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MASSACHUSETTS EDUCATIONAL FINANCING AUTHORITY
THE FAFSA, STEP BY STEPJanuary 2016
•Free Application for Federal Student Aid•Official website: FAFSA.gov•FREE form (NEVER pay to submit the FAFSA)•Required by all colleges/universities for federal & state aid•Complete and submit before the earliest college deadline (!!) –Likely Feb or March
•Must be completed each year (one for every child)•Tip: If an answer is zero or the question does not apply, enter 0•Note: you may have other financial aid applications required
About the FAFSA
•Student and parent Social Security Numbers•Student’s drivers license •Student and parent:–Most recent W-2 forms (or pay stub)–Most recent federal income tax return–Untaxed income records–Current bank statements–Current business and investment records
Documents Needed to Complete the FAFSA
FAFSA Customer Service
•Phone: 1-800-4-Fed-Aid (433-3243)
•Email Form: Located at StudentAidHelp.ed.gov
•Chat: Located at StudentAidHelp.ed.gov
•Hours: –Monday- Friday: 8 a.m. – 11 p.m. ET–Saturday & Sunday: 11 a.m. – 5 p.m. ET
•Help icon at the top of each page leads to:–FAQs–Search (also available throughout the site)–Contact Information
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Before You Begin: Get an FSA ID
•Visit FSAID.ed.gov to get your FSA ID•What is it? A Username & Password•Needed to complete the FAFSA•Both the student and one parent will need one•Replaces the now-retired Federal PIN•FSA ID webinar recording on mefa.org/events
FAFSA on the Web: FAFSA.gov
Start here
Login
Select this option to enter the student’s FSA ID
Select this option if you don’t yet have the student’s FSA ID
FSA ID
Enter the FSA ID email address or username, and then the password
Entering Student Information
If not entering the FSA ID, enter the student’s name, SSN, and date of birth.
Get Started
Current high school seniors should complete the 2016-17 FAFSA
If an FSA ID is not created, the FAFSA will include reminders to create one.
Save Key
The Save Key allows you to save your application and return to it later
Further Help and Instruction
Select NEED HELP? for further instructions
Help and Hints provide tips for each question
Search for topics or key words
Introduction Page
Use the section tabs to navigate within the FAFSA
Student Demographic Information
Save as you go
View your answers anytime
Use an email address that you check often
Student Eligibility
The student will need to answer questions to determine if he or she is eligible for financial aid.
Who is Eligible for Federal Financial Aid?
•U.S. citizens
•Eligible non-citizens, including: • U.S. Nationals• Permanent Residents• Carriers of Arrival-Departure Records (I-94)• Holders (student or parent) of a T-visa• “Battered immigrant-qualified aliens”• Citizens of the Federated States of Micronesia, the Republic
of the Marshall Islands, or the Republic of Palau.
Citizenship status will be verified by: • The Social Security Administration (citizens)• The Department of Homeland Security (eligible non-citizens)
Further Eligibility Details
•Males 18 and older must register for Selective Service
•Current high school students should select:–Never before attended college–Do not have a bachelor’s degree
• Interested in work-study? Answering yes does not:–Obligate the student to work–Guarantee a job–Cause the student to lose grants and scholarships
Student Eligibility Continued
If the student indicates that he or she will earn a high school diploma before entering college, the student will have to list a high school
School SelectionList up to 10 colleges/universitiesWait 3 days for the FAFSA to be processed before adding additional schools
Compare schools side by side
Housing
Housing selection affects the college total cost and may affect financial aid
Select intended plan for housing for each college
Dependency Determination
Students will need to answer questions to determine if they are independent.
Independent students do not have to report parent data
The FAFSA automatically saves throughout
Providing Parent Data
Most students are dependent, and do need to provide parent data
Parent Demographics Information
A worksheet is provided to help you determine household size
Who is Considered a Parent on the FAFSA?
