changes SAR sent to schools listed on FAFSA

School will use EFC to determine your financial need School sends award letter to student or requests

additional information

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Finding Your EFC Expected

Family Contribution

Located in upper right hand corner of SAR

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Other Forms Some schools require additional paperwork CSS Financial Aid PROFILE

www.collegeboard.org Not a federal requirement, check with your school to see if it’s necessary

Campus scholarship application Ask what forms the college requires!

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Award Letters Schools may send paper or electronic award letters Award letters show the amount of financial aid you will

receive at the school Can include grants, scholarships, work-study, and

loans Compare award letters at www.finaid.org/calculators You have to act on the award letter – you can accept

all or part of the award package, or decline it.

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State Programs & Awards By filing the FAFSA, you’ve applied for your state grant

and scholarship programs. Your initial award letter may not reference the Alaska

Performance Scholarship (APS) and Alaska Education Grant (AEG), even if you do qualify.

Sign up for an Alaska Student Aid Portal account at APS.alaska.gov to monitor your eligibility status, and take any required action.

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Verification Save copies of documents used for your FAFSA Be prepared to provide additional information Colleges verify 30% of all applicants’ information Colleges cannot certify many types of aid unless the

student/family provides the necessary information by the verification deadline

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GETTING STARTEDSection 1 - Student Demographics and Schools

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FAFSA Login

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Create an FSA ID

Step 1: Create a username and password, and enter your e-mail address, confirm both, answer the question about your age, and click on continue

Step 2: Enter your name, date of birth, Social Security number, contact information, and challenge questions and answers

Step 3: If you have a Federal Student Aid PIN, you will be able to enter it and link it to your FSA ID

Step 4: Review your information, and read and accept the terms and conditions

Step 5: Confirm your e-mail address using the secure code, which will be sent to the e-mail you entered when you created the FSA ID

fsaid.ed.gov 21

FAFSA Renewal

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Establish a Password

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Introduction Page

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Full Name Social Security # Date of Birth Gender Mailing Address State of Residency Phone # Email Address Marital Status Driver’s license

Student Demographic Info

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Student Eligibility Screen

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Selective Service Registration

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www.sss.gov

Student Aid Eligibility and Education Status

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Student Work-Study

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Parent’s Education Indicate the highest level of school your father and

mother completed. Some states and colleges offer aid based upon this.

Use birth parents or adoptive parents, not step-parents, legal guardians, or foster parents

Student Eligibility (continued)

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School Selection

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School Housing Plans

DEPENDENCYSTATUS

Section 2 - Is parental information required?

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Dependency Determination

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Dependent or Independent?

ANY “YES” answers = independent student You will not have to provide parent information

ALL “NO” answers = dependent student You must provide parent information

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Special Circumstance If dependent, and

you submit without parental information… Your FAFSA is not

complete No EFC calculated

You must contact the financial aid office Their decision is final

PARENTAL INFORMATION

Section 3 - Dependent students only

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Parents Who is a parent? Biological parents Adoptive parents Step-parentsWho is not a parent? Grandparents Foster parents Legal guardians Older siblings Aunts or uncles

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Parent Identifying Info If applicable, your

parent’s month and year of marriage

Father/stepfather’s SS#, name, DOB

Mother/stepmother’s SS#, name, DOB

E-mail address (for parents)

State of residence

Parent Household• Household size includes parents, the student, and other

dependents• For household college students:

• Always include the student even if he/she will attend college less than half time in 2016-2017

• Include other household members if they will attend at least half time in 2016-2017 in a program that leads to a degree or certificate

• Never include the parents

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Parent Tax Information

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IRS Data Retrieval• If your parents answer “Already

completed,” they will be given the option to transfer their 2015 income tax information directly from IRS records

• If filing the FAFSA within 3 weeks of having filed your tax return electronically (or by mail within 11 weeks), you will need to use your actual 2015 IRS tax return to complete the FAFSA so you do not miss any important financial aid deadlines.

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Parent Financial Information

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Parents’ Adjusted Gross Income (AGI) What type of income tax return will your parents file

for 2015? What was your parents’ AGI for 2015?

1040 line 37 1040A line 21 1040EZ line 4

Only asked if your parents filed taxes.

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Parents’ Earnings from Work

Enter how much each of your parents earned from working in 2015 (wages, salaries, tips, etc.) W2 forms – box numbers 1 + 8 1040 line 7+12+18 1040A line 7 1040EZ line 1

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Dislocated Worker Is either of your parents a dislocated worker? A person may be considered a dislocated worker if

he/she:• is receiving unemployment benefits due to being laid off or losing a job

and is unlikely to return to a previous occupation;• has been laid off or received a lay-off notice from a job; • was self-employed but is now unemployed due to economic conditions

or natural disaster;• is the spouse of an active duty member of the Armed Forces and has

experienced a loss of employment because of relocating due to permanent change in duty station;

• is the spouse of an active duty member of the Armed Forces and is a displaced homemaker;

• or is a displaced homemaker.

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Parents’ Household Benefits In 2014 or 2015, did your parents or anyone in

your parents’ household receive any of these benefits? Supplemental Security Income (SSI) Supplemental Nutrition Assistance Program (SNAP) Free or Reduced Price Lunch Temporary Assistance for Needy Families (TANF) Special Supplemental Nutrition Program for Women, Infants, and

Children (WIC) Check all

that apply

Parents’ U.S. Income Taxes and Tax Exemptions

• Enter the amount parents paid (or will pay) in U.S. income tax for 2014?• Form 1040 – Subtract line 46 from line 56 and enter the total• Form 1040A – Subtract line 36 from line 28 and enter the total• Form 1040EZ – Use line 10

• Enter the parents’ tax exemptions for 2014 • Form 1040 – Use line 6d• Form 1040A – Use line 6d• IRS Form 1040EZ and did not check either box on line 5, enter 01 if they are not married or 02 if they are married• IRS Form 1040EZ and checked either the "you" or "spouse" box on line 5, use line F on EZ worksheet to determine number of exemptions ($4,000 equals one)

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Additional Parent Financial Information Did your parents have any of the following in 2015?

Check all that apply You will be asked to report amounts online

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Asset Net Worth Question

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Error Message on Asset Net Worth Question

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STUDENT INFORMATION

Section 4 - Student (and spouse) income

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Student Information• Questions in Section 4 are identical to the parent

financial questions covered in Section 3• If the student is married, also report spouse’s income and assets

• The questions in Section 4 ask:• For 2015, has the student completed their IRS income tax return• For 2015, what is the student’s filing status • Which 2015 federal tax return the student filed or will file• The student’s 2015 Adjusted Gross Income, if filing a tax return• The student’s earnings from work• The student’s untaxed income and assets• If the student is a dislocated worker• The student’s total current assets as of the FAFSA filing date

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Congratulations! You’re Nearly Done!After you have entered all your information online: Sign and submit electronically

Or print, sign and mail your signature page Remember – do not mail the worksheet

Print your confirmation page You can go back to update your information any

time after you file the FAFSA If you selected “will file” you will be required to do this after you complete

your 2015 tax return.

www.fafsa.ed.gov55

For More Information Contact the school you plan to attend Contact Federal Student Aid at:

800-4FED-AID (800-433-3243)

www.studentaid.ed.gov

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