•Biological or adoptive parent(s), and certain step-parents
• Include both parents if parents are married or are not married but live together
•Married parents include same-sex couples
• If separated but living together, select “Married”
• In the case of divorce or separation, provide information only about the parent the student lived with more in the last 12 months, and the step-parent if that parent is remarried.
Included in the Household Size
•Student •Parent(s)•Parents’ other dependent children, if parents provide more than half their support or the children are federally dependent•Other people who live with the parents, parents provide more than half of their support, and parents will continue to provide more than half their support from 7/1/15 through 6/30/16
College Students in the Household
•Always include the student in the number in college, even if he/she will attend college less than half time in 2016-2017• Include other household members in the number in college only if they will attend at least half time in 2016-2017 in a program that leads to a college degree or certificate•Do not include the parents•Some financial aid offices will require proof that other family members are attending college
Parent Tax Information
Parents: indicate your plans to file your tax return
Option to Use the IRS Data Retrieval Tool
Individuals who have already completed their tax return will be given the option to use the IRS Data Retrieval Tool
What is the RS Data Retrieval Tool?•Provides ability to upload federal tax return data directly to the FAFSA
•Available February 7th
•2015 federal tax return must be submitted at least two weeks prior to the IRS
• Individuals with certain types of tax returns cannot use the tool
Parent Financial Information
•Use estimated figures if you haven’t yet filed 2015 taxes• Income earned from working means salary, self-employed income, and farm income
Parent Financial Information Continued
The figured needed for the income tax question is found on the federal income tax return (and is not the amount withheld from a paycheck)
Parent Assets To Be Reported
•Current balance of cash, savings, and checking accounts•Net value of investments to include:–Real estate–Rental properties–Money market and mutual funds–Stocks & bonds–529 college savings for all children (reported as a parent
asset – not a student asset)•Net value of some businesses and investment farms
Do not include the value of your primary residence, life insurance, retirement accounts, and small family businesses or farms
Student Tax Information
• The student will be asked the same income and asset questions as the parents • The student should report all income earned in 2015 even if he/she did not file taxes
Sign & Submit
On the Sign & Submit page, both the student and one parent will need to use their FSA ID to electronically sign and submit the FAFSA
Confirmation Page
The Expected Family Contribution (EFC)
Opportunity to copy parent information into a FAFSA for another child
Colleges who will receive the FAFSA data
Special Circumstances
Contact the Financial Aid Office if there are circumstances which affect your ability to pay for college such as:•Loss or reduction in parent/student income or assets•Death or serious illness•Natural disasters affecting parent income or assets•Medical or dental expenses not covered by insurance•Financial responsibility for elderly grandparents
What Happens After You Apply
•Colleges and your state receive FAFSA data electronically
•You will receive a Student Aid Report (SAR) (electronically or by mail) in a few days
•Colleges may request additional documentation or information, such as tax data, through a process called Verification. You must comply with these requests to receive financial aid.
•Colleges send out financial aid award letters (March - April)
FAFSA Day Massachusetts
Free assistance completing the FAFSA•Over 30 locations across Massachusetts•Two main dates:–Sunday, January 31, 2016 at 1:00 p.m.–Sunday, February 21, 2016 at 1:00 p.m.
•Additional dates and all locations listed at FAFSADay.org
•Provide assistance and clarity on:–Financial aid awards–College bill–Payment plans–College loans–What to ask the Financial Aid Office
•Locations across MA in late March/April•Sign up for MEFA emails to receive details
MEFA Paying the College Bill Seminars
Family Webinar Series
•Answering Your FAFSA Questions• Tues, Feb 23, 2016
•Paying the College Bill• Tues, March 29, 2016• Fri, May 13, 2016
•Comparing Loan Options• Thurs, June 2, 2016• Tues, July 12, 2016
Register at mefa.org/
events
All webinars are held at 12pm
Other recorded webinars listed in the
sidebar at mefa.org/events